CLP Education Minister Jo Hersey says she is now in the process of divesting her shares in telecommunications giant Telstra, less than a month after disclosing them and despite pledges from the CLP in February amid Labor’s shares scandal that all its MLAs’ shares would be divested “to show Territorians that we are ready to take government”.

Ms Hersey’s pledge to finally divest the shares follows questions from the NT Independent about the potential conflicts of interest for her at Cabinet meetings.

Ms Hersey listed the unknown number of shares on her Register of Members’ Interests last month with the NT Parliament Clerk’s office, in accordance with government policies, however it is unclear why she retained the shares after becoming a Minister, when Chief Minister Lia Finocchiaro pledged in February while opposition leader that all her CLP colleagues would divest their shares amid Labor’s “integrity crisis”.

Ms Finocchiaro was asked about Ms Hersey’s shares on ABC Radio yesterday, where she claimed that they did not conflict with her role as Education and Training Minister. She was not asked about her previous pledge that all CLP MLAs would divest their shares in February.

But after the NT Independent pointed out to Ms Hersey’s office that Telstra has won tens of millions of dollars worth of contracts through the NT Government for everything from supplying telecommunications services to providing computers and tablets to different departments, as well as partnering with other state governments to upgrade internet services for remote schools, Ms Hersey’s office said last night that she will divest the shares, along with the Bendigo Bank shares she and her husband hold.

Her office declined to state the value of the shares.

“I have been upfront in declaring shares I own on my register of interests,” Ms Hersey said in an email. “The Telstra and Bendigo Bank shares are not conflicting with my portfolios.

“I am currently in the process of divesting my shares.”

She did not explain why the shares were not divested in February when the pledge was made.

An inspection of the Register of Members’ Interests this week shows that most other CLP ministers have divested their shares upon being elected to government, in keeping with Ms Finocchiaro’s pledge.

Labor’s shares scandal led to former chief minister Natasha Fyles resigning in disgrace after failing to disclose shares in mining company South 32, which owns the Groote Eylandt manganese mine, that she as health minister refused to investigate after nearby residents raised health concerns.

The scandal also implicated former Labor attorney-general Chansey Peach, who the NT Independent revealed in February had purchased shares in grog wholesale company Metcash two months before alcohol bans in remote communities were lifted, which he advocated for.

Former Labor minister Brent Potter was also caught up in a shares scandal when the NT Independent revealed he purchased shares in an NT Government-backed “major project” while employed as a senior adviser to the minister responsible for the project in 2021. He later divested the shares in Seafarms – the parent company of the Project Sea Dragon prawn farm.

The NT ministerial code of conduct forbids ministers from holding shares in any company “that may create a conflict of interest as a result of their portfolio responsibilities”.

Ms Finocchiaro herself appears to have divested an unknown number of shares in Telstra, according to the new register of interests.

Other ministers appear to have followed the election pledge and divested

The Chief Minister currently has no shares listed for either herself or her husband Sam Burke. Mr Burke previously also held shares in Telstra, as well as Coles Group and Santos, amongst others.

“I hold none because I am the Chief Minister,” Ms Finocchiaro told ABC Radio. “I think most people have just divested. We saw all the shares scandals happen under Labor, and rightly so. The public are putting more and more scrutiny on politicians and they expect us to perform at a really high standard and that’s what we want to achieve.”

Health Minister Steve Edgington also appears to have divested his shares in gas companies Santos and Origin, as well as Arafura Rare Earths.

Deputy Chief Minister Gerard Maley meanwhile still has shares in private companies Duplux Pty Ltd and Ammarula Pty Ltd, which ASIC records show are registered to family members of Mr Maley, including Ammarula, which is registered to local lawyer and Mr Maley’s brother Peter Maley.

Other ministers either had no listed shares, or listed managed trusts, which are permitted under the ministerial code of conduct, provided the trust is “at arm’s length from the Minister’s control”.

Sport Minister Jinson Charls listed an unknown number of shares in two India-based banking co-ops, which is also permitted under the ministerial code of conduct.