ICAEW’s Council met on 10 December 2024 for its final meeting of 2024.
"I was delighted to start the meeting by announcing Rob Tindle’s success in the 2025 Vice-President Election. Rob has been a Council member since 2017, representing the Northern constituency, and I know he’ll do a great job.
Our global volunteers are pivotal to ICAEW’s success. It’s only with their support and contributions that we can continue to serve the public interest."
- Dr Matt Stroh, Chair of ICAEW Council
I hope that by sharing highlights from our Council meetings will give members greater insight into our important work and inspire others to consider joining Council and/or getting involved in other ICAEW volunteer opportunities.
ICAEW Board update
The ICAEW Board was reconstituted in June 2024 as part of a series of changes to strengthen ICAEW’s governance. Peter Wyman, Chair of the Board confirmed that the new structure was working well and talked about some of the issues they had recently considered, including:
- AI and its impact on training of ACA students
- The impact of expected changes to Level 7 apprenticeship funding arrangements
- Audit Reform and Corporate Governance Bill
- ICAEW’s organisational structure
- The 2025 operational plan.
Peter welcomed questions from Council members on a diverse range of subjects including the effect of an increase in private equity investment in professional firms, the next generation ACA which launches in 2025, investment plans and the ICAEW’s support provided to students.
2026 operational plan, fees and subscriptions
David Franklin, ICAEW’s Chief Financial Officer presented the proposed operational plan, including indicative fees and subscriptions for 2026 which the Council was invited to discuss. These rates will remain confidential until approved formally by Council in March 2025 and will then be taken forward to the members’ vote at the ICAEW AGM in June 2025.
Strategy refresh
Alan Vallance, ICAEW Chief Executive is currently leading a refresh of ICAEW’s 10-year strategy and he provided Council with an update on progress. He reported that there had been a good response rate to the recent membership survey and this valuable feedback is helping to shape ICAEW’s plans.
A key focus in the revised strategy is to promote further the profession and for it to become a global leader on sustainability reporting and assurance. Alan stated that he has commissioned a review of ICAEW’s structure in order to reshape the organisation for long-term stability and success.
Council was asked to provide feedback on the work to date, nothing that there will be further opportunities to input ahead of the final strategy paper being presented to Council for approval in 2025.
Governance and Appointments Committee (GAC) report
The GAC oversees any appointments proposed by either the Board or Volunteer Nomination Committees and keeps ICAEW’s governance under review. It was established in 2023 as part of a series of recommendations to modernise and strengthen ICAEW’s governance.
David Matthews, Chair of the GAC, and a Past President of ICAEW, gave an update on the Committee’s recent activities which include a review of the Vice-President election procedures. At Council’s request, a paper on the procedure will be drafted ahead of the June 2025 meeting.
ICAEW President’s report
ICAEW President, Malcolm Bacchus provided an update on his recent activities, including attending over 20 member events and various committee meetings. Notable highlights included the Data Analytics Conference and Global Ethics Day. He also enjoyed meeting members, staff and stakeholders on visits to Malaysia and Singapore which reinforced to him the global reach of the Institute.
Finally, Malcolm highlighted the upcoming committee recruitment process starting in January 2025, and the need for Council to help attract a diverse range of candidates. Interested members should visit our page on ICAEW's committee structure.
Active Member Conduct Procedure (AMCP)
ICAEW has a working group which is updating its AMCP in line with best practice. Bindi Palmer, Council member and Chair of the working group, briefed Council on their progress. They had drafted the principles for consideration and Council provided feedback. The final proposal is on target to be presented to Council for approval in March 2025.
Employee survey
External research provider Workbuzz presented key findings from the Institute's 2024 employee engagement survey "Your Voice". The response rate for the survey was an impressive 90% and the overall engagement score was 75%, up three percentage points from the previous year. Chief Executive, Alan Vallance stated that the Leadership Team would act on this feedback and action plans were already in development. The findings will also feed into the 10-year strategy refresh.
Next council meeting
The next Council meeting will take place on 25 and 26 March 2025.
For more information about ICAEW Council or the matters discussed, please contact the Governance Office at governance.office@icaew.com
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.
