RegulationAccounting StandardsFTSE 250 chief exec partially wins ICAEW appeal

FTSE 250 chief exec partially wins ICAEW appeal

Ashtead Group chief exec gains ground in appeal against fine and findings of an ICAEW disciplinary

A FTSE250 chief executive has his appeal against a fine by the ICAEW
partially upheld for failing to keep up to continuing professional development.

Geoffrey Drabble, chief executive of Ashtead Group, appealed against a £5,000
fine and the committee’s decision, because as a chief executive he felt was not
required to undertake CPD and did not supervise the companies’ accountants, and
that the ICAEW had incorrectly thought he was finance director.

The appeal found that the fine was too severe, and reduced the severe
reprimand to just a reprimand. The committee noted that Drabble had undertaken
work that would have counted towards CPD, and that he had not realised he must
undertake and declare his CPD – plus the issue of the institute’s
“misapprehension” over his role.

“We do have to emphasise how seriously the institute takes the issue of CPD,”
the committee stated.

“So far as the costs of the appeal are concerned, the appeal has succeeded to
a considerable extent, but we feel that of the appellant had been more
forthcoming at an earlier stage the matter would not have got this far, as
indeed he says himself.”

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