Healthy pay-off for former ICAS chief
The former chief executive of Scotland's Institute of Chartered Accountants received more than a year's salary in compensation when he left last June, despite ICAS insisting that he resigned of his own accord.
Link: ICAS boss makes plea to institutes
David Brew left the Edinburgh-based body in June 2003 ahead of a restructuring plan partly aimed at improving the institute’s finances.
ICAS’s annual report showed that Brew received £73,000 to cover contractual entitlements, £40,000 in compensation for loss of office, and other benefits worth £5,000.
Brew’s pay-off totalled £118,000, £2,000 more than he received in salary and benefits in 2002. In a statement at the time of his departure, ICAS said Brew had ‘decided to step down after bringing to a successful conclusion the first stage of a major modernisation of the institute’, reported the Glasgow Herald.
Brew was succeeded by Ian Marrian.
ICAS’s income rose by 1.7% to £13.8m due principally to higher annual subscriptions and other fees, while underlying costs fell by 2.5%. However, the institute’s pension fund deficit, increased its shortfall from £3.3m to £3.6m in the year to December.