Anton Colella, the Chief Executive of ICAS has called for a new era of personal responsibility across the business world in the wake of a series of corporate financial scandals. Mr Colella launched a new initiative at the end of 2015 called “The Power of One”.
Mr Colella said, “Regulators, rules and codes of conduct can only achieve so much. For business to restore its reputation in the eyes of the public, we need leaders at every level, to stand up and be counted… That means taking personal responsibility and doing the right thing, especially when they encounter dubious or unethical behaviour.”
“Corporate failure often begins with personal failure. Our aim is to place personal ethical behaviour as the number one priority for individuals,” he added.
“It is often a very lonely place for an individual to stand up against unethical behaviour. The Power of One aims to show business men and women who meet unethical behaviour that they are not alone – thousands of Chartered Accountants around the world stand behind them and indeed expect their colleagues to stand up and be counted. The power in this is enshrining the power of individuals to make a difference.”
The Power of One would see a fresh focus on the ICAS Code of Ethics with a proposal to add ‘moral courage’ to the five fundamental principles: integrity; objectivity; professional competence and due care; confidentiality and professional behaviour.
Mr Colella told the audience, “The ICAS motto ‘Quaere verum (seek the truth)’ has served us well since our formation in 1854. Let it continue to be the hallmark of a Chartered Accountant and the benefits that we bring to society. Our vision is to be a global leader in the application of professional ethics. The launch of The Power of One illustrates the importance attached to that strategic objective.”