Remarks at a Dinner to Mark the Inaugural Year of the Chartered Institute of Management Accountants (Cima) Ireland Board
26th May 2012
I am very pleased to attend this Dinner to mark the inaugural year of the Chartered Institute of Management Accountants Ireland Board and wish to thank your Chairman, Patrick Barr, for his kind invitation.
I can indeed appreciate how this is a most auspicious occasion for your organisation, brought about by the merger of separate operations, North and South, to create Chartered Institute of Management Accountants Ireland, and indeed the venue for this great event – the newly developed Titanic Quarter here in Belfast lends added lustre and prestige to the occasion.
Tuigim an tábhacht a bhaineann leis an ócáid seo do bhur n-eagraíocht a tháinig ar an bhfód nuair a tháinig dhá oibríocht dhifriúil le chéile, ón Tuaisceart agus ón Deisceart, chun an Institiúid Chairte um Chuntasóirí Bainistíochta na hÉireann a chruthú mar aon leis an ionad don ócáid iontach seo – an ceantar nua-forbartha Titanic anseo i mBéal Feirste a chuireann go mór leis an ócáid.
There is an old Irish proverb that says “Ní neart go cur le chéile” – there’s no strength without unity. The merger of the Chartered Institute of Management Accountants’ operations in both jurisdictions provides a critical mass that would not be possible if both remained as separate entities. It is also a tangible manifestation of the inherent common sense of approaching business – and related business structures – from an all-island perspective.
A manifest sense of confidence, direction and purpose has developed in Northern Ireland over recent years. It is testament to the political progress that has been made and to the stability of the institutions which have been put in place. Tonight’s Titanic Quarter venue is a very tangible example of this transformation and there are many others. A few weeks ago I visited Derry and felt at first hand the sense of confidence and positivity that emanated from the Derry/Londonderry City of Culture project that will in 2013 focus international attention on the Maiden City.
Developments of this kind amply demonstrate the vision and energy of the people of Northern Ireland and their determination to shape a positive future for all. We all know that more work needs to be done in consolidating this shared society and that there is no room for complacency. Nevertheless, for those of us who lived through the worst days of the troubles, it is truly wonderful to witness the way peace and stability is transforming and regenerating Northern Ireland.
In the South we are also seeking renewal and regeneration – specifically of our economy, but also in a wider sense of our national spirit and of our sense of self-confidence. Our economic fall from grace is well documented and there is no need for any great elaboration tonight. But there can be no doubt that a significant contributing factor was a hubristic indulgence on the part of some who should have known and behaved better. Mirages of individual wealth clouded vision and judgment and gave us a version of Irishness that was out of character with the core decencies of our society.
The economic recovery that we are now pursuing is not about rewinding the tape to the febrile days of the Celtic Tiger but about creating an economy that, as well as being efficient and competitive, is sustainable, operates on ethical principles and allows all our citizens to fairly participate in its prosperity. There is encouraging evidence that the values of solidarity and community are being rediscovered and that a road to recovery is being guided by a more ethical perspective – one that is informed, to paraphrase Abraham Lincoln, by the better angels of our being. I know that you are all very conscious of the important ethical contribution that Chartered Institute of Management Accountants’ members can make to their company’s corporate governance function, which is essential to upholding standards of probity and integrity in the world of commerce.
Your organisation’s mission is to provide education, training and qualifications to equip your members to play a pivotal part in commercial organisations. That means developing and maintaining a syllabus which is regularly updated to keep pace with the ever changing needs of global business.
Your theme for this evening - “Rejuvenation and Reinvention” – is therefore very apt. Business can never stand still; it must continuously evolve and adapt just to maintain its place in the competitive environment in which it has to operate. New methods and ideas need to be introduced regularly to help systems be more productive, competitive and innovative. Chartered Institute of Management Accountants does not just preach the precepts of rejuvenation and reinvention but it practices them as well. For instance, the introduction, in 2011, of the Chartered Institute of Management Accountants Diploma in Islamic Finance, the first global qualification of its kind, was in response to the Irish Government’s positioning of the Irish Financial Services Centre (IFSC) as a European hub for Islamic Finance. In addition, the international portability of your qualification has also been enhanced by the joint venture between Chartered Institute of Management Accountants and the American Institute of Certified Public Accountants (AICPA).
I commend all of these steps that Chartered Institute of Management Accountants Ireland is taking to ensure that the profession remains flexible, agile and innovative. The challenges that you and other professional bodies face are, however, more than technical; they also have an intellectual and ethical dimension. The crisis in the financial system which we are all trying to navigate our way through was not just a technical failure. The problem was also an intellectual one; certain assumptions about economic models were allowed to become orthodoxy and went unchallenged – even in the face of empirical evidence that a speculation-based boom was unsustainable and would inevitably lead to bust. It was also an ethical problem; an aggressively speculative model aimed at maximising short-term profits may have been legally compliant but that was not the same as it being morally justifiable.
If we are not to repeat the mistakes of the past and if we are to ensure that the economy we are now trying to build is just and sustainable, then we need to encourage a learning culture – including in the formation of the professions – where these intellectual and ethical dimensions receive adequate attention; where the students are encouraged to think for themselves, to challenge the prevailing orthodoxies and to ask the awkward questions; where the professionals of the future do not fall victim to the group-think of the moment but maintain their capacity to critically evaluate the integrity and value of the work they do.
I have been accorded the great privilege of being elected President of Ireland. I intend my Presidency to be one of transformation in the widest sense; this complements your own theme of “Rejuvenation and Reinvention”. For my part, I want to recognise and build on the many positive initiatives under way in communities, in the economy, and in individual and collective efforts throughout the country. I will seek to be of assistance and encouragement to investment and job creation, to innovation and original thinking, recognising and open to new models of thought and action. That invitation to original thinking is not just directed to academia but also to the practical world of business and commerce, including the professions, like yours, on whose work and expertise the overall welfare of our citizens is so dependent.
Since taking up the Presidency, I have experienced a huge sense of goodwill towards the island of Ireland from around the world. The natural strengths that have built and continue to enhance our reputation include our community spirit, social solidarity, rich culture, humanitarian work abroad and our powerful bond with the global Irish family. There is also enormous respect abroad for the success and durability of the peace process.
Le linn m’Uachtaránachta go dtí seo, tá dea-thoil láidir i leith oileán na hÉireann feicthe agam ó gach cearn den domhan. Is iad na buanna nádúrtha a chuireann go mór le clú na tíre. Ina measc ainmnítear ár spiorad pobail, ár ndlúthpháirtíocht shóisialta, ár gcultúr saibhir, an obair daonnúil a deintear thar lear agus an ceangal láidir atá againn leis an gclann Éireannach ar fud an domhain. Chomh maith leis sin, tá meas láidir le feiceáil thar lear maidir le rath agus buaine an phróisis shíochána.
The Irish are a diasporic people and we are proud of what Irish people have achieved both at home and in their adopted homelands. The Irish, from both parts of the island, are an enterprising and resilient people wherever they are to be found, as I have seen at first hand in my recent visits to London, New York and Boston. This indefatigable spirit has in the past ensured our survival and it remains a vital force in regenerating a sustainable economy, securing a fairer and happier society, consolidating an island at peace, and its communities increasingly reconciled, and making it one of which we can be even more proud.
I wish to congratulate Chartered Institute of Management Accountants Ireland on the progress you have made as an organisation. I wish you well in your endeavours to assist your members and business to succeed. And I encourage you to maintain your focus on the work of rejuvenation and reinvention – not just in the interests of your own members but as part of your mission of care for the wider society on this island.
Thank you for your kind attention.