Federal Attorney-General Mark Dreyfus is seeking urgent advice after the opposition questioned whether an investment breached the ministerial code of conduct.
The opposition raised the matter during Question Time on Thursday, alleging Mr Dreyfus may have breached the code by investing in an equities fund that is the largest shareholder in a firm which funds litigation and legal class actions.
Mr Dreyfus insists he has done nothing wrong.
"I will examine the matter that has been raised by the honourable member and I can assure members of the house that I have complied," he told Question Time.
"It's a very significant matter — that's why I've undertaken to look at the matter.
"I can assure the house every single one of the publicly-listed managed funds have been fully disclosed.
"They are all publicly-listed managed funds — broadly diversified — and they are all funds which I have no influence."
Ministerial code requirements
The ministerial code of conduct requires ministers to divest themselves of investments and interests except in particular circumstances.
Section 3.11 of the code applies to public and private companies, or businesses other than public superannuation funds or publicly managed funds and trust arrangements, where the investments are broadly diversified.
The requirement also does not apply where the minister has no influence over investment decisions of the fund or trust, and the fund or trust does not invest to any significant extent in a business sector that could give rise to a conflict of interest with the minister's duty.
Mr Dreyfus's self-managed super fund holds an investment in Greenscape Wholesale Broadcap Fund, which is the largest shareholder in a litigation funder, holding 9 per cent of shares.
Opposition concerns
The opposition has previously raised questions relating to the investment profile of several members of the government.
It has alleged possible breaches of the code by Minister for Regional Development, Local Government and Territories Kristy McBain, Minister for the NDIS Bill Shorten, Assistant Treasurer Stephen Jones, Assistant Minister for Health and Aged Care Ged Kearney and Assistant Minister for Trade Senator Tim Ayres.
Ms McBain addressed those allegations after sustained questioning from the opposition, confirming she had since sold the shares.
"As soon as I was informed I would be sworn in as a minister, I divested myself of my shares by transferring them to my husband," she said.
"I did this pre-emptively before I received the Ministerial Code of Conduct.
"Once I reviewed the Code of Conduct, I made some further enquiries and I realised that was not an appropriate way to divest myself of these shares and since then my husband has sold these shares.
"I take my responsibilities as minister very seriously and have taken all reasonable steps to divest myself of shares and ensure there's no conflict of interest."
The Prime Minister has previously told the house he was satisfied with the actions the minister had taken since the matter was raised.
