The employee share body was set up  in 1992 by the government, a group of FTSE 100 companies and the London Stock Exchange to promote wider share ownership.

ProShare said it would be ‘business as usual’ during the transition, which took effect on 30 April and the body will continue to operate independently. Over the longer term, the transfer has the potential to enhance membership offerings for ICSA and ProShare members, for example by offering reciprocal discounts on training and events.

Gabbi Stopp, head of employee share ownership at ProShare, said: ‘Many of ProShare’s members, especially in-house share plans practitioners, will already be familiar with ICSA as there is considerable crossover in our respective audiences and stakeholders.’

There will be synergies between the two bodies, as Simon Osborne, chief executive at ICSA, said: ‘ICSA’s position as the membership and qualifying body for the wider governance audience creates opportunities for both ICSA and ProShare.

‘There is an increasing recognition of the importance of the employee stakeholder and consequently of the role of responsible employee share ownership in good corporate governance.

‘This means that we will be able to make use of shared strengths to provide an enhanced offering for all our members.’

The London Institute of Banking & Finance will continue to focus on its core mission to promote lifelong learning in financial services, providing a range of qualifications.

Alex Fraser, CEO of the London Institute of Banking & Finance, said: ‘ProShare does a really valuable job in representing employee share plan practitioners and promoting employee share ownership.

‘However, increasingly, employee share ownership is part and parcel of the corporate governance agenda and there’s a real need to ensure employee voices are heard at board level. ProShare and ICSA are a perfect match in terms of taking this work forward.’

By Pat Sweet, Sara White