The Annual Reception returns

The Annual Reception is an opportunity to celebrate both the hard work of faculty members and the sterling work of the faculty on behalf of its members.

This year’s attendees included faculty members, senior advisers and investors, as well as the economic secretary to the Treasury and City minister, for an evening of speeches, awards and invaluable networking opportunities. They were welcomed by Malcolm Bacchus, deputy president of ICAEW, and Alistair Brew, chair of the Corporate Finance Faculty.

“The number of people, the wide range of people and the calibre of people attending tonight is testament to the importance of the Corporate Finance Faculty,” said Bacchus. “That’s very much down to [ICAEW head of corporate finance] David Petrie and the Corporate Finance Faculty team. 

“Over the years, I have learned just how important the Corporate Finance Faculty is to the work of ICAEW and our profession. Our ICAEW chief executive described the faculty as the jewel in ICAEW’s crown and I completely agree. Corporate finance is a growing part of what we do and it brings in a lot of fee income for ICAEW members. The faculty has substantial reach in this area, and we know we must continue to build [corporate finance] knowledge and skills within the profession.”

It was the first time since lockdowns that the popular event had been held outside the Square Mile, albeit just one mile from the City. Lincoln’s Inn is home of the legal profession, the relevance of which was not lost on Brew, head of investment at the BGF and, since May, chair of the Corporate Finance Faculty. 

“Few, if any, corporate finance deals take place without close co-operation between lead advisers and lawyers,” he said. “On policy matters, the faculty has built and maintains a strong and effective working relationship with its counterparts in The Law Society. Both are firm supporters of measures designed to retain and enhance the attractiveness of London’s capital markets, while also maintaining the integrity of those markets and protection for investors.”

The event featured two distinguished keynote speakers: Andrew Griffith MP, former economic secretary to the Treasury, who became minister of state for science, research and innovation in last month’s government reshuffle, and Stephen Welton CBE, founder and former chief executive and chair of the BGF and recently announced chair of the British Business Bank. 

As Petrie explained: “It’s a clear sign of the regard in which the faculty is held that Andrew Griffith MP, the minister responsible for driving capital market reforms, was delighted to accept our invitation to speak at the Annual Reception.” 

As economic secretary to the treasury, Griffith chaired the Business Finance Council, where Petrie represents ICAEW. He pointed out that it will take more than regulatory reforms to see changes in the UK’s capital markets and that a transformational cultural shift is necessary: “Our current governance and stewardship scheme grew from Cadbury many years ago. It is well meaning and well thought through, and is a model that has been copied to varying degrees in many other jurisdictions. But as a result of the incremental approach that has been taken, there is a perception that it is unduly burdensome on existing issuers and a detriment to potential issuers accessing our markets.”

Of the challenges ahead, Griffith said the UK had to “offer something more compelling. Our approach has to continue to evolve if we are to be competitive and be, as we seek to be, the global capital for capital.”

Welton’s speech covered the challenge of redirecting defined contribution and defined benefit funds back towards equity investment. The British Business Bank has strong links to the faculty, and Welton is a former member of the board.

He said the growth capital landscape had transformed since the global financial crisis: “The challenge is we don’t go backwards in times of financial stress.”

This year’s winners