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
Please join this website to participate in discussions. Also join our email list at http://eepurl.com/cWsgfb
Image

KICK THEM OUT - SPIN. MISREPRESENTATION. GREED. EVEN LIES

Post Reply
User avatar
Brett Stevenson
Posts: 445
Joined: Fri Mar 24, 2017 10:43 am

KICK THEM OUT - SPIN. MISREPRESENTATION. GREED. EVEN LIES

Post by Brett Stevenson » Thu Jun 01, 2017 8:01 am

SPIN. MISREPRESENTATION. GREED. EVEN LIES

KICK THEM OUT
They all need to go. This is a disgrace on the organisation and the profession.
Note the timing of the release of this shameful document - 1 day after the deadline for new directors nominations.
Too tricky by half.

PIGS AT THE TROUGH (pages 14, 15 and 26 says it all)
the board
can you believe the greed and arrogance of these people who purport to oversee the organisation on behalf of the members.
Remember this is for 6 to 10 days per year. And these were voluntary positions prior to the beginning of Alex Malley’s reign (apart from the President).
President/Chairman on $312,000
Deputy President (two of these of course) on $130,000 each
Directors (nine of these) on $99,000 each
And to top it off three of them (Carlin, Petty, Dolin) get an extra $70,000 each,and one (Wade) gets an extra $100,000. A gift from CPA Australia Advice.
This is unbelievable.
Check out the table on page 26
Graeme Wade received $359,000 as a director in 2016. No wonder he’s the chief salesman and go-to man when members ask questions on these issues.
Don’t call me Graeme, I’ll just hang up. This is unconscionable.
Richard Petty $277,000
Tyrone Carlin $255,000. No wonder you are resigning Mr Carlin.
Michele Dolin $169.000.
And on and on it goes.
Have these people no shame.
Remember these are the very same board who assured us in their memo of 16th March 2017 that no director received more than the maximum prescribed in the constitution.
Don’t you just love that little
"Article 45 of the CPA Australia Ltd Constitution does not apply in relation to Director fees associated with subsidiaries of CPA Australia Ltd.”
on page 14
as there way of excusing the indefensible.
The gall of these people.
Just establish a few more subsidiaries to give themselves pay increases beyond the constitutional limit.
This is 'out Enroning' Enron.
It's what I would call an ‘off the balance sheet’ remuneration increase.
I would also call it a device to not comply with the constitution.

the three senior executives -
CEO Alex Malley on $1.8 million. Wow.
A league of his own in terms of remuneration excess.
More than double what the CAANZ CEO earned.
No wonder he has built up a property portfolio of $11.1 million in recent years.
It is an example of personal accountability being thrown out the door, and taking what you can.
How he can show hi s face in public is beyond my understanding.
COO Adam Awty on $950,000 Obscene.
Even more than the CEO of CAANZ.
Can you believe these guys.
Jeff Hughes on $900,000 Scandalous
I can tell you this Jeff don't ever phone me because I would just hang up.
This is a disgrace.

the senior managers - Have a look at page 15, even the next 17 managers are in on the act. Wow.
Have a look at the salary bands of this little merry band of ‘managers’.
In the 2016 Annual Report they are called the Business Effectiveness Leadership Team - what a joke.
They are very effective in lining their own pockets.
This is why CPA Australia needs a major overhaul not just at board level but at the organisational level also.
Just stop and think about the size of these salaries for 17 managers below the 15 purportedly Key Management Personnel.
This is pigs at the trough on every level.

Look at the annual report
At this point I suggest all members go the the annual report and look at these pages to put some faces to these names
Photo gallery of shame I would say
The Board - pages 58 and 59 of the annual report.
The Executive and Management - page 50 of the annual report (and there are another 9 missing from the photo)

I have a lot of my own work to do today but let me say I shall be back to this.
Let me highlight just a couple of quick ones.

Member Growth
page 1.
"Over the last four years, more than 45,000 members have joined CPA Australia”
How can that be true.
The membership at end of 2012 (annual report) was 144,000. Now it is a reported 160,000 (which we know is really only 155,000). Thats an increase of 16,000.
I have looked at the Members Register, and the increase in the last four years in it was 32,780.(7130,7892,8143,9642)
How to explain the difference?
Apart from the obvious lies and misrepresentation it suggests an attrition rate for new members of 50%
Let me take 2016 as an example, and members please go and check my calc’s and logic.
The total membership stayed the same from 2015 to 2016 at 155,000.
The members register showed an increase in new members of 9,642.
Well, where did they go? I suggest that most new members are not retained.
They brag of a retention rate of full members of 98.3%.
I suggest the retention rate for new members is the reverse. Maybe 10% to 20%.
This is both a lie and a complete misrepresentation of the true reality of member growth at CPA Australia.

CPA Australia Advice
page 22. Have a look at this.
We have now invested $12,400,000 in this venture.
But what were we told at 31Dec 2017? Its in note 18 of the annual report p.90.
Just of the interest free loan of $5.6million.
Nothing of the $2.8 million capital contribution. As a matter of fact if you look at Note 20 (page 91) it quite specifically says the capital investment was $1.
What gives here.
Perhaps the auditor can explain this but to me it looks like the accounts need to be modified.
And now they have decided to provide another $4 million (a loan, an equity contribution, a what, we don’t know).
And no detail on the revenue and expenses. This is a rort.
And meanwhile the directors and senior executives are paid from this off balance sheet slush fund.
The directors of CPA Australia need to pretty quickly get their act together before this becomes a major financial disaster.

Frequently Asked Questions section
pages 7 to 25
I dont know who they employed as their PR consultant to sell tis to us. But I would say sack them before wasting any more money.
These are Dorothy Dixers at best, all under the guise of commonly asked questions.
All the hard questions, such as those submitted and ignored at the AGM, are still being ignored.
I cant wait to rip into the Corporate Governance a section.
That is just a total misrepresentation of the reality of what is happening at CPA Australia.
Lets just take their justification for effectively disenfranchising the members by not allowing them to vote for directors. Its on page 9.
"The 2006 governance review also considered direct election of Directors by members, but highlighted the risks of “factional-based decision-making” and
the consequent potential for negative impacts on the organisation’s ability to be nimble in an increasingly complex and competitive operating environment.”
That is pure unadulterated crap.
If that was the recommendation by Khoury Cameron Ralph (who did the governance review) then I suggest they need to rethink what governance is all about.
I am guessing that is the way the post Malley regime have justified not giving the members a direct vote.
I have never read such crap in my life in governance.
Maybe we should not vote for our Members Of Parliament because it will make us less nimble and too factional. Really.
And our board seriously put their name to this.

I have other work to do today but I am sure other members will rip into this and show it for what it is - SPIN. MISREPRESENTATION. GREED. EVEN LIES

Cheers

Brett


Brett Stevenson CPA BComm MDiv
bstevenson100@gmail.com

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

Re: KICK THEM OUT - SPIN. MISREPRESENTATION. GREED. EVEN LIES

Post by passedfc » Thu Jun 22, 2017 2:12 pm

Thanks Brett .. lot of material here !
It beggars belief that anyone looking at all of this cannot be disgusted at the Board and Executive.
How they live with themselves ??
We need to keep up the rage and kick these bastards out .

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

Re: KICK THEM OUT - SPIN. MISREPRESENTATION. GREED. EVEN LIES

Post by passedfc » Thu Jun 22, 2017 2:12 pm

Thanks Brett .. lot of material here !
It beggars belief that anyone looking at all of this cannot be disgusted at the Board and Executive.
How they live with themselves ??
We need to keep up the rage and kick these bastards out .

Bouden
Posts: 1
Joined: Sat Jun 24, 2017 11:34 am

Re: KICK THEM OUT - SPIN. MISREPRESENTATION. GREED. EVEN LIES

Post by Bouden » Sat Jun 24, 2017 11:52 am

CPA's email to members announcing Malley's termination is the first I have heard of any of this. I am retired (New Zealand) but still take an active interest in accounting developments, and have been proud to be part of CPAA. I am stunned! and gutted. To think that a professional organisation purportly holding its members to account in the public interest, has been run by an executive and board exercising the worst features of corporate obfuscation, greed, and questionable legalities is just disgusting. Thank you so much to those members who have unearthed this, and are working hard to excise the cancer. May the body get well soon.

Time4Change
Posts: 104
Joined: Mon Jun 05, 2017 2:20 pm

Re: KICK THEM OUT - SPIN. MISREPRESENTATION. GREED. EVEN LIES

Post by Time4Change » Sat Jun 24, 2017 1:51 pm

Hi Bouden,

Thank you, may I ask you, if you know active members in New Zealand to spread the following, we need more members on board to change the current constitution. We are all disgusted, but we need to regain control of our association.
Bouden wrote:
Sat Jun 24, 2017 11:52 am
CPA's email to members announcing Malley's termination is the first I have heard of any of this. I am retired (New Zealand) but still take an active interest in accounting developments, and have been proud to be part of CPAA. I am stunned! and gutted. To think that a professional organisation purportly holding its members to account in the public interest, has been run by an executive and board exercising the worst features of corporate obfuscation, greed, and questionable legalities is just disgusting. Thank you so much to those members who have unearthed this, and are working hard to excise the cancer. May the body get well soon.

Post Reply