The CSIRO has sold the employment company it set up for its Main Sequence Ventures Fund to members of the investment team so they can pay “market” rates for venture capitalists, a move the agency insists hasn’t diminished its oversight of more than $1 billion under management.
Required disclosures to Parliament by Industry and Science minister Ed Husic on Tuesday showed CSIRO subsidiary Main Sequence Innovation Services had been sold for just $10 to “allow market employment and remuneration of Main Sequence staff”.
It ends speculation the actual fund could be divested, following media reports last year that this may have been under consideration.
Want to know how this story ends?
Become a subscriber for complete access to all stories on InnovationAus.com and our daily newsletter.
Do you know more? Contact James Riley via Email.