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Sky News Political Editor Andrew Clennell says advice has been provided regarding the ‘significant interest’ clause in the Prime Minister’s ministerial code of conduct, following inquiries into the shares interests of government ministers.
Mr Clennell said the advice was provided by the Secretary of the Department of Prime Minister and Cabinet Glyn Davis, after a clause in the code revealed if a minister’s balance fund had ‘significant’ interests in their portfolio areas, they were required to sell.
This led to Assistant Health Minister Ged Kearney selling out all her balanced fund shares.
“Some of her funds had around 10 per cent interest in the health sector,” Mr Clennell said.
Mr Davis has since revealed the ‘significant interest’ clause means ‘a majority interest’.
“Accordingly, the Prime Minister’s office points out to me this in turn clears the way for Ged Kearney and Assistant Treasurer Stephen Jones to retain their interests, despite potential conflicts raised by Sky News,” Mr Clennell said.
“Too late for Ms Kearney – she has already sold out of her balanced funds.”
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