The changes are designed to streamline decision making, increase accountability and support greater diversity throughout the governance structure.

The structure of the board will be overhauled with six ICAEW members, the president, chief executive, chief operating officer and chief financial officer, bringing the permanent members to 10. In a change from current practice, the deputy president and vice president will only attend as observers.

An external chair will head up the board for the first time while the number of non-executive directors will increase from two to three ‘to bring in more outside perspectives and further boost transparency’.

As part of the overhaul, an independent chair will be appointed to the board for the first time for a three-year term, rather than this position being held by the president of the ICAEW for a single year while they are in post.