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Shipton to leave ASIC permanently

Despite being cleared of wrongdoing, ASIC chair James Shipton will leave the regulator permanently after helping to choose a successor.

Mr Shipton has been cleared of wrongdoing in the ASIC expenses scandal, with Treasury opting not to take the matter further after the conclusion of an independent inquiry by Dr Vivienne Thom AM.

“After considering Dr Thom’s report and supplementary legal advice provided to the Treasury concerning these matters, I am satisfied that there have been no instances of misconduct by Mr Shipton concerning his relocation arrangements, including ASIC’s payment for tax advice resulting from his relocation to Australia in early 2018, nor have there been any breaches of applicable codes of conduct,” Treasurer Josh Frydenberg said.

Mr Shipton will return to his role on Monday, but will step down in the coming months. Mr Frydenberg thanked Mr Shipton for his “service and dedication” during his time as ASIC chair.

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“The review also concluded that the Treasury could improve its processes for managing the appointments of statutory officers under Treasury portfolio laws. In response, the Secretary to the Treasury has moved to implement a new system immediately,” Mr Frydenberg said.

Shipton to leave ASIC permanently
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