Statutory and Professional Guidance for ACT Members

The ethical code and disciplinary rules apply to all members of the ACT, as defined in Article 2.6 of the ACT's Articles of Association, namely:

• Associate Members
• Members
• Honorary Fellows
• Fellows
• Corporate Members
• Duly appointed representatives of Corporate Members

The ethical code and disciplinary rules also apply to Students, Affiliates and International Affiliates.

Amendments to the Ethical Code and Disciplinary Rules for Members

The ACT’s Ethical Code (the ‘Code’) and Disciplinary Rules (the ‘Rules’), originally drafted by Edward Album and the late Alfred Kenyon in 1985, have provided an effective framework for the conduct of treasury activities. Procedures for dealing with those who are found to be in breach of the Code have helped ensure that treasurers act in accordance with the highest professional standards. With the exception of a few minor amendments, the Code and Rules have remained largely unchanged over the last 20 years. In 2006 we felt it was time to undertake a detailed review, particularly of the Disciplinary Rules.

The review focussed on bringing the Rules up-to-date with legal best practice, ensuring they remained fair, rigorous and transparent. We also considered, to the extent appropriate, the rules and procedures of other similar associations and professional bodies. We sought legal guidance and drafting assistance from the ACT’s lawyer.

On the whole the Ethical Code was found to provide clear direction for the conduct of members and only minor amendments were required. More significant amendments were made to the Rules. A summary of the key changes is outlined below:

Summary of changes to The Rules

• Penalties redefined
• Clarification of the notifications to be given to the member concerned at each stage of the disciplinary process with timescales where appropriate
• Clear direction on how each committee should reach its decision ie. by simple majority, and how to procede where votes are equal
• Removal of the requirement to maintain a large Panel for Disciplinary Committee. Instead, the Disciplinary Committee will be formed from members of the Advisory Board (who should always be independent from Council) and chaired by the chairman of the Advisory Board
• No member of the Committee of Investigation, Council or the Executive to sit on the Disciplinary Committee and no member of the Committee of Investigation, Disciplinary Committee, Council or the Executive to sit on the Appeals Committee
• At least one non-member to serve on both the Disciplinary Committee and the Appeals Committee)
• Introduction of an appeal fee of £500, repayable to the appellant if the appeal is allowed
• Updating of Appeals procedures in line with legal best practice
• As provided for in the Articles, the following have been included in the Rules: The Council is not obliged to accept the resignation of a member where a complaint has been received until that complaint has been resolved; former members remain liable to disciplinary action with regard to complaints that occurred during their period of membership

The Code

• Clause 7(e) states that members should refrain from disclosing or using for their own purpose or other improper purpose confidential information obtained in the course of their employment. This has now been extended to include confidential information obtained through membership of the ACT (including the ACT’s Directory of Members).

The revised Ethical Code and Disciplinary Rules have been approved by Council and are now effective.

Comparison versions (showing amendments to the existing documents) are available on request from Ria Robinson at rrobinson@treasurers.org

ARAC

ARAC’s purpose is to oversee appointments, remuneration, audit (including risk management), complaints, disclosure and speaking up.

• Terms of reference for the Appointments, Remuneration and Audit Committee (ARAC)