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
Nooch
Posts: 1
Joined: Sat Jun 24, 2017 11:20 pm

Re: CEO terminated effective today!

Post by Nooch » Sat Jun 24, 2017 11:27 pm

$4.9M payout !! I have no faith in the current Board - their judgement to even approve such contract conditions is questionable. They should be ashamed of themselves.

Heisenberg
Posts: 84
Joined: Thu May 04, 2017 5:19 pm

Re: CEO terminated effective today!

Post by Heisenberg » Sat Jun 24, 2017 11:33 pm

I wonder if Malley was present at the meeting considering he has the right to attend and can't be kicked out!

That may explain the huge payout!!

JWheldon
Posts: 288
Joined: Wed May 24, 2017 6:43 pm

Re: CEO terminated effective today!

Post by JWheldon » Sun Jun 25, 2017 12:10 am

Karena,

With regards to the CPA Magazine, "IntheBlack", you should request to cancel the paper version and get the internet link. The information is still the same with less advertising. The "IntheBlack" magazine is not that good anyway. There is very little actual accounting information in it. You can get more accounting information either from the CA website or Dr Google (google search). Not sure why they believe "IntheBlack" magazine is an award winner?

The management of CPA Australia has certainly gone down hill over many years. The AGM is an example of poor management by both the board and the management team. They should have made the AGM a more inclusive event, instead of exclusive. They could have had presentations for life time members, and new CPA's. Then alot more members could have attend and then they could have experienced what the AGM and the presentation of the financial accounts is about. The board could have made a presentation about the financials and made disclosures about remunerations. The young members could have then asked questions about the financials. The current and past boards have made not attempt to engage with the members and answer questions at the AGM. Ask yourself how many other organisations have used internet, or technology to enable interstate and overseas members to take a small role in the AGM. Since Alex Malley came to power, there has been no movement in this area. The AGM has been stuck in the past and seen by the board a something they had to do and try to not answer questions of the members. They wanted to keep the members in the dark, as shown by their poor response to questions.

Even worse they have a past president dinner after the AGM, which is basically for the board and a very very small few. That does not have a very good look and a very big waste of money.

The management team waste alot of money on unnecessary functions and conference which probably do not make money or even break even. They probably pay huge consultant fees to the CEO, CFO etc of big companies to come the conference to make speeches which may not necessary be realistic to young members or even most members, but a very very small few.

How much money do they spend on consultants?

How much money do they pay on Fringe Benefits for the board, CEO, CFO, COO's and management team?

All young members should be encouraged to join discussion groups, which are the grass roots link. Unfortunately the CPA management team are more interested in the education business and making huge profits on getting more and more members to do their courses, which then provide the bonuses to the management team.

There are lots of questions about where all the members funds are being spend, but little answers. We can be sure that large amounts of the members funds are being spent on the board members, CEO, CFO, COOs and management team, with extremely poor return on investments.

If CPA was a listed company and this company was reviewed by investment experts, with regards to whether their clients should invest in CPA, then the recommendations would probably be.... a poor investment which should be avoided.

DougNelson600
Posts: 2
Joined: Tue Apr 11, 2017 5:23 pm

Re: CEO terminated effective today!

Post by DougNelson600 » Sun Jun 25, 2017 12:19 am

I can not fathom how someone is sacked and then given nearly three years of salary, a salary that was a ludicrous amount in the first place.

Now the CEO is gone along with $4.9M of members money, it is now imperative the remaining seven Board members are removed ASAP, the Constituion ammended and replaced with Directors elected by members to ensure this very sad and embarassing period in CPA's history is never, ever allowed to repeat.

Would any business owner now look to a CPA for adivce on managing their finances if they knew how badly and incomplently CPA's manage the money of their own member organisaion.

This grotesgue payout makes me feel embarassed to be a CPA.

cpacpa45years
Posts: 8
Joined: Thu Apr 20, 2017 4:02 pm

Re: CEO terminated effective today!

Post by cpacpa45years » Sun Jun 25, 2017 9:56 am

I am very happy that he gets the sack. Very unhappy to see a sacked guy paid $4.9 million.Shit

cpacpa45years
Posts: 8
Joined: Thu Apr 20, 2017 4:02 pm

Re: CEO terminated effective today!

Post by cpacpa45years » Sun Jun 25, 2017 10:09 am

How do they arrived at paying a sacked guy $4.9 million? On what basis? Very sickening.

passedfc
Posts: 113
Joined: Mon May 29, 2017 3:14 pm

Re: CEO terminated effective today!

Post by passedfc » Sun Jun 25, 2017 10:11 am

Agree with all the comment and sentiment here..
and which is why we need to finish the clean out with the Board and the two COO ( one now CEO )
More members need to be advised and step up for action. contact their Divisional councils ..
We have to clean out Dixon, Awty and the rest ..

cpacpa45years
Posts: 8
Joined: Thu Apr 20, 2017 4:02 pm

Re: CEO terminated effective today!

Post by cpacpa45years » Sun Jun 25, 2017 10:16 am

How do they arrived at paying a sacked guy $4.9 million? On what basis? Very sickening.

Dave
Posts: 26
Joined: Wed Jun 21, 2017 1:33 pm

Re: CEO terminated effective today!

Post by Dave » Sun Jun 25, 2017 10:46 am

Agree with the comments here.

$4.9m represents nearly 4 years base of $ 1.3 m.

The Board should be held personally liable even if it is in accordance with an agreement.

Who would come up with a termination payment in excess of 3 years in an agreement? what planet are they on?

The Board and executive is deluded.

This is worse than Enron or HIH.

CPA Australia will become the case study of the century in respect of governance and ethics failures and it has happened to an accounting professional body. What a shame.

Everyone involved in this debacle must be investigated.

cpacpa45years
Posts: 8
Joined: Thu Apr 20, 2017 4:02 pm

Re: CEO terminated effective today!

Post by cpacpa45years » Sun Jun 25, 2017 11:12 am

I have a new term called legalised corruptor.

mac42
Posts: 5
Joined: Wed Jun 07, 2017 8:56 pm

Re: CEO terminated effective today!

Post by mac42 » Sun Jun 25, 2017 11:36 am

Dave wrote:
Sat Jun 24, 2017 6:27 pm

There was an AFR article in respect of Victorian public practice member and the response he was getting in respect of the expiry of the limited liability scheme. What a disgrace telling the member that it is a small issue and to keep using his stationary even when it is not valid.

Agree that the remaining Board and the whole executive must go and we need to install an executive group who cares about the members.

I saw a spokesperson who was trying to downplay the impact of the loss of the schemes. Obviously not an accountant !!!

We need to get rid of all these academics and marketing people from our professional body.
Completely agree with your comments Dave, we need more actual accountants involved in the running of CPAA who understand the issues faced by members, after all that is the actual purpose of CPAA (which seems to have been completely forgotten :/).

I feel particularly bad for our public practice members (of which I am not), the expiry of the limited liability scheme is disgraceful and CPAA's response has been outrageously limited.

kissofjudas
Posts: 7
Joined: Fri May 05, 2017 10:24 am

Re: CEO terminated effective today!

Post by kissofjudas » Sun Jun 25, 2017 5:46 pm

Dave wrote:
Sat Jun 24, 2017 6:28 pm
Over the last 15 years, CPA has lost its way and has no focus on members. only lip service. They are very good at handballing issues when you call them and don't resolve issues. It was a very different organisation prior to that.

There was an AFR article in respect of Victorian public practice member and the response he was getting in respect of the expiry of the limited liability scheme. What a disgrace telling the member that it is a small issue and to keep using his stationary even when it is not valid.

Agree that the remaining Board and the whole executive must go and we need to install an executive group who cares about the members.

I saw a spokesperson who was trying to downplay the impact of the loss of the schemes. Obviously not an accountant !!!

We need to get rid of all these academics and marketing people from our professional body.

We need to have an EGM to have a complete clean out.

I suspect that there is a stink in respect of the proper FCPA/CPA number which is likely to be well under 100,000.

This would not support the $60 million per year we have been spending trying to get full members. CPA has been recruiting students and has had no focus in converting them to full CPAs. Even the program is outsourced to Pearson to administer with no control from members. in effect it has become like a RTO.

So we may only need about 5,000 members to have an EGM.

Well done to Brett and the team.

Keep going, it is not over.

We need to get control of our professional body back.

I will also be contributing to the fighting fund.

All the best to all involved.

There are still people with integrity in our profession !!!!
I completely agree with Dave's comments. How can I contribute to the fighting fund? The remaining directors & senior management will not go willingly. Their DNA is all over the crime scene. They have a lot to cover up/spin. Legal action will be needed to get back our organisation. A truly independent inquiry is required.

CPA Aust needs to return to being a grass roots organisation that supports its members. Not a high flying corporate that rips off its members! Thanks, Alex Malley :evil:

CPAwhatever
Posts: 25
Joined: Fri Jun 16, 2017 2:43 pm

Re: CEO terminated effective today!

Post by CPAwhatever » Sun Jun 25, 2017 6:28 pm

kissofjudas wrote:
Sun Jun 25, 2017 5:46 pm
I completely agree with Dave's comments. How can I contribute to the fighting fund? The remaining directors & senior management will not go willingly. Their DNA is all over the crime scene. They have a lot to cover up/spin. Legal action will be needed to get back our organisation. A truly independent inquiry is required.

CPA Aust needs to return to being a grass roots organisation that supports its members. Not a high flying corporate that rips off its members! Thanks, Alex Malley :evil:
You can find the details of the fighting fund here http://cpamembers.org/viewtopic.php?f=14&t=381

cpacpa45years
Posts: 8
Joined: Thu Apr 20, 2017 4:02 pm

Re: CEO terminated effective today!

Post by cpacpa45years » Sun Jun 25, 2017 7:26 pm

Members should take action against Board to recover money misspent.

Seeking Change
Posts: 4
Joined: Wed Apr 12, 2017 7:13 am

Re: CEO terminated effective today!

Post by Seeking Change » Sun Jun 25, 2017 8:37 pm

Based on media reports Alex has a number of positions with affiliates/other bodies that prima facie seem to be connected to his former role as CEO. Should check that they go too.

cpa66
Posts: 18
Joined: Mon Apr 10, 2017 11:21 pm

Re: CEO terminated effective today!

Post by cpa66 » Sun Jun 25, 2017 10:22 pm

$4.9m payout!

At 100,000 paying members we contribute $49 of our membership fees to this seemingly endless trough!!

All that surplus he was "bragging on" about has gone to him and the board

JOKE (and the Board continue to be deluded)

Ken Crout
Posts: 32
Joined: Sun Jun 25, 2017 12:10 pm
Location: Victor Harbor SA 5211

Re: CEO terminated effective today!

Post by Ken Crout » Sun Jun 25, 2017 10:22 pm

Long overdue but a good move .. . but a $4.9 million payout!

Do we have a CPA Board composed of halfwits?

Contribute to the fighting fund now . . . the entire organisation needs to be reformed!

And by the way . . . what has the external auditor been doing for the last 8 years?

Heisenberg
Posts: 84
Joined: Thu May 04, 2017 5:19 pm

Re: CEO terminated effective today!

Post by Heisenberg » Sun Jun 25, 2017 10:27 pm

They need to redirect thenakedceo.com and inconversationwithalexmalley.com to the CPAA website ASAP. Either that or remove the websites.

Heisenberg
Posts: 84
Joined: Thu May 04, 2017 5:19 pm

Re: CEO terminated effective today!

Post by Heisenberg » Sun Jun 25, 2017 10:29 pm

Seeking Change wrote:
Sun Jun 25, 2017 8:37 pm
Based on media reports Alex has a number of positions with affiliates/other bodies that prima facie seem to be connected to his former role as CEO. Should check that they go too.
I thought PDL academy (Professional Development & Learning Academy Pty Ltd - ACN 147 966 836) would be one, but not according to the AFR article.

Are there any other companies that we should check out? CPA Advice is 100% owned by CPAA apparently. I'm sure there would be others that need to be reviewed.

ALLTHECPA'SMEN
Posts: 19
Joined: Tue Apr 11, 2017 1:43 pm

Re: CEO terminated effective today!

Post by ALLTHECPA'SMEN » Mon Jun 26, 2017 1:41 pm

is there anyway the 4.9 million can somehow legally be clawed back because it is absolutely mind blowing, talk about milkin the cow. the chairman honestly needs to be put in a retirement home. im gobsmacked and pissed this is allowed to happen and thats not even taking into account the reputational damage to the brand whats left of it.

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