NSW-based accountant and CPA Australia member Brett Stevenson has submitted a request, signed by 100 members, for a statement disclosing the remuneration paid to each of the directors of CPA Australia and its subsidiaries.
Mr Stevenson is voluntarily leading a group of members who are seeking increased transparency and a shake-up of the association’s corporate governance, and is taking particular issue with CPA Australia’s marketing expenditure and remuneration disclosure model.
In its annual general meeting last week, held in Singapore, president and chairperson of the CPA Australia board, Tyrone Carlin, said the association will be reviewing its remuneration disclosure models, despite seeing no alarming issues with the current process.
“Our disclosures are more extensive than many of our peers,” he said.
Mr Stevenson acknowledged that CPA Australia has met the minimum disclosure requirements, but does not believe that is adequate or fair for members.
“We should have no fear of being open and transparent about our financial reporting as a membership organisation, and it is disappointing that the board have continued to adopt a regime of minimum but compliant disclosure, especially on this issue of remuneration,” he said.
“I would go so far as to suggest that the 100 plus members who have signed this request are exhibiting and encouraging the high level of professional standards we as an organisation need to exemplify,” he said.
Mr Stevenson is also working on a special resolution, which seeks to shorten the length of directors’ tenures from nine years to six years.