Finance Total house-cleaning at accounting body as directors resign

Total house-cleaning at accounting body as directors resign

Alex Malley
CPA Australia CEO Alex Malley departed with a $5 million golden handshake. Photo: AAP
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The remaining directors of the accounting body CPA Australia are all set to quit by the end of the year.

The announcement was made late on Friday, as directors faced a growing push from dissident members for a spill of the entire board.

The CPA board members also faced the prospect of intense questioning about the organisation’s governance, as they expected to appear before a senate committee in Canberra within the next fortnight.

Key among those questions will be how the current board decided on a payout of almost $5 million to controversial CEO Alex Malley when he was dumped by the board in June.

Seven other board directors resigned ahead of the boardroom decision to get rid of Mr Malley, who used his CPA position to build an international profile as The Naked CEO, complete with his own advice book and TV program.

A growing group of members, including 16 former CPA leaders, have been pushing for a board spill for months, after revelations of fat pay packets for senior executives, and big spending on promoting Mr Malley himself.

Old guard CPA directors Graeme Wade and Michele Dolin will both leave the board early at the end of September.

Richard Petty and recent temporary appointment Tim Youngberry will also retire at that time.

Chairman Jim Dickson as well as Sharon Portelli will be gone by the end of the year. Nine new board members will be appointed from October 1.

Rebel CPA members say they are claiming the retirements as a win for their campaign to improve the governance of the organisation.

CPA Australia also revealed it had secured additional insurance coverage for its members in public practice, who were set to lose the legal protection from malpractice suits provided by CPA.

The board statement said it acknowledged the lapse of its insurance scheme “has been of significant concern to our members in public practice and has raised concerns with the membership more broadly”.


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