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.
 

                                        2000          1999              %
                                        £000s        £000s          Change

Chief Executive             £165,892     £145,982     14%
ACCA Directors           £263,403     £237,613      11%
                                      £429,495     £383,595

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 financial package.