According to documents issued by the regulator today, Mr Medcraft – who was re-elected as the chairman of the International Organization of Securities Commissions (IOSCO) in October 2014 – racked up the expenses on a number of trips he took with his staff over the six-month period.
The document reveals trips to locations including London, Milan and Rio de Janeiro, all of which were associated with Mr Medcraft’s IOSCO position, not his chairmanship of ASIC.
Of the total $45,429.51, $23,519.24 was spent on air and rail travel, $3,505.02 on hotels and $585.00 on staff, while the rest was accrued by accompanying staff members.
Mr Medcraft undertook a total of 12 “meet days” with an additional six “travel days” during the period.
A separate document reveals he intends to visit Tokyo, Seoul and Frankfurt in coming months on IOSCO business, as well as a second trip to London for the association’s annual conference.
Agree this is silly and waste of time by IFA “staff reporter”. (Why not name them?)UNLESS the point was that the IOSCO should have picked up the tab…
And our ex PMs spend around $600,000 p.a. EACH.
Why is his travel being scrutinised? Just weird.
The media love to hate.
Looking forward to the next headline…
“IFA article gets 45,429 bites”
Totally uncalled unnecessary. This bloke needs to focus his attention on role role at ASIC not beefing up his resume on junkets. I have no issue if he wants to take leave and fund these expenses out of his after tax income however we have been led to believe ASIC were stretched for resources and now we no the reason.
No wonder its a toothless tiger…the Chairman is spending our money and his presumably scarce ASIC-time building his post ASIC CV. With all the corporate malfeasance occurring I didn’t know it could be a part time role, but I’m sure it pleases the crims. Maybe Scipioni could do a sideline in another gig as well…..
That’s 2 Grand a week and what did he spend on ASIC travel 200k? Peter Kell spent $163,000.00 last year on ASIC travel on him self, the ASIC spent more that 4.79 Million On travel entertainment and benefits, hell some even got bonuses, 75k on Christmas parties YAH lets join a Government department. Have you seen the red wine cellar in the NSW parliament house ? 600k worth yep even has Grange in it.
I wonder if we pay more whether he will stay away longer!
I’m no great fan of Medcraft or ASIC, but how is this even worthy of publishing, let alone being pushed by email after 5pm as “Breaking News”. Has the 19 year old social media guy been left in charge?
Kinda was looking for a punch line. Did I miss something?
Our industry lives with legislaitve uncertainty and this bloke is living it up in milan with his govt crony mates. rather him there than here giving advisers a hard time i guess.
All very interesting, but aren’t the more important issues whether us the taxpayers are footing these bills or the organisation he chairs meet these costs, secondly what insights Mr Medcraft gains and leverages from this role that has benefits for ASIC and Australia generally and thirdly what is the cost to us of having our head of ASIC otherwise preoccupied with this activity?
So he has travelled to London, Milan and Rio di Janeiro, and his hotel expenses only add up to $3,505.02? I would call Mr Medcraft frugal! He must have stayed in back packer accomodation?
Why is this even considered news?
It seems to me to be a reasonable expense level for that type of role.
Are you trying to ‘muck-rake’ just because he’s a public servant?
And this is news? Doesn’t seem that much anyway.