Chartered accountancy organisation ICAEW has become the first professional body to become a signatory, as well as a supporter, of a new City charter which aims to drive up representation of Black professionals at senior levels in the finance and professional services sectors, it announced today (THURSDAY 17 December 2020).

As a signatory to the Charter for Black Talent in Finance and the Professions, ICAEW has six months to create a five-year plan and targets to improve equality of opportunity for Black professionals working for the Institute. ICAEW will also look beyond its employees to assess what more can be done to encourage Black representation on its committees and advisory groups.

In addition, as a Major Supporter of the Charter, ICAEW will be an active advocate of the Charter and of its objective to promote equality of opportunity for Black talent, not only within the profession, but also in business and professional life more generally.

The Black Talent Charter, which launched in October, brings a rigorous approach to improving Black representation and career progression within firms. It aims to boost recruitment, career progression, retention and promotion of Black talent in the finance and professional services sectors. For example, despite the 2011 census finding that 18.5% of people in London identified as Black or Mixed, this is not reflected at senior executive level in financial institutions and with the professions.

Signatories to the Charter pledge to establish measurable data to assess progress; ambitious targets to which they can aspire; clear action plans to work towards targets; accountability for delivery at a senior level; and transparency through public reporting.

Committing to the Charter, with its emphasis on data collection, clear action plans, measurable targets and top-management accountability, will also ensure the longevity and durability of any advances made. In this way, the initiative will continue to have real and lasting impact long after the intensity of the public anger, which erupted after the death of George Floyd, has died down.

Accountancy firms KPMG and PwC were among the founding signatories, while London First also recently backed the initiative.

Michael Izza, ICAEW Chief Executive, said:

“We are proud to be the first professional body to become full signatories to the Black Talent Charter and to strengthen our commitment to improving equality of opportunity for our Black colleagues and members.

“We are already taking action in this area, but we realise there is much more to do to meet the Charter’s aims and ambitions.

“ICAEW is committed to the creation of a world in which all talent can thrive equally in business and at every level across professional services, and we look forward to working with colleagues across the City and beyond to achieve this.”

ICAEW has already started on work to improve Black representation among its employees, and has hosted a series of roundtables and discussions with leaders at accountancy firms. This identified problems including the need to acknowledge Black issues, the need for more data, barriers to authenticity in the workplace, and the low number of Black role models.

It will also take a number of other steps, including the establishment of a community for Black Chartered Accountants; identifying senior Black ICAEW members to act as role models; enhancing data collection among the membership; and identifying members to support outreach to schools.

The Charter for Black Talent in Finance and the Professions was created, developed and launched by Harry Matovu QC and Michael Eboda, the founder and CEO of Powerful Media.

Harry Matovu said:

“The decision by ICAEW to become a full signatory to the Charter for Black Talent, as well as a Major Supporter of its aims, is fantastic news. This is true leadership by example. We hope that accountancy firms of all sizes will quickly follow the lead given by ICAEW and two of our Founding Signatories, KPMG and PWC.

“Other professional bodies are considering how they might also be able to become signatories to the Charter, given their non-corporate, non-partnership constitutions, and in the meantime they have signalled their public commitment by becoming valued Supporters of the Charter. Unlike them, ICAEW is in a position to become a signatory now, and it is inspiring that it has taken the first opportunity to do so.

“We are very proud to welcome ICAEW as a signatory and Major Supporter of the Charter. There is a clear determination across finance and professional sectors to improve equality of opportunity for talented Black professionals, and a growing recognition that the Charter is a meaningful way to achieve this. This is a huge endorsement.”