World PCO Alliance issues financial transparency pledge

The World PCO Alliance (WPCOA) has offered clients reassurance after setting out a pledge of financial transparency, following the recent collapse of Congrex Holding.

Per Ankaer, the Danish president of the World PCO Alliance
Per Ankaer, the Danish president of the World PCO Alliance

In a statement, the group of 20 PCOs said: "Recent events threaten to undermine the inherent trust in PCO/client relationships. Clients will certainly be asking many more pointed questions about the treatment and protection of their funds.

"The World PCO Alliance and each of its member companies have been and remain committed to simple and sustainable guidelines relative to client finances."

Congrex Holding, the parent company of international professional congress organiser Congrex, was declared bankrupt last month. Congrex UK was subject to a recent management buyout.

Congrex is not a member of the WPCOA.

The alliance’s five-point pledge includes providing transparency, especially in regard to the handling of client funds, and rigorous financial reporting, and supporting recommended guidelines for independent audits and appropriate insurance protections for both parties.

Another guideline states that members, as allowed by law or country specific regulations, separate event financials completely from other organisational finances and demonstrate this through separate sub or trust accounts.

Per Ankaer, the Danish president of the WPCOA, said: "Our members have recently been contacted by several associations, who were interested in the World PCO Alliance financial concept. Association clients indeed deserve financial transparency and protections.

"This financial security is our utmost priority and alliance members look forward to working closely with our clients under these guidelines for all congresses and events with which we are entrusted."

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