Report of the epi-Finances Committee

C. Quintelier (BE), Chair
T. Powell (GB), Secretary

The 94th meeting of epi-Finances Committee took place as a hybrid online/in-person meeting on 22 October 2024.

The Treasurer and Deputy Treasurer attended, as did the Auditors. The Head of Finance also attended.

The Deputy Treasurer and the Chair gave an update on the current status of the amendments relating to Article 16 of the By-Laws. In particular the practical implementation of the changes with the Institute’s bankers was discussed.

The President gave a presentation on the financial impact of proposals to alter the organisational hierarchy in the Secretariat. The Committee found the President’s explanation to be clear and comprehensive, and noted with approbation that the financial effect of the proposed changes appears to have been carefully analysed. To the extent the changes will have a financial impact the Committee supports their adoption.

As is conventional at this stage in the year the Treasurer provided an extensive update on the financial situation of the Institute, and the impact of any deviations from planned income and expenditure. This included summaries of the planning assumptions that will contribute the 2025 budget.

The Treasurer also presented a summary of planned investments by the Institute in improvements to services offered to Members.

The Committee was satisfied that the financial situation is broadly in line with plans presented in previous meetings, and supports adoption of the Treasurer’s report.

The Chair provided an update on adoption of the IPRisk professional indemnity insurance product offered by RMS and supported by the Institute. A development in the UK means the product is now be available to European Patent Attorneys in the UK in a manner complying with the requirements of IPReg, the external regulator of patent attorneys in that jurisdiction.

The Committee wishes to recognise the extensive work of the Chair in designing and promoting the IPRisk product.


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