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Australia ASIC deputy chair steps down amid $187,000 expenses furore

14:51  26 october  2020
14:51  26 october  2020 Source:   smartcompany.com.au

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ASIC 's deputy chair Karen Chester will step up as acting chair while the review takes place. James Shipton was announced as the next ASIC chairman by then-financial services minister Kelly A small note appeared in the report identifying "certain expenses " ASIC paid to Mr Shipton following his 2018

Daniel Crennan stepped down as deputy chair of corporate regulator ASIC on Monday after his lavish expenses were exposed on Friday. ASIC chairman James Shipton has also stepped aside after it was revealed the organisation paid more than 8, 000 for him to receive personal tax advice.

The deputy chair of the Australian Securities and Investments Commission (ASIC) has resigned amid a review into expense claims.

a man sitting at a table using a laptop: Daniel-Crennan © Provided by Smart Company Daniel-Crennan

Deputy chair Daniel Crennan claimed more than $69,000 in expenses related to his move from Melbourne to Sydney last year.

This morning, he announced he will resign from his role. In a statement, he said he had been intending to retire in July next year, The Mandarin reports.

“However, in the current circumstances, I have decided that it is in the best interests of ASIC for me to resign now,” he said.

“In order to ensure that ASIC’s important work is not disrupted, I will remain available to facilitate the orderly transfer of work to my successor.

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Daniel Crennan has resigned as deputy chair of the Australian Securities and Investments Commission over an investigation related to ASIC chairman James Shipton has also stepped aside after it was revealed the organisation paid more than 8, 000 for him to receive personal tax advice.

Australian Security and Investments Commission Deputy Chair Daniel Crennan poses for a portrait in the Sydney CBD, Friday, 1 November 2019. His departure comes three days after the Australia National Audit Office (ANAO) flagged concerns over expenses paid to Mr Crennan and ASIC Chair

“I wish the new commissioner every future success as he or she continues the critical work that ASIC is assigned to undertake.”

Chair James Shipman stepped aside on Friday, after it emerged he received $118,000 in expenses from ASIC, related to his relocation from the US to Australia.

That included tax advice, a relocation package and rental allowance, he said in a statement on Friday.

These payments “may exceed the limits set within the relevant Remuneration Tribunal Determinations”, he explained.

The payments came to light during an audit of ASIC’s annual financial statements.

The auditor-general has recommended an independent review into the payments, which Treasurer Josh Frydenberg has confirmed.

Shipton will stand aside until this review is complete.

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ASIC deputy chairman Daniel Crennan resigns over expenses scandal. The deputy chair of Australia’s corporate watchdog has resigned after serious questions arose over , 000 worth of rental expenses . Australia Post boss steps aside amid investigation into luxury watch bonuses.

It comes after ASIC chair James Shipton stepped aside on Friday after being paid more than 8, 000 in relocation-related expenses , which were deemed excessive. ASIC ’s annual report shows it spent 8,557 in 2018 on taxation advice expenses related to Mr Shipton’s return to Australia from the US

“I have advised the Treasurer … that, in the circumstances, it is appropriate to stand aside pending the outcome of the review,” he said.

Shipton acknowledged this will assist in “making appropriate changes to key policies”.

This article was updated on Monday, October 26 at 1.54pm to clarify James Shipman has stepped aside pending an independent review.

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The post ASIC deputy chair steps down amid $187,000 expenses furore appeared first on SmartCompany.

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