Dennis Howlett has suggested that the ICAEW should set up their own blog or public forum, where members of the ICAEW could post their views on issues that concern them and hold the ICAEW (in particular the executive) to account for their actions.
I think that this is a very good idea.
However, I don't think that it stands a cat in hells chance of happening.
The ICAEW, during the merger debacle, showed that they did not wish to be held to account; they most certainly did not respond to any of the emails that I sent them about the merger.
Do you really think that they will allow their actions and policies to be opened up to public debate and discussion, and openly engage with the membership?
If they won't do it Ken then I'm reasonably certain I can see another URL coming... :)
ReplyDeleteJason - Comment on ICAEW Initiative
ReplyDeleteQUOTED
The ICAEW has stepped up Initiative on “Beyond the myth of Anglo-American corporate governance”which is the first initiative in the Dialogue in corporate governance series. It aims to explore opportunities and pressures arising from the differences between US and UK corporate governance models and encourage greater understanding around good practice.
The US and the UK both have long-established liquid and international stock markets. These markets have widely dispersed share ownership and a majority of shares are owned by institutional investors. Each country has a common law legal system and has transparent disclosure regimes and each favours a unitary board structure. Market confidence and shareholder value prevail as ultimate objectives and US and UKcorporate governance practices are viewed by many as an international benchmarks.
In broad terms, the UK relies on a shareholder-led approach to corporate governance with institutional investors influencing board behaviour through a comply or explain regime supported by strong shareholder rights enshrined in company law.By contrast, the US relies on a regulator-led approach through rules relating predominantly to disclosure which are enforced by the Securities and Exchange Commission (SEC) and securities exchanges.
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In America, Business Roundtable is recognised as an authoritative voice on matters affecting American business corporations and, as such, has a keen interest in corporate governance. Business Roundtable is an association of chief executives officers of leading corporations with a combined workforce of more than 10 million employees and $4 trillion in annual revenues. The chief executives are committed to advocating public policies that foster vigorous economic growth, a dynamic global economy, and the well-trained and productive U.S. workforce essential for future competitiveness.
Following the publication of Principles of Corporate Governance (May 2002), Business Roundtable issued Executive Compensation: Principles and Commentary (November 2003), The Nominating Process and Corporate Governance Committees: Principles and Commentary (April 2004), and Guidelines for Shareholder-Director Communications (May 2005). Other publications from Business Roundtable that have addressed corporate governance include Statement on Corporate Governance (September 1997), Executive Compensation/Share Ownership (March 1992), Corporate Governance and American Competitiveness (March 1990), Statement on Corporate Responsibility (October 1981), and The Role and Composition of the Board of Directors of the Large Publicly Owned Corporation (January 1978).
Business Roundtable continues to believe, as we noted in Principles of Corporate Governance (2002), that the United States has the best corporate governance, financial reporting and securities markets systems in the world. These principles, we believe, should help guide the ongoing advancement of corporate governance practices and, thus, advance the ability of public corporations to compete, create jobs and generate economic growth. These systems work because of the adoption of best practices by public companies within a framework of laws and regulations although applicable legal requirements and securities market listing standards only established the minimum requirements.
In sum, the successful implementation of the Corporate Governance practices replies on the awareness and abide by board members and executive management rather than differences between the UK shareholder-led approach or US regulator-led approach.
Jason
ReplyDeleteThe US Business Roundtable has been in existence in the 60s well before the enactment of the Sarbanes-Oxley Act in 2002.
Jason, Member of AICPA , 08 April 2006 @ 15:13 PM [Edit] [Remove]
ReplyDeleteWhich Laurel is most prestigious?
ACCA President’s Global Award for Achievement in the Accountancy Profession
Judges : Senior Council Members of ACCA
Winner : Mr Li Jinhua, Auditor General of National Audit Office of the People’s Republic of China.
Achievements: Mr. Li Jinhua has made a tremendous contribution to raise the social position and influence of accounting and auditing in China, and has created conditions for international convergence of Chinese accounting and auditing profession. He is a renowned expert as well as a courageous and influential leader, who has already made and will continue to make profound impact on the development of Chinese accounting and auditing profession.
ICAEW Outstanding Achievement award for 2006
Judges : Selection committee is made up of ICAEW Founding Society representatives, captains of industry and other public figures
Winner : Peter Wyman (a former President of the ICAEW)
Achievements: The award was given in acknowledgement of his unstinting representation of the profession as well as his leadership in the debate on audit and accounting reforms in the post-Enron era.
It is based on the premise which is quite broad and unspecific, isn’t it?
American Accounting Association (AAA) Lifetime Contribution Award (Management Accounting Section)
Judges : Council Members of AAA (Candidate sponsored by AICPA)
Winner : Robert S. Kaplan, PHD (Educator/Researcher for Management Insights)
Achievements : The award seeks to recognises individuals who have made a significant mark on mangement accounting education, research and practice. Kaplan, the Baker Foundation Professor at Harvard Business School, was honored for his work on linking cost and performance management systems to strategy implementation and operational excellence.
Professor Kaplan is also the past recipient of the AAA Oustanding Educator Award and the CIMA Award from the Chartered Institute of Management Accountants in UK.
Let the readers to judge which is the most prestigious award.
Jason, Member AICPA , 10 April 2006 @ 07:46 AM [Edit] [Remove]
ReplyDeleteP L
I agree that there are many great people who made relentless contributions in the advancement of knowledge and practice in accountancy but if the award is being given to past employees, chief executive or president, then it losses the original spirit of the award. The successful candidates need not be a member of the institute or even a qualified accountant at all and I know magnificent works in accounting research mostly have been undertaken by academics.
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P L , 10 April 2006 @ 03:37 AM
Most prestigious """award"""
Jason, Member of AICPA , instead of "Which Laurel is most prestigious?", I suggest WHO should get the "most prestigious" award.
My choice - Michael E Porter. Kaplan and Norton are also great, very great. So is Fred David or John Thomson or Kenichi Ohmae. The long list goes for these great people. A great person to look out today? Randal of apprentice 4.....holder of 5 academic awards.
What's yours?
WHY I suggest this way - if you have not heard of or known "Hibiscus Award", then you may not have applied to be a candidate, right? Then, out of the blue, say, "Softie Inc", a below average company applied and got the award, whilst Malcolm Baldridge winner may not have. So, who should be the "winner" or the "best"?
Thus, a factor to the case is AWARENESS.
Yeah! Hope this thread don't get closed down, but it is only fair we start off a proper thread - "Most prestigious award"....Business Section?
I thank you for your well read knowledgeable postings here, Jason AICPA.
Adios Amigo.