Highlights from October’s ICAEW Council meeting
“This was a challenging meeting, because we marked the sudden passing of two Council colleagues, David Crackett and Steven Brice. David would have appreciated the focus of the final session on member engagement, and we missed his contribution to the debate. We covered a range of other topics, including dealing with representation from the South Asia region, learning of the outcome of research into trust in the profession and further debate on the proposed CIPFA merger, which was subsequently taken for approval at Council’s December meeting.”
Dr Matt Stroh, Chair of ICAEW Council
David Crackett and Steven Brice
Tributes were paid to David Crackett and Steven Brice, including observing a two-minute silence. Both David, a serving Council member and Steve, a recently retired Council member, had passed away since the last Council meeting.
Restoring trust in society and the profession’s role in building optimism
Penelope Mantzaris from Edelman presented research on trust in the profession, carried out by Chartered Accountants Worldwide (CAW) and based on 1,700 responses across 28 countries.
Key findings revealed that while trust in accountants has declined slightly, trust in chartered accountants and their professional bodies has increased. Chartered accountants are now ranked third in trust among professions, with the most influential drivers of trust identified as dependability and integrity.
Accountants are overwhelmingly and increasingly regarded as vital in helping businesses adapt to new challenges, relied upon for strategic guidance, and viewed as credible spokespeople on issues like sustainability and diversity.
Respondents also expect chartered accountants to act as custodians of data integrity, and believe that while AI can process data, it cannot replace the critical analysis provided by chartered accountants.
The vast majority of business leaders believe the profession remains attractive and continues to attract top talent but are also concerned by a growing talent shortage. While the profession scores highly on salary, career progression and job security, it lags in work-life balance and mental health support.
To help inform future strategy, members then discussed questions raised by the survey. It was felt the survey should be supplemented with additional elements to reflect better the Institute’s priorities, and the UK context leading to broader reflections on how member feedback can be more effectively integrated into strategic thinking. Members also questioned whether the term “Chartered Accountant” still adequately captures the evolving nature of the profession. There were also calls to ensure the continued development of topical initiatives such as ICAEW’s AI and Sustainability Accelerator programmes.
Update from the Board
Peter Wyman, Chair of the ICAEW Board, provided an overview of progress on strategy and governance.
He identified the positive building blocks to enable this progress, including an executive team built around the CEO, new composition of ICAEW Board, Board and Council’s collaborative work developing Direction 2030, increased engagement with external stakeholders, and the launch of the Next Gen ACA.
Outcomes were already visible as ICAEW was gaining further influence in the finance and business sectors and improving member connectivity.
Peter also highlighted that a new agreement with the Legal Services Board (LSB) enables the ICAEW Board Nominations Committee to appoint ICAEW Regulatory Board (IRB) members.
Peter updated Council on the work of an external expert, leading the review on board effectiveness, surveying how the Board operates and is supported. Initial feedback would be presented to the Board in October ahead of it agreeing actions to address any recommendations coming out of the review. The external consultant would present their report to the April Council meeting.
President’s Update
ICAEW President Derek Blair explained that the Office Holder team work closely to support each other and coordinate attendance at member-focussed events. He thanked ICAEW staff for providing comprehensive briefing packs allowing him to become a ‘temporary expert’ at meetings and events as required.
The President described his approach to the role as using his influence and access to open doors for other Council members and ICAEW board members and staff, through making connections and joining influential groups. The President had an extensive period of travel planned throughout Q4.
Report from the Chair of Governance and Appointments Committee (GAC)
Council voted to approve GAC’s recommendation that the term of co-option for the second member for South Asia be extended to the full two years. David Matthews, GAC Chair, explained the formula by which Council seats are allocated to geographical constituencies based on member numbers in the constituency. While strict application of the numerical formula to the South Asia constituency would result in only one seat being available, Council approved the second co-option given the exceptional political, historic and geographic circumstances within the region.
Local Network Boards and District Societies Update
Pippa Glover, Chair of ICAEW Members and Commercial Board (IMCB), summarised her paper on current engagement with ICAEW Local Networks and outlined how IMCB received feedback from Local Network Boards (LNBs) and District Societies (DSs).
It was expected the new Chief Membership Officer, since confirmed as Louise Coleman, would want to understand the whole picture before considering any changes.
Council noted the paper and member comments including concern that the move away from DSs may have resulted in a lack of member-led discussions and activity in some areas. Another Council member observed that the LNB has more inclusive spaces for members to engage with ICAEW and network. An opportunity for Council members to share further feedback was arranged and will be fed into the IMCB’s deliberations.
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