Thanks to the Court of Aldermen’s wish in the 1970s to introduce new Livery Companies to represent the modern financial- and business-related professions, it only took two years for our profession’s unincorporated Guild to become a fully-fledged Livery Company.
For that change to happen, the key event was the Grant of Letters Patent by the Court of Aldermen. This ceremony took place at Mansion House on 25th July 1977 and established the Worshipful Company of Chartered Accountants in England and Wales, as well as setting the terms of its Constitution and Ordnances.
From that date, until the granting of our Royal Charter in 2012, it was these documents which governed how the Livery ran its affairs and what activities it could undertake.
The Charter enables the Company to be a Livery Company within the City of London, and to participate in the governance of the City of London and support the Lord Mayor and Aldermen.
The Company is also empowered to promote honourable professional practice and to encourage the settlement of disputed points of practice and courtesy, and ethical behaviour in conducting accounting business of all kinds, aiding and assisting the Institute and other societies connected with the profession of accountancy with regard to professional, benevolent and social matters.
The Charter also enables the Company to manage its affairs and assets, to arrange events, to create and accumulate funds for appropriate purposes generally, including education and research projects.