<p><span>Good afternoon Chair and Committee members.</span></p>
<p><span>I am pleased to appear before the Committee today for the first time as ASIC’s Chair. Also appearing for the first time is newly appointed Deputy Chair Sarah Court.</span></p>
ASICâs James Shipton and Karen Chester: âalways as oneâ
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Karen Chester confirmed on Wednesday she has formally applied to succeed outgoing chairman
James Shipton, with whom she has recently undergone âmarriage counsellingâ arbitrated by Treasurer
Josh Frydenberg.
The Shipton-Chester relationship reportedly broke down when Chester, acting as chairwoman while ASICâs payment for Shiptonâs personal tax advice was investigated, told a Senate committee that âif there had been full disclosure of the nature of the payments made to Mr Shipton and [ASICâs other deputy chair
Daniel]
Crennan ⦠I donât think Iâd be sitting here in front of you todayâ.
Why ASIC ignored repeated warnings on Crennan expenses
Why ASIC ignored repeated warnings on Crennan expenses
ASIC has revealed further details around why it ignored advice to have the Commonwealth Remuneration Tribunal review former deputy chair Daniel Crennan’s expense claims, following the scandal that ultimately led to his resignation.
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In a recent hearing of the parliamentary joint committee on corporations and financial services, committee chair and Liberal senator James Paterson raised a series of questions around how soon management within ASIC knew of potential breaches of Mr Crennan’s remuneration package.
A letter from auditor general Grant Hehir in October indicated the regulator was first requested in August 2019 to seek the tribunal’s review of Mr Crennan’s $750 per week accommodation payments, which had been funded by ASIC from 2018 onwards.