Opinion
Gatekeepers should have picked up Australia Post, ASIC sooner
A government corporation and a regulator are in trouble because systems of oversight did not work.
Helen BirdCorporate governance expertThe best way to understand governance issues in any organisation is to follow the money. Two very different government organisations are in the spotlight this week for paying their staff questionable remuneration entitlements. The Australian Securities and Investments Commission for paying a $118,000 tax advice bill for its chairman and a $70,000 rental bill for its deputy chairman. Australia Post, for gifting Cartier watches worth a total of $19,950 to four executives.
Both organisations are the subject of government inquiries. ASIC chairman James Shipton has stood aside; his deputy, Daniel Crennan, QC, has resigned with immediate effect. Australia Post's CEO Christine Holgate has been forced to stand aside pending an inquiry into her organisation.
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