PracticeConsultingInstitute could ignore results of district society referendum.

Institute could ignore results of district society referendum.

The outcome of the ICAEW's impending egm is not binding and could be ignored by the institute's council, Accountancy Age has learnt.

If the institute were to lose the vote on the restructuring of the district societies at the meeting on 11 July, the council will only have to ‘take on board’ the results, but ‘constitutionally it is not binding’.

The news will come as a blow to campaigners who have sought to stop the institute implementing its new regional structure. ‘It would be like the government ignoring the result of a referendum on the euro,’ said district society campaigner Don Heady. ‘Members must have the ultimate power,’ added Heady, co-organiser of the district society meeting.

The added expense of breaking contracts for new offices and staff would also be significant given that the institute’s annual report already unveiled operating losses of £600,000 for 2000.

Peter Wyman, deputy president, said: ‘Constitutionally it’s not binding, but we wouldn’t shrug it (results) off. If we lose on low turnout, we’ll have to think very carefully about it. We’re hemmed in by financial constraints.’

The revelation came as the institute celebrated the launch of its 10 regional business centres, intended to mirror the government’s regional development agencies and encourage entrepreneurialism among chartered accountants.

Speaking at a reception, Alan Johnson MP, new DTI minister responsible for the regions, said: ‘I look forward to seeing the profession’s new regional presence go from strength to strength.’

More details at www.accountancyage.com/Practice/1121968 and www.icaew.co.uk.

Related Articles

5 tips for SMEs to protect cash flow

Accounting Software 5 tips for SMEs to protect cash flow

5m Alia Shoaib, Reporter
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

11m Stephanie Wix, Writer
Managing partner Q&A - the year ahead: Richard Toone, CVR Global

Accounting Firms Managing partner Q&A - the year ahead: Richard Toone, CVR Global

12m Kevin Reed, Writer
Deloitte 'self-imposes exile' on government contracts to defuse PM row

Accounting Firms Deloitte 'self-imposes exile' on government contracts to defuse PM row

12m Kevin Reed, Writer
Managing partner Q&A - the year ahead: Julie Adams, Menzies

Accounting Firms Managing partner Q&A - the year ahead: Julie Adams, Menzies

12m Kevin Reed, Writer
Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

Business Regulation Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

1y Kevin Reed, Writer
Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

Audit Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

1y Kevin Reed, Writer
New head of equity capital markets for KPMG

Accounting Firms New head of equity capital markets for KPMG

1y Stephanie Wix, Writer