ICAEW faces defeat on subscription rise
The ICAEW may face defeat in its impending vote on a subscription rise as disillusioned members voice concerns over the institute's future direction.
At a special meeting on 11 June the institute’s 120,000 members will be asked to vote in favour of a rise in their annual subscription fee from £167 to £200. The institute’s president Michael Groom said however that he expected a turnout of between 15% and 20%.
The vote comes amid radical changes, implemented last year, to the institute’s regional structure and education system that continues to cause confusion and discontent among the membership. One regional president told Accountancy Age: ‘We’re worried about where we are going. There are large budget constraints and huge costs.’
The yearly presidential tenure has also been brought into question. ‘It is difficult for individual presidents to effect changes every year. A chief executive with a longer tenure would be better,’ said one member.
The cash-strapped institute’s promotional tactics, comparing accountancy subscription fees with other professions, have also angered members.
Ian Greenidge, president of the institute’s East Anglian Society, wrote in the spring edition of its newsletter: ‘A comparison with other professions, doesn’t strengthen the argument. It weakens it.’