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)
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
on page 14"Article 45 of the CPA Australia Ltd Constitution does not apply in relation to Director fees associated with subsidiaries of CPA Australia Ltd.”
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.
How can that be true."Over the last four years, more than 45,000 members have joined CPA Australia”
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.
That is pure unadulterated crap."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.”
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
Brett Stevenson CPA BComm MDiv