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Compliance with the minimum disclosure requirements?

Are minimum disclosures appropriate for an organisation that is supposed be setting the standard. What disclosures should be happening.
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Brett Stevenson
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Compliance with the minimum disclosure requirements?

Post by Brett Stevenson » Thu Mar 30, 2017 2:11 pm

Why does CPA Australia refuse to disclose the remuneration of the Key Management Personnel even if it meets minimum disclosure requirements?

m11
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Re: Compliance with the minimum disclosure requirements?

Post by m11 » Tue Apr 11, 2017 10:23 pm

It is a company limited by guarantee - different disclosure requirement to a public listed company. By that, the Board and Key Management Team seem to have elected the bare minimum disclosure requirement. CPA Australia is not refusing to disclose, they don't need to (not that they want I suspect), unless the members are taking their own actions to get them to do a full disclosure.

JJF
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Re: Compliance with the minimum disclosure requirements?

Post by JJF » Fri Apr 14, 2017 12:01 pm

Has a reason ever been given about why malleys salary can't be disclosed?

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nakedadmin
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Re: Compliance with the minimum disclosure requirements?

Post by nakedadmin » Fri Apr 14, 2017 2:07 pm

I think it was stated in response to one of Brett's emails or maybe in the 2016 AGM that it's not disclosed because if other organisations found out what they were paid then they may poach them! Puke! Do they even believe what they are saying themselves?
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JJF
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Re: Compliance with the minimum disclosure requirements?

Post by JJF » Sat Apr 15, 2017 2:07 pm

The Corporations Act requires disclosure as does the ASX lusting rules.

Given Alex's big talk about ethics why not disclose??

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Brett Stevenson
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Re: Compliance with the minimum disclosure requirements?

Post by Brett Stevenson » Sun Apr 30, 2017 7:48 pm

We are a public company but limited by guarantee.
Much the same application of the Corporations Act provisions as for listed public companies but there are some differences.
Of relevance for us here is that we are not bound to disclose full remuneration (by individual) of board and senior management staffers are listed companies, and the financial reporting requirements are more minimal compared to listed companies.
I'm sure the CPA leadership have ensured we comply with the minimal requirements of the law but the critical and almost 'elephant in the room' question is why don't we provide full disclosure as we are one of the professional accounting bodies that professes high standards and is involved in setting those standards.
It is plain and simple hypocrisy for us (and we are not alone in this regard, the CAANZ and IPA have the same mentality but they are nowhere near as bad as CPA Australia) to be standing as one of the gatekeepers for the accounting profession when we adopt such a minimalist though compliant attitude in our own organisation.
It is sheer humbug and twaddle for the CEO Alex Malley to pontificate on transparency and advocacy on accounting matters, and for the President/Chairman Tyrone Carlin to evade questions of full disclosure (on remuneration) saying they are looking at other models. That is just crap. Please read Professor Stephen Taylors comments in the Edmund Tadros AFR article of 29th April in the media section. It decimates that argument. How Carlin holds such a high executive position at Sydney University (Deputy V-C) advocating such twaddle defies me.
I, personally, am ashamed to even hear or see these two people in particular as spokesmen and purported leaders for our organisation. I think they will not provide full disclosure because they do not want to face the criticism they rightly need to face, and why is that do you think? Well, I leave members to decide that for themselves but for me there are too many questions about some of our leaders past connections and relationships from Macquarie University days (Malley, Petty, Carlin), and the tremendous financial and other benefits they have gained from holding on to the leadership of CPA Australia.
I call it 'milking the cow'. Some call it a rort. Whatever you call it, it is not the full disclosure that would prevent these things from occurring and would hold them up to the scrutiny that is so necessary.

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nakedadmin
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Re: Compliance with the minimum disclosure requirements?

Post by nakedadmin » Sun Apr 30, 2017 10:25 pm

As one of our members mentioned on another discussion directors fees is just part of the benefits. There was a statement made by Tyrone at the AGM that CPA Australia has been funding research. Well one of our members suggested that this happened with Petty and the amount of funding was $1m and $700K ended up being paid as a salary to Petty from the university.

So basically when you fund research you get to say what project you want to fund and then fund a project where one of the Directors has control of how the money is spent. They pay themselves and everyone is happy.

None of that is disclosed anywhere. The related party note covers off somethings that kind of raise eyebrows but nothing serious. I guess that the university is not considered a related party. Although it has to be considered if the Auditor has done their job as well.

Now we could go and ask CPA Australia how much money did you pay to each university and for what particular research projects. But I would guess that they would just say they are not required to disclose that. Fact is payments of some kind of magnitude ARE happening.

Personally I think the first changes we need to make to the constitution is related to transparency. We need to insert a clause that forces them to provide this information. Then we request email addresses, details of research funding and payments to other organisations where the Directors or execs are involved.
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JWheldon
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Re: Compliance with the minimum disclosure requirements?

Post by JWheldon » Sat Oct 07, 2017 9:58 pm

Something of interest for members to look at with regards to disclosure.

Look at the attached 2016 financial accounts of Institute of Chartered Accountants Australia and New Zealand with regards to the disclosure of the members that are on the International Federation of Accountants on page 64. This is just for interest sake, about how the title of the relevant members seems funny. Didn't know they these members of CPA were given titles as FCA (Fellow Chartered Accountants). It says that Richard Petty is a FCA, Tim Youngberry is a CA, James Dickson is a FCA, Penny Egan is a FCA and Ian McPhee is a FCA, besides Robyn Erskine CA. Now how many individuals have seen whether Richard Petty, Tim Youngberry, James Dickson etc were Chartered Accountants?

Nothing against this, but would have thought that they would have disclosed this information. Maybe the ICAANZ accounts are wrong??

So maybe ICAANZ does control CPA Australia now????

Maybe next will find out that ICAANZ made Alex Malley a FCA, for the great effort in diminishing the status of CPA members in the community???

It would be interesting to then find out that Graeme Wade was a FCA too.

So when do the rest of the members of CPA Australia get their membership of ICAANZ, since they are being given to the board members of CPA Australia?
Attachments
CAANZ_2016_AnnualReport_2.pdf
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