ICAEW Under Fire for Secret Six-Figure Severance Package for Retiring CEO

The payment is rumored to be as much as twice his annual base salary of £492,000, but the ICAEW refuses to quantify the sum, which will be published in its next annual report.

The lack of transparency and the decision to award Mr. Izza the money is expected to draw attention, given his exit was positioned as his retirement from the accountancy profession.

The ICAEW has come under fire for hoarding fines imposed on major auditors rather than disbursing them to groups of stakeholders who have been disadvantaged by corporate governance failings.

Michael Izza, the CEO of the Institute of Chartered Accountants in England and Wales (ICAEW), is retiring after 21 years of service.

Julia Penny, the ICAEW president, paid tribute to Izza, acknowledging his successful leadership in transforming the organization into a world leader.

The search for Izza's successor has already begun.