ASIC’s Daniel Crennan resigns amid expenses issues
The corporate watchdog’s deputy chair, Daniel Crennan, has resigned amid investigations into relocation expenses by Crennan and chair James Shipton.
The Australian Securities and Investments Commission (ASIC) announced on Friday Crennan and Shipton were to step aside pending the investigation.
According to the Australian Financial Review, Crennan said in a statement today that he had tendered his resignation to Treasurer Josh Frydenberg with immediate effect.
“I had been intending to retire from my position in July 2021. However, in the current circumstances, I have decided that it is in the best interests of ASIC for me to resign now," Crennan said.
"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.
“I wish the new commissioner every future success as he or she continues the critical work that ASIC is assigned to undertake."
Recommended for you
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
Compliance professionals working in financial services are facing burnout risk as higher workloads, coupled with the ever-changing regulation, place notable strain on staff.
The Senate economics legislation committee has recommended Schedule 1 of the Delivering Better Financial Outcomes legislation be passed as it is a “faithful implementation” of the recommendations.
Treasurer Jim Chalmers has handed down his third budget, outlining the government’s macroeconomic forecasts and changes to superannuation.
