Introducing several new developments for the Institute
There are several pieces of news that I would like to share with you this month: the international Institute's proposed name change; the introduction of the new 'chartered governance professional' designation; ICSA's purchase of ProShare from the London Institute of Banking and Finance; and a new MoU entered into in Dubai with Hawkamah – The Institute for Corporate Governance.
First, let me address the international Institute's proposed change of name from The Institute of Chartered Secretaries and Administrators to The Chartered Governance Institute.
The UKRIAT Division has, as you are aware, been operating under the strapline of ICSA: The Governance Institute since February 2016 when the decision was taken to rebrand with a focus on the prominent role that governance plays in the profession.
Similarly, the proposed change of name and brand position, as outlined by international President David Venus in his letter to members on 1 May, takes account of the growing worldwide focus on good governance and is aimed at increasing the attractiveness of studying with the Institute and eventually becoming a member.
We share the Institute's ambition to grow membership and ensure sustainability and look forward to consulting with members in a series of 20 special briefing meetings across June and July.
Please check for your nearest meeting at icsa.org.uk/special-meetings. For further information about the proposed name change, please refer to the Institute's website.
Sticking with constitutional matters, as announced in the March issue, on 8 February, the Privy Council formally approved the amendments to the Institute's Royal Charter, which paved the way for the introduction of the new 'chartered governance professional' (CGP) designation.
I am delighted to announce that adoption of this change has now been given the formal green light by the UKRIAT Committee and the grandfathering process will be introduced at the start of the new membership year on 1 August 2018.
Fellows and Associates of five or more years' longevity as at 1 May 2018 will be grandfathered on renewal for the 2018/19 membership year. Associates reaching the five-plus year mark during the 2018/19 membership year will be grandfathered on a rolling basis.
Please note that certificates will not be reissued. As for post-nominals, these are currently still under review by the international Council. There is no need for members to take any action now – look out for more information in June.
"The overlap between our respective audiences creates opportunities for both ICSA and ProShare"
The third piece of news concerns ICSA's purchase of ProShare from the London Institute of Banking and Finance on 30 April.
Described as 'the voice of employee share ownership', ProShare is a member-led, not-for-profit organisation that works with members, government departments and agencies such as the Treasury, BEIS, HMRC, the FCA and the European Commission to protect, promote and enhance the employee share ownership landscape.
The overlap between our respective audiences and ICSA's position as the membership and qualifying body for the wider governance audience create opportunities for both ICSA and ProShare.
The fact that employee share ownership is a fundamental part of corporate governance means that we will be able to make use of natural synergies to provide an enhanced offering for all of our members. Similarly, ProShare's recognised lobbying power will improve our joint lobbying reach and strengthen our voice in the governance debate.
Many of ICSA's members are involved in the compliance aspects of share schemes and employee share ownership is a key part of the corporate governance agenda, particularly in terms of ensuring that the employee voice is heard at board level and, to a lesser extent, in terms of executive pay.
The ProShare team will move into our Farringdon offices during the course of May from their current offices in the City of London.
I would like to extend a warm welcome to them in advance and would invite all those of you joining us at this year's ICSA Annual Conference at ExCel in London on 10 and 11 July to pop by the ProShare stand to say hello. You can find more information about that on the web.
Lastly, I am delighted to report that on 30 April we entered into a memorandum of understanding with the Dubai-based governance organisation, Hawkamah – The Institute for Corporate Governance.
This provides for collaboration by our two organisations in the promotion of good governance frameworks and practices in the United Arab Emirates and the MENA (Middle East and North Africa) region. We have many members in the region and this agreement will serve to promote them as governance professionals.