Over the past 5 years the IAA has reported huge annual profits.
In recent times the IAA has never recorded less than 12M annual after tax profit totalling over the last five reports to be no less than 66.5M.
There is reportedly a crisis with the pension fund. Why? In 2007 the total reported net liabilities of the pension fund were just over 56M.
The company recently published that the pension fund is some 248M in debt. 200M extra in debt in 2 years, whilst still running a profit, is this an accounting trick? Who is to blame, are they still employed? There should be a national enquiry to find out who is responsible. She/Him/they and their management team should all be sacked if it’s true that they squandered 200M in just 2 years; surely the buck stops with the CEO?
CEO – he should go, come on sing with me now, CEO – he should go!
When IAA had decided to set up a pension fund, I am pretty sure that they might have dwelled on both pessimist and optimist future prospects. These bankers or professionals are paid 10-20 times the average ATCOs. If they erred in their judgement, which have left the pension fund in negative equity. they should be punished not the ATCO. Say for example if pension fund had done better than the expectation would they give us more money or lesser deduction. This is leaving large sharks and run after small fish. World is emerging out of recssion, the pesnion fund is also bound to rise unless the fund manager has tied his fund to a prticular developers. If at all there is shortfall, IAA should put their money into it not from ATCOs. I think IAA is just making recssion a stick to beat ATCOs..