The head of KPMG’s business in Dubai has been accused of exploiting weak governance to extend his tenure despite complaints about his conduct.
Nader Haffar won a five-year extension to his term as chief executive of KPMG Lower Gulf after a partner vote in December that was arranged at short notice and lacked any alternative candidates, according to senior insiders and former partners.
A former board member said the vote — which insiders feared was not truly anonymous — “completely violated” KPMG’s normal practices.
Partners usually receive several weeks’ notice ahead of any vote and competition against the incumbent is encouraged.
A senior insider added: “We received an email from the board saying his tenure had been approved and capital partners would need to endorse that by tomorrow morning. This was a complete sham — you don’t elect a leader for five years in five hours.”
With an annual salary of around $2mn, Haffar was effectively granted another $10mn by the tenure extension.
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