The Regulatory & Conduct Appointments Committee (RACAC) is responsible, under powers delegated to it by the ICAEW Regulatory Board (IRB), for dealing with all matters relating to the appointment, performance evaluations and remuneration of chairs and members of the IRB and the regulatory and disciplinary committees and Reviewers of Complaints. The RACAC reports to the IRB on its activities but is independent of the IRB.
The RACAC comprises six members as follows:
- The Chair
- Chair of the IRB
- Alternate Chair of the IRB
- A lay member
- Two Chartered Accountant members of ICAEW
The Chair of the RACAC is independent of ICAEW and lay for all matters including legal services.
The RACAC has the duty and responsibility generally to ensure the IRB and the regulatory and disciplinary committees have good quality members (and good quality chairs) and that plans are in place to fill positions becoming vacant on the IRB and regulatory and disciplinary committees in the future.
The RACAC has responsibility for:
- The appointment of a new IRB Chair, a new Alternate IRB Chair, a new Deputy Chair to the IRB and new members of the IRB.
- Decisions on the renewal of the term of appointment of the IRB Chair Alternate Chair, Deputy Chair and other IRB members.
- Performance appraisal of the IRB Chair, Alternate IRB Chair and other members of the IRB.
The RACAC has responsibility in respect of the regulatory and disciplinary committees for:
- The appointment of new Chairs and members to the regulatory and disciplinary committees.
- Decisions on the renewal of the terms of appointments of Chairs and members of the regulatory and disciplinary committees.
- Performance appraisal of the Chairs of the regulatory and disciplinary committees.
- Reviewing the annual performance appraisals of the members of the regulatory and disciplinary committees carried out by the Chairs of the regulatory and disciplinary committees.
The RACAC also has responsibility in respect of:
- The Reviewers of Complaints for appointing and renewing the terms of the Reviewers of Complaints.
- Determining and reviewing policies of remuneration and setting and reviewing the remuneration paid to members of the IRB and the regulatory and disciplinary committees and the Reviewers of Complaints.
- Policies around conduct and independence.