The accounting industry association has today announced Mr Hunter in the role following his departure from the Export Finance and Insurance Corporation (Efic), where he was managing director and CEO.
Prior to working with Efic, Mr Hunter held a number of roles with Macquarie, including head of the European, Middle East and Africa capital markets business.
A statement from CPA Australia announced that the CEO will receive an annual “base remuneration” of $650,000 – a significant decrease from the former CEO’s $1.8 million package that angered many CPA members.
The announcement comes as CPA’s troubled dealer group subsidiary CPA Australia Advice has once again caused problems for the association, creating a potential conflict that may see it unable to be deemed a code monitoring body under the FASEA regime.
Interim CEO Adam Awty will be leaving the organisation after 18 years of service and will receive a redundancy payment of $843,446.
What a croc’ of sh*t these remuneration packages are!
Risk Insurance advisers have had their remuneration models reduced by 30% this year with it reducing by a further 11% (GST Inc.) each year over the next 2 years. Added to that is a staggering 2-year responsibility period where 100% of their income is clawed back in the 1st year or 60% in the second year if a policy is cancelled or amended (through no fault of the adviser); plus ridiculous new education requirements – that’s all be arranged by industry body and insurance company exec’s and Federal Government ministers colluding to screw us over for their own gain – yet the pigs at the top of the tree, manipulating the system for their own self interests are earning these types of incomes!
I’m as capitalist as the next bloke but these income packages are outrageous and incredibly insulting to ALL financial advisers (be it accountants, financial planners or risk advisers) that are in the trenches every day, trying to look after their clients.
There is very clearly something incredibly wrong with industry body fees if this what CEO’s are getting paid now. #Disgraceful.