Highlights from April's ICAEW Council meeting
This meeting marked a key step in the governance changes that have been made to the ICAEW in recent years, because Council was presented with the outcome of the first Board Effectiveness Review since the Board was established, and we were reassured to hear how effective the relatively new Board has already become. Council also dealt with matters that will be voted on by the membership at the AGM and continued the discussion on the proposed merger with CIPFA.
It also marked my last meeting as Chair, because I’ve now completed the maximum three years in post. It has been challenging but very rewarding chairing Council as we finalised the Institute’s governance reform, approved the ICAEW Direction 2030 strategy, and progressed the debate on the proposed merger with CIPFA. My thanks to my fellow Council members for their support, challenge and contribution to further the success of your ICAEW, and my very best wishes to my successor, Julian Daly, who takes over from our next meeting in June.
Dr Matt Stroh, Chair of ICAEW Council
ICAEW Council met on Tuesday 14 April 2026 at Chartered Accountants’ Hall and via video conference. The meeting covered a wide-ranging agenda, including governance leadership, fees and subscriptions, the Annual Report and Financial Statements, professional standards, and oversight of ongoing strategic priorities.
Council leadership and governance
Council formally welcomed the outcome of the recent Chair of Council election and congratulated Julian Daly, who was elected as the next Chair following a strongly contested and well run process. Matt Stroh remains Chair of Council until after the AGM on 2 June.
Board effectiveness review findings
John Harte, an independent consultant and governance expert, presented his review findings to Council. The review concluded that ICAEW Board is operating effectively, with a strong mix of skills, constructive culture and clear understanding of its role and responsibilities.
Areas highlighted for continued development included:
- further strengthening induction and development for Board members;
- protecting time for forward looking strategic discussion alongside oversight responsibilities; and
- continuing to build strong, trust based relationships between ICAEW Council, Board and executive.
Fees and subscriptions
Member fees and subscriptions for 2027 were agreed in principle, recognising the need to balance member affordability with long term organisational sustainability. These changes will come to the ICAEW membership for approval at the Special Meeting on 2 June 2026.
Annual Report and Financial Statements 2025
Council approved the ICAEW Annual Report and Financial Statements for 2025, following detailed scrutiny by the Board and Audit Committee. These will be published online on 22 April. Members noted:
- a clean external audit opinion, with no control points raised;
- improved clarity, reduced length and readability of the report; and
- strong organisational performance during a year of significant change and investment.
Annual and Special Meetings
Council approved the arrangements for the Annual Meeting and Special Meeting to be held on 2 June 2026, including the related notices, proxy forms and resolutions, enabling members to vote on the reappointment of auditors and the agreed fee changes.
CIPFA update
The Chief Executive updated Council on the progress of the CIPFA transaction. Work continued on regulatory engagement, due diligence and the development of the proposed funding arrangements.
Professional standards and ethics
Council approved updates to ICAEW’s Code of Ethics to incorporate international tax related provisions issued by the global standard setter, ensuring UK members continue to be held to ethical standards that are at least as stringent as international requirements.
These changes build on existing UK guidance and do not fundamentally alter members’ ethical obligations, rather providing greater clarity and alignment in key areas such as tax planning and professional judgement.
Disciplinary and regulatory framework
Council approved a series of technical amendments to the Disciplinary Byelaws, including:
- changes required by forthcoming legislation;
- the introduction of a constructive engagement approach for certain audit matters; and
- an update to departmental nomenclature to better reflect current regulatory and conduct responsibilities.
These changes are intended to strengthen proportionality, consistency and transparency within ICAEW’s regulatory framework.
President’s update and member engagement
Council received the President’s report, which highlighted his recent engagement with members in the UK and internationally, including visits to Cyprus and Hong Kong, attendance at member ceremonies and professional events, and ongoing dialogue with other professional bodies.
Derek Blair emphasised the importance of listening to member feedback, strengthening local and international networks, and continuing to develop flexible models of engagement to meet the needs of an increasingly diverse membership.
Volunteer at ICAEW
Do you have a passion for supporting your profession? If so, why not get involved with ICAEW Council or volunteer to join one of our committees and help shape the profession’s future.
