Speech to the Association of Chartered Certified Accountants’ (ACCA) Dinner
Trinity College Dublin, 27th February 2015
Tá áthas orm a bheith anseo anocht do Dhinnéar Uachtarán Chomhlachas na gCuntasóirí Deimhnithe Cairte na hÉireann. Is mian liom mo bhuíochas a chur in iúl daoibh as ucht na fíorchaoin fáilte a d’fhear sibh romham.
[I am delighted to be here this evening for the ACCA Ireland’s President’s Dinner. I would like to thank you all for the generous welcome you have extended to me.]
In the early days of my inauguration as President of Ireland, I said that my Presidency would seek to develop an ethical discourse that places human flourishing at the heart of public action. It was with a view to stimulating discussion across all levels of society on the challenge of living together ethically that I launched the President’s Ethics Initiative in November 2013. Throughout the various events which have been undertaken as part of that initiative it has become clear that Irish citizens throughout the country are anxious to gain a clear understanding of where we are headed as a society and a nation. Representatives of the accounting groups have taken part in some of those events.
Amongst the questions we must answer are ‘what constitutes a good life?’ ‘What is necessary for human flourishing?’ ‘What capabilities do we value as a society?’ and, of course, ‘what conceptions of human nature and the good society must underpin our economic discourse?’
The economic challenges of recent years, whilst undoubtedly painful and very difficult, provided us with the opportunity to address the root causes which lead to many of those difficult questions, and to strive to embark upon a new journey of what we hope will be prosperity for all our people, but a prosperity which is resilient, stable, sustainable and ethical. It is a journey in which all citizens must play their part in order that we can seek, together, a new set of principles by which we might live ethically as a society. It would surely be an exercise in bad faith if our response was one of the old road resumed, nothing changed, little learned.
Over the past three years, I have spent a considerable amount of time abroad, advancing the promotion of Ireland at all levels. That work has involved promoting Irish trade and Irish business, as well as furthering Ireland’s broader diplomatic interests in the United Kingdom, in the United States, in Latin America, Africa and in China. In every region, the question of how to achieve stable and ethical growth and prosperity and how an Irish contribution would enhance our reputation, deepen and enrich our relationships has been obvious.
Accountancy, regulation and oversight are all essential components of a flourishing and stable economy. Accountants, like all those who operate in an increasingly competitive business environment, face many new and interesting ethical dilemmas as they go about their day to day business. Many of these dilemmas are complex, challenging and cannot be easily resolved. Accountancy is a profession where practitioners are often called upon to ensure an equal balance with responsibility for the interests of those it serves, and the fundamental values which must underpin any truly just and equal society.
If we are to act ethically we must be willing to look in a fundamental way at what we do, searching beyond the legal tools and allowing ourselves to be guided by an ethical compass as we manage the myriad questions and challenges of contemporary life. Values, both personal and professional, and integrity and honour must be the foundations on which we build our professional lives, and we have paid a heavy price for those who saw such principles, in their individual or contemporary form, as obstacles in the pursuit of competitive advantage.
The recent financial crisis has forced us, as a society, to focus on what we have lost in terms of trust and the importance of recovering and restoring professional ethics. Unfortunately, in fields of expertise, so many who did practice ethically found themselves being judged by the delinquents and the irresponsible in their areas of work. Members of the accounting profession were not immune to all of this squandered trust and must also, at times, have felt wounded and frustrated by the negative stereotyping which ensued and a sometimes unfair lack of trust in what they did as accountable practice.
As accountants you are called upon to comply with corporate governance regulations, legislation and professional assessments. As members of a society that strives to be just and honourable, you are also called upon to apply strong ethical values to the decisions that you take, and to the advice that you give, and I know that there are obligations to which, as an association of professionals, you have a commitment.
The ACCA has a strong public interest remit and has put much dedication and effort into promoting appropriate regulation of accounting. The Association’s commitment to the ongoing positive reputation and influence of accountancy is evident in the research work it undertakes to ensure that your profession continues to be aware of its role and obligations in an evolving and changing global environment, including consideration of how accountants and finance professionals can assist in the obviously necessary move to a sustainable economy.
Agus ár ngeilleagar ag téarnamh go réidh, caithfimid macnamh go doimhin ar chruth agus ar nádúr na samhail gheilleagrach a bhfuil Éire chun gabháil chuicí sa todhchaí; samhail a bhfuil oiriúnach don fheidhm i mbealach atá iomlánaíoch – ní hamháin ó thaobh éifeachtúlachta agus iomaíochais de ach i dtaca le eitic phearsanta agus freagracht shóisialta chomh maith.
[As our economy moves slowly towards recovery, we need to think deeply about the nature and shape of the future economic model that Ireland wishes to embrace; one that is genuinely fit for purpose in a holistic way – not just in terms of efficiency and competitiveness but also with regard to personal ethics and social responsibility.]
We are, hopefully, leaving behind a crisis that caused considerable reputational damage to our country. It is critical however, as I have already said, that we do not return to ‘business as usual’ but continue to debate how we can best contribute to building more just and sustainable versions of Ireland’s future, and help establish an ethical dimension and discourse as key parts of our regulatory frameworks and our contribution to a wider European and global debate, with the specific and relatively new challenges such as are posed by a financialised form of economic globalisation.
The ACCA has, for over a hundred years, been providing professional leadership in the field of accountancy in countries across the world, maintaining a strong focus on the key values of integrity, accountability and honesty. These are traditional values upon which your profession, I am sure, will continue to build as you encourage, and at times advocate for the restoration of, public confidence in your field of work.
ACCA’s record of leadership in the field of social responsibility at global level is an impressive one. The Association generously seeks opportunites to share its expertise in order to help eliminate extreme poverty and promote shared prosperity. The ACCA’s membership of the IFC African Corporate Governance Network is an inspiring example of how the stated values of this Association are translated from impressive words on a page into real and positive action.
Accountancy is a profession with a long and distinguished history; but also, of course, one which I know is in a constant evolution towards meeting new challenges in an ever changing society. Maintaining high ethical standards in accounting and business has grown increasingly complex. As leaders of the accounting profession the ACCA has undertaken a responsibility to embed, in its practitioners, the core values which must lie at the heart of any ethical business; ensuring that such values remain an intrinsic element of their members’ work, never becoming viewed as optional extras, secondary to profit and acquisition. A responsibility which I know you seek to discharge with commitment and dedication.
May I conclude by commending you on your valuable work; work which will continue to be critical to the fabric of a real republic.
Thank you very much.
Go raibh míle maith agaibh go léir.