Australian ASIC Chairman Stands Aside Over Expenses

The chairman of the corporate watchdog ASIC is standing aside pending a review of expenses. Shipton was told by the auditor-general on October 22 of concerns about $118,000 in payments made on his behalf relating to tax advice and $70,000 to deputy chair Dan Crennan relating to housing expenses. The expenses related to Shipton’s return to Australia from the US in 2018 and Crennan’s move from Melbourne to Sydney. The auditor-general found the total remuneration paid to both officials “may exceed the limits set within the relevant Remuneration Tribunal determinations”. Shipton and Crennan have agreed to repay the expenses. The auditor recommended to ASIC it review the way pay and benefits for executive officers are approved and procurement processes around payments made for the chair’s tax advice. ASIC has accepted the recommendations. Shipton said the processes supporting the approval of the relocation expenses were “inadequate”. “And, given the high standard …