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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AFR 27Nov Joe Astons Column. A Must Read

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Brett Stevenson
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AFR 27Nov Joe Astons Column. A Must Read

Post by Brett Stevenson » Mon Nov 27, 2017 11:04 am

This must be obligatory reading for all.
If you want some perspective to prepare you for the CPA Independent Review Panels Final Report due out this week, than this provides it.
It's a bit like waiting for an important High Court judgement. Just which way will the IRP go?
Will they recommend we chase up the termination payment of $4.9 million to Alex Malley?
Actually will they even provide detail on tat payment such as upon what basis was it paid, was their a contract etc?
Will they hold the directors responsible for their decisions or will this be a unique CPA governance regime where directors can do what they like and just walk away scot free?
Will they recommend any action against the people responsible for the disastrous decisions which the report has already corroborated?
Will they recommend action on the Enron like subsidiary that legitimised over the constitutional limit payments to directors?
Will the current CEO (Adam Awty) and COO (Jeff Hughes) be held to account for any of the past failures when they were both COO's?
Will they be allowed to remain in their high paying jobs at CPA Australia?
What about the other senior management at CPA Australia, with their high paying remuneration levels, and their silence over the last decade? Any repurcussions? or just business as usual?

Yes, we await this final report with many expectations and many i=unanswered issues to be resolved.
Which way will the IRP go??
It will be interesting reading.
However you want to look at it, this article by Joe Aston provides a necessary counterbalance to the feeble leadership that has been fed to us from CPA for far too long.
Attachments
27th Nov 2017 Joe Aston.pdf
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nakedadmin
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Re: AFR 27Nov Joe Astons Column. A Must Read

Post by nakedadmin » Mon Nov 27, 2017 1:37 pm

I don't think it's possible for Ian McPhee to change tack to the extent needed. He'd trash his own credibility (if he has not already).

I am eagerly awaiting this report. I expect to be laughing at it not with it.
The Naked Webmaster

deaneus
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Re: AFR 27Nov Joe Astons Column. A Must Read

Post by deaneus » Mon Nov 27, 2017 8:55 pm

Win the battle, lose the war.

Expecting a whitewashing.

JWheldon
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Re: AFR 27Nov Joe Astons Column. A Must Read

Post by JWheldon » Mon Nov 27, 2017 11:22 pm

The battle is never over, and nor should positive discussions about improvements to the accounting industry be stopped, for it helps all stakeholders.

Individuals like Graeme Wade, Richard Petty, Adam Awty, Alex Malley, Jeff Hughes etc, have been a terrible example for the young accountants and the young individuals in business and especially the not-for profit sector.

Change is certainly needed in CPA Australia, as with the audit industry and that of the accounting industry, as already argued by the many good people on this site and within the industry. The poor performance of the CPA Australia board, state presidents, committees and management teams in good governance and the financial reporting, should be a force for change. It has been argued for many years for a on going independent review of the performance of CPA Australia. The audit undertaken, as part of the annual reporting, provides no confidence in the sector, given its type of audit engagement.

CPA Australia has shown it is not a leader in the industry, but a follower. CPA Australia does the minimum to comply, words used by several CPA Australia Presidents. If Dr Eva Tsahuridu, struggles to get the CPA Australia board and management team to understand good ethics, then it shows the need for change.

So the battle for change will continue, with like minds, and help from the future accountants, and greater attendance at the AGM, pressing the management to justify what they have done, and what they will be doing.

theallseeingeye
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Re: AFR 27Nov Joe Astons Column. A Must Read

Post by theallseeingeye » Tue Nov 28, 2017 2:43 am

Saw an interesting post on LinkedBook or FaceIn or something or other earlier today.

What if Malley’s termination calculation was somehow linked to the volume of books sold or clicks on Naked CEO website or whatever? As some kind of pseudo-“Intellectual Property” payout for him being the face of CPA. As if his outrageous salary and bonus wasn’t enough.

If this theory is true, he had every incentive to spunk away millions of members funds on as much travel, billboards, adverts as possible , to drive up his reward, knowing the longer he pumps sales , the bigger his prize. Free copies of the book add to the volume published, too. Like a stockbroker pump-and-dumping an unwanted holding of shares before bad news hits the market.

Would this explain the questionable marketing spend and international travel eg. Times Square billboards
Would this explain a horrified bunch of Board members suddenly resigning , if a question was asked and the nature of his payout revealed ? (although I note the Transition Strategy Team believes their actions caused those resignations - that may be coincidental)
Would this explain the unwillingness to share such a ridiculous remuneration contract with the IRP or Senate
Would this explain the sneaky way existing directors terms were extended....after all , you wouldn’t want new members coming onto key committees like Remuneration and asking difficult questions, if you were a CEO trying to protect the Golden Goose clause in your contract.

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Brett Stevenson
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Re: AFR 27Nov Joe Astons Column. A Must Read

Post by Brett Stevenson » Tue Nov 28, 2017 11:03 am

As far as I am concerned allseeingeye I couldn't give a toss what the rationale was for the termination payment.
It was scandalous and the 6 board members who signed off on it (Wade, Petty, Dickson, Portelli, Dolin and Youngberry) need to held accountable. The fact that they are 'holding it close to their chests' is a big indicator that it is dodgy.
It will be interesting to see just how the IRP and the new board deal with this.
There were other options, and they darn well know that we are talking here about possible breaches of directors duties.
Whoever approved this if it was in some earlier contract also needs to be held accountable.
And we need to recoup as much of it as we can.
This will be the litmus test of this Final IRP Report, and of the new board as far as I am concerned.
I have a few others but will wait for the final report before commenting further.

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