Social Responsibility

Defying global consolidation activity, recruitment efforts in all 4 regions, helped maintain 300+ member firms.

EMT believes goals should be challenging but achievable, pushing the team to advance member engagement, pursue excellence, and deliver association growth. These goals were met and, in many cases surpassed, in 2021-22.

These targets challenge the organization to stay focused on the Strategic Themes:

•Connect Our Community •Share Our Practices •Focus On Our Quality •Deliver Long-Term Growth •Build Our Reputation The targets and achievements are shared on the following pages. PrimeGlobal’s strong identity and member firm-guided governance model are at the core of the strategy, thinking globally to ensure member firms have access to the best support and practices and to strengthen growth and deliver services to a high standard. The Key Performance Indicators, (KPIs) are used to measure progress, identify opportunities and drive success. PrimeGlobal’s Purpose, Values, Vision, and Mission help guide a collective commitment to promote growth, learning, collaboration, and business opportunities.

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Connect Our Community

PrimeGlobal connects members in meaningful ways, by embracing new thinking, technology, and blended solutions, to capture high quality data providing insight and helping create and deliver value and strong connections. This year PrimeGlobal increased digital engagement with the website and across social media, raising the percentage of website users by firm exponentially. Event satisfaction remained at a high 80%. Attendance at events was less than targeted, however, the number of online events was reduced in response to members expressing fatigue with this format. During 2021/22, PrimeGlobal tracked a record level of referrals, introducing members to each other and satisfying firm clients. With consistent staff reminders, tenured members are showing communication improvement by including the PrimeGlobal team on independent outreach. A strategic goal to increase collaboration and knowledge sharing, contributes to firm success. PrimeGlobal spotlights best practices during virtual events, in-person events, thought leadership, and expert member panels and webinars. PrimeGlobal aims to share thought leadership, created by member firms, as a peer-to-peer valuable learning tool. Many firm insights are aligned to the PrimeGlobal insight themes; business opportunities, talent development and technology. This enables firms to find the information most relevant to their team and their client’s needs. Record numbers of thought leadership is being shared by members. Member firm engagement with emerging issues has increased, through the quarterly newsletter, which promotes connections and events. It is being opened by an increasing range of professionals in the firms. Intentionally, PrimeGlobal promotes practice sharing to help firms find opportunities related to Environmental Social Responsibility (ESR) and Diversity Equity and Inclusion (DEI).

Share Our Practices

Focus On Quality

PrimeGlobal member firms are responsive locally and globally. They maintain high quality standards and expect other member firms to deliver high quality support to both the firm and the clients. The association monitors the firm and client satisfaction of referral business. PrimeGlobal does not dictate the internal quality controls that member firms implement. PrimeGlobal does, however, expect member firms to comply with the association membership standards and with the governing/regulatory body requirements. PrimeGlobal firms hold themselves, and each other, accountable, to ensure that excellence is maintained. The annual requirement for firms to confirm compliance with Bylaws and Standards is completed every January with 99% of firms providing positive confirmation in 2021/22. As quality standards are critically important to the value of the association, membership was terminated for firms which did not confirm compliance.

Deliver Long-Term Growth

The Strategy considers overall progress against growth targets, the team’s capacity and development, recruitment success and change priorities. To safeguard long-term viability, PrimeGlobal has aligned its governance to reflect the desire to think globally and act regionally and nationally. During 2021/22 PrimeGlobal firm revenue grew by 12%, a mix of organic growth and acquiring new members. Sixteen new member firms include three that are on the PrimeGlobal “World Top 20 Target List”. In addition, existing firms strengthened through acquisitions in target countries including Australia and the US. Quality standards were enforced leading to a small number of firms being expelled, and recruitment proved challenging, contributing to a target member gap.

Build Our Reputation

Strategy 2025 builds reputation and influence, by positioning PrimeGlobal as a leading association of trusted, contemporary, and anticipatory independent firms which other member firms rely on to provide high quality advice. The third, annual, independent member survey was completed in 2022 to obtain feedback to build on the Strategy and assess overall member satisfaction. An 80% satisfaction rate was achieved despite being unable to offer few in-person events during the year. PrimeGlobal focused on providing extensive value through virtual events, opportunities to connect member firms and supporting business referrals. The impact was recognized when PrimeGlobal was awarded Association of the Year by the International Accounting Bulletin. PrimeGlobal advanced in the international rankings to become the third largest association globally.

Strategy 2025 Building the Future Together

2021/22 was the first year of the five-year Strategy, focused on building the foundation to deliver the PrimeGlobal vision. During 2022/23 PrimeGlobal will prioritize:

•Engaging members with the new

Association Management System (AMS)

PrimeGlobal will champion this platform, encouraging members to showcase their skills and experiences, thus enabling members to connect, share, and collaborate.

•Supporting members with technology transformation

PrimeGlobal will work with the new strategic partner

Xero, to advocate technology change across member firms, encouraging members to maximize the potential of cloud services.

•Promoting Environmental Social Responsibility (ESR) services, including ESG reporting

PrimeGlobal plans to launch ESR practical guidance, connect members to learn from early adopters, and provide additional support through the strategic partner

Association of Chartered Certified Accountants (ACCA).

•Building on the position as The Association of Advisory and Accounting Firms

PrimeGlobal will recruit new members who complement the services offered by existing member firms and seek partnerships to expand services and value.