In a communication to members released last night, seen by Accountants Daily, the president and chair of CPA Australia, Tyrone Carlin, announced he has handed over his role to his senior deputy, Jim Dickson.
His resignation comes a few months earlier than anticipated.
Further to CPA Australia’s commitment in its annual general meeting (AGM) in April, and in response to swelling discontent and petitioning amongst its members, the association has also disclosed that chief executive, Alex Malley, was paid $1,786,331 for the year ending 31 December 2016.
Company secretary, Adam Awty, was paid a total of $949,395 for the same period, and chief operating officer Jeff Hughes was paid $902,259.
“The remuneration disclosures for the executive is inclusive of the parent entity and all subsidiaries, and includes other non-salary benefits which are provided within individual employment contracts,” CPA Australia said.
CPA Australia has also committed to additional disclosure in its next annual report for directors, key management personnel and senior management.
Also, despite a sluggish start, CPA Australia has defended the establishment of its licensing arm, CPA Australia advice. There are currently 25 members authorised under its licence.
“We knew this would not be an easy process, however we are confident that the uniqueness of our offering will resonate in the marketplace and will provide our members with valuable options to position themselves in the advice market,” CPA Australia said.
Full remuneration disclosure of directors for CPA Australia and CPA Australia Advice is below, taken from the communication with members.
In defence of its remuneration of directors, CPA Australia has argued also that it outshines its rival professional bodies, including Chartered Accountants Australia and New Zealand (CA ANZ).
“In size, scope, complexity and reach, no other professional body domestically comes close to CPA Australia,” CPA Australia said.
CPA Australia compared its 22 offices, 160,000 members and turnover of $180.1 million to CA ANZ’s 14 offices, 117,000 members and turnover of $125.1 million. These figures on CA ANZ's operations were supplied by CPA Australia.
“The unique circumstances present challenges in making like-for-like comparisons,” CPA Australia said.
“Board and chief executive remuneration is in line with the market and scope of the organisation, based on regular advice obtained from independent, external remuneration consultants,” CPA Australia said.
Moral hazards in member bodies
By Chris Hooper, Accodex
Process standardisation trumps automation
By Mark Sands, BOARD Australia
Tips for mergers and acquisitions of accounting fees
By Jamie Davison, Carbon Group