Danny Pearson bank shares issue a ‘timely reminder’, says Daniel Andrews

Danny Pearson earlier apologised ‘unreservedly’ for the ‘oversight’ in holding Commonwealth Bank shares while awarding a contract to the bank in 2021.

Victorian Premier Daniel Andrews says Mr Pearson’s shares saga should act as a ‘timely reminder’ to all MPs. Picture NCA NewsWire / Aaron Francis

The Victorian opposition has called on Assistant Treasurer Danny Pearson to release the details of seven formal briefings he received between July 2020 and August 2021, to prove his claims he was “not a decision-maker” in awarding a contract to the Commonwealth Bank, in which he holds shares.

Mr Pearson on Tuesday confirmed he would be placing all his shareholdings in blind trust, after The Australian revealed he held Commonwealth Bank shares when he announced the awarding of a government contract to the bank in 2021.

The Andrews government minister apologised “unreservedly” for the “oversight”, saying he accepts it was an “error of judgment” not to recognise the “potential for a perception of conflict of interest”. But he maintained he was “not a decision-maker” in the awarding of the contract, despite being the responsible minister, claiming the process “was run by senior independent public servants and there was a probity auditor engaged throughout who signed off on the process”.

“I noted the outcome of the tender once it had been determined by the Department of Treasury and Finance,” he said.

Opposition Leader John Pesutto said documents obtained under Freedom of Information showed Mr Pearson had received at least seven written briefings from the Department of Treasury and Finance between July 2020 and August 2021, relating to Victorian government banking contracts. “If Danny Pearson was truly ‘not a decision-maker’ in this process, he must prove this by publicly releasing these briefings,” Mr Pesutto said.

Mr Pearson’s most recent update to the Register of Members’ Interests shows he has shares in a wide range of companies, including the Commonwealth Bank, ANZ, Macquarie Group, Telstra, Wesfarmers, Coles, Myer, Bunnings Property Trust, BHP, Beach Energy, Origin Energy, Woodside, South32, CSL, Medibank Private, Regis Healthcare, Monash IVF, Health and Plant Protein Group, Sydney Airport, Bega Cheese, JB Hi-Fi, Computershare and Tassal.

He also has a Vanguard indexed international shares fund, a Hostplus superannuation account and a self-managed super fund, and receives rental income from four properties he owns in addition to his primary residence and holiday house.

Premier Daniel Andrews earlier said he expected questions over Mr Pearson’s shareholdings would serve as a “timely reminder” to members of his government to ensure they are not at risk of perceived conflicts of interest.

Asked why he had not ordered all his ministers, particularly those in finance portfolios, to divest or place shares in blind trusts, Mr Andrews said: “I think there might have been an assumption that those arrangements had taken place. They clearly hadn’t. The minister’s apologised for that, and there’s really nothing more to be said. He’ll take the appropriate action.”

Asked if he would be requiring all his ministers to review their share portfolios and put them in blind trusts if required, he said: “I don’t know that I’d need to do that. I think that what’s occurred here will be a timely reminder to everybody. I don’t own any shares myself, but this will be a reminder to people that it’s not just about acting appropriately, it’s also making sure that they can never be called into question.”

Revelations of Mr Pearson’s shares come after NSW Liberal MP Damien Tudehope was forced to resign as finance minister on Friday, after it was revealed he had failed to disclose his family’s superannuation portfolio included shares in toll road giant Transurban, which owns the majority of Sydney and Melbourne’s toll roads.

Asked how Mr Pearson’s situation differed from that of Mr Tudehope, Mr Andrews referred journalists to Mr Pearson’s previous comments. “I’m not familiar with exactly what occurred in NSW and it’s a matter for those involved,” the Premier said.