ICAEW chief executive Michael Izza has admitted to
voting against merger proposals among the accounting institutes in the past.
Izza, who is backing consolidation for accounting
institutes in his new role, said he voted against at least one merger
proposal in the past.
Speaking to the FT, he added that having six
institutes meant the profession could not speak with one voice, which
weakens its international influence, and there was no point having back-office
functions duplicated across the six bodies.
‘Together we spend around £300m. Sharing things together would give us a
saving for members. We are mutuals, charities, not companies. We could save, on
a prudent estimate, about 10% of that – £30m,’ said Izza.
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