Speaking in Canberra yesterday, Ms O’Dwyer said she was pleased to announce the appointment of James Shipton to replace outgoing ASIC chairman Greg Medcraft.
“We have appointed here the most qualified and the most experienced candidate for the job ahead,” she said.
Asked about the government’s alleged first preference of former CBA lawyer John O’Sullivan, Ms O’Dwyer dismissed suggestions Mr Shipton was a second string candidate.
“[Shipton] is absolutely the government’s choice,” she said. “He is someone with experience in regulation directly. As a regulator he has been at the coal face. He is someone who has worked in the financial markets, in investment banking but also as a lawyer as well, and he is someone who is seen as a world expert.”
Last month, shadow treasurer Chris Bowen issued a strongly-worded statement following rumours that the government sought to appoint Mr O’Sullivan, arguing that the candidate’s personal ties to the NSW Liberal Party threaten “ASIC’s independence”.
“Labor makes it very clear, we will not support Mr O’Sullivan’s appointment, should it proceed,” Mr Bowen said.
Mr O’Sullivan wrote to Treasury this week recusing himself from the recruitment process, according to reports in the Fairfax press.
Speaking alongside Ms O’Dwyer, Mr Shipton signalled trust and cultural reform as key priorities for his tenure as ASIC chair.
“Culture is among the greatest challenges for all financial markets globally,” he said.
“I’ve been a great advocate of cultural reform in financial institutions and in the financial markets for a long time, including when I was at the Hong Kong Securities and Futures Commission.
“I’ve continued work at Harvard University in relation to the conduct and culture of financial institutions, working with overseas regulators. I very much intend to continue this important work.”
Mr Shipton is the son of former federal Coalition MP for Higgins Roger Shipton.
Well, two years down the track who would have thought… Young James, recruited from a penalty ridden merchant bank, caught with his nose in the ASIC expenses trough. So it’s all about trust and cultural reform, and spending hundreds of thousands of taxpayers’ monies on making sure you don’t pay much Australian tax, and making sure his BFF young Brennan QC gets $70,000 a year extra tax free.
Yes, “Culture is amongst the greatest challenges” and yes obviously James Shipton is a great advocate for cultural reform, provided he does not have to change his spots.
So, the current MP for Higgins is endorsing the son of a former MP for Higgins ?
A highly decorated retired adviser is the right person for the role.
Yes Kelly, Mr Shipton is ” absolutely the Government’s choice “, because absolutely the Government’s first choice is no longer a choice !
This has nothing to do with Mr. Shipton’s ability or credentials, but the Government’s first choice came under so much pressure and criticism he elected, or it was suggested he escaped the Chris Bowen, foaming at the mouth Labor onslaught that would never have stopped.
Ah the Liberal old boys network versus Labor stooges ( Medcraft ). Advisers cant win
Mr Shipton, according to the AFR, is old Melbourne money. His dad Roger was usurped from the Federal Seat of Higgins by the rights Kroger/.Costello rump. O’Dwyer inherited her bosses ( Costello ) seat when he retired.
Long overdue payback ????
Just as long as he doesn’t have a dubious relationship with dodgy accountants.
It will be interesting to see if ASIC finally cracks down on the thousands of accountants providing inappropriate and unlicensed investment advice, now that their “protector” has left the building.
Yippee kayaa another academic Just like the rest of the politicians who seem to be an expert on everything. Josh Frydenberg is now an expert on nuclear matters, he helped us out a lot not! Perhaps they should all have relevant degrees for each of their portfolio’s.
damn it! you nailed it. you “gotta” have a degree and experience is irrelevant.
Well done Kelly. ‘As a regulator he has been at the coal face’. ‘and he is someone who is seen as a world expert.’ So, James Shipton has been at the coalface and is an expert on the (entire) world. How lucky are we to be blessed with such genius to lead the charge correcting our behavior.