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

23 May 2018 - AFR Fiery CPA AGM calls for stripping Alex Malley's life membership

Post Reply
JWheldon
Posts: 341
Joined: Wed May 24, 2017 6:43 pm

23 May 2018 - AFR Fiery CPA AGM calls for stripping Alex Malley's life membership

Post by JWheldon » Wed May 23, 2018 12:06 am

Fiery CPA AGM calls for stripping Alex Malley's life membership

http://www.afr.com/business/accounting/ ... 522-h10egb

AFR 23 May 2018

by Patrick Durkin Edmund Tadros

Disgruntled CPA Australia members have demanded that former CEO Alex Malley and his board have their life membership stripped, Deloitte auditor Mark Stretton be removed and the loss-making CPA Australia Advice be shut-down at a fiery annual general meeting on Tuesday night.

CPA Australia's new chairman Peter Wilson told the meeting the board was "sincerely and deeply" sorry for the hurt that had been caused and vowed to put members interests at the heart of the organisation.

However, Mr Wilson rejected calls by disgruntled members to cap director pay, directly elect the board or for him to be removed as chairman, revealing the board's four resolutions had all received more than the required 75 per cent support based on proxies received before the meeting.

CPA members expressed anger at revelations by The Australian Financial Review that CPA Australia has been actively harvesting proxy votes from overseas members ahead of Tuesday night's AGM.


Disgruntled CPA Australia members have demanded former CEO Alex Malley and his board have their life membership stripped at a fiery annual general meeting on Tuesday night. Louie Douvis


Claims of tainted votes

"This election is a tainted process and those numbers are tainted by the proxy harvesting," member Ben Cohen claimed.

"This is oppression," another member David Dahm told the meeting.

Mr Wilson said he rejected claims of proxy harvesting, "they are false," Mr Wilson said, warning that CPA member Glen Hasselman's accusations were defamatory.

"Are you threatening me?" Mr Hasselman asked.

In an after-work AGM attended by more than 300 members at the Melbourne Exhibition Centre, the meeting which was expected to run past 11pm quickly descended into a fiery confrontation with the new board.

CPA member Daniel Abrahams asked. "Why don't you get rid of the life membership of Alex Malley and the rest of that board for their appalling abuse?" Mr Abrahams asked to overwhelming applause.

'Shut it down'

Another CPA member asked: "We should be setting a gold standard for transparency and accountability ... why are we not setting that standard for ourselves?"


Accountant Peter Polgar asked the meeting how they can allow the loss-making CPA Advice to continue? "Can we please shut it down," Mr Polgar asked, again to applause.

CPA Australia Advice made a loss of $5.7 million in 2016. Mr Wilson told the meeting they were awaiting the findings of a PwC report and would then announce their decision.

Another member asked how much had been spent on lawyers, accountants and advisers "to clean up the mess?" Mr Wilson disclosed the independent review cost around $1 million and legal fees were around $1.3 million.

Mr Wilson and the new CPA board had proposed four resolutions ahead of the meeting including changing the way directors are appointed, creating a council of presidents, cutting the number of directors to 10 and removing the Auditor-General's salary as a benchmark for director pay. Mr Wilson disclosed the board's four resolutions had received between 78 per cent and 83 per cent based on proxies collected by the chair before the meeting.

'It's a tight little cabal'

Another member claimed that with only around 6,500 proxy votes collected - around 5 per cent of members - the board had failed to engage their members.

"Are we going to have others appoint our directors or are we going to appoint them ourselves?" activist member Brett Stevenson asked. "It's been like a tight little cabal".

The Financial Review reported the behind-the-scenes lobbying was happened in India, Malaysia and Singapore, sometimes in the guise of "exclusive networking events" for CPAs. Members who attended were given proxy voting forms and encouraged to vote against member resolutions and for the CPA board's resolutions.

Disgruntled members on Tuesday night proposed 10 resolutions of their own including capping director pay, permitting members to directly elect the board, and having Mr Wilson removed from the board. These have all been opposed by the board and Mr Wilson revealed that the member resolutions had received around 30 per cent support or less based on proxy votes received before the meeting. Mr Wilson faced a protest vote of almost 19 per cent based on proxy votes.

Other members questioned why Europe with around 1,500 members had the same voting power on directors as NSW with more than 45,000 members.

"There is a pressure that if you don't hold the company line you won't get a meal ticket. It is just more of the same," Mr Dahm said.

CPA defend proxy count

The AGM showdown follows a tumultuous year involving an unprecedented member uprising over indiscriminate spending and exorbitant salaries that led to the sacking of CEO Alex Malley and the entire board resigning.

Jen Dalitz, a member who was heavily involved in last year's uprising, said CPA is once again trying to control the official message and not letting members have their say.

"The members that have put forward their resolutions have not been given a public forum through the body's mailing lists, to put their view forward while the board's view has been communicated through these shadowy means," Ms Dalitz said.

CPA argues that it has done nothing wrong and that the body is simply encouraging members to exercise their right to vote ahead of the AGM.

"CPA Australia has been an international organisation for more than 60 years. Almost 30 per cent of members live overseas and the AGM affects all members," CPA spokesman Karen Hellwig said.

Andcor
Posts: 20
Joined: Mon Jun 26, 2017 4:23 pm

Re: 23 May 2018 - AFR Fiery CPA AGM calls for stripping Alex Malley's life membership

Post by Andcor » Wed May 23, 2018 8:06 pm

I read the article with interest! I am quite appalled at the way things were handled by the CPA Board! One of the things that intrigued me is that there has been evidence of farming of proxy votes to "preserve the board" and to "vote against resolutions" by using overseas members! My question here is twofold, are overseas votes valid under Australian laws since corporate laws concerns Australian companies? Is there any requirement for transparency of proxy voting?

The next question here is where to go from now for CPA members who felt that they have been let down by CPA board??

JWheldon
Posts: 341
Joined: Wed May 24, 2017 6:43 pm

Re: 23 May 2018 - AFR Fiery CPA AGM calls for stripping Alex Malley's life membership

Post by JWheldon » Tue May 29, 2018 10:18 pm

Will the current board remove the life membership? The life membership of Alex Malley, Graeme Wade etc should be removed. They got very well paid, and should therefore pay to be a member, if they still wish to be a member.

geoffrt0019
Posts: 24
Joined: Sun Dec 24, 2017 10:45 pm

Re: 23 May 2018 - AFR Fiery CPA AGM calls for stripping Alex Malley's life membership

Post by geoffrt0019 » Fri Jun 01, 2018 7:37 am

The boards refusal.to.even strip these criminals of their life membership demonstrates.clearly their obsession of doing nothing about past crimes of these people

Post Reply