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CPA Australia Chair steps down and CEO reveals pay

(Adapted from The Australian Financial Review front page report by Patrick Durkin on 1 June 2017)

 

Tyrone Carlin, who is also the University of Sydney’s deputy vice-chancellor, is stepping down as the Chairman of CPA Australia after only eight months in the role. Mr Carlin, who twice refused to disclose the salaries of key executives at the CPA annual general meeting in Singapore last month, earned $184,166 as Chairman in 2016 and a further $70,000 as Chairman of CPA’s new financial advice arm.

Mr Carlin is handing over to his deputy, Jim Dickson, who received $133,630 from CPA in fees last year.

‘‘With new directors coming on board and in the spirit of renewal I am taking the opportunity to step down from the board a few months earlier than anticipated,’’ Mr Carlin said in a statement.

CPA board members used to work for free, or for a stipend paid straight to their employer, before the constitution was changed by a series of special resolutions so that members no longer directly elected the board, and directors’ terms could be extended beyond a six-year maximum.

In other developments, CPA Australia's chief executive, Alex Malley, has been forced to admit exclusively to The Australian Financial Review that he is being paid $1.79 million a year, as the accounting body moves to head off a leadership coup from its disenfranchised members. The long sought-after disclosure follows moves by members to requisition the information under the Corporations Act and extensive coverage of members’ concerns in the Financial Review’s Rear Window. It shows Mr Malley received $1.786 million last year, including $1.367 million in fixed pay, a $345,639 bonus, $35,000 in superannuation and $38,561 in other benefits.

Mr Malley’s pay is significantly higher than the Tax Institute chief executive Noel Rowland’s $432,456 salary or the Chartered Accountants ANZ’s chief executive officer Lee White’s $600,000 salary. CPA’s company secretary, Adam Awty, also receives close to $950,000 and chief operating officer Jeff Hughes more than $900,000, according to the disclosures.

CPA's members, led by accountant Brett Stevenson, remain alarmed the CPA has spent more than $60 million on marketing over the past two years, largely focused on promoting Mr Malley, including his In Conversation program on the Nine Network.

Mr Stevenson and other CPA members are calling for a full independent governance review.

 

 

 

 

 

 

 

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