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Mutuality in Practice

Nominations are underway for the inaugural IQ management committee, which will meet for the first time in September.

The committee, which is comprised of the IQ Chief Executive, three nominees appointed by the Board of IQ Ltd and three nominated (elected) members of IQ Qualifications LLP will play a key role in the governance of IQ.

One of our key organisational objectives is to provide the best possible value to our customers. Our approach has been to develop a mechanism that caps the return to shareholders at 3% of turnover, funds the development and provision of a high quality product, and returns any surpluses back to members.The role of the management committee is to ensure that budgets and capital expenditure reflect the interests of customers, and that surpluses are returned correctly and in an appropriate manner. So no hefty bonuses for our management team!

We also wanted to ensure that customers had an influence in the development of policy and development plans, providing an input on IT and prioritising investment. By getting members into the heart of the organisation, we have provided customers with a strong voice in the development and operation of their awarding organisation.

The management committee will also perform a key role around quality. The philosophy behind this is that involving high quality centres improves the market intelligence available to IQ and strengthens our risk based model of external verification. The management committee helps to co-ordinate this process. It also plays a role in dealing with customer complaints, which thankfully have been few to date. We are one of very few awarding organisations where customer representatives are involved in the complaints/disciplinary processes, which strengthens quality, transparency and responsiveness.

So in summary, mutuality underpins the strong ethical credentials of IQ, supports transparency and ensures that the IQ Board remains accountable to its customers. Becoming a member is free and available to centres after six months of successful operation with us and gives centres a stronger voice. The more successful IQ becomes, the lower the net price for member centres as they share in the surpluses that are made, whilst benefitting from a premium product in terms of product quality, quality assurance and customer service.

Jul 02, 2013 11:26 AM
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