Professor Prem Sikka of the University of Essex, said the ACCA should allow members to vote on remuneration packages, like the private sector does. 'I can find no other private chief executive that earned a similar salary, plus bonus, plus pension,' he said.

Rose paid £2,000 a day as ACCA consultant

Sikka also raised issues over the association's centenary year catch-phrase of 'responsibility'. He said it was undermined by the association continuing to issue press releases urging the government 'to shift tax burdens'.

The agm was Sam Wong's last day as president with John Brace, managing partner of Harwood Hutton, which won the first Accountancy Age small firm of the year award, taking over for the next twelve months.

Brace said he felt exceptionally lucky to be taking over as president during the association's centenary celebrations.

Chief executive Allen Blewitt said: 'I am delighted to be speaking to you today as chief executive. I know that the process has not been an easy one and I hope you will feel that it was worth the wait!'