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Michael Izza | AccountingWEB | ICAEW details £216k made payable to former CEO
Michael Izza ICAEW

ICAEW details £216k made payable to former CEO

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The ICAEW’s annual report has detailed the £216k made payable to retired CEO Michael Izza, and also looks at income from fines, subscriptions and exam fees.

17th Apr 2024
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The Institute of Chartered Accountants in England and Wales (ICAEW) incurred employment discontinuation expenses of £216,000 in 2023, according to newly filed accounts, with the amount incurred payable to retired chief executive Michael Izza.

Last year’s announcement that Izza was leaving the accounting body after 21 years was clouded by questions about the terms of his exit. Various six-figure totals have been cited for his goodbye payout, with some sources putting the amount closer to £250,000 than some of the larger sums.

Employment discontinuation expenses

The accounts now show that the ICAEW – in its own words – “incurred employment discontinuation expenses of £216,000 (2022: £260,000) in the year relating to key management personnel”.

“The amount incurred in 2023 is payable to Michael Izza,” it added.

Izza was also awarded a further £647,000 last year. His base salary of £512,000 was topped up with deferred variable pay of £135,000, according to the annual report.

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Replies (5)

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By petestar1969
17th Apr 2024 11:40

The thing that makes me chuckle is an organisation with revenues of £130million only making a profit of £500,000.

Thanks (3)
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By Justin Bryant
17th Apr 2024 11:57

Some form of (strange) handshake payout may be a better description than "goodbye payout".

Thanks (3)
Replying to Justin Bryant:
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By FactChecker
17th Apr 2024 12:30

Looks like he's practising it in the photo ... but I thought they were referred to as 'golden handshakes'? Or is gold de trop now and Masons prefer to deal in crypto?

Thanks (6)
Replying to FactChecker:
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By Justin Bryant
17th Apr 2024 14:38

They would have to invent a strange digital handshake for that presumably.

Thanks (2)
Replying to Justin Bryant:
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By FactChecker
17th Apr 2024 14:55

Much more apposite pun than my poor attempt at trying to align crypto with cryptic.

Thanks (2)