ACCA AGMs are an intimidating affair. Presidents speak for thirty minutes, but members who might have travelled all day to attend the AGM are given only 2-3 minutes to speak. Even then the Presidents don't answer questions as food and gossip receives higher priority.

At the 1999 AGM on 6th May, the outgoing President asserted that 'merger' talks were going on with the Chartered Institute of Management Accountants (CIMA). This is an odd statement as CIMA members have overwhelmingly rebuffed the hostile ACCA take-over.

AABA has contacted CIMA officials and has been told that "there is absolutely no chance of any discussion. There has been no contact with ACCA and there will be none". So it appears that ACCA President spun a yarn at the AGM. ACCA has spent £300,000 on unsolicited mail shots to CIMA and CIPFA members. The money was spent without any mandate from ACCA members.

Not surprisingly, Foulds did not wish to take any questions. Perhaps, he did not know what he has saying as his speech was written for him by the Chief Executive.