Highlights from June’s ICAEW Council meeting
Council met on 3 and 4 June 2025. This meeting is traditionally held over two days to allow time for Council members to attend ICAEW’s Annual and Special Meetings, celebrate the outgoing President’s achievements and welcome the incoming President.
Council members’ term of office formally starts after the AGM. 18 new Council members joined Council this June, representing UK and International geographical seats, as well as key ICAEW Faculties and Communities.
Leadership and appointments
New Office Holders started their term of office. Council elected Derek Blair as ICAEW President, Caroline Smale as Deputy President, and Rob Tindle as Vice President.
Derek Blair formally announced the election of Matthew Stroh as Chair of Council.
New Council members were welcomed, and all members were reminded to review their declarations of interest.
A vote of thanks was accorded to Malcolm Bacchus for his service as ICAEW President for 2024-25.
ICAEW Board update
Peter Wyman, Chair of ICAEW Board, introduced new Council members to the Board’s priorities and explained how the Board operates. Recent topics considered by the Board included the growing influence of Private Equity (PE) investment in the profession. While the long-term impact remains uncertain, ICAEW is committed to maintaining independence and high professional standards across all firms. A potential longitudinal study is being considered to assess the quality of work in PE-backed firms over time.
The Board Chair also reaffirmed the Board’s commitment to Direction 2030, ICAEW’s strategic roadmap approved by Council in March 2025. With a strong focus on performance, accountability, and member engagement, the strategy is designed to evolve with the profession and deliver long-term value.
President’s reflections
Outgoing ICAEW President, Malcolm Bacchus provided both a reflective and forward-looking report, which celebrated the growing momentum in volunteer engagement. He underlined the strategic importance of the new Chief Membership Officer role, dedicated to member engagement, which will be instrumental in supporting volunteers, who are a vital part of the Institute’s community and activities.
The President highlighted ICAEW’s ambition to position the Institute as a leading voice in the areas of sustainability and artificial intelligence and urged Council to keep focussed on these areas in the coming year, recognising their profound implications for the future of the profession.
The President also shared news on the signing of a new non-binding Memorandum of Understanding with the Institute of Singapore Chartered Accountants, and his recent exploratory discussions with the Chamber of Auditors of the Republic of Azerbaijan, which had sought ICAEW’s views on shared professional interests.
Report from the Governance and Appointments Committee (GAC)
GAC reports to Council and is tasked with keeping ICAEW's governance under review to ensure that it remains fit for purpose. GAC also oversees appointments and succession planning for the Governance Committees, including Board members and Departmental Boards and their committees. David Matthews, Chair of GAC, reports to each Council meeting.
The GAC Chair gave an overview of governance arrangements for new Council members and emphasised the value and importance of Council and its role in providing strategic input and bringing in the views and experience of the wider ICAEW membership.
Some Council seats remain vacant as the recent elections failed to interest candidates. Council questioned whether seats could be reallocated to areas with more engaged members, or if constituencies with low engagement could be merged with others to improve representation and participation. The Chair of GAC noted that some geographic constituencies had historically struggled to attract candidates and that this would be reviewed.
ICAEW strategy – Direction 2030
Alan Vallance, ICAEW Chief Executive, updated Council on work to implement ICAEW’s strategy, Direction 2030.
He explained the strategy’s development process and work to embed it across the organisation, supported by KPIs, transformation plans, and a renewed focus on technology, people and international engagement.
Direction 2030 is designed as a high-level framework and will be supported by detailed plans, processes and performance measures. It is intended to be reviewed annually, allowing for adjustments if underlying assumptions change.
Direction 2030 will evolve in response to internal and external developments, and Council’s continued involvement will be essential to ensure the strategy remains relevant, impactful, and aligned with the needs of members and the profession.
“Crossing the Line” film launch
Chair of the ICAEW Regulatory Board, Parjinder Basra, introduced ICAEW’s newest educational film, “Crossing the Line”, to Council members.
This film considers ethical and professional challenges through the lens of audit teams, focusing on key themes of auditor independence, revenue recognition and disclosure of contingent liabilities.
While the immediate focus is on provision to registered audit firms in the UK, in due course the film will be shared more widely, including internationally
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.
