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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FIGHTING FUND UPDATE 29th June 2017

A weekly round up of the issues and progress
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Brett Stevenson
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Joined: Fri Mar 24, 2017 10:43 am

FIGHTING FUND UPDATE 29th June 2017

Post by Brett Stevenson » Thu Jun 29, 2017 8:42 pm

Hi all, just a brief update:

1. The fighting fund has just hit $29,000

Thanks to everyone who has contributed, some even from non-members, and some from CA's.
Be assured the fund will be spent wisely and frugally, and I presume most will be on legal costs, and travel and accommodation. I have committed to giving another three months to address these issues.

All income and expenditure will be audited by two senior CPA's with confidentiality of income and scrupulous oversight of expenditure being paramount considerations. I will be as open and transparent with this as possible. I am very conscious of the fact that it is money to be handled in trust on your behalf.

Fighting Fund Bank Account Details:
Account Name: Brett Stevenson
BSB: 732 505
Account Number: 626440

Please keep contacting other members and refer them to the website or forward to them whatever media article or member letter or member comment that will convey what has been happening. There really are some excellent ones out there now.

And you can support the SPILL MOTION - https://www.surveymonkey.com/r/LMQZ775 - there are already 1,035 signatories since this launched on Monday so please sign up and share the link.

2. We will need to act.

I am more convinced than ever that we need to force the hand of the current board, in much the same way that I'm sure some of them (especially messrs Wade, Petty and Dickson) will be fighting very hard to ensure that the status quo remains and that the issues are not dealt with.

I would encourage the remaining directors (Portelli, Dolin and Youngberry) to think long and hard on the decisions being made.

We have been warning the board, well before over half of them resigned, that they should not dig the hole any deeper by not dealing with the issues. Their response was to resign and not deal with the issues leaving a rump of loyalists to retain control, and to then appoint a like-minded replacement (Tim Youngberry) to maintain their power.

We shall be pursuing these matters, and we cannot be any more blunt than that.
They may well feel they have adequate D&O insurance, and that CPA Australia has a massive bank balance to fund any legal challenge, and that some of the directors and perhaps legal advisers may be assuring them that all is okay.

I would suggest to them that now is the time to think very carefully. We think you have major issues to consider in terms of directors duties and responsibilities and the Corporations Act places some pretty onerous responsibilities on you. You cannot plead ignorance or coming late into the scene. And I trust your legal advisers have told you very clearly that some of these matters are not covered by D&O insurance.
Anyway I hardly think it is my role to advise you but I would encourage you to think hard in much the same way I would any new person who considers taking on the role of director without a clear resolution to these matters.

We shall be vigorously pursuing ASIC, government and legal remedies, and what has been exposed to date gives us cause for encouragement.
When we say one of the first things we would like to see done by a new board is to appoint an independent forensic accountant to review all income and especially expenditure at CPA Australia for the last 7 years, I suggest that should give directors both past and present, cause to pause and to think about their obligations.

This should also give staff at CPA Australia, especially those with either CPA or CA qualification, reason to go back and have a look at their professional ethical obligations.


3. We are determined to seek resolution on these matters.

For all the members who support our efforts that these issues and the persons involved in them need to be dealt with can I assure you we shall be pressing on with renewed determination. The sheer arrogance and disdainful way the current board have given Alex Malley a $4.9 million golden handshake after leading our organisation into a downhill deserves solid action and redress.

We shall continue to pursue the four pronged strategy outlined in the email when the fighting fund was established. Clearly we need to be flexible to the events as they unfold. We have the support of significant persons at both government (federal and state) and corporate levels, as well as from the membership.

This is mainly because the concerns relating to CPA Australia are not just an internal issue for a professional accounting organisation but they have a broader impact on the operations of the financial markets, the standards used in those markets and the whole notion of self regulation and standing of a profession. I personally feel ashamed that my own organisation has fallen into such a parlous state that the two options being considered (without a significant refresh and change of direction and leadership of the whole organisation) is for members to just drift away and/or we face greater external regulation and control.
Now is the time to act.

I do not trust the current leadership at CPA Australia as most of the persons who have been instrumental in getting us into this mess still hold significant influence and sway over the future direction of CPA Australia, and I do not believe they will deal with the issues with the best interests of CPA Australia, the profession and the members. Rather they shall be endeavouring to negate any attempts to constructively deal with the issues in an attempt to limit any personal accountability.

They have had plenty of time and warnings to take corrective action. My/our focus will be on redressing the issues, restoring and refreshing CPA Australia, and holding the persons involved responsible for their actions and decisions as directors and officers of CPA Australia.
Cheers
Brett


Brett Stevenson
bstevenson100@gmail.com

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