The CIMA 2016 Annual General Meeting to be held at the ETC Venue, 155 Bishopsgate, London EC2M 3YD on Saturday 18 June 2016 at 11.

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1 Notice of the Annual General Meeting 2016 The CIMA 2016 Annual General Meeting to be held at the ETC Venue, 155 Bishopsgate, London EC2M 3YD on Saturday 18 June 2016 at am G1492_P6

2 Notice is hereby given that the 97 th Annual General Meeting of the Members of The Chartered Institute of Management Accountants will be held on Saturday 18 June 2016 at am at ETC Venue, 155 Bishopsgate, London EC2M 3YD. The meeting will open with the Presidential Address from Myriam Madden FCMA CGMA, after which the business under items 1 to 3 will be put to the meeting and the President will take questions relating to each item in turn. At the conclusion of the formal business there will be an opportunity for questions from the Members concerning Institute business under item 4. This will then be followed by the election of the Vice President, Deputy President and President for Annual Report of the Council and Financial Statements of the Institute for 2015 calendar year 1. To receive and consider the report of the Council and the Financial Statements for the year ended 31 December See Note 1 of this Notice. Appointment of Auditors 2. To resolve to re-appoint PricewaterhouseCoopers LLP, Chartered Accountants, as auditors of the Institute, to hold office until the conclusion of the next general meeting at which the accounts are laid before the Members, and to authorise the Council to determine their remuneration. See Note 2 of this Notice. Members Fees and Subscriptions for To resolve that with effect from 1 January 2017 the application fees for Fellows shall be 233 and for Associates shall be 149 and the annual subscription for Fellows shall be 283 and for Associates shall be 269. See Note 3 of this Notice. General Questions 4. Questions from Members relating to Institute business. Election of the Vice President, Deputy President and President 5. On the nomination of the Council and in accordance with Byelaw 14 to elect: (a) (b) (c) Steve Swientozielskyj FCMA CGMA as Vice President David Stanford FCMA CGMA as Deputy President Andrew Miskin FCMA CGMA as President See Note 4 of this Notice. By order of the Council C B Tilley OBE, FCMA CGMA Chief Executive and Secretary of the Institute Dated this 5 th day of May 2016 The Helicon, One South Place, London, EC2M 2RB 1

3 Explanatory notes to the Notice of Annual General Meeting 2016 Proxy voting Members who cannot attend general meetings may appoint a proxy to vote on their behalf in respect of each proposed resolution online or by post. Resolutions in general meeting are normally voted on by a show of hands of those present, and proxy votes are only taken into account if a poll is called. However, proxy returns are counted and the indicated preferences on each resolution are displayed at the AGM, and published in the minutes of the meeting. A poll can be called either as a consequence of an uncertain outcome in a vote on a show of hands, or where it is clear to the chairman of the meeting that the outcome of the vote on a show of hands is not in line with the majority view indicated by the proxy returns. A form of proxy is enclosed with this Notice. Please read the form carefully. Please note that if you have granted some other person the power of attorney over your affairs, the form may be signed on your behalf by your attorney. In this case, the form of proxy must be accompanied by a signed copy of the power of attorney under which the form was signed. Electronic communications CIMA is working to encourage its Members to receive and access communications electronically; this will increase the speed with which you receive information and will also help us to reduce our impact on the environment. As you will recall from last year the preferred method of communicating with the Institute from this year onwards will be online, however if you would like to receive a hard copy of the notice of the meeting and proxy form please send a request by to corporate.affairs@cimaglobal.com, by post to the Director of Governance & Corporate Affairs CIMA, The Helicon, One South Place, London, EC2M 2RB or by calling CIMA Contact on +44 (0) Note 1: Ordinary Resolution Report of Council Regulation III 1(a) requires that the Members at the Annual General Meeting will receive a report of Council on the business of the Institute. The report is contained on page 7 of the Annual Report and from page 6 of the Financial Statements. Copies of the Annual Report and Financial Statements can be found at the following location on the CIMA website: If you require a hard copy of these corporate publications please send your request by to corporate.affairs@cimaglobal.com or by post to the Director of Governance & Corporate Affairs, CIMA, The Helicon, One South Place, London EC2M 2RB or by calling CIMA Contact on +44 (0) Note 2: Ordinary Resolution Appointment of Auditors Under Regulations III 1(c) and VI 3 the Members appoint the Institute s Auditors to serve for a year at a time. This will be PricewaterhouseCoopers LLP s second year as CIMA s Auditors in their first term. 2

4 Note 3: Ordinary Resolution Members fees and subscriptions for 2017 In the past year we have worked hard to deliver a market leading syllabus underpinned by the CGMA Competency framework. We have also continued to focus on strengthening the Institute through greater collaboration with the AICPA and providing member support through a number of initiatives designed to offer greater recognition and enhanced employability. The Institute has also continued to deliver ground-breaking thought leadership programmes, and partnerships with some of the world s most prominent management accountancy thinkers and academics. These activities require financial investment, and our fee structure and reserves policy will continue to be reviewed to support this. As CGMAs, members now get access to a wide range of benefits, products and services including the following: Continuing Professional Development (CPD) One of CIMA s priorities is to provide career support and resources designed to help members identify and fulfil current and future learning needs. These include further enhancements to the Competency and Learning website which now has over 6,000 regular users a month. Similarly, members have access to a variety of learning resources such as CIMAplus; Harvard ManageMentor ; CIMA on demand; and a variety of CGMA courses and publications produced jointly by CIMA with the AICPA. News on the move As a result of greater collaboration with our AICPA partners, we are able to continue to enhance and offer our members access to content and topical issues and news in the profession. We do this via a network of newsletters and magazines including FM magazine and the downloadable app; Insight magazine; CGMA magazine; and the CGMA newsletter which is circulated to over 150,000 management accountants globally. Thought Leadership Members have access to high-quality research and insight designed to challenge their thinking and keep them at the forefront of their profession. We publish industry-leading insight, fund academic programmes and collaborate with partners globally to help people and organisations drive better, sustainable business performance. Our resources address topics of relevance and value to management accountants, including recent research on the importance of Finance Business Partnering and the development of a Cost Transformation Model. In 2016 we will continue to deliver high-quality research relevant to our members, strengthened by our partnership with the AICPA. Our first major report for 2016, Joining the Dots: Decision Making for a New Era, highlights this commitment to relevance as it provides solutions to the decisionmaking challenges faced by modern organisations. Further research and insight produced throughout the year will help our members make better decisions, respond appropriately to the risks they face and protect the value they generate. Community and Networking CIMA has grown its digital footprint by over 40% in the past year, offering its members even greater opportunity to connect with global and local communities of like-minded peers through a network of dedicated social channels such as CGMA LinkedIn and Facebook communities, and events published across all of our websites. In 2016 both the CIMA and CGMA websites will undergo a significant upgrade which will make them mobile responsive and will allow better access to information. Ultimately this will ensure an improved experience for our members and students and all of our customers. 3

5 Career Progression CIMA s 2015 salary survey shows that our members and students are looking forward to good career progression and salary rises. In total, 90% of our membership expect a pay increase over the next 12 months. In addition, members and students believe the CIMA qualification enables a mobile career, with over half planning to find a new job in the next two years. We also continue to offer members access to a variety of job roles and career resources on CIMA MYJOBS, our global finance, business and management job site; and the CIMA salary calculator, which is updated annually. Growing Membership Population Last year, CIMA welcomed Samalka Athuraliya from Acuity Stockbrokers, Sri Lanka, as its 100,000th member. Reaching this milestone, CIMA confirmed its position as the world s leading and largest professional body of management accountants. Countless organisations across the world continue to benefit from the combined financial and business expertise that a strong management accounting profession delivers. This is evident in the fact that 87% of organisations employing CGMAs are happy to pay a premium for doing so. Note 4: Ordinary Resolution - Election of Vice President, Deputy President and President for Steve Swientozielskyj FCMA CGMA Vice President nominate A UK citizen of Ukrainian parents, Steve has a degree from Manchester Metropolitan University and an MBA from Cranfield. He qualified as a CIMA associate in 1980 and became a fellow in Steve is an experienced executive, specialising in operational transformation across a broad spectrum of organisations including the private, public and consultancy sectors. He has worked in the U.S.A, France, Germany, and Holland. Additional expertise includes change management, business strategy, mergers and acquisitions and operational delivery. Steve s achievements in shared services and business partnering has led to research being undertaken in respect of this by Loughborough University, CIMA and Hackett Group. Steve commenced his executive career in vehicle manufacturing in 1980 including controllership of a division of Leyland Trucks, and in 1982 moved to the multinational J.I.Case where he held the position of plant controller for their largest global manufacturing facility. In 1986 Steve joined PricewaterhouseCoopers as a consultant working chiefly in an international capacity in the areas of floatations, mergers and acquisitions and global transformation. In 1993 Steve moved to the rail industry working on the privatisation of Railtrack which included the establishment of financial systems and banking arrangements as well as the controllership of a division. During this time he also held an NHS non executive directorship. When Network Rail was established Steve led the setup of their financial shared services that included the business critical integration of 35 major supplier organisations, 7 significant Network Rail divisions, and HQ activities within a period of 6 months. The revenue and cost base at the point of integration was 6 billion with 35,000 employees. Within 3 years the shared services operation was benchmarked as a world-class facility. Since 2011, Steve has held a number of voluntary positions within the Institute. These include serving as a member of CIMA s governing Council, its Executive Committee, chairing the Professional Standards Committee, and also membership of both the Lifelong Learning Committee and Technical Committee. He has also been an active member in his electoral constituency of North West England and North Wales, where he chaired the North West business group. Steve lives in Manchester with his wife and has two daughters. In his spare time, Steve enjoys walking, swimming, yoga, and going to the theatre and ballet. 4

6 David Stanford FCMA CGMA Deputy President nominate David was born and educated in London and after completing his education aged 16 at Hackney Downs (Grammar) School, formerly The Grocers Company, and a brief spell as an auditor he commenced his CIMA studies via distance learning whilst working as a cost clerk in the UK division of UniRoyal. This was followed by positions in the motor trade and chemical manufacturing industries; with qualification in his mid-twenties he was appointed to the position of Financial Controller at Priory Furniture (part of the ABF group). From 1975 to 1978 he held a senior finance role at Volex plc. He then was involved in business ventures related to the wholesale and retail distribution of jewellery. Between 1985 and 1988 he was Finance Director of Hybritek, the UK arm of Avnet Inc (a Fortune 500 Company). In 1988 he moved to the Parker and Franks Group, reporting directly to the Chairman/Owner as Group Financial Controller where he remained until Between 1994 and 2006 David was Finance Director of GEC Covered Conductors, which was taken over firstly by TT Group plc and subsequently by IRCE Spa of Italy. He undertook several major change management programmes and oversaw the project for a new state of the art manufacturing facility as well as running a niche division of the company. Now retired, David spent his later working years as Finance Director of StorTech a specialist engineering company. Since his student days David has been passionate about CIMA and has served on local, regional and global committees and boards. He was first elected to Council in October 1996 and has served continuously since then. He has chaired the Membership Board and three of CIMA s policy committees during this period and was an active Membership Assessor for almost 20 years. He also regularly ran membership application workshops for CIMA students. Currently, David devotes his time to managing his modest property portfolio and good causes. He was a joint founder of The North West Finance Awards and still chairs the judging panel; the annual awards ceremony has attracted up to 650 attendees. David lives in Manchester with his wife, a senior NHS technician. His daughter is currently training at KPMG in London. In his spare time David enjoys words and numbers games and was a 2014 finalist on Channel 4 s Countdown programme. Andrew Miskin FCMA CGMA President nominate Andrew was born and educated in Birmingham, England before going on to Cambridge University where he read Engineering. Andrew s first role on leaving university was as an industrial engineer with Michelin Tyres following which he moved to Esso Petroleum where he took his CIMA qualification. Andrew was a direct entry Fellow in 1989 having won prizes at stages 2 and 4 of his CIMA exams. Andrew moved into management consulting over 25 years ago. He has held senior leadership roles within KPMG, IBM, CSC and PricewaterhouseCoopers (PwC). His consulting career has mostly been in the leading of large client change programs. The teams usually covered many countries and continents and worked to challenging deadlines. From 2001 to 2005 he was Partner in charge of the non-financial Services, Commercial Consulting division for PwC in the UK. Between 2005 and 2008 Andrew set up and led the PwC Consulting business across Europe. Andrew has been co-opted to Council on two occasions from and from 2009 to date. During this time he has been a member of various policy committees including Audit, Technical, Professional Standards, Global Markets (formerly International Development Committee), Chairman of Member Services Committee and served on Executive Committee without portfolio. Andrew has lived and worked in many exciting, challenging environments and countries across the continents of the world. In the last ten years he has lived and worked in Paris, Iraq, Switzerland and most recently Ukraine. 5

7 Andrew is a member of the Institution of Engineering and Technology and is a Chartered Engineer. He undertakes pro-bono charitable consulting work through the auspices of the Worshipful Company of Management Consultants, where he is a Liveryman. Andrew retired from full time employment in summer 2012 and now undertakes a portfolio of activities including charitable work, freelance consulting and running a website for his choir. He currently lives in Greater London, with his wife, who is an Actuary and is Chief Risk Officer for an insurance company. He has five children. Andrew is currently the Deputy President of the Institute. The Chartered Institute of Management Accountants The Helicon One South Place London EC2M 2RB Tel: +44 (0)

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