Two financial services professional associations have disclosed the salary details of chief executives, following a similar move by accounting body CPA Australia.
Yesterday, InvestorDaily sister title ifa reported that the Financial Planning Association (FPA) and Association of Independently Owned Financial Professionals (AIOFP) have disclosed their executive compensation details.
According to a statement from FPA chair Neil Kendall, FPA chief executive Dante De Gori has a package of $335,000 and a potential bonus of 25 per cent for the financial year ending 30 June 2017.
Mr De Gori’s salary is reviewed and approved each year by the association’s remuneration and governance committee, on which two practitioner members sit, the chair said.
AIOFP executive director Peter Johnston has a salary package of $165,000 including GST. Mr Johnston is not an employee of the association but an independent contractor, which he says has additional benefits for members such as not burdening them with superannuation contributions.
Meanwhile, the AFA declined to provide specific details of individual CEO salary, with boss Philip Kewin telling ifa that the board of the association has opted not to provide this information publicly as a matter of policy in the past and that, were that policy to change, it would be announced in the form of an annual report to members.
The most recent AFA annual report indicates total staff expenses of $2.2 million across 13 individual staff members, up from $1.7 million in 2015.
The development follows the revelation that CPA Australia chief executive Alex Malley has a salary of $1.7 million, which has angered some members.
It also comes as an ifa straw poll with more than 450 responses found that 94.7 per cent of advisers believe professional associations should disclose their salaries.