Opinion
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.
James ShiptonFormer ASIC chairmanI 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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