Statement from the Board 16 November 2017

1. Governance and Professional Standards

The Board approved the Charters for all five committees of the Board. There are two new committees (Member Engagement and Independent Review Implementation) and three continuing committees (Audit and Risk, Finance, and Nomination and Remuneration).

The Board also approved a new Board Conflicts of Interest policy and amendments to the By-Laws. The By-Law amendments will ensure enhanced independence in professional conduct oversight and measurement and monitoring of CPD. They will come into effect from 1 January 2018 and will be available on the website. 

2. CEO Recruitment

The Board has met with Spencer Stuart, the executive search firm undertaking the CEO recruitment process. Advertisements will appear in the Australian Financial Review and the Asian Wall Street Journal in early December. This is an open and global search and we actively encourage all suitably qualified people to apply. 

3. Engaging with Divisions

We are in the process of meeting with all Divisional Presidents and Councillors. These interactions will be ongoing and Divisions and Branches will play an important role in the strategic review process.

4. Strategy Review

The Board has agreed to undertake a review of CPA Australia’s corporate strategy. This will set the course for the organisation for the next five years and provide the foundation for our long-term success. We will be taking a systematic and methodical approach to the corporate strategy review. 

Member engagement is a critical part of the process. There will be opportunities, including face to face and online forums, with the close involvement of each Division, for you to be involved in shaping the future strategy over the next few months. 

Brand perception research will also be undertaken as an input into the corporate strategy review. 

A project timeline is being developed and we will share further detail as available.

5. Member Engagement Research

To assist and support our strategy review, we have engaged an external third party to work with us. Forethought is the external provider and they have considerable expertise in engagement research.

The member research program established with Forethought will help us quantify the levels of member engagement, satisfaction and overall member sentiment towards the organisation. 

Research results will be a critical input into the review of the corporate strategy and metrics will be developed to track performance over time.

Later this month you will receive a communication direct from Forethought with detail on how to participate in the online survey. 

We encourage your participation in this comprehensive member research program to ensure your organisation continues to meet members’ needs over time.

6. 2018 AGM

The 2018 AGM will be held in Melbourne on 22 May.

The Board will be putting motions for constitutional change forward to the 2018 AGM.

The Independent Review Panel has advised it will release its final report by December. We expect this will include recommendations for changes to CPA Australia’s constitution.

We will hold a series of member forums and provide online opportunities for members to provide comment on any proposed constitutional changes throughout February and March.

Finalised motions will be sent to members in the Notice of Meeting in April, for subsequent member determination at the May 2018 AGM.

7. Remuneration Review

At the October Board meeting the Board approved independent benchmarking work for Director and Executive remuneration. A very comprehensive program of work is underway and members will be advised of the outcomes when available.

8. Australian Open

The Board discussed CPA Australia’s current contract with the Australian Open which runs through until after the 2019 Open and we examined information on market reach and return on investment.

CPA Australia will be the Accounting and Business Partner of the Australian Open in January 2018 and members will continue to see CPA Australia branding at the event. 

Part of the sponsorship includes a total of 24 VIP tickets covering the Men’s and Women’s Finals and Men’s Semi-final. The Board has resolved that a new competition be established to give all members the opportunity to win these 24 VIP finals tickets.

Details of the VIP Finals Package competition will be sent out to members in the first week of December and the draw will be made before Christmas. 

9. Dubai Registration

Changes in requirements in the UAE have meant that to continue to service our members in the region we are required to register a branch in Dubai. Accordingly, CPA Australia will register a branch within the free trade zone of the Dubai Multi Commodities Centre Authority. This will allow us to continue to hold member engagement events in the region and procure sponsorship to support these face to face events which are conducted by our volunteer member advisory committee based in Dubai. Members will continue to be supported through the UK and Australian offices. CPA Australia does not have an office in Dubai and no CPA Australia staff are based in Dubai.

We trust the above is informative. Again, we encourage you to look out for your invitation to participate in the member engagement research. This will come to you as a direct communication from the external provider, Forethought. 

We also encourage you to participate in the forthcoming competition for Australian Open VIP finals tickets.

Sincerely,
Peter Wilson AM FCPA
For the CPA Australia Board of Directors