Merger failure: what the papers say

The Telegraph: ‘The narrowness prompted ICAEW chief Eric
Anstee to call for a debate on the constitution. “This is not about minority
protection but about minority control,” he said. “A minority is dictating the
majority’s decision. A debate on that has to happen”.’

The Times: ‘Mr Anstee also hinted that he might ask ICAEW
members to reduce the requirement for a two thirds majority to 60%, as he called
for the profession’s five other bodies to consider merging. “It is absurd that
there are six separate institutes,” he said, citing the vote as evidence of
support for change. The debate was highly charged, leading Mr Anstee to accuse
some critics of adopting an “emotional” approach to an issue crucial to the
ICAEW’s long-term survival. He has said that the ICAEW’s influence could wane as
members age and concern mounts over a possible funding crisis.’

The Herald: ‘The Scottish body [ICAS], which was never a
party to the merger talks, was concerned that it could be wrongly perceived as a
mere adjunct to a larger UK-wide entity, dealing a potentially devastating blow
to its brand appeal.’

The Scotsman: ‘Officials at the Institute of Chartered
Accountants of Scotland (ICAS) were claiming a moral victory last night after a
proposed merger of two accounting bodies south of the Border was voted against,
diffusing a potential quarrel over the name of the proposed new entity. Members
of the ICAEW, the English and Welsh accounting body, and the public sector
accountants’ organisation CIPFA yesterday narrowly failed to vote to merge the
two into what was going to be called the Institute of Chartered Accountants.’

Related reading

BAA logo _360x270