The guest presenter at the meeting was Katrina Wingfield, Chairman of the ACCA Regulatory Board, who presented the Board's annual report for 2012.
The Regulatory Board was established after the AGM in May 2008 and brings together all of ACCA's arrangements for regulation and discipline in a single entity. The Board stands at arm's length from Council and the majority of its members are lay individuals.
The report of the Board for 2012 focused on the outcomes of the Board’s Regulatory Procedures Working Party, recruitment of regulatory and disciplinary panel members and lead regulator inspection reports. Council was pleased to note that the report overall underscored the Board's commitment to continuous improvement in regulation and was reassured that, going forward, the Board would continue to provide proactive oversight of ACCA's disciplinary and regulatory processes.
A number of other issues were considered in Council's formal sessions.
- Council met in discussion groups to debate the topic ‘ACCA’s growth ambition’.
- Council considered the regular report of the Chief Executive (Helen Brand). The report covered ACCA's performance as well as a review of ACCA strategic development and developments in the wider profession.
- On a recommendation from Resource Oversight Committee, Council approved the proposed budget for the organisation for 2013-2014. Following a recommendation from a group of standing committee chairmen, Council also approved achievement measure targets put in place to track ACCA's strategic performance in 2013-2014.
- A report was received on the progress of ACCA’s initiatives to deliver public value. Public value encompasses working in the public interest, but it also includes ACCA’s core purpose of providing opportunity to individuals and, through that process, providing businesses and economies with ethical financial professionals who will help the grow and prosper. It also encompasses the work ACCA carries out to develop the profession globally and its leadership in areas such as corporate social responsibility and integrated reporting.
- Council confirmed Alexandra Chin as its preferred nominee for Vice President 2013-2014. (The formal elections for ACCA's Officers will take place at the Annual Council meeting immediately following the AGM on 19 September 2013).
In a break with usual practice, Council also heard from a panel of external experts discussing future trends, for the global economy generally as well as in digital media, and the expectations of the workforce of the future. The outputs of the panel session will be used to inform a series of scenarios to support the development of ACCA’s strategy beyond 2015.
Council's next meeting will be in London on 15 June 2013.