The UK's annual rate of inflation is 2.4%. The average increase in wages in the private sector is 3-4%. and that is in organisations which face risk and uncertainty. The ACCa income is relatively certain and risk-free. Members and students have to pay up. Should this result in lower or average wage increases at ACCA? None of this.
The ACCA's 1998 annual accounts show that the chief executive's salary package shot up (see below) from £116,084 to £140,156, that is an increas eof more than £24,000 in one year or an increase of nearly 21%. This is more than the total annual salaries of many ACCA members. The Chief Executive's husbdan does nicely as well. His travel costs shot up from £5,673 to £15,277. What does he do? Why are his costs borne by ACCA members?
The pockets of ACCA members are routinely picked. They have no say in the appointment of the Chief Executive or the size of his/her financial rewards.
1999 Accounts Extracts
The aggregate emoluments of the Chief Executive and three
Directors, including benefits in kind and pension contributions paid
by ACCA, were £384,424 (1997: £342,085). The emoluments of
the Chief Executive were as follows:
Salary and benefits in kind 127,156 105,291
Pension contributions paid
by ACCA 13,000 10,803
The value, grossed up for income tax, of costs incurred in relation
to the Chief Executive’s spouse accompanying her on official
business with the approval of Council was £15,277 (1997: £5,673).