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Email 22: 28thApril2017 Request for Full Disclosure of Director Remuneration of CPA Australia per s.202B of Corp Act

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Brett Stevenson
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Email 22: 28thApril2017 Request for Full Disclosure of Director Remuneration of CPA Australia per s.202B of Corp Act

Post by Brett Stevenson » Sat Apr 29, 2017 4:50 pm

Dear Mr Awty,

Please find attached a request for a statement disclosing the remuneration paid to each of the directors of CPA Australia and its subsidiaries as per s.202B of the Corporations Act 2001.
The request is signed by over 100 CPA members.
I have attached it as a zip file, and presume you will treat the names of the members and this request with utmost confidentiality.
I shall also send a copy of this request without the zip file to the board, Tyrone Carlin as President, the CEO and COO of CPA Australia, to other CPA members and other interested persons.

I personally think it is a pity that as a CPA member I need to make this request of my own organisation because of the lack of full disclosure by the board in the first place in our annual report.
We should have no fear of being open and transparent about our financial reporting as a membership organisation, and it is disappointing that the board have continued to adopt a regime of minimum but compliant disclosure, especially on this issue of remuneration.
I would encourage you to also provide full disclosure on the remaining Key Management Personnel because failure to do so just repeats the failure above.
You would appreciate that listed public companies are required to do this and why we fail to at least match them sets a poor example to not only the members but also to the watching world to whom we profess the highest of standards. It is somewhat perplexing to me that as a board you profess and feign high standards (and even go so far as to advertise as in the recent In The Black for directors with senior level experience in listed companies, large accounting firms, international business and regulatory bodies who would be used to such full disclosure requirements) yet exhibit the opposite. We are professing high street standards but are really behaving like the owners of the local corner store (if you catch the drift).

I would go so far as to suggest that the 100 plus members who have signed this request are exhibiting and encouraging the high level of professional standards we as an organisation need to exemplify.

Full disclosure, openness, transparency are the words that come to my mind, and as annoyed as you might be for me to say them, I think until you start to exhibit them more in your communications with the members on these very common 'hot issues' such as remuneration to key management personnel you will continue to display the leadership that brings derision to our profession, our organisation and we the members.
And I am not alone in thinking that. These 100 signatures were gained within 4 days from members who feel as concerned as I.

I shall not begin to express my anger and disappointment at your removing the email addresses of members from the Members Register you sent through, and which we members paid $2351 to access.
You know as well as I, and all the members, that the main communication method with members is via their email addresses which is on the Members Register.
But you refuse to disclose that to us.
We will hold you legally accountable for that Adam as Company Secretary and I am writing to ASIC to investigate whether you have breached the provisions of the Corporations Act, which my legal advice says you have.
Of course there is still time for you to redress this breach by sending through the email addresses of members but I shall leave that in your court.

Given that the annual report and financial accounts have been prepared and audited for the 2016 year I don’t believe this should take a long time to prepare.
As you will no doubt be aware this needs to be audited and sent to every member of CPA Australia.
I look forward to your prompt response.

Kind regards


Brett Stevenson CPA BComm MDiv

Membership Number:

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