Gravy Train of
the former ACCA chief executive
How nice to be a
former ACCA chief executive. According to the 2003 annual accounts Anthea
Rose, former ACCA chief executive (not a qualified accountant), received
a salary of £206,798 (2002 - £191,986) and a bonus of £214,700
(2002 - £62,000). Part of her pension was commuted for cash at retirement
of £298,716. The remainder of her pension benefit was £125,496
equivalent to an annuity of £3,001,600.
That's not all. Mrs. Rose's services were retained under a consultancy agreement
(see earlier AABA news) giving a quarterly retainer of £5,000 and a
daily rate of £2,000. She left on 30th September, but by December 2003
was entitled to £8,000 under this agreement.
On her official travels, she was accompanied by her spouse. The council agreed
to pay his costs which added up to £32,658 (2002 - £12,519).
It is common for shareholders
in companies to vote on chief executive's salary package. ACCA members are
not permitted to vote on chief executive's salary, competence or performance.
Yet ACCA claims to be a
leader in ideas on corporate governance.