Scrapes Home on Subscription Increases
ACCA leadership has got used to picking members' pockets. Members get nothing in return. The official magazine must be the worst magazine around. Most of the money is squandered on fat cat salaries for executives and lavish parties, bonding sessions, building empires and global travel. When was the last time you had any service or support from ACCA?
Membership is asked
to fund all this by routinely coughing up an annual increase. Companies
raising new finance have to provide a plan indicating how the money is
to be used and how members would benefit. Members can set performance
targets and question directors. But the Association does not do this.
It just picks members' pockets who are seen as an easy source of money.
For 2005, ACCA
proposed an increase of £5 or 3%, which is above the UK inflation
rate. For many non-UK members, this amounts to a large chunk of their
salary. But the leadership does not care. Members are seen to have
However, this year
they nearly failed. The vote for the subscription increase was as
increase to be effective, a 2/3rd majority of votes is needed and that
means that leadership barely scraped in by less than 30 votes.
That was only possible
after the office-holders cast hundreds of delegated proxy votes. They
also persuaded grandees from Hong Kong (which provided the 2003-2004
president) to cast their proxy votes to support the increase.
ACCA bye-law 2(d)(iv) states that " the regulations prescribing or providing for the paying of admission fees and annual subscriptions shall be subject to the approval of the Association in general meeting by resolution passed by not less than two thirds of the members entitled to vote and voting on such resolution".
Insiders have told
AABA that ACCA fat cats are not pleased. They are already considering