RegulationAccounting StandardsMembers interests under spotlight

Members interests under spotlight

Members of the public will soon be able to monitor potential conflicts of interest of ICAEW council members and senior staff when a register of interests is published

Having won council approval, a list of interests will be published soon after
all submissions to affected members have been collected.

The move comes as controversy surrounds the decision to award a lucrative
overseas training contract to the company owned by deputy president Graham
Durgan.

As Accountancy Age went to press, a report on the Durgan issue by a
committee of past presidents had still not surfaced, but was expected
imminently. Although no impropriety has been suggested in the tendering process
– Durgan declared a financial interest and had no involvement in the decision
making process – the situation has thrown up huge questions about potential
conflicts of interest at the institute.

It has also potentially put his position as the next ICAEW president at risk,
with some members calling for him to step aside or for the contract to be
awarded to another company.

The institute has been piloting a register of interests for several months.
It had initially been planned that the register would only be available for
viewing by council members and senior staff but later decided that ‘in the
spirit of transparency and openness’ it would be available for public
inspection.

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