Kathryn, who qualified as an ICAEW Chartered Accountant in 1990, was presented with the award yesterday (Tuesday 25 March 2025) at the Institute’s Annual Dinner at Chartered Accountants’ Hall, in recognition of her exceptional contributions to the public and charitable sectors, and to financial reporting and corporate governance.

She is currently a Non-Executive Director at the Nuclear Decommissioning Authority, where she chairs the Audit Risk and Assurance Committee. In February 2024, she became a Non-executive Director for DfT Operator Ltd, the government-owned company taking private train operating companies into public ownership.

Kathryn was previously the chair of the Office of Tax Simplification and a board member at the UK Endorsement board. She chaired ICAEW’s Financial Reporting Committee from 2008 to 2017 and also chaired the Financial Reporting Advisory Board to HM Treasury on public sector reporting.

Meanwhile, among her many contributions to the charitable sector, Kathryn was of trustee of Mencap, Royal British Legion Industries and Young Epilepsy.

Kathryn Cearns OBE said: 

“This recognition by my peers is the highest accolade I could wish for. I could not have done what I have without the benefit of my ICAEW membership. The opportunity and support that provided for a wide-ranging and wonderful career are something for which I will always be grateful.”

Malcolm Bacchus, ICAEW President, said:

"We are honoured to present Kathryn with ICAEW’s Outstanding Achievement Award. This award recognises her dedication to public service and her significant contributions to financial reporting and corporate governance. 

“Kathryn’s work has had a profound impact on both the public and charitable sectors, and she exemplifies the highest standards of our profession. 

“On behalf of ICAEW, I extend my warmest congratulations to Kathryn for such a commendable achievement.”

Kathryn trained and qualified in London with Ernst & Young, before moving on to various senior roles in both the public and private sectors. 

She was awarded an OBE in the Queen’s New Year’s Honours List 2017 for her voluntary services to government financial reporting.

ENDS

Notes to editors:

The full citation is as follows:

THE INSTITUTE OF CHARTERED ACCOUNTANTS IN ENGLAND AND WALES

AWARD FOR OUTSTANDING ACHIEVEMENT

The award is bestowed on a member of the Institute of Chartered Accountants in England and Wales (“ICAEW”) who has made an outstanding contribution in any field of endeavour.

The forty-sixth award, that for 2025, has been conferred on 

KATHRYN CEARNS OBE

in recognition of her outstanding achievements in serving the community, particularly in the public and charitable sectors and her contribution to advancements in financial reporting and corporate governance. 

Kathryn has always been a wonderful servant for our profession, from leading volunteer roles within our Institute via the unusual route of the perspective of a major legal firm, to bringing her expertise and experience to both government itself and public sector entities. She has also applied this expertise and experience to charitable organisations where she has made a difference. She is a specialist in financial reporting and corporate governance, including the reporting and auditing aspects of company law and risk management.

Kathryn’s 11 years as a partner in an international law firm, serving FTSE100 and FTSE250 companies, helped her develop a deep knowledge of legal and financial regulation.  She has used her broad knowledge and experience to support numerous organisations in a non-executive capacity over many years, focused primarily, although not exclusively, on the public sector and public interest bodies.  Among other appointments, Kathryn is currently a Non-executive Director at the Nuclear Decommissioning Authority where she chairs the Audit Risk and Assurance Committee, a member of the DfT’s Group Audit, Risk and Assurance Committee, Chair and lay member of the Audit and Risk Committee at the British Medical Association, Chair of the Press Recognition Panel, and vice-chair at The Property Ombudsmen. In February 2024 Kathryn became a Non-executive Director for DfT Operator Ltd (DfTO), a Government owned company which is in the process of taking into Government ownership the remaining train operating companies that it does not already own.

Other organisations which have previously benefited from Kathryn’s contribution include, until recently, National Highways, where she chaired the Audit and Risk Committee for nearly seven years, the UK Endorsement Board where she was a board member and the Office of Tax Simplification at HM Treasury which she chaired.  Other previous roles include as member and chair of the External Audit Committee of the International Monetary Fund, a DfT appointed representative on Crossrail Ltd and then the Elizabeth Line Committee, and as a Non-executive Board Member at the UK Supreme Court and of Companies House. In 2016 Kathryn stepped down from six years of chairing the Financial Reporting Advisory Board to HM Treasury on public sector reporting and was Chair of the ICAEW Financial Reporting Committee for 10 years up to the end of 2017. 

On the charitable front Kathryn was a Trustee and Chair of the Audit and Risk Committee of Royal Mencap Society which supports and lobbies for those with learning disabilities. She was also previously a Trustee of Royal British Legion Industries, a charity whose focus is getting military veterans into work and independent living, as well as looking after veterans in need and other disabled people.

Kathryn was awarded an OBE in the Queen’s New Year’s Honors List 2017 for her voluntary services to government financial reporting.

This award by the Institute of Chartered Accountants in England and Wales acknowledges Kathryn’s outstanding achievements in serving the community, particularly in the public and charitable sectors and her contribution to advancements in financial reporting and corporate governance.