Report highlights importance of wider value creation
The "Purpose and Profit" Value of Value: Board-Level Insights report, launched in May, revealed that almost nine out of ten (89%) business leaders agree on the need to focus on wider value creation. Further, 96% of those surveyed say it is important to explain effectively how their organisation creates value for key stakeholders in the long term, and 72% believe in aligning profitability objectives to social and environmental factors.
Andrew Harding, FCMA, CGMA, chief executive—Management Accounting at the Association of International Certified Professional Accountants, said the research shows "the continued recognition amongst business leaders of the importance of value considerations wider than pure stakeholder value". He added, "Such integrated thinking is necessary to be able to deliver value beyond profit, which is so necessary in today's business environment."
According to the report, business leaders regard three main factors as important to business success: meeting the expectations and needs of customers; inspiring and engaging employees; and profitability and financial return for investors.
The report, at cgma.org, is based on a survey of almost 100 business leaders with the majority (78%) from organisations' finance functions. It is co-produced by the Association, stakeholder communications agency Black Sun, and the International Integrated Reporting Council, and follows the 2018 publication of "Purpose Beyond Profit" Value of Value: Board-Level Insights. This earlier report looked at the trends and challenges in measuring, disclosing, and understanding the value that companies create.
Apply to become a practising certificate assessor
CIMA's Professional Standards team is looking to engage current members in practice with a minimum of five years' experience to become practising certificate assessors.
As an assessor you would utilise your knowledge of being in practice to assess new applications submitted to CIMA, as well as to give constructive feedback to the applicants.
The assessor's role is a voluntary one with, on average, a commitment of two to three hours per month for assessing applications.
CIMA provides training and ongoing support for assessors. If you are interested in becoming an assessor, please reply to firstname.lastname@example.org with your CV and a description of what you can bring to the role. The assessors' panel chair and vice-chair will then review your application.
If you have any questions or queries, please contact the Professional Standards team at email@example.com.
Remembering the CIMA Benevolent Fund
The CIMA Benevolent Fund is grateful for a very generous £25,000 legacy recently received from the estate of a former member. This will help the Benevolent Fund to continue its work of supporting CIMA members through difficult times.
The Benevolent Fund relies on the generous contributions of CIMA members. Please consider joining your fellow professionals in supporting the fund by remembering it in your will.
There are also other ways you can support the Benevolent Fund. Find out more at cimaglobal.com/donate.
On the other hand, if you yourself are experiencing financial difficulties, please contact the Benevolent Fund's manager at firstname.lastname@example.org.
The CIMA Benevolent Fund is registered charity no. 261114.
Parliament hosts reception for Association board
Members of the Association board and guests attended a reception hosted by the UK Parliament in London at the end of April.
The event was hosted by Ruth Smeeth MP, who spoke about the history of the UK Parliament and how it operates. Minister for the environment Thérèse Coffey, Ph.D., who was CIMA-qualified but resigned her membership when she became an MP, spoke about accountants' role in business and in supporting the wider economy. She talked positively about the Association's work and how she used her CIMA training in previous roles. Finally, she made a plea to the profession to work to preserve the environment for future generations.
The then Association board chair, Eric Hansen, CPA, CGMA, introduced the Association, spoke about CIMA's centenary celebration, and acknowledged how accountants and auditors generate and sustain economic growth.