ACCA passes controversial subs rule

ACCA has passed a rule allowing its council to raise subscriptions at the institute by up to 5% without the approval of its members.

The institute had been criticised for the proposal, which critics said was out of line with what companies would have to do to raise money.

The vote was passed by a majority of 86% of those voting, the institute said.

All other votes at the meeting were also passed, with the number of those voting up by 50% on last year, ACCA said.

Dissident ACCA member Prem Sikka, professor of accounting at Essex University, had opposed the subscriptions proposal.

'If a company wants to raise new money from its shareholders it has to put forward a financial plan and make a case for it. The ACCA has done no such thing,’ he said.