New Chartered Accountants Institute chief executive Craig Norgate says he has been working to allay any fears by members that a merger with its counterpart across the Tasman will just be another "Aussie takeover".
Officially Norgate became the boss of the institute on March 1, and he is now in charge of a process to drive a merger with the Institute of Chartered Accountants Australia.
He hopes he will take the merger over the line by May 2014 to give scale and resources to the representative body, but will do himself out of a job given that he has no intention of taking on a chief executive role for a combined trans-Tasman body.
Annual fees for NZICA membership were on the rise from an existing $800 or so.
But they would rise less under a merged New Zealand Australia model than if the Kiwi organisation stayed separate, Norgate said. Norgate is a former chairman of PGG Wrightson.
He also held the role of Fonterra's first chief executive, helping oversee the merger between two large dairy groups that led to the dairy giant being formed in 2001.
Norgate said by combining NZICA's 33,000-strong accounting membership with roughly 60,000 in Australia there should be a combined body of 90,000, which will give stronger representation in terms of working with the trans-Tasman governments on ongoing changes needed within the accounting world.
For example, the new organisation would likely push for New Zealanders to be able to access tax imputation credits in the Australian market if they invested in stocks there.
In both New Zealand and Australia, the credits can only be applied domestically, meaning those who invest across the Tasman are doubly taxed.
Norgate said "closer economic relations" with Australia could be taken a lot further to bring together the Australian and New Zealand business worlds.
"The big one always when New Zealand and Australian organisations get together is, this will just be an Aussie takeover, we'll just become a state of Australia.
"We've run through a bunch of things to make sure that isn't going to happen."
Norgate was in Christchurch yesterday to talk to accountants about the advantages of a merger, accompanied by NZICA independent board member Hugh Rennie, QC, ahead of a merger vote due by November 1.
- ? Fairfax NZ News
Source: http://www.stuff.co.nz/business/industries/8672552/Trans-Tasman-accountant-merger-plan
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