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Malcolm Turnbull revises interest register after selling IT shares Malcolm Turnbull revises interest register after selling IT shares
(35 minutes later)
The communications minister, Malcolm Turnbull, has made changes to his interest register two days after lodging it to sell shares he owns in an Australian internet company that could pose a conflict of interest.The communications minister, Malcolm Turnbull, has made changes to his interest register two days after lodging it to sell shares he owns in an Australian internet company that could pose a conflict of interest.
According to Turnbull’s current interest register, which was lodged on 9 December, the minister held shares in the publicly listed Melbourne IT. The company specialises in domain name registration, web design and email hosting. The company is also the domain registrar for the New York Times website, and was linked to a hacking attempt of the site by the Syrian Electronic Army.According to Turnbull’s current interest register, which was lodged on 9 December, the minister held shares in the publicly listed Melbourne IT. The company specialises in domain name registration, web design and email hosting. The company is also the domain registrar for the New York Times website, and was linked to a hacking attempt of the site by the Syrian Electronic Army.
Turnbull’s office confirmed the shares had been divested to avoid any potential conflict of interest with his portfolio, in compliance with the new ministerial code of conduct. The shares were divested last week with the change to the register made on 11 December, but the register has not yet been updated online.Turnbull’s office confirmed the shares had been divested to avoid any potential conflict of interest with his portfolio, in compliance with the new ministerial code of conduct. The shares were divested last week with the change to the register made on 11 December, but the register has not yet been updated online.
The shares were held by Wilcrow Pty Ltd, a company in which Turnbull and his wife Lucy Turnbull are directors and shareholders. The minister’s wife, whose interests are listed comprehensively on the register, also held shares in Melbourne IT and has now divested them. Many of the minister’s other interests had already been divested in his original declaration. The shares were held by Wilcrow Pty Ltd, a company in which Turnbull and his wife, Lucy Turnbull, are directors and shareholders. The minister’s wife, whose interests are listed comprehensively on the register, also held shares in Melbourne IT and has now divested them. Many of the minister’s other interests had already been divested in his original declaration.
The NBN Co executive chairman, Dr Ziggy Switkowski, also said on Wednesday that NBN company board members and executives who held shares in Telstra may be able to retain them, despite a potential conflict arising over negotiations to access Telstra's copper network.
Guardian Australia reported on Monday the Abbott government had wound back the ministerial code of conduct to allow ministers to hold shares in public companies and some private entities. The communications minister’s ownership of shares in any public company other than some superannuation funds would have been contrary to the previous code.Guardian Australia reported on Monday the Abbott government had wound back the ministerial code of conduct to allow ministers to hold shares in public companies and some private entities. The communications minister’s ownership of shares in any public company other than some superannuation funds would have been contrary to the previous code.
The Greens senator Lee Rhiannon has called on the government to retain the previous version of ministerial standards which banned most shareholdings, and says the code must be introduced as legislation to prevent governments of the day being able to rewrite ministerial codes at their discretion.The Greens senator Lee Rhiannon has called on the government to retain the previous version of ministerial standards which banned most shareholdings, and says the code must be introduced as legislation to prevent governments of the day being able to rewrite ministerial codes at their discretion.
“Transparency, integrity and accountability are the cornerstones of a democracy and these important values should not be left up to the government of the day or individuals to define at their discretion,” Rhiannon said.“Transparency, integrity and accountability are the cornerstones of a democracy and these important values should not be left up to the government of the day or individuals to define at their discretion,” Rhiannon said.
“Mr Abbott’s move highlights the urgency to legislate the ministerial code of conduct and I will be talking to my Labor colleagues to assess their support.”“Mr Abbott’s move highlights the urgency to legislate the ministerial code of conduct and I will be talking to my Labor colleagues to assess their support.”
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