AGL boss Andy Vesey investigated by ASIC over company travel expenses
ELECTRICITY giant AGL’s fat cat American boss is being investigated by the corporate watchdog over his jet set company travel allowance.
NSW
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ELECTRICITY giant AGL’s fat cat American boss is being investigated by the corporate watchdog over his jet set company travel allowance.
The Australian Securities and Investments Commission (ASIC) is looking into chief executive Andy Vesey’s jaunts home to Arlington, Virginia, to see his US-based wife and their children.
When Mr Vesey was given the top job details of his eye-watering $6.9 million salary were disclosed to the Australian Stock Exchange.
They included: “Reasonable relocation and repatriation expenses associated with move from United States to Australia.”
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But Mr Vesey, who has posted pictures on social media of himself living it up in the Qantas Club lounge, has made several trips home to coincide with energy conferences and meetings since then.
His wife Miranda also makes regular trips to Australia.
Under ASX rules AGL is obliged to disclose if either Mr Vesey or his wife are having their first-class flights paid for by the company, which would represent a substantial pay rise.
A letter from ASIC confirmed that it will be investigating “the conduct of AGL and that the company may not be correctly disclosing the extent of travel expense benefits being provided to chief executive officer, Mr Andrew Vesey.”
Since taking over the top job Mr Vesey has defied the Prime Minister to close down the cheap, coal-fired Liddell Power Station and push for expensive renewables.
“All salary and entitlements paid to Mr Vesey have been in accordance with his contract and have been disclosed in our audited reports,” an AGL spokesman said yesterday.