ICAEW members have voted against the merger proposal by the narrowest of margins. Some 65.7% of members voted for the merger – fewer than 600 votes short of the 66.7% majority needed to carry the motion.
After a lengthy campaign to ensure a decent turnout, 56,326 members voted. Some 37,004 supported the proposal.
CIPFA members emphatically endorsed the merger, with 86.6% voting for the proposal. Some 5,636 CIPFA members voted, with 4,885 backing the motion.
The merger campaign has highlighted divisions between the ICAEW's executive and council and its membership. A small group of members has led a vocal campaign against the merger, criticising the amount the institute has spent on making its case and questioning the benefits of an alliance to ICAEW members.
And while the vote had been expected to be close, few would have predicted such a tight margin.