Sometimes in life you just have to scratch your head and wonder who let the kangaroos loose in the top paddock. Such is the case with the remnant Board of CPA Australia who, in their infinite wisdom, announced one week ago they had terminated the CEO of the organisation with a $4.9m golden parachute and a glowing endorsement of his work.
Yes. His work was so good they felt the need to sack him.
This announcement came exactly seven days from their earlier announcement that the Board had commissioned an independent review and were standing by the CEO who had the unanimous support of 23 current and past members – all of whom were listed by name.
And this was hot on the trail of the Board’s forced disclosure under s202B of the Corporations Act 2001 transparent reporting of the $5.5m gravy train remuneration they had approved for themselves and the three top executives.
The greed and contempt is mind blowing.
Add to that news that the Board’s strategy to establish the CPA Australia Advice business – which is in conflict with CPA’s role as regulator of accountants and therefore threatening members’ legal protection under the CPA professional standards scheme – has already burnt through $12m of member funds.
Is it any wonder members want this Board out???
But what we want and what we’re getting are two different things.
Along with many other members, I have tried and tried to get through to the leadership at CPA Australia. All to no avail. My letters have fallen on deaf ears and in my one and only telephone conversation with the ex-Chair, my concerns were shut down mid-sentence.
Seven of our Directors have resigned from the Board rather than take responsibility for their actions. They should hang their head in shame.
Let’s be clear: any one of them could have called a meeting of members to move a vote of no confidence; the Corporations Act 2001 provides for this under s249CA.
But since they haven’t, I’ve been left with no choice but to rally members together to move our own member resolution to spill the Board. I’ve notified the Board of my actions in this letter today.
If you’re a member of CPA Australia I implore you to act.
- You can pledge your support for the spill motion here.
- You can let other CPA’s know about the spill motion by retweeting my posts on twitter and sharing my posts on LinkedIn.
- And you can simply copy and paste this text in an email to your network:
Calling all CPA Australia members!
Change has begun in our organisation but we still have a way to go. It is now time to add your voice to those seeking change.
A number of our members have joined together to coordinate a call for members to support a spill resolution and appoint an interim caretaker board to oversee the reparation process and constitutional changes that will enable the transition to a constitutionally elected board.
We need 5% of members to support this spill resolution for it to go ahead, over 1,200 have signed already in less than 4 days.
If we each find 4 members to sign up, the job will be done!
This has my full support, please sign here and help to bring about the change we need, every signature is important https://www.surveymonkey.com/r/LMQZ775
Once you have signed this – please come back and share it on all your social media channels, together our voices can and will be heard.
Yours in resolution,