The Commonwealth Bank was given permission to manage state funds by Victoria’s assistant treasurer, and he has now apologized for what he calls “a mistake of judgment” in doing so while also owning shares in the bank.
In a statement, Danny Pearson said that while he did not choose to work with the Commonwealth Bank, failing to effectively manage “the possibility for an appearance of conflict of interest” was a mistake on his part.
In front of the media, Pearson also disclosed that he had owned the shares for more than ten years and had disclosed them to the legislature ever since becoming an MP.
In the statement, Pearson stated, “For the avoidance of doubt, I confirm that I was not a decision-maker in the awarding of the banking and financial services contract in 2021.
Senior independent public employees managed the process, and a probity auditor was involved at all times and gave his or her approval. When the Department of Treasury and Finance announced the tender’s result, I took note of it.
“Despite this, I accept that failing to recognize and handle the possibility of a perception of a conflict of interest was a mistake of judgment, and I wholeheartedly apologize for this lapse.”
Pearson said that, “for the avoidance of doubt,” he had informed Premier Daniel Andrews that he had now transferred all of his stock holdings into a blind trust.
Days after NSW Finance Minister Damien Tudehope resigned from cabinet after confessing he held interests in Transurban while holding the office, it was revealed that Pearson had shares in the Commonwealth Bank.
Tudehope said that since 2014, he had mistakenly held Transurban shares in his family’s superannuation fund, and that this ownership had no bearing on the decisions made relating the NSW toll relief refund.
