Credit Suisse’s John O’Sullivan pulls out of ASIC race, citing political opposition

Credit Suisse’s John O’Sullivan has withdrawn his candidacy to head ASIC, citing “disturbing, personal” Labor attacks.

Credit Suisse chairman John O'Sullivan

Credit Suisse’s local chairman, John O’Sullivan, has formally withdrawn from the selection process to replace Greg Medcraft as ASIC chair, citing “disturbing personal attacks” by federal Labor.

Mr O’Sullivan withdrew his candidacy in a letter to Treasury Secretary John Fraser today.

He told The Australian: “I was happy to put my hand up for public service but you don’t sign up for that sort of abuse.”

Mr O’Sullivan had been regarded as a frontrunner to take over when Mr Medcraft’s term as Australian Securities and Investments Commission chair ends in November.

However his candidacy has come under fire in statements from federal treasury spokesman Chris Bowen.

In his letter to Mr Fraser, Mr O’Sullivan said he “deeply shocked” by media releases from Mr Bowen “attacking any possibility of me being appointed”.

“The personal nature of that attack, even including insinuations of old and long since discredited allegations, and the failure to make even the slightest investigation as to the process followed, my qualifications for the role or the steps I proposed to take to ensure my future impartiality, was unprecedented and disturbing.

“Those media releases, and subsequent commentary attributed to the opposition, made it clear to me that the opposition would continue to wage a campaign against me, and through me ASIC, that would be in neither my interests nor ASIC’s. I must therefore withdraw my name from further consideration.”

Mr O’Sullivan said Australia had a long bipartisan tradition of accepting talented and qualified people who wished to move from private roles to impartial public service or the judiciary.

“The end of that bipartisan tradition, as signalled by the shadow treasurer’s media releases, has grave implications for the quality of Australian public life and our institutions.”

Mr O’Sullivan was highly fancied for the ASIC job, with a strong background in law as chief general counsel for the Commonwealth Bank and most recently his role at Credit Suisse.

As one senior official told The Australian, “he ticks every box”.

The government is due to consider the replacement for Mr Medcraft next week, with one potential appointee being ASIC Commissioner Cathie Armour along with one other unknown person.

Greg Medcraft’s term ends in November. Pic: AAP

In his letter to Mr Fraser, Mr O’Sullivan said he had only been prepared to put his name forward as part of an open, advertised, competitive process including a global search, and an independent Public Service Commission selection process insulated from any political involvement.

“Such a process was critical to avoid any suggestion of bias or favouritism, as well as to assure the highest quality appointment,” he wrote. “I have been informed that a rigorous, apolitical process of exactly that kind was implemented and that as a result I was recommended for further consideration by the search firm and the public service heads who sat on the selection committee.

“I was therefore deeply shocked to read the media releases by the shadow treasurer on June 24, 2017 and September 20, 2017 attacking any possibility of me being appointed.”