ifa sister title Accountants Daily exclusively revealed this morning that Mr Malley will be retaining his position, following the departure of three additional board members yesterday.
In a statement subsequently released by the professional body, CPA chairman Jim Dickson announced that the association will establish an independent panel to oversee a review of the organisation’s structure, headed by former Defence Force chief Sir Angus Houston.
Mr Dickson did not mention specifics of the association tensions that led to the review, but did accuse the media of placing “unreasonable pressure” on CPA’s directors.
The review follows a period of significant tension within the professional association, in which a number of members demanded greater transparency over directors’ fees and took umbrage with issues including the decision to hold an AGM offshore in Singapore.
CPA Australia’s independent financial advice licensee, CPA Australia Advice, was another bone of contention within the membership, with significant funding being allocated to this subsidiary.
The reputation and branding of CPA membership is degraded with each additional day he stays on in the role. It makes the members look like ineffective lackeys the longer this disgraceful saga continues.
Has anyone considered that the Russians may be behind this?
Malley’s behaviour demonstrates his megalomania and this will inevitably lead to accrual ending.
Gold!
What a joke this institution has become lately and you can be assured Angus Houston as Malleys friend will come up with positive news on Malley. Time for members to call for a meeting to remove the whole board and appoint Brett Stephenson and Joe Aston.
If CPA Australia was an ASX-listed company what would have happened to its share price today? When News Corp fell 14% the day that the phone hacking scandal hit…This reputational shammozle will have financial consequences for accountants as well. Well done AFR!
FROm AFR-Mr McPhee and Mr Houston both endorsed Mr Malley’s autobiographical book, The Naked CEO: The Truth You Need to Build a Big Life.
Mr McPhee states: “Many CEOs have taken a winding road to the top. Not everyone drove a bright-orange Datsun like Alex did but all have been on a journey that has shaped their skills and outlook, and honed their determination.
“There is plenty of good advice in this book, particularly that you should never underestimate your ability to influence outcomes, achieve success and make the world a better place along the way,” McPhee says.
Mr Houston stated: “Alex Malley is a leader that I deeply respect. He is deeply committed to a leader’s most important responsibility: to impact their experience and insight.
“I strongly support his intent to pass on the lessons he had learned form a lifetime of good and bad experiences. His book is a guide to advise and assist hour people ot become successfully established in professional life.”
This is an embarrassment for CPA’s and for the organization. Malley has to leave before any more damage is done to the brand?
This is a professional services organisation that should overtly elect to follow and apply the strongest ethical and governance approach. It has failed to do that. Any member of CPA should right now be thinking about whether if at all they need to be remain members. The whole process of governance including the process for appointing board members needs to be reviewed. Not much here suggests they understand the need to act in the best interests of the organisation. It is a farce being played out in the media and the only reason even this level of progress has been made is the continued focus by the media and the members group pushing for change. Keep on going!
CPA has been tarnished and will never recover credibility until they dismiss this clown and show him the door. It should be a profession that sees through BS and doesn’t endure nonsense. He has turned the CPA name into a joke.
Now, the same scrutiny needs to be focused on the FPA and its ridiculous self serving drive on education at all cost. Oh look, we have a course you can buy that will fix that. What a joke.
Steven, i think you’ll find that the FPA is responding to a move by the government and not the other way around. You’ve got the tail wagging the dog. If the FPA hadnt responded to the governments plan to introduce higher levels of education, you’d be on here complaining that the FPA was doing nothing for members to assist with the educational transition…
Both named members of the ‘independent’ panel are Malley’s mates – they both provided GLOWING reviews of Alex Malley’s personality in his book. Enormous conflict of interest.
What a farce, and a slap in the face of members.
If this is true it should trigger further disquiet. Surely members will call for a truly independent review of the whole mess.
Clever tactic. Appoint someone who is distinguished, but whose career was completely removed from the corporate sector. That should buy Malley and co. time to milk millions more from the CPA.
$1.8 million for that joker? What an embarrassment. And his cronies protect him while the members have no voice anymore. This is the result of a stinking concoction of a massive ego, arrogance, love of money, and directors without integrity, loving money more than anything else.
CAANZ: You’re all that’s left now. CPA Australia is a joke – and it’s out for the whole world to see.
Mr Dickson and Mr Malley have effectively signed the death warrant of the CPA, and because they cant be removed they are determined to stay there. The pressure in the media is warranted how can they repesent a group that advocates transparency and compliance, when their very organisation has become their personal fiefdom. What can a review of the organisation’s structure, headed by former defence force chief Sir Angus Houston offer that has not alraedy been identified? More spendiing of members money
What is the relationship between Alex Malley and Sir Angus Houston. Has Houston ever received any fees or benefits from the CPA, ever attended or spoken at a conference or event?
He was interviewed by Malley on his TV show at members’ expense..