Creating one institute out of the two organisations will deliver around $15.8 million in annual cost savings, with benefits being passed on to members via increased investment in education, services, policy, advocacy, thought leadership and fee reductions for most members of the ICAA and NZICA.
After discussion with members earlier in the year, both the NZICA and ICAA boards agreed to open a vote to all members from October 1 to October 25. This decision was based on around 10,000 pieces of member feedback received by the ICAA, which generally supported the merger.
ICAA president Tim Gullifer said the two bodies share much in common and the establishment of One New Institute would create one prominent trans-Tasman voice.
“The proposed new institute would aspire to be the leader in business education in Australia and New Zealand and we would have the scale and financial capacity to develop that for our members,” said Mr Gullifer.
Mr Gullifer also said the merger will help ICAA become “more member-centric” and enable it to better reflect the needs of member businesses.
NZICA board chairman Graham Crombie said the proposal would further strengthen the reputation of the chartered accountant brand and provide New Zealand and Australian members with a more prominent presence on the global stage.
“We want our members to be recognised as the leaders in business and finance and now it’s time for them to make the final decision with a historic vote, to form one body with the capacity to deliver more to members, the businesses they serve and our economies as a whole,” said Mr Crombie.
The results of the vote will be announced in November.