UPDATE 1-Australia corporate watchdog chair to resign even after cleared in expense probe Reuters 1/29/2021
(Adds quotes from treasurer, details and background)
SYDNEY, Jan 29 (Reuters) - Australia s corporate regulator chairman will step down in the coming months, Treasurer Josh Frydenberg said on Friday, despite an independent review clearing him of any wrongdoing related to moving expenses during his relocation from the United States.
Australian Securities and Investments Commission (ASIC) Chairman James Shipton stood aside in October after a government auditor suspected he exceeded his maximum salary allocation because of the relocation payments. In the light of the outcomes of the review, Mr. Shipton will return to his role, but Mr. Shipton and I have agreed that it is in the best interests of ASIC that he will step down as Chairperson of ASIC in the coming months, Frydenberg said in a statement.
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Australian Securities and Investments Commission chairman James Shipton will be replaced despite being cleared of any wrongdoing because Treasurer Josh Frydenberg wants a fresh face to overhaul the troubled corporate regulator.
Mr Shipton, who stood aside in October pending an independent investigation into some of his relocation expenses, will return to work on Monday but depart once a replacement is found.
The deputy chairman of the prudential regulator, John Lonsdale, is one name being kicked around in corporate circles as a possible replacement for Mr Shipton.
Treasurer Josh Frydenberg with ASIC chair James Shipton in better times.Â
AAP Image/Fairfax Media Pool, Peter Braig
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