Price Bailey revamps board structure
1 Oct 2019
Top 30 accounting firm Price Bailey is expanding the size of its executive board from five to six members and creating an operational board, to support growth and strengthen governance
1 Oct 2019
The change in board structure is a response to Price Bailey’s continuing growth and to meet an increasing number of compliance and regulatory obligations relating to tax compliance, accounting and audit. It will also reflect client needs, bringing greater diversity to the senior decision-making teams in the business by involving partners with different backgrounds, skills and service line expertise.
The operational board will focus on day-to-day operations and report to the executive board, which will focus on strategy and governance.
The number of positions on the executive board is going up from five to six. Long-standing member Gary Miller is stepping down but will remain as a partner at Price Bailey. The senior management team remains unchanged with Howard Sears, Charlie Olley and Martin Clapson remaining in their roles as practice chairman, finance director and managing director respectively.
The three vacant positions, which have been voted on by all partners, have been taken by Paul Cullen, who now begins his second term on the board, Richard Vass and Nadia Khan.
The operational board will be primarily comprised of partners that lead departments. Their role will be to implement the strategic decisions agreed by the board in conjunction with other departments, to foster greater internal collaboration, and report on day-to-day operational issues to the executive board.
Price Bailey's total turnover for year end 31 March 2019 was £28.5m [2018: 25.5m], with life-for-like growth up 10.5% The firm de-merged its Guernsey fiduciary business in May 2018. It has 30 partners, up from 28 year on year and it was ranked 28th in the Accountancy Daily Top 75 Survey 2019.
Martin Clapson, managing director at Price Bailey, said: ‘The new board structure marks a significant change for the firm, which is continuing to grow profitably and has just had another year of double-digit organic growth.
‘This has brought about a need to change the leadership structure of the business to ensure that we continuously improve our client offering and fulfil our regulatory obligations.
‘The expanded executive board, together with the newly created operational board, will enable us to improve internal collaboration and cooperation between teams, so that our client offering is more cohesive and we continue to develop our services in line with their needs.
‘The operational board will facilitate the roll-out of best practices, continuous improvement and service evolution, and will free up the executive board to focus on strategy, governance and the long-term vision for the firm.’
He added: ‘The new board structure brings greater diversity to the senior decision-making teams in the business by involving partners with different backgrounds, skills and service line expertise. This will ensure that the quality of our client offering continues to improve in parallel with the expansion of the business.’