CPA Australia boss refuses to step down

Despite months of scandal and a number of high-profile board resignations, accounting body and licensee CPA Australia has announced that chief executive Alex Malley will retain his position.

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.

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