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The body has asked members to approve a $50,000 increase to the fee pool at its AGM after a failed attempt in 2022.
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CA ANZ pushes for director, president pay rises
14 October 2024
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CA ANZ is pushing for pay rises for its directors and president to reflect increased workloads caused by the government’s regulatory crackdown on accountants.
The country’s top accounting body has sought member approval for a $50,000 increase to its director remuneration pool, according to a notice ahead of its annual general meeting this month.
If approved, it would increase cash available to pay its 10 directors by 5 per cent from $950,000 to $1 million effective immediately.
The push to expand the pool follows a failed attempt in 2022 when members decisively rejected a larger 15.8 per cent (or $150,000) rise for 12 directors.
Outspoken members said the outcome showed members were dissatisfied with a lack of services and how CA ANZ handled the KPMG exam cheating scandal.
CA ANZ said its latest effort was based on independent advice from remuneration specialists Mercer Consulting.
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Mercer advised it to increase the pay of its part-time president, vice-president and directors between 10 per cent and 16.67 per cent.
As a result, the CA ANZ council approved a “modest” 6 per cent pay bump, which will apply in 2025 and take the president’s pay to $152,640 and directors’ pay to $63,000.
“Following consideration of the market increases recommended by Mercer … the council determined to approve a modest increase of 6 per cent for directors, effective 1 January 2025, which is within the current remuneration pool limit.”
CA ANZ argued that expanding the pool on top of the 6 per cent pay rise would give it “flexibility” to consider appointing additional directors in the future and also “continue to attract good quality candidates”.
The board was also facing increased demands “in relation to current and emerging issues facing the profession, including with regard to oversight of the profession and legislative and regulatory changes impacting the profession”, it said.
In a separate resolution, it proposed applying incremental CPI increases to the pool over the next five years, capped at 4 per cent annually through 2030. Voting to approve all the proposed by-law changes closes on 25 October, the date of CA ANZ's AGM.
CA ANZ’s annual report, released earlier this month, showed better-than-expected financial results driven by a big increase in membership fee receipts and program enrolment revenue in the past year.
The report touted how it “worked hard to strengthen trust in the profession, deliver bold, visible advocacy and commenced executing a strategy aimed at attracting future talent” in the past financial year.
All senior executives also received pay rises, with the remuneration of chief executive Ainslie van Onselen increasing again to top the $1 million mark, up from $940,000 last year. This included a performance-based incentive of $225,000.
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