Left Menu
Development News Edition

Australia's corporate watchdog chief steps aside over expenses claims

The chair of Australia's corporate regulator stood aside on Friday pending a review of his claiming of expenses, saying the government auditor suspected he overshot his maximum salary allocation with payments incurred moving from the United States.

Reuters | Updated: 23-10-2020 08:27 IST | Created: 23-10-2020 08:27 IST
Australia's corporate watchdog chief steps aside over expenses claims

The chair of Australia's corporate regulator stood aside on Friday pending a review of his claiming of expenses, saying the government auditor suspected he overshot his maximum salary allocation with payments incurred moving from the United States. Australian Securities and Investments Commission (ASIC) chair James Shipton stunned a routine parliamentary hearing by saying had just notified the government he was removing himself from the role for the duration of a review into the matter.

"I took this position to serve the Australian community and work to improve the corporate and financial system that also serve it," Shipton told the hearing. "If I in any way impede that process, the right thing for me to do is to step aside. ASIC's work protecting the Australian community must come first. I look forward to cooperating with the review."

ASIC deputy chair Karen Chester said Shipton incurred A$118,000 ($84,016) in tax advice related to his relocation from the United States. Shipton started in the role in 2018, but Chester said the Australian National Audits Office (ANAO) raised its concerns this September as ASIC was signing off its 2020 annual accounts. The auditor also said ASIC deputy chairman Daniel Crennan breached his salary cap by claiming about A$70,000 in rental allowance, Chester said, adding that both people had voluntarily repaid the money.

Federal Treasurer Josh Frydenberg said his department would review the ANAO's concerns and deliver its findings and "any further course of action that may be appropriate" by the end of the year. ($1 = 1.4045 Australian dollars)


TRENDING

OPINION / BLOG / INTERVIEW

Turbulence surrounding tobacco control in Ghana

... ...

Refugee compassion and response: Ideas to mitigate disasters now and in their future

Their homeland becomes a forbidden territory for them and more likely than not, their journey to foreign soil is no less traumatizing, not to say deadly. It is crucial to help refugees live a life of dignity and purpose....

Inadequate water infrastructure causes a tidal wave of coronavirus in rural Alaska

... ...

Videos

Latest News

Saudi Arabia agrees to allow Israeli commercial planes to cross its airspace -senior Trump official

Saudi Arabia agreed on Monday to let Israeli airliners cross its airspace en route to the United Arab Emirates after talks between Saudi officials and White House senior adviser Jared Kushner, a senior Trump administration official said. Ku...

Brazil to face major security threats as climate impacts surge, military experts warn

By Fabio Teixeira RIO DE JANEIRO, Nov 30 Thomson Reuters Foundation - C limate change will increase the burdens on Brazils armed forces and endanger the countrys energy and water security, military experts predicted Monday.A group of senior...

Egypt says case of Italian student's murder to be closed temporarily

Egypt considers that the person who killed Italian student Giulio Regeni in Cairo in 2016 is still unknown and it will temporarily close the case file on the murder, Egyptian and Italian prosecutors said in a joint statement on Monday.Regen...

Americans face new COVID-19 restrictions after Thanksgiving

Americans returning home from Thanksgiving break faced strict new coronavirus measures around the country Monday as health officials brace for a disastrous worsening of the out-of-control surge because of holiday gatherings over the long we...

Give Feedback