Stakeholder engagement and materiality
8
8 Stakeholder
engagement
and materiality
We actively manage a range of key stakeholder relationships, recognising that our success and sustainability depends on their input and involvement. As part of our strategy to 2025, we have articulated value propositions for all our stakeholders in order to maintain a strong focus on meeting their different needs.
Our stakeholders
How we create value for them
How we engage with them
Members
How we create value for them
We support members’ career success by using our global voice to build the forward-thinking and ethical reputation of ACCA. Our cutting-edge insights and continuous learning keep them ahead, and our global community opens doors to new opportunities, including connections with fellow professionals, employers and forward-thinkers.
How we engage with them
We have a network of member panels across the world, which bring members together and allow them to feed into our strategy and governance, both independently and via ACCA’s International Assembly. Our Council, which is our main governance body, is composed entirely of elected ACCA members.
We engage and inform members through regular communications, including our monthly relationship surveys, monthly Accounting and Business magazine, email campaigns, social media and quarterly seminars delivered by Council members, and connect members to opportunities through our global ACCA Careers online jobs portal.
Future members (ACCA students and affiliates*)
How we create value for them
We open doors to an exciting range of career opportunities through in-demand qualifications that give our future members a competitive edge. We help them succeed by connecting them to each other and to our wider global community that includes influential and supportive employers, educators, mentors, members and forward-thinkers.
How we engage with them
In addition to what is delivered through our learning providers, we have built up a wide range of student and affiliate qualification support and services, such as our ACCA learning community, free webinars and digital support. We connect students and affiliates to opportunities through our global ACCA Careers online jobs portal. We also engage in-market with students and affiliates to offer targeted, face-to-face support.
Our investment in closer working relationships and support for learning providers, working in partnership with them to support local market needs, also directly benefits students. This has helped us develop significant additional offerings around digital support and study resources.
Employers
How we create value for them
We partner with organisations, helping them access and grow the finance talent they need to succeed through our trusted, forward-looking qualifications and continuous learning. Our cutting-edge business and technical insights keep them ahead, and our global community opens doors to new opportunities, including connections with ACCA professionals, new talent, potential partners and forward-thinkers.
How we engage with them
We have dedicated employees around the world who manage our relationships with employers in-market and ensure that there is two-way dialogue between ACCA and the employers we serve. We also survey key employers globally every year on their satisfaction with, and perceptions of, ACCA, and act on these findings.
Educators
How we create value for them
We enhance business opportunities for educators through our in-demand qualifications. We help them succeed, encouraging and recognising quality, and co-create innovative solutions with them for today and tomorrow. We open doors to new opportunities through our community, including connections with employers, future members, forward-thinkers and other educators.
How we engage with them
Senior employees around the world manage our relationships with learning providers and ensure that there is two-way dialogue. We also hold regular global and regional conferences for ACCA education providers, and survey them at least annually on their perceptions of ACCA’s brand and the service and support we provide for them.
Following our programme of ACCA Qualification change, we have worked more closely than ever with our learning providers, through an active programme of support – including global training for ACCA tutors across the world – and closer collaboration on business initiatives. We also have a dedicated support section for learning providers on our website.
Governments and regulators
How we create value for them
We openly share our expertise, bringing a global perspective to national challenges to assist governments and regulators in developing policies that build strong, thriving societies. Our relevant qualifications develop future-ready people with the capabilities vital to economic growth. We help them prepare for the future by connecting them to our technical and policy insights, and community of policy makers, business leaders and forward-thinkers.
How we engage with them
These relationships have dedicated relationship management within ACCA at a national, regional or global level.
Employees
How we create value for them
We offer the opportunity to be part of a dynamic organisation that makes a difference to societies around the world. We nurture forward-thinkers who live our values and embrace the diverse perspectives of our global community, working together to create exciting solutions. We invest in our people, helping them grow, and reward them for their role in delivering our vision.
How we engage with them
We run an extensive programme of internal engagement and support, including skills and culture training, wellbeing support and other development. We have developed a range of services and support for our global employee community, including a social intranet, digital collaboration tools and more formal forms of sharing, an annual global virtual conference, town halls twice a year with the chief executive and executive directors, and a monthly briefing from the chief executive.
Employee engagement and satisfaction is measured through twice-yearly global surveys, as well as shorter snapshot surveys of sentiment.
International organisations
How we create value for them
We’re driven by our vision to build the accountancy profession the world needs. We recognise how financial skills and capabilities create trust, boost economic development and improve living standards. We bring a global perspective, extensive expertise in developing qualifications, and experience of shaping and implementing international standards. We work with nations and international organisations to create sustainable, long-term solutions that develop the profession.
How we engage with them
We have a dedicated team within our Markets directorate devoted to ACCA’s contribution to the development of the global accountancy and finance profession, through capacity building, best-practice sharing and building partnerships with national, regional and global bodies.
The public
How we create value for them
ACCA-trained people support individuals, businesses and organisations in making good decisions and doing the right thing. We build public trust by creating an inclusive profession with people from all backgrounds, bound by a code of ethics and committed to updating their skills to meet ever-changing needs.
How we engage with them
We carry out outreach through media and ACCA’s public communication channels, including our website and our social media accounts.
Suppliers
How we create value for them
We rely on a number of key suppliers and providers to deliver services and support, particularly IT services and our international examining network.
How we engage with them
All key suppliers have dedicated relationship management at a team, directorate, market office or global level, depending on the scope and nature of the supplier arrangement.
*Affiliates are students who have completed all ACCA’s examinations, but have yet to apply for membership, most commonly because they are still working towards the practical experience requirement.
Since adopting integrated reporting in 2011, we’ve consulted annually with stakeholders across a range of markets on the content and presentation of our integrated report. This has been an iterative process that has enabled us to build a picture of how our reporting can best address readers’ needs while also meeting the requirements of the International <IR> Framework.
Our material issues
Our material issues have been arrived at through detailed analysis of the profession and input from our stakeholders, and are reviewed annually for relevance against our strategy and the external environment.
2021 Relevant matters (not ranked)
Description
A customer-centric organisation
We will put customer needs at the centre of our decision-making and be able to respond quickly to stakeholders’ changing needs.
ACCA’s global presence
Our footprint, number of countries we operate in, network of national offices, access to international networks, and strength of our communities.
Acting for public good
Promoting responsible and ethical conduct in the accountancy profession. Supporting economic growth by building capacity where it is most needed in the profession worldwide.
Agile, innovative and motivated workforce
Recruiting and developing people and teams that are adaptable, ready and eager to embrace new thinking and technology, and deliver solutions at speed.
Attractiveness, relevance and integrity of the ACCA Qualification
Ensuring that the ACCA Qualification remains fit for purpose; applying uniform global standards in qualification requirements; continuous improvement and innovation; products are of relevance to future members, members and employers, thereby increasing employability prospects. An accessible and flexible qualification that provides a broad range of skills and the ethical compass demanded by employers in every sector around the world. Innovative, market-leading assessment and learning support, enhancing the flexibility and relevance of our qualification through technological solutions, which maintain or improve the rigour and security of assessments and provide the student with an online experience.
Best-in-class digital capabilities and infrastructure
Keeping pace with digital developments across our operations; proactive, responsive and efficient delivery through our digital capabilities. Single source of truth for data that drives effective decision-making; speedy, flexible, flawless and reliable service; technology-enabled infrastructure. Awareness and combating of cyber threats, including digital privacy and data protection.
Brand recognition
Being recognised as #1 in developing the accountancy profession the world needs. Shaping the future of the accountancy profession and enabling individuals and organisations to unlock their potential. Brand value, media recognition and share of media voice in different markets. Reshaping what it means to be an accountant as the guidance role grows – it is about insight, professionalism and ethics.
Diversity and inclusion
Championing diversity and providing opportunity and open access to all people of ability globally; no artificial barriers to entry; access to high quality learning for all, providing options for individuals to gain relevant skills that reflect the changing nature of the accountancy profession to the level they require.
Effective internal governance and compliance
High standards of corporate governance and accountability; effective compliance with policies and legislation; effective internal audit and corporate assurance, including anti-corruption; speed of response to changing environments and legislation.
Environmental impact of ACCA’s operations
Promoting environmental sustainability in our operations and in our supply chain.
Financial sustainability
Ability to invest in ACCA’s future and keep pace with stakeholders’ changing demands and expectations. ACCA’s financial performance and reporting of it; balance-sheet strength (including pension deficit).
Learning provision: reach, resilience and quality
The reach, resilience and quality of ACCA’s learning provision; its affordability to students; learning providers’ commitment to enabling ACCA to operate effectively, including innovating and embracing new technologies that enhance students’ learning experience and meet the demands of the workplace.
Member and future member retention and growth
Recruitment of students who are informed, motivated, supported and equipped to progress through our qualifications and to obtain and retain membership if that is their end goal. Using data and insights to determine areas for potential growth and being cognisant of market-specific circumstances.
Member professional and career support
Providing members with ready access to knowledge to ensure that they remain relevant when the skills required of professional accountants are constantly evolving; networking opportunities; CPD; career portal; online forums; helping to market members to employers and enhance the employability of members.
Stakeholder engagement and responsiveness
Engagement level and relationships with members, students, employers, learning providers, standard setters, etc, and responding to developments in their worlds (e.g. value for money, changing nature of their careers).
Statutory recognition and licence to operate
Statutory recognition and licence to operate; ensuring that the ACCA Qualification is recognised and accepted across all markets and all sectors; overcoming or minimising restrictive or protectionist challenges that may prevent growth or entry in new markets.
Strength of relationships with partners
Our education provider partners will be committed to ACCA and our employer partners will champion our value because we work together to deliver successful, employable students and members. We will work with national bodies and other partners to build the profession.
Thought leadership and public influence
Leading the policy and technical agenda through expert research and professional insights; contributions to public policy and regulation; participation in key international, regional and national forums.
Materiality analysis
In previous years, we’ve invited members of our network panels around the world to rank the 18 material issues we’ve identified. This year, we widened our consultation by surveying a sample of all members and future members globally on the importance of these issues. We also additionally surveyed representatives drawn from our strategic learning partners, employers and national body and government partners to provide a wider view from our ACCA community.
ACCA’s employees on our Leadership Group also took part in the consultation to provide the internal view of these material issues.
Because of the changed external survey sampling methodology, we have not provided comparative results for previous years.
Overall 2021 ranking (internal and external)
Material issue
1
Attractiveness, relevance and integrity of the ACCA Qualification
2
Member professional and career support
3
Brand recognition
4
Statutory recognition and licence to operate
5
ACCA’s global presence
6
Learning provision: reach, resilience and quality
7
Member and student retention and growth
8
Acting for public good
9
Effective internal governance and compliance
10
Financial sustainability
11
Thought leadership and public influence
12
Diversity and inclusion within ACCA employees and within the profession
13
Best-in-class digital capabilities and infrastructure
14
Strength of relationships with partners
15
Agile, innovative and motivated workforce
16
Stakeholder engagement and responsiveness
17
A customer-centric organisation
18
Environmental sustainability of ACCA’s operations
The materiality matrix
Issues closest to the centre of the diagram are highest rated for each group of respondents
Looking overall, there is a strong focus on the factors that drive employability and progression for our members and future members in the global marketplace. The more generic functions of ACCA as a professional body, such as acting for the public good and thought leadership and public influence, are less highly rated than in prior years, arguably because the nature of the external environment is driving a strong focus on individual concerns and careers. Data from ACCA’s recent survey on Gen Z also showed that personal concerns ranked significantly higher for those survey respondents than issues impacting wider society, such as climate change, and inclusivity and equality. In both cases, it is possible that these wider societal issues have been temporarily moved down the priority list, given the very real personal challenges presented by the pandemic.
Similarly, internal rankings showed the influence of the pressures ACCA has been experiencing corporately as a result of the pandemic. For ACCA’s Leadership group, there is a much stronger focus on matters related to organisational sustainability, such as member growth and retention and financial sustainability. Also, as in previous years, factors linked to ACCA’s wider organisational purpose, such as acting in the public good and thought leadership and public influence, are rated more highly by internal respondents.
Comparing internal and external results, we’ve seen a greater disparity than in recent years. For ACCA’s Leadership group, the pressure on ACCA’s business model and financial sustainability is leading to an internal focus on the fundamentals related to this, such as member and future member retention, growth, customer-centricity and other engines of financial sustainability. Linked to this, internally there is a greater emphasis on the concrete organisational outcomes that positive sentiment and experience among stakeholders generate. For example, members and future members rank ‘member professional and career development’ very highly, while the internal ranking prioritises the member retention and financial sustainability that result from the value members’ perceive. Again, this may be indicative of the particular direct pressures senior ACCA employees are experiencing in their roles, compared to those ACCA employees are feeling in their working lives.
Looking forward, ACCA’s areas of critical strategic focus in 2021-22 are strongly aligned to members’ and future members’ top priorities, focusing on member support and student progression, together with continuing to build a sustainable organisation.