Governance at the corporate watchdog has come in for a lashing at an inquiry by the Senate’s Economics Legislation committee.
Former Australian Securities and Investments Commission chairman James Shipton says ASIC commissioners are immune from the rules of ordinary employment and should be subject to greater oversight and more easily dismissed.
ASIC chairman Joe Longo, with deputy Karen Chester at a parliamentary hearing last week, will be hauled back again on Wednesday.
Karen Chester is the last one standing among Daniel Crennan and James Shipton, former ASIC commissioner and chairman.“Unlike other ASIC staff, who are governed by employment contracts that ... incorporate codes of conduct, commissioners do not have employment contracts. It is also unclear, as a matter of employment law, to whom commissioners, deputy chairs, and chairs ‘report’ to,” he says.
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