- Being a member
- CIMA Professional Development
- Members in Practice
- Members' Handbook
- Royal Charter, Byelaws and Regulations
- Governance structure
- Code of ethics
- UK and International legislation
- Regulators
- IFAC
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- Additional members' guidance
- Part A: Members in Practice general information
- Part B: Members in Practice support information
- Part C: Practising Certificate information
- CPD policy and framework
- Professional conduct process
- AADB scheme
- AIDB regulations
- Technical resources
- FAQs
- Money laundering regulations
Governance structure
CIMA Corporate Governance (taken from CIMA’s ‘Financial Statements 2004’)
The Combined Code
CIMA is committed to the highest standards of corporate governance and supports the Combined Code, prepared by the Financial Reporting Council. This code was drawn up for listed companies and includes extensive guidance regarding institutional shareholders.
As such, CIMA is not obliged or able to follow it completely. However, Council is committed to implementing it as far as is applicable and appropriate for a professional body.
Council
CIMA is controlled by a Council of up to 54 members (the actual number was 50 at the year end, 2004). This Council is responsible for determining and reviewing strategy and policy, in line with the objects of its Royal Charter, and representing the interests of, and reporting to, the general membership.Council meets seven times in the year. Members may not be financially rewarded for their work for CIMA, except as allowed by the charter and byelaws. Council delegates activities in line with its scheme of delegations, as provided for in the byelaws, to the appropriate committees, the Chief Executive, and the Senior Management Team (SMT). Council has responsibility for setting the terms of reference of these committees and reviewing their performance.
Council members are either elected through the area or divisional network, or are co-opted, and are responsible for ensuring that the views of the general membership are considered in the decision-making process. In addition, all members are entitled to attend the AGM and are asked to complete an annual satisfaction survey, to ensure their opinions are heard.
A register of members’ interests is maintained; this details any personal or business interests, which could give rise to a conflict of interest between CIMA and other bodies.
The Chief Executive is the prime source of operational information and advice for Council and committee members. With the assistance of the Secretariat department, he is responsible for ensuring that adequate and timely information is available, to allow them to prepare for each meeting.
Reporting responsibilities of Council
The byelaws of CIMA require Council to prepare financial statements for each financial year, which give a true and fair view of the state of affairs and the surplus or deficit for that period. In preparing those financial statements, Council, in accordance with best practice, is required to:- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that CIMA will continue in business.
Proper books of account are maintained by direction of Council, as required by the byelaws of CIMA, which disclose with reasonable accuracy at any time the financial position of CIMA. Council are not aware of any relevant information that has not been disclosed to the auditor.
The accounts are prepared on a going concern basis as Council is satisfied that there is a reasonable expectation that there are adequate resources to continue in operational existence for the foreseeable future.