Did you get an increase of 14% in your basic salary during 2000? Well the ACCA chief executive did even though she does not have an ACCA qualification. Perhaps, the ACCA qualification is a handicap to earning big money.
For the year 2000, the UK rate of inflation has been around 2.5%. Yet
look at the way the ACCA ‘fat cats’ have been feeding themselves. Their
salaries continue to escalate.
£000s £000s Change
ACCA Directors £263,403 £237,613 11%
for the year 1999, ACCA disclosed the pension contributions that it made for the benefit of its chief executive. Thus her total 1999 financial package was £160,932. Stung by criticism, ACCA has now decided not to disclose the pension contributions. If they had been disclosed, the chief executive's financial package would probably total nearly £200,000.
During the year, chief executive's husband also accompanied her on her world travels. The cost £16,484 has been charged to ACCA members.
The ACCA chief executive is set to retire at the end of 2001. She will receive a leaving bonus of 25% of her salary. She will also receive a pension of nearly £100,000 per annum. In addition, she is also likely to be hired as a consultant for another large sum.
No one ever asked ACCA members to approve any of the details of this