Merry Christmas to Peter Wilson. When it was suggested that Peter Wilson should be independent of the old board so that we can have a fresh start Peter responded with "That's your issue". Summary of the meeting here: viewtopic.php?f=23&t=594
A good summary of where we are up to by Joe Aston of the AFR, linked to from here: viewtopic.php?f=5&p=4137#p4137
If you are new to this website read the story so far: viewtopic.php?t=321#p1793
Check out some of the AFR articles, too many to list and check out some of the ABC reports: http://www.afr.com/business/accounting/ ... 215-h055ej http://www.afr.com/business/accounting/ ... 211-h02x1d http://www.abc.net.au/news/programs/the ... s,/8626662
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CEO terminated effective today!

A weekly round up of the issues and progress
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nakedadmin
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Re: CEO terminated effective today!

Post by nakedadmin » Sat Jun 24, 2017 8:08 am

Mates filling each others pockets on the way out.
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Appalled
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Re: CEO terminated effective today!

Post by Appalled » Sat Jun 24, 2017 8:40 am

$5m payout - seriously?!?

If I (or anyone else) behaved like Alex (or the board) has, I would be sacked and I can guarantee you that there would be no two and a half year's worth of salary payout. When did we start rewarding poor performance with even more excessive remuneration!

I do wonder if this is the board (Alex's mates) looking after him. I wonder if they can see the writing is on the wall (that he has to go), but they decided to act before the so called 'independent' inquiry comes back with grounds to dismiss him (hopefully with no payout), so that they can offer him a big fat golden handshake...of our money. In most organisation's if a CEO/organisation came under this much adverse findings the CEO would do the right thing and stand down...you'd think the CEO of a professional body would lead the way on this.

I'm also deeply disappointed in the board. We had 7 of the 12 directors resign because they couldn't get an independent inquiry occurring. 7 of 12 is the majority - are you really telling me that the majority of the board can't get something to happen? I get the feeling that some of the ex board directors knew that they had steered the organisation into a bad place and rather than put up with crap and fix up a mess of their own making they decided to leave (and let someone else deal with the mess). Thanks Directors - I'm so glad we paid you those large board fees all those years! (...that was sarcasm).

If every CPA behaved like how Alex and CPA Australia has (no transparency, attacking their own members, ignoring valid concerns, conflicts of interest, bad advice, general perceptions of incompetence), CPA's would have no standing in the community and our professional accreditation would be worthless.

Right now, if I was talking to anyone looking at commencing either the CA or CPA program, as a CPA member based upon what I am seeing occur I would advise them to steer well clear of CPA Australia and go join CA instead. If only it was easier to switch to CA Australia - I wouldn't renew my membership with this so-called professional body that seems to be more interested in marketing and promoting themselves than actual accounting matters!

I think CPA Australia needs to remember that CPA stands for 'Certified Practicing Accountant', not 'Continually Promoting Alex' or 'Continually Protecting Alex'. Lets bring more accounting focus back into this organisation - the core reason for it!

Batusai
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Re: CEO terminated effective today!

Post by Batusai » Sat Jun 24, 2017 8:42 am

Sacked the day after a campaign commenced to raise $60k to $80k war chest fund to fight him!

Victory.

Seeking Change
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Re: CEO terminated effective today!

Post by Seeking Change » Sat Jun 24, 2017 9:10 am

A big question - has been released for any liabilities identified as part of review. Also will he be required to provide information for review?
Was he entitled to more for termination rather than resignation?

CarbonTCR
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Re: CEO terminated effective today!

Post by CarbonTCR » Sat Jun 24, 2017 9:17 am

I agree the termination payment is outrageous - especially considering last year's surplus (FY16) was $8.2m. In other words, 60% of this is now gone in one single payment!

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Re: CEO terminated effective today!

Post by nakedadmin » Sat Jun 24, 2017 9:32 am

It's a good question about the review. It does not make sense to preempt the review by terminating the main subject. Considering that when the review was announced about a week ago they said Alex was doing a great job. What if the review uncovers wrong doing by Alex (which is within the scope of the review). They just paid out $4.9m so what are they going to do if the review uncovers wrong doing and the correct payout is $0.
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Mozart
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Re: CEO terminated effective today!

Post by Mozart » Sat Jun 24, 2017 9:37 am

Another thing to consider is all the CPA promotional and social media material that we "own" that is associated with our now ex CEO. I had a look at our facebook site https://www.facebook.com/cpaaustralia/a ... e_internal the Naked CEO is now blank, but the https://www.thenakedceo.com/ask-alex is still up. How are the board proposing to manage this transition. Branding our organisation through an individual is going to be a messy process to untangle.

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The Nude CPA
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Re: CEO terminated effective today!

Post by The Nude CPA » Sat Jun 24, 2017 10:08 am

slaa4044 wrote:
Fri Jun 23, 2017 11:12 pm
If you ask for that information on LinkedIn, Jillian Bowen might respond ... she responded to me personally about her Facebook posts ... saying they were private ...
What Facebook posts?

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The Nude CPA
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Re: CEO terminated effective today!

Post by The Nude CPA » Sat Jun 24, 2017 10:26 am

nakedadmin wrote:
Sat Jun 24, 2017 12:06 am
Geronimo wrote:
Fri Jun 23, 2017 11:46 pm
The payout is indicative of the the board's inability to sack him for just cause.
Malley could probably quite rightly say to the board what have I done that justifies you terminating my employment?
The board having allowed Malley to write his own ticket within the organisation could not justify his termination as reasonable against any criteria that they (Malley) had set.
They could probably have found a "just cause" but all those causes would probably also implicate the board.
I think (if they had even tried) they could have found a just cause that didn't implicate them. They didn't want to, this was always going to happen, and it's just more 'protecting their own'.

Alex was never going to resign and was always going to hold out for even more money as a termination payment.

deaneus
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Re: CEO terminated effective today!

Post by deaneus » Sat Jun 24, 2017 10:29 am

goodja wrote:
Sat Jun 24, 2017 7:49 am
Given the $4.9m payout I can only imagine what our annual membership fee will be come 31st of December!
Well, since Alex says there's 160,000 of us, divide that into $4.9M and you get $30.63

Add that onto the old fees, and BAM he's paid for.

Heisenberg
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Re: CEO terminated effective today!

Post by Heisenberg » Sat Jun 24, 2017 10:38 am

I'm assuming all of this nonsense will cease immediately?

Channel 9 show
Billboards
The book
2GB interviews
Sponsorship of Aus Open, NBL, other sports teams
Anything else 'Brand Malley'

If not, why not?!?!

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The Nude CPA
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Re: CEO terminated effective today!

Post by The Nude CPA » Sat Jun 24, 2017 10:39 am

goodja wrote:
Sat Jun 24, 2017 7:49 am
Given the $4.9m payout I can only imagine what our annual membership fee will be come 31st of December!

Does anyone else feel cheated?
Plenty of money in the bank already; that's the justification that Alex was doing such a damn fine job and would be staying on, remem... oh, wait.

Yes, I feel cheated.

deaneus
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Re: CEO terminated effective today!

Post by deaneus » Sat Jun 24, 2017 10:47 am

https://www.cpaaustralia.com.au/media/b ... nouncement
The Board will be replenished by 1 October, with a minimum of eight new directors.
Hang on.

12 Shonky Directors minus 7 Shonky Directors plus 1 New Director equals 6 Directors.

If "the board will be replenished... with a minimum of 8 new directors", who else is leaving? Do we have the room for more directors? And what will these new directors be paid?

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Re: CEO terminated effective today!

Post by nakedadmin » Sat Jun 24, 2017 10:47 am

Heisenberg wrote:
Sat Jun 24, 2017 10:38 am
I'm assuming all of this nonsense will cease immediately?

Channel 9 show
Billboards
The book
2GB interviews
Sponsorship of Aus Open, NBL, other sports teams
Anything else 'Brand Malley'

If not, why not?!?!
Can't wait to see Awty do these interviews. I don't expect to be laughing with him.

I think for some of those things to cease we need to remove the Directors. I'm trying to think about how new Directors would salvage anything from those things and I'm finding it difficult to see any positives to take from those things. E.g. I was thinking the book could be rewritten properly and released perhaps containing articles written by CPAs and released as The Naked CPA. But I think there is not much to salvage and it really shows the error of this strategy.
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nakedadmin
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Re: CEO terminated effective today!

Post by nakedadmin » Sat Jun 24, 2017 10:51 am

deaneus wrote:
Sat Jun 24, 2017 10:47 am
If "the board will be replenished... with a minimum of 8 new directors", who else is leaving? Do we have the room for more directors? And what will these new directors be paid?
I think Petty is leaving. I don't know. 1 is leaving because they have reached the limit of 100 years and then a couple extra. The new guy was a temp appointment. So 7 resignations and 1 retirement. The existing Directors control the selection process and will try to get some friendlies that will not do a full investigation.
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Re: CEO terminated effective today!

Post by The Nude CPA » Sat Jun 24, 2017 10:52 am

Since I would not expect the board and remaining executives to do so willingly, do we have any legal ability to force remuneration disclosures for the entire period that Malley had his hooks into CPAA?

Obviously they would try to obfuscate executive remuneration, but could we at least get disclosure of directors' remuneration and then isolate the KMP remuneration? From there, we could make some well-received guesses, based on the actual disclosure of last year, what the breakup of KMP remuneration is.

I would really like to know how much Malley (directly) fleeced from our organisation over the years; I'm not sure why, because it will be guaranteed to make me even angrier than I already am. (Working out how much he both directly and indirectly fleeced would be impossible and I don't think my blood pressure could cope with the result, anyway.)

Heisenberg
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Re: CEO terminated effective today!

Post by Heisenberg » Sat Jun 24, 2017 10:56 am

The Nude CPA wrote:
Sat Jun 24, 2017 10:52 am
Since I would not expect the board and remaining executives to do so willingly, do we have any legal ability to force remuneration disclosurers for the entire period that Malley had his hooks into CPAA?

Obviously they would try to obfuscate executive remuneration, but could we at least get disclosure of directors' remuneration and then isolate the KMP remuneration? From there, we could make some well-received guesses, based on the actual disclosure of last year, what the breakup of KMP remuneration is.

I would really like to know how much Malley (directly) fleeced from our organisation over the years; I'm not sure why, because it will be guaranteed to make me even angrier than I already am. (Working out how much he both directly and indirectly fleeced would be impossible and I don't think my blood pressure could cope with the result, anyway.)
As much as it may make you (and many others angry), we need to know the truth. Because that's healthy and so we're never in that position again.

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Re: CEO terminated effective today!

Post by nakedadmin » Sat Jun 24, 2017 10:57 am

We don't even know how much they got in 2016. The s202B request was not properly complied with. Apparently CPAA is preparing a supplementary disclosure but what I really want is one disclosure that complies with s202B.

Also noted about the expression of interest for other Directors:

The constitution only allows emergency appointments up to the minimum of 6 not beyond that. They have a problem because they need an independent Director for the Nominations committee so cannot do Director recruitment without it.
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The Nude CPA
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Re: CEO terminated effective today!

Post by The Nude CPA » Sat Jun 24, 2017 10:57 am

nakedadmin wrote:
Sat Jun 24, 2017 10:47 am
Heisenberg wrote:
Sat Jun 24, 2017 10:38 am
I'm assuming all of this nonsense will cease immediately?

Channel 9 show
Billboards
The book
2GB interviews
Sponsorship of Aus Open, NBL, other sports teams
Anything else 'Brand Malley'

If not, why not?!?!
I was thinking the book could be rewritten properly and released perhaps containing articles written by CPAs and released as The Naked CPA.
The Nude CPA would be better... ;)

Econoclast
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Re: CEO terminated effective today!

Post by Econoclast » Sat Jun 24, 2017 10:59 am

Whilst this is a step in the right direction, the following still needs to happen:

1. investigation into the terms of Alex Malley's contract to determine if this huge payout was indeed necessary, or whether the board has applied 'mates rates'
2. rest of the board needs to go and an interim board appointed to lead a restructuring.
3. Sacking of Awty and Hughes and most senior officers. A throrough cleanout is required
4. No appointment of a new CEO untill the interim board has been appointed - we don't want an Alex Malley 2.0

So still a lot of work and the need to contribute to the fighting fund is as great as ever, as without substantial legal and ancillary support we risk to be dudded again.
Keep in mind these are the directors fighting for their own survival - they are fully responsible for everything that has happened!

Keep up the good fight, I say!

Econcoclast

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