Exclusive: NSW Liberal MPs failed to declare financial interests on register

The New South Wales fair trading minister and the Liberal party whip have been forced to correct their disclosures of interests to the parliament, following a Guardian Australia investigation.

An investigation of the NSW pecuniary interests register for the 2013-14 financial year, conducted by Guardian Australia readers and journalists, transcribed the entire register and flagged specific entries for further investigation.

Under current regulations, members of parliament must disclose their interests in property, sources of income, interests in corporations such as shares or directorships, gifts (or multiple gifts) received that are over $500 in value, debts, positions in unions or other associations, contributions to travel, and any services provided to clients under certain conditions.

The Guardian’s analysis of members’ interests has revealed that the fair trading minister, Matthew Mason-Cox, appears to have omitted all references to his directorship and shareholdings in his superannuation trustee company, Mason-Cox Super Holdings Pty Ltd, which he co-owns with his wife.

Company searches show that the minister has been a director of the company since October 2010, and that he ceased his role in May 2014. But on 19 August 2014 he was again appointed as director and secretary of the company.

Mason-Cox told Guardian Australia on Friday: “I am aware that my directorship of Mason-Cox Super Holdings Pty Limited has not been recorded in the Parliamentary Register.

“I am updating my parliamentary register, as required by 31 March 2015.”

The NSW Liberal party whip, Chris Patterson, was also forced to make corrections following the investigation. Although he lists no properties in his disclosure, a title search shows a property at Camden which matches Patterson’s name, and spouse’s name.

Patterson admitted that the exclusion of the property was an “oversight” which he had amended after being contacted by Guardian Australia.

“I have noted it on my other registers however neglected to on the register you have mentioned,” he said.

“I have amended that today. It was an oversight and one that I take full responsibility for.”

Ministers must meet an even more stringent set of rules than ordinary MPs. In September 2014 the NSW premier Mike Baird introduced a new ministerial code of conduct that forces ministers to divest most shares and directorships, in response to a series of revelations by the Independent Commission Against Corruption about senior government ministers.

All shareholdings by ministers should generally be divested, and transferring the interest to a family member is not considered an appropriate divestment. An exception can be made where the premier is satisfied the interest is unlikely to give rise to a conflict.

Shareholdings in self managed superannuation funds, publicly listed funds or other types of trusts can be retained by a minister – but only if the fund is “broadly diversified” and does not invest in any business sector that could give rise to a conflict of interest, or if the minister is not aware of the particulars of the investment and it is managed without the knowledge of the minister by an independent person.

Ministers must also resign from any directorships, but can retain them where the directorship relates to a personal business or a self-managed superannuation fund, is not likely to give rise to a conflict and where the premier approves it through a special ruling.

Guardian Australia asked premier Mike Baird whether he had been asked to make a ruling on Mason-Cox’s superannuation fund and – if not – whether the premier would consider taking any enforcement action against the minister.

Baird said: “The premier has been advised by the Department of Premier and Cabinet that the minister has complied with the code of conduct.”

Mason-Cox also said he had met his responsibilities under the ministerial code.