ACCA GRAVY TRAIN: 21% PAY RISE FOR THE ACCA CHIEF

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:
                                                                    1998                1997
                                                                        £                    £
                Salary and benefits in kind            127,156            105,291
                Pension contributions paid
                by ACCA                                      13,000             10,803
                                                                    140,156           116,094

                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).