Login
Barrister leading ASIC stands down following $70k revelations
The deputy chair of corporate watchdog ASIC has resigned with immediate effect after a Senate hearing raised concerns about a $70,000 housing cost payment.
Naomi Neilson
To continue reading the rest of this article, please log in.
Create a free account to get unlimited news articles and more!
Former Victorian Bar barrister and now-former deputy chair of the Australian Securities Investment Commission (ASIC) Daniel Crennan QC has resigned after an audit raised concerns about $70,000 he was given in expenses. Mr Crennan said that while he had planned to retire in 2021, it was in ASIC’s “best interests” to move up his departure.
The Australian National Audit Office (ANAO) flagged the $70,000 irregularities, making note of the fact that Mr Crennan was paid the money over two years following his 2019 relocation from Melbourne to Sydney. Money was also paid to chair James Shipton.
The ANAO said the payments may have exceeded the limit set by the Remuneration’s Tribunal for his salary and recommended an internal review be conducted. Mr Crennan said in his statement that the review would “take some time”.
He added: “In order to ensure that ASIC’s important work is not disrupted, I will remain available to facilitate the orderly transfer of work to my successor.”
Treasurer Josh Frydenberg confirmed the government had accepted the resignation.
“The government thanks Mr Crennan for his service and for the important work that he has undertaken during his time as deputy chair,” Mr Frydenberg said.
Naomi Neilson
Naomi Neilson is a senior journalist with a focus on court reporting for Lawyers Weekly.
You can email Naomi at:
