In cash has been stolen from the University Co-op Bookshop over the past 10 years, mainly by staff, according to co-op sources.
The revelation comes at a time of major upheaval for the 570,000-member co-op. Earlier this month the board of directors sacked the three top executives of the co-op, and despite calls from staff and members have not given detailed reasons for doing so.
The past two annual elections of the board, a third of which is elected on rotation every year, have seen young people with an accounting background replace older academics and publishing figures.
The thefts include one of $3000 from the University of NSW store this month, $35,000 from the same University last year, $35,000 from Sydney Technical College in 1989 and $30,000 from ANU in 1991.
Police have confirmed at least $155,000 worth of thefts at eight co-op locations, according to the sources.
Other co-op sources suggest the revelation about the thefts might be part of a campaign to show all has not been well with co-op security and administration.
Managers and some directors of the co-op say the three sacked executives are of the highest managerial calibre and integrity. Questions put to the chairman of the board, James Emerson, and other board members have been met with answers that the dismissals occurred because the board had differences of business approach with the long-serving executives.
Some of the newer directors have made calls at directors’ meetings and at the annual general meeting for increased directors’ fees, but have not been successful. At the last annual meeting proxy votes carried by one of the dismissed executives were decisive in defeating the increase in directors’ fees, according to another co-op source.
Mr Emerson has said the co-op is in good financial shape. He said advertisements had gone out to fill the executive positions and that staff and members had nothing to fear about their positions and the direction of the co-op.
The co-op was set up 34 years ago to ensure supply at a reasonable price of academic books to students and staff. It has a presence at nearly all Australian tertiary institutions.
About 20 branch managers met the new acting general manager, Malcolm Thomas, on Thursday. They asked the reasons for the dismissal but were not satisfied with the answers. They have framed 14 questions for the board which they want answered before the board’s next meeting on February 14.
Mr Thomas, who has worked for the co-op for 13 years was appointed acting managing director to replace Jack McLoone last week.
The vice-chancellors of the ANU and the University of Canberra have expressed their concern about the changes, saying this time of year is a sensitive time for the supply of books on academic reading lists.