Reform of ASIC should start with accountability at the top: Shipton
Unlike other ASIC staff, who are governed by employment contracts that incorporate codes of conduct, commissioners do not even have employment contracts.
I was asked to make a submission to the Senate inquiry into the Australian Securities and Investments Commission’s enforcement effectiveness.
The submission I made on Tuesday elaborates on the structural difficulties affecting ASIC’s work that I recently raised in this newspaper. These were that ASIC’s remit is too large, it is chronically underfunded, its statutory governance structures are confused, and its accountability arrangements need improvement.
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James Shipton is Senior Fellow in the Melbourne School of Government at The University of Melbourne. He is a former chairman of ASIC.
