The Malta Institute of Accountants has approved statutory amendments during an extraordinary general meeting to reinforce the institute’s governance structure and internal disciplinary procedures. Members voted on a series of resolutions that refine the mechanisms governing the institute’s preventative and corrective measures.

In his introduction, president Fabio Axisa said that the proposed changes to the statute and bye-laws reflected other transformations both within the profession as well as outside of it. He said that the institute always had robust procedures in place to deal with member misconduct, adding that the amendments on this matter were being introduced to further refine the disciplinary process.

“The vast majority of members are exemplary professionals who carry out their roles with integrity and a sense of duty,” the president said. “It is clear, however, that the broader regulatory infrastructure needs enhancement, and the institute is doing its part to improve the situation.”

The statutory changes presented by the institute’s CEO, Maria Cauchi Delia, and the institute’s president, were all overwhelmingly passed by the members in a round of electronic voting. The amendments fell under one of three categories: areas related to the governance of the institute, definitions and consolidation of existing statute articles, and updates to reflect the current circumstances that the institute is operating in.

Participants also approved a resolution to increase the members of the institute’s Disciplinary Appeals Pool from three to 10 and endorsed the council’s nominees for the organ’s chair, Anthony Zarb, and deputy chair, Paul Mercieca.