• subs-bellGet the latest news! Subscribe to the ifa bulletin

ASIC chairman spends $45,429 on travel

The corporate regulator has revealed that chairman Greg Medcraft spent close to $50,000 of ASIC's taxpayer-funded budget on travel expenses relating to his side role as chairman of IOSCO between July and December 2014.

According to documents issued by the regulator today, Mr Medcraft – who was re-elected as the chairman of the International Organization of Securities Commissions (IOSCO) in October 2014 – racked up the expenses on a number of trips he took with his staff over the six-month period.

The document reveals trips to locations including London, Milan and Rio de Janeiro, all of which were associated with Mr Medcraft’s IOSCO position, not his chairmanship of ASIC.

Of the total $45,429.51, $23,519.24 was spent on air and rail travel, $3,505.02 on hotels and $585.00 on staff, while the rest was accrued by accompanying staff members.

Mr Medcraft undertook a total of 12 “meet days” with an additional six “travel days” during the period.

A separate document reveals he intends to visit Tokyo, Seoul and Frankfurt in coming months on IOSCO business, as well as a second trip to London for the association's annual conference.