ASIC has updated its internal governance framework and implemented a new accountability regime.
Strengthening governance and accountability measures are part of ASIC’s strategic change program and follow on from the recommendations of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
The framework articulates how ASIC’s Commission collectively exercises its functions and powers to deliver ASIC’s statutory objectives.
The changes include:
- an updated committee structure to strengthen oversight of executive actions and assist the Commission in the performance of its responsibilities
- accountability statements for Executive Directors and Commissioners that identify core responsibilities and individual accountabilities.
ASIC Chair James Shipton said, ‘The update reflects the importance ASIC places on transparency, regulatory integrity and effective oversight and management of its functions and responsibilities.’