The AGM passed all nine of the resolutions brought before it. Following the votes, the annual subscription for all members from 1 January 2018 will be £365, up from £355 currently, while admission fees remain unchanged at £656 for UK and Europe-based members and £328 for those in other areas.

There are minor increases in practicing certificate fees, which go up to £171 from £167 for members in the UK and Europe, and rise to £79 from £77 for those in the rest of the world.

The ICAEW stated: ‘Over the next three years, we will be making significant changes to adapt our operating model and upgrade our infrastructure. This takes place against a backdrop of a highly competitive environment, demanding regulatory changes and the fast-moving environment in which our members operate.

‘The fees and subscriptions requested support this strategic plan and the long-term development of ICAEW in order to advance the professional standing of all members.’

The resolution regarding a new process for minor disciplinary matters, which was agreed, stated that: ‘Where the head of staff, acting on behalf of the investigation committee, finds that a designated complaint discloses a prima facie case, and this finding is accepted by the respondent or respondent firm, he shall propose to the respondent or respondent firm the fixed penalty, as prescribed from time to time and approved by the ICAEW regulatory board, in respect of the whole or part of the complaint.’

The remaining resolutions were largely concerned with minor technical changes to the ICAEW’s byelaws, and also included a decision to increase the size of the council membership. It was agreed the current requirement for a quorum of 12 should be increased to one third of the council members.

Whitehall ‘fit for purpose’

Speaking immediately after the AGM, and on the day before the general election, Nick Parker who is ICAEW’s new president for 2017/18, called on the incoming government to make sure Whitehall is fit for purpose and that it is equipped with the right skills and capabilities to tackle the growing deficit and manage the complexity of Brexit.

In a keynote speech at the president’s lunch at Chartered Accountants’ Hall Parker said: ‘Government needs to generate income in order to invest in the economy whilst paying down the national debt; however the latest public sector figures show the UK deficit rising faster than expected.

‘It is clear that government is under-resourced in terms of its financial management expertise and systems, and this needs to be addressed.’

Parker also backed ICAEW’s calls for a number of changes to the business environment in order to support SMEs in particular. These include directing public funding to help connect professional advisers to growing companies and private sector expertise; incentivising SMEs to start exporting by providing early stage export advice and introducing an export voucher; enhancing SME’s access to finance; and making sure the EU originated programmes are renewed or replaced.

Parker, whose presidency starts today, trained as an accountant with a small firm in Slough from where he moved to Touche Ross in London, specialising in tax. In the latter part of his career, he worked for Tenon both in Southampton and Edinburgh, practicing as a tax partner. He is currently a tax partner at RSM.

The new president has been a member of ICAEW Council since 1995. He has chaired a variety of committees including the members board, the committee of council and the audit committee. He was also chairman of council for three years.

Parker will lead ICAEW until June 2018, when he will hand over to new deputy president, Paul Aplin. Details of the ICAEW AGM resolutions are here.