Home' Charter : 0711 Charter July Contents 6 Charter I July 2011
CEO's note >
The Institute is offering the winning
letter writer Elite Rental Professional
for 12 months, valued at $115 from
Reckon Ltd. Congratulations this
month go to Gary Leckie CA.
Send your letter with contact details to
or Charter at GPO Box 9985, Sydney,
NSW 2001. Letter may be edited.
Letter of the Month
Whether you work in business or in
government, in a small public practice
or a Big 4 frm, Chartered Accountants are
some of the most talented professionals
around. Among the ranks we’ve got
partners, CEOs, CFOs and CIOs. We’ve
got professors (like Jayne Godfrey FCA at
ANU, see page 42) and inspirational young
members (like the ACT’s Young Australian of
the Year, David Bresnik CA, see page 46).
Bringing fresh talent into the accounting
profession is one of the biggest priorities
for us at the Institute. We’ve made great
progress but there’s more to be done
because the skills shortage is still biting.
The shortage is also gnawing away
at other professions too. It’s a massive
challenge for us all. So how can Australia
hold onto its home-grown talent while
attracting more talent from overseas?
On page 30, Tony Malkovic puts that
question to business sages Keith Suter,
Bernard Salt and Ross Gittins FCA.
The skills shortage has also sunk its teeth
into education, where there is a chronic
shortage of accounting academics. That
has a knock-on effect, as universities are the
training ground for tomorrow’s accountants.
With that in mind, the need has never
been greater for academia and the
accounting profession to work together, as
Gail Appleby explains on page 16. President
Rachel Grimes FCA echoes that sentiment
on page 12, and also provides an update on
the changes being planned for the way we
bring young talent into the profession, via the
Chartered Accountants Program.
Having looked at early accounting careers,
we also consider the latter part of them too.
On pages 34-37, Natalie Apostolou explores
succession planning and, in particular,
making sure your family knows what to do
with your business once you have passed
on. And, on pages 44-45, we look at dealing
with clients of declining mental capacity
and taking steps early to arrange power of
attorney. The importance of planning for the
future in this way cannot be underestimated.
That’s something we know all too well at
the Institute. While the future of Australia’s
talent remains uncertain, one thing you can
be sure of is that we are working tirelessly to
attract and groom the Chartered Accountants
A CAPITAL IDEA
I read the June edition of Charter, which
had a sustainability theme, with interest. I
also read Graham Meyer’s column in May,
referring to the challenges that we face
to achieve a low carbon economy and
how the Institute is supporting the federal
government’s carbon pricing announcement.
The article implied that there is still a lot of
talk, debate and dialogue to occur to enable
us to get the balance right.
We are running out of time to do this!
In addition to government regulation, taxes
and initiatives, the capital markets are the
most infuential medium to impose change.
Through an innovative ownership structure
the Climate Advocacy Fund is using the
capital markets to actually do something to
raise the profle and effect change in relation
to corporate behaviour on climate change
and carbon emissions.
Resolutions were put to the AGMs of
four high carbon polluters (Aquila, Palladin,
Woodside and Oil Search) over recent
months with some level of commitments
to change and report on these matters.
In regard to Woodside, the fund’s website
“…the auditor was formally asked a question
at the AGM about the assumptions they used
doing the audit about future carbon prices.”
Chartered Accountants will increasingly
have to report on such matters and will often
be decision makers in such companies.
Gary Leckie CA, Canberra
I agree with you Gary – time is of the
essence. The government only has seven-
and-a-half years to make good on its
commitment to reduce carbon emissions
by at least 5 per cent below 2000 levels.
Action must be taken now.
This is the message that the Institute
expressed when we gave evidence at the
Senate’s carbon pricing mechanism inquiry
recently (see page 10 of this month’s
Graham Meyer, CEO, the Institute
LANDS OF OPPORTUNITY
I’d like to congratulate you on the May 2011
issue of Charter – It was a great edition and
so relevant for me. Thank you!
As a Chartered Accountant in business
working extensively in Asia, I found the
articles extremely timely and relevant. The
keyword that comes to mind is opportunity.
I’d really encourage Australian Chartered
Accountants to look to Asia for overseas
experiences. This has provided me with:
> An opportunity to work with local teams to
develop their local businesses in economies
that are experiencing substantial growth
> An opportunity to share my knowledge
and experiences, and in turn learn from my
> An opportunity to develop both
professionally and personally and have a
deeper level of cultural awareness
> An opportunity to meet some fantastic
lifelong friends from very different
backgrounds to my own
> An opportunity to travel to some fantastic
Working in Asia has been so rewarding for
me and there is so much more yet to come
in a region of so much potential. Don’t just
watch it – be part of it!
Emma Pitfeld CA, Thornleigh, NSW
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