CIMA and AICPA response to Commonsense Corporate Governance Principles

On Thursday July 21 some of the most prominent businesses, asset managers and investors based in the USA unveiled new "Commonsense Corporate Governance Principles”, announcing them in an open letter in the Financial Times.

Their arguments (which can be read here), powerfully reinforce CIMA and the AICPA’s long-standing thought and practice leadership on purpose, value and governance; the business model; behaviour, values, and culture – and the timing is hugely supportive in relation to the leading role CIMA has played as part of the FRC’s Culture Coalition.

CIMA and the AICPA responded to the Financial Times with a letter, which can be read below.

Dear Sir,

Open letter in your newspaper, Thursday July 21

As CEOs of the AICPA and CIMA we welcome the commitment to good corporate governance demonstrated by Warren Buffett and other business leaders and leading investors, not only in America but across the world.

Our members have made history by voting overwhelmingly to form the world's most influential accounting association bringing together the best in public and management accounting. They have done so recognising that we will better support the profession and serve society by coming together to build the full capability to provide the information which best enables decisions to be taken to create and preserve value over the short, medium and long-term.

Building better businesses trusted by society drives our ambition for the future. This can only be achieved if the critical role of businesses in creating wealth and generating value is understood and supported. We recognise that those in business must earn that trust - and look toward to the new association playing a vital role in bringing this about.

Yours faithfully,

Barry C. Melancon, CPA, CGMA – AICPA
President and Chief Executive Officer, American Institute of CPAs

Charles Tilley OBE, FCMA, CGMA
Chief Executive, CIMA