Yesterday, ifa sister publication Accountants Daily reported that CPA Australia had disclosed the salaries of each director of the association and CPA Australia Advice.
It revealed that Mr Malley was paid $1,786,331 for the year ending 31 December 2016.
For their work with CPA Australia Advice, outgoing chair Tyrone Carlin, Michele Dolin and Richard Petty received $70,000. Former CPA Australia president Graeme Wade received $100,000.
As of May 29 this year, 25 members are authorised under the CPA Australia Advice licence, an increase of 14 since October last year.
Speaking to Accountants Daily, Mr Malley said the early stages of take-up are in line with expectations, and he had accepted that from the outset growing the advice arm would be a “long game.”
He likened it to a start-up business, with a time frame of three to five years before serious traction is made.
“If we had expected 900 advisers and we got 20, then maybe we have reasons to be concerned,” he said.
“But we never had that size in mind, we knew there would be a lot of interest that wouldn’t convert immediately. But the more we are in the market … the more people realise there are some safety mechanisms in working with their own membership body, the more people will sign up.”
Speaking more broadly, Mr Malley feels that CPA Australia has been unfairly targeted and scrutinised given its growth under his leadership, and when compared to the public treatment of other professional bodies.
“In contrast, the CA ANZ, whose record stands as our does publicly, has not had one comment about performance,” Mr Malley said.
The toll of the member rebellion and scrutiny of Mr Malley’s leadership has been significant, and has spilled into his personal and family life.
Mr Malley has received death threats, faeces in the mail and has employed security at his own cost to monitor his home. He has engaged with the police to deal with some of these matters.
“On the iceberg principle – people see a little point above the water. The enormity of what has been going on under the water, the impact on people, the impact on families, is absolutely unbelievable,” he said.
“I have seven children, they are all impacted by this, and I have a family that lives in a home that has now been publicly recorded and addressed. If anyone who has been critical of me thinks that’s OK, then I’m comfortable to say I agree to disagree with all of them.”
Earlier this week, in a communication to members, the president and chair of CPA Australia Tyrone Carlin announced he has handed over his role to his senior deputy, Jim Dickson. His resignation comes a few months earlier than anticipated.
Full remuneration disclosure of directors for CPA Australia and CPA Australia Advice is below, taken from a communication with members.
Malley left macquarie.uni due to.dodgy extra courses for students…he has always been a.snake oil salesman
“If we had expected 900 advisers and we got 20, then maybe we have reasons to be concerned” Mallet exactly what figures did you expect, when you lent millions of CPA member funds? What ROI & timeframe? You must have had a business plan and projections presented to the board, under FOI if I were a member I’d be after that information and chasing him hard as culpable under negligence and not fulfilling directors duties and obligations under the Corporations Act and seek personal compensation out of his $5mill payout.
Considering the toxic and ill-informed comments that were directed towards financial planners when Malley and Medcraft launched the organisation, I can’t help but feel a sense of amusement watching this ship sink. Both Malley and Medcraft should stand down for their shocking lack of judgement. I just feel for the employees and authorised reps who will have their lives disrupted when this sorry saga ends.
Yep, Medcraft well and truly aligned himself with Malley. On grounds of character! Medcraft should do the honourable thing.
The pay is too high and the board need to answer to that. But sending poo in the mail to someone’s home is beyond a joke – it’s a psycho thing to do.
Shame the advice business hasn’t worked. I think it would have been good for more Aussies to get strategic advice rather than conflicted advice.
Advising someone to setup an SMSF that they don’t need, so that you can get paid fees for its establishment and ongoing service, is totally conflicted. At least 90% of the SMSF’s in Australia are completely unnecessary. Most of them were set up by conflicted accountants. Just because they got paid fee for service doesn’t remove the conflict or excuse the inappropriateness of the advice.
$1.7-million a year? I’d be playing “the long game” too….the longer the better on that wicket.
Never be a Spectator of Unfairness, Stupidity or Bad Behaviour – The Grave will give plenty of time for Silence!!!!!!!
This is an absolute outrage on hard working accountants who rely on their Association Board to look after their welfare whilst they toil away trying to tackle all the stuff ups around them by Government and the ATO!! Miserable if Mr Malley’s family has been affected I am sorry for that in fact it is just Karma what goes around comes around he has created his own bed now he must lie in it! The CPA Board should be held totally accountable and with contempt for allowing this to occur totally and utterly incompetent, this will affect all board members in their future endeavours!
I personally dislike the bloke from what I have seen and heard and believe he is getting paid a lot of money to raise his own profile but if karma is to apply it should be to him alone. His family have done nothing wrong and stating “he has created his own bed” is quasi endorsing the actions against his family and I for one am glad I am not held accountable for the actions of my family.
Interesting that at a recent keynote speech at CPA headquarters he said he had 6 children. Is this another case of Alex playing with numbers as another one seems to have appeared in the last week or so !
Above 5 it is hard to keep count?
1.7M pay is ridiculous and unjustifiable… get real
Also, has anyone looked at the board of CPA advice? Any of them an actual planner? Academics gone mad once again!
Yes SUZANNE JANE HADDAN is a license holder under her own license. Has her own business in competition with CPA. Baldry Financial Services.
Blind Freddy can see the CPA Advice business is gone. These guys are supposed to be accountants. What an embarrassment! My prediction is that the few authorised reps they have will eventually realise the writing is on the wall and start to bail.
This reminds me of Union officials who line their own pockets from their members subscriptions. Mr Malley’s salary is completely out of touch with what the role entails. His defence of CPA Australia Advice is a joke as we run a licensee with 24 ARs and have been for 18 years and it certainly doesn’t cost anywhere near what CPA Australia has put up for this new licensee to be established and funded on an ongoing basis. Too top heavy as a licensee.
Would those be the same union officials who receive payments and perks from the superannuation of unsuspecting “industry fund” members?
In what universe is this guy in? $1.7M and they had to be forced to disclose it. What a joke!
When you effectively legally steal from members, i think its only a matter of time before it catches up with you. While i disagree that family should be brought into this (and I do wonder if its being used as a deflection tool looking for sympathy rather than anything meaningful), he himself needs to consider what extra value does he bring besides spending members money to justify an extra 1.1m above CAANZ’s CEO…….
[quote=Peter]1.7M pay is ridiculous and unjustifiable…[/quote]
To those who much is given, much is expected.
This is getting quite messy!!
regardless of what people think it is appalling to bring a person’s family into the issue and to take business issues to a person’s home. Shame on those people.
pay me $1.7 million and I think i’d cope
This is what happens when members are made uncomfortable by the red tape at CPA while the management has a free run or are self serving. I suppose the members have now had enough.
1.7M pay is ridiculous and unjustifiable…
Im in the wrong job