ASIC deputy chair Daniel Crennan resigns over relocation expenses
Former Deputy Chair of the Australian Securities and Investments Commission (ASIC) Daniel Crennan Source: AAP
Daniel Crennan has resigned as deputy chair of the Australian Securities and Investments Commission over an investigation related to relocation expenses.
The deputy chair of Australia’s corporate regulator has quit over an expenses revelation involving up to $70,000 in relocation costs after an audit raised concerns over the payments.
The Australian National Audit Office identified irregularities with the expenses paid to Mr Crennan and also payments made to ASIC chair James Shipton.
Daniel Crennan tendered his resignation from the Australian Securities and Investments Commission on Monday morning.
“I had been intending to retire from my position in July 2021,” Mr Crennan said in a statement.
“However, in the current circumstances, I have decided that it is in the best interests of ASIC for me to resign now. I have therefore tendered my resignation to the treasurer with immediate effect.”
The $70,000 in relocation costs related to expenses paid to cover rent for Mr Crennan’s Sydney home following his relocation.
Before a Senate committee last Friday, ASIC revealed Mr Crennan and chairman James Shipton had received more than $180,000 to cover the cost of managing tax affairs and rental payments following their appointments. .
Finance Minister Mathias Cormann confirmed the departure during a Senate estimates hearing in Canberra.
Mr Crennan was asked to move from Melbourne to Sydney in October 2018.
ASIC agreed to pay his relocation costs which included a rental allowance.
Mr Crennan said he was told the payments were consistent with ASIC policy but later learned about concerns raised by the auditor-general.
“I requested that ASIC cease paying me the rental allowance. I also offered and agreed to repay the rental allowance ASIC had paid to me,” Mr Crennan said.
The auditor-general has recommended an independent review be conducted into issues raised regarding relocation payments, including those given to Mr Crennan.
“That review will take some time,” he 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.”
ASIC chairman James Shipton has also stepped aside after it was revealed the organisation paid more than $118,000 for him to receive personal tax advice.
Mr Shipton has agreed to repay the money, which he received after relocating to Australia from the United States to run ASIC in 2018.
The independent review will also examine these costs.
