RegulationAccounting StandardsACCA looks to block AGM resolutions that ‘jeopardise’ its future

ACCA looks to block AGM resolutions that 'jeopardise' its future

ACCA urges members to vote down eight motions designed to democratise the institute

ACCA looks to block AGM resolutions that ‘jeopardise’ its future

THE ACCA COUNCIL has urged its members to vote down a series of special resolutions put forward ahead of its AGM, which it believes would ‘jeopardise’ the institute’s future.

Eight motions, put forward by sole practitioner Anthony Thorne and a small group of members, include calls for ACCA’s senior management team to be subject to the same disciplinary rules as its members; that the institute’s CEO and executive team hold ACCA membership having qualified through examinations and; the practice of delegated proxy voting ceases.

The group also proposes that all senior named council officers be appointed by the members at the AGM and members of council are given the right of free speech.

However, the institute has appealed to its members to vote against the motions, noting that they pose a threat to “ACCA’s future and – most immediately – the organisation’s strategy for 2020”.

In its response the ACCA said its executive team should be composed of individuals outside of the institute. In order to “prosper and thrive as a successful global entity, the range of skills ACCA needs is large and growing… it does not follow that a professional body must employ one of its own members in order to be successful”, it said.

On the disciplinary point, the council said its code of ethics “applies to all its employees and is consistent with the code of ethics for our members”, while it added delegated proxy voting “fully respects individual members’ preferences”.

“This is an individual decision for each member. Members are always provided with full information on the implications of any decision which goes to a member vote so they can decide whether they wish to vote or prefer to delegate their vote, based on facts,” the council said.

The motion calling for senior council officers to be appointed at AGMs along with the enshrinement of free speech showed “a misunderstanding of how council operates”, the council’s response said.

“All members of council have an equal voice and stake in council business; they have collective responsibility for, and collective input into, all decisions council takes,” it added.

All the resolutions can be read in full here, along with the council’s responses.

The AGM is to take place on Thursday 17 September at ACCA’s headquarters at Lincoln’s Inn Fields in central London.

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