BREAKING: ASIC chairman's travel expenses released

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The Australian Securities and Investments Commission have released this morning details of its expenditure on international travel by Chairman Greg Medcraft during 2013.

The total travel cost for Medcraft and his staff between January and November last year was $246,490.99.

The total cost for Medcraft’s business-class flights, rail passes and transfers came to $98,465.19. His hotel stages came to $19,101.16 and other travel costs came to $10,474.39.  

Staff travelling with him – also in business class – made up the remainder of the amount, including $91,363.53 worth of air and rail travel, including transfers. They spent $17,000.57 on hotel stays and $10,086.15 on other travel expenses.

Last year, Medcraft spent at least 74 days – around a fifth of the year – travelling overseas for conferences and meetings, with the majority of the places visited in his capacity as chairman of the International Organisation of Securities Commissions.

Medcraft has been criticised for accepting the role as the head of IOSCO, which he was elected to early last year – in particular his taxpayer-funded business class travel.

His chairmanship of IOSCO has riled politicians and regulators, who say he should spend less time jetting off overseas and concentrate on Australia's problems, in particular those which face ASIC.

Medcraft took to YouTube in December to defend his chairmanship, saying the travel benefits Australia as he is making headway on cybercrime and assisting regulators to develop market based financing.

In releasing the figures, ASIC said it has a number of criteria when assessing whether proposed travel is necessary. This includes available budget, direct relevance to a demonstrated domestic priority and the meeting agenda.


 
  • Adrian on 14/01/2014 11:24:34 AM

    As Head of ASIC and given the travel noted above I see no issue with Business Class Travel. Mr Medcraft needs to be fresh upon landing, have an ability to work on a plane and rest as required. These are common sense expenses of any senior executive and I believe the finger pointing is ridiculous.

  • Martin B on 14/01/2014 11:37:03 AM

    Surprisingly I have no real issue with this.

    I have more of an issue with politicians on junket study tours where there is no real identifiable benefit to the Australian taxpayer.

  • Andrew on 14/01/2014 11:44:30 AM

    This is all a STORM in a teacup with no BASIS and is hardly a PRIME example to use for the travelling TRIO from ASIC...Are there not GREATER SOUTHERN things to focus on like their upcoming trip to the WESTPOINT?

  • Nik on 14/01/2014 12:05:43 PM

    Agree, ASIC are likely to make proper evaluation of the cost/benefit of their travel expenses.
    Much unlike the politicians.
    Apart from the Prime Minister, the Minister of Foreign Affairs and the Minister of Defence, all politicians should publish their full travel expenses and show the exact benefits gained for Australia for each taxpayer funded trip.

  • Mark Thompson on 14/01/2014 12:15:24 PM

    Is Mr Metcraft spending more time OS than the Foreign Minister? Is so, maybe he can double up in that role.

  • Geoff on 14/01/2014 12:44:52 PM

    Maybe Mr Medcalf should provide a Statement of Advice that sets out all the reasons why he is travelling, the benefits, the risks, the costs, who he is flying with, the comparisons with other airlines, hotels etc etc etc just like the excessive crap that we are forced to do.

  • Investor on 14/01/2014 1:50:11 PM

    Looks like ASIC employees were told to respond to the emails. By the comments on these financial mags, you can tell that it is being fed responses by Labor/ISN stooges and now ASIC. No one with the listest inkling of finance would write the rubbish that gets into the responses. The same goes with the articals from the lefties claimed to be financial experts.

  • Xavier on 14/01/2014 2:21:56 PM

    Perhaps the chairman should deliver a 'Statement of Intent' outlining the purpose of the travel, what is going to be achieved from the travel (in real terms), how much it is going to costs? with all the finer details of who is going to be involved and why and finally reviewed so that the purpose of the travel is achieved as per the 'statement of intent' reviewed and signed by the minister for finance before going. That would give the chairman something to think about and maybe realize what financial advisers go through!

  • Michael on 14/01/2014 3:00:15 PM

    I can't stop laughing at the comments. What..? There is no such thing as political or government departmental corruption in Australia I hear you ask! Still laughing....

  • john M O'riley on 14/01/2014 3:48:39 PM

    justification and receipts please! why does his staff have to fly with him in business class, just imagine if we all took our staff with us in business class and claim them as a full deduction ? this is arrogance and totally in our faces. they should have to pay the difference from cattle class to business class. Or he should... Are Asic staff any more important than any of us!! Total rort and should be audited by independent group of Australian Financial Planners... Lets give them some of their own bullying back...

  • Russell Medcraft on 14/01/2014 6:17:55 PM

    I think Greg does an excellent job internationally and Business Travel is required if he is to arrive in a sharp mental state. His work is putting the Australian regulatory platform on the world stage. Keep up the good work.

  • Ben CFP on 15/01/2014 9:58:59 AM

    And I have to substanciate my log book for driving from work to see a client! Like usual, us planners and the tax payers are getting the rough end of the pineapple! No surprises here.

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