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ASIC’s chair to leave despite being cleared of wrongdoing

  • February 01 2021
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ASIC’s chair to leave despite being cleared of wrongdoing

By Cameron Micallef
February 01 2021

ASIC chair James Shipton will leave the financial regulator permanently, despite being cleared of any wrongdoing.

ASIC

ASIC’s chair to leave despite being cleared of wrongdoing

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  • February 01 2021
  • Share

ASIC chair James Shipton will leave the financial regulator permanently, despite being cleared of any wrongdoing.

ASIC

Last year an investigation was launched after it was revealed ASIC had paid more than $118,000 for Mr Shipton to receive personal tax advice.

During a review into the allegations, Mr Shipton stood aside and had his salary frozen.

Although an independent report into an expense matter found Mr Shipton had done nothing wrong, it is understood that he and Treasurer Josh Frydenberg agreed he would leave once a new chairman was found.

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“After considering Dr Thom’s report and supplementary legal advice provided to the Treasury concerning these matters, I am satisfied that there have been no instances of misconduct by Mr Shipton concerning his relocation arrangements, including ASIC’s payment for tax advice resulting from his relocation to Australia in early 2018, nor have there been any breaches of applicable codes of conduct,” Treasurer Josh Frydenberg said.

Mr Shipton will return to his role on Monday, but will step down in the coming months. Mr Frydenberg thanked Mr Shipton for his “service and dedication” during his time as ASIC chair.

“The review also concluded that the Treasury could improve its processes for managing the appointments of statutory officers under Treasury portfolio laws. In response, the Secretary to the Treasury has moved to implement a new system immediately,” Mr Frydenberg said.

Mr Shipton’s resignation follows pressure from the opposition, with shadow minister for financial services Stephen Jones saying that delaying the decision was hurting the Australian economy. 

“The longer he stalls his decision about the future of James Shipton as chairman, the more potholes he’s creating in the long road to economic recovery,” Mr Jones previously stated. 

“Mr Shipton cannot remain on gardening leave on his full $775,000 a year salary while a million Australians are looking for work and corporate Australia deals with the economic uncertainty.” 

ASIC’s chair to leave despite being cleared of wrongdoing
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About the author

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Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

author image
Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

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