• By The Financial District


The chairman of Australia’s corporate regulator stood aside pending a review of his claiming of expenses, saying the government auditor suspected he overshot his maximum salary allocation with payments incurred moving from the United States, Byron Kaye reported for Reuters.

Australian Securities and Investments Commission (ASIC) chair James Shipton stunned a routine parliamentary hearing by saying had just notified the government he was removing himself from the role for the duration of a review into the matter.

“I took this position to serve the Australian community and work to improve the corporate and financial system that also serves it,” Shipton told the hearing.

“If I in any way impede that process, the right thing for me to do is to step aside. ASIC’s work protecting the Australian community must come first. I look forward to cooperating with the review,” he concluded.