Denim is the new pinstripe – at least that’s according to Derek Blair, ICAEW’s new President. As he steps into the role today – more than likely in jeans rather than a suit – Blair is looking forward to shattering some of the prevailing accountancy stereotypes and mulling over the hot topics facing his colleagues in the profession. The presidential badge will be the giveaway. 

The 121st president in ICAEW’s 146th year, Blair is acutely conscious of the heritage of Moorgate Place but is equally aware of the need to evolve. “The resilience of the Institute is something that’s really important to me. That’s not just about ensuring that ICAEW is around in 146 years’ time, but also making sure our members remain relevant because the Institute doesn’t exist in a vacuum,” he says.

“Some people might have a stereotypical view of chartered accountants. I’m determined, as part of my presidential year, to break down some of those stereotypes. I want everyone to recognise that accountants are a diverse bunch and far more reflective of society than we’ve ever been.” 

Supporting members with skills to thrive

Against a backdrop of huge geopolitical and economic uncertainty, technological transformation and regulatory upheaval, Blair is all too aware of the vital role that ICAEW plays in supporting its broad church of members with the skills they need to adapt and thrive. 

Blair’s presidency coincides with the publication of ICAEW’s refreshed strategy Direction 2030, which reflects the seismic shifts in business and the way in which people work since the publication of ICAEW’s last strategy document during the COVID-19 pandemic.

“For members to remain relevant and resilient and for their reputations to remain high, they’ve got to be at the top of their game,” Blair says. “That means we have to provide them with the resources, the backup, the CPD, for them to be contributors to their economies. The growth in our membership also comes down to all those ambassadors on the ground.” 

Business challenges will create opportunities

Uncertainty will likely be the buzzword dominating Blair’s 12-month tenure, but the challenges of the current business environment also present significant potential upsides to members, he believes. “It’s going to be an interesting year, but it’s also going to create new opportunities for accountants.”

Sustainability is a case in point, he says, as the requirement for sustainability assurance and reporting ramps up – an area as yet largely untouched by many accountants. “Demand is only going to increase. Pretty much every business is going to have to do some sustainability reporting and a lot of that could fall to accountants because it’s about doing calculations, providing disclosures and then putting that in the context of a sustainability roadmap. Increasingly, accountants are wordsmiths and not just number crunchers,” he says.

Despite some rowing back on sustainability in the US, the need for ICAEW to show leadership across issues relating to environmental, social and governance (ESG) in its broadest sense has never been stronger, Blair says. “We’ve got members in 150 countries and some of those countries are at the much sharper end of climate change, but ESG is about the whole UN Sustainability Goals, of which climate change is just one. 

“When your client’s bank is threatening to de-bank them unless they provide a suitable reply to a questionnaire on sustainability, your client needs your help otherwise they’re going to have a significant business issue, so you’ve got to roll up your sleeves and engage with it.” 

Conversational accountancy

Having worked in some much larger practices, Blair says being a partner in the two-partner firm he co-founded 20 years ago has highlighted the importance of “conversational accountancy” with clients. As accountants grapple with the impact of artificial intelligence and technology on their day to day lives, the human aspects of the job are rising to the fore, he says. “The more clients tell you, the better an adviser you can be because if you know their hopes and dreams and what’s keeping them awake at night, you can do something about it.”

It’s a skill that he is looking forward to bringing to Moorgate Place and beyond as he flies the ICAEW flag at events around the world. “I’m very much looking forward to having those conversations, listening to people’s backstories, their issues, hearing about their interactions with the Institute and understanding their perspectives.”

One thing Blair would like to achieve over the coming year is to increase the connectivity of members in a way that’s relevant to them. “My hope is that we can create micro communities of members that can support each other outside of our staff and admin structure. Because on a rainy Friday afternoon, when you’re wrestling with that final thing on your to-do list and worrying about how to tackle it, being able to pick up the phone and speak to someone you met at an Institute event could be invaluable.”

He’s also looking forward to fulfilling his duties at the ICAEW new member ceremonies. “It’s such a wonderful event; proud families and friends coming along to see their loved one being welcomed into the Institute,” Blair adds. Blue pinstripe optional.