New ASIC chief James Shipton needs to get a wriggle on with picking team

With James Shipton due to take to the corporate beat in a fortnight, many key ASIC positions remain unfilled.

James Shipton will serve as the next chairman of the Australian Securities & Investments Commission for a five-year period from 1 February 2018.

With James Shipton due to start his term as chief corporate plod in a fortnight, he and the Federal Government have some work to do to fill his backbench.

As things stand today, deputy Peter Kell’s term expires in May and Commissioner John Price is out the door in March, which leaves just Cathie Armour in a long term role, which is due to expire in June 2022.

A decision is still to be made on who will be the litigation commissioner, a role trumpeted by Treasurer Scott “Cry Me a River” Morrison some time ago.

Highly regarded ACCC Commissioner Sarah Court’s name was mentioned as a potential candidate but a formal decision is yet to be unveiled.

ASIC is already down in numbers with no replacement yet for former commissioner Greg Tanzer.

There is nothing to stop the government simply reappointing Kell who has served for seven years and or Price who has served six years but maybe some fresh eyes would help.

The choice comes down to an issue of institutional knowledge and new expertise which presumably is a choice for Morrison, his colleague Kelly O’Dwyer and Shipton.

But timing is running fine especially given good practice demands a competitive process for all senior positions.

Shipton is due to present at a Senate Estimates Committee on February 28 and potentially a House committee on February 16 which will be his first public outings since taking on the job.

ASIC will hold its annual forum on March 19 where he is also due to speak.

It would obviously make sense to have his backbench in order by then.

The Productivity Commission is aiming to have its draft Bank Competition report completed by January 26 ready for release soon after.

This would be expected to touch on regulatory arrangements in the sector.

The banks are finalising their first submissions for the Royal Commission with their mea culpas or lists of past snafus due on January 29.

Given the Government has maintained it has the regulatory structures in place, it would make sense to have the ASIC team ready as the Royal Commission gets to work.

New plod Shipton is now in town readying for his new job with the key team selection still on his “to do list.”