Challenging herself to be open to new experiences has helped Hostelworld CFO Caroline Sherry excel in her career as a Chartered Accountant. My journey into accountancy was not linear. While I had a passion for science during my school years and pursued chemistry at college, the idea of working in a laboratory didn’t quite align with my career vision. It wasn’t until I had the opportunity to intern with Davy Stockbrokers one summer that I discovered the type of career path I really wanted to pursue. During my internship, I was exposed to finance and accounting in a real-world setting. Seeing firsthand how analytical skills were applied to complex financial matters, combined with the varied nature of the work and dynamic environment, all really appealed to me. This experience, coupled with conversations with my sister, who is also a Chartered Accountant, helped me envision a career in accountancy. What attracted me most to a career as a Chartered Accountant was the perfect blend it offered between my analytical nature and my interpersonal skills. Of course, the road to becoming a Chartered Accountant wasn’t without its challenges. The daunting prospect of the exams initially gave me pause. I had to sit every exam with no exemptions! I got through it all with the knowledge that the Chartered Accountancy qualification would equip me for a commercial career, which was ultimately my goal. Fostering gender equity in the profession One of the most significant changes I’ve observed throughout my career is the recognition of gender equity as a pressing issue. People now openly acknowledge the lack of representation and are more willing to question and challenge the status quo. Gender equity has become a legitimate reference point for companies’ cultural ethos. While finance is an attractive career path for women, the sector’s demanding nature poses challenges, particularly concerning work-life balance. Many face obstacles such as long and inflexible hours, which make it challenging when trying to balance career ambitions with family responsibilities. Financial recompense often fails to adequately compensate for these sacrifices, leading some women to step back from their careers at a crucial stage for progression. It’s very challenging, as male counterparts typically do not take time out and, therefore, continue to advance. It’s disheartening to consider the potential, talent, intellect and creativity that companies lose because of this dynamic. As one of a handful of Chief Financial Officers who are women among the 32 companies listed on the Irish Stock Exchange, I am aware of the significant underrepresentation of women in key decision-making roles. This disparity extends to senior leadership positions, highlighting the need for systemic change across all stages of the career lifecycle. Rethinking traditional work practices and policies is essential to addressing these challenges and fostering greater gender equity. Everyone, irrespective of gender, has the right to progress in their career and achieve their career aspirations, whatever they may be – and what people need to achieve this will differ. Flexibility is key: more flexible work arrangements that accommodate the diverse needs of the workforce. Traditional structures, presenteeism and pay disparity require changes to create a more inclusive and supportive environment where everyone, irrespective of gender, has equal opportunities to progress. Moreover, initiatives aimed at encouraging girls to pursue subjects like finance and accounting from an early age can help bridge the gender gap and cultivate a pipeline of talented female professionals. By addressing these issues comprehensively and proactively, we can create a profession that reflects the diversity of our society and harnesses the full potential of all individuals. Understand your strengths Career advancement opportunities were not always immediately apparent to me. However, I knew that working on interesting projects and taking on new challenges would round out my skills and help to determine my next career step. I always challenged myself to be open to new experiences and to use them as learning opportunities. Working on cross-functional projects was a great way for me to deepen my understanding of the business and build relationships with colleagues. I tried to learn from line managers and peers, soaking up as much as I could along the way. Feedback is a gift, as they say! It allowed me to understand my strengths and gave me the confidence to know where I could add value to and where I needed additional support. My advice is: When the opportunity arises, back yourself and go for it. Mentoring for perspective and advice Personally, I have gotten a lot from mentoring, and I’ve found informal mentoring works best for me. My mentors have included friends, peers and line managers. I’m very fortunate to have a great friendship group from my time at PwC; a group of fellow working mothers who can empathise with the daily demands we all face. This varied group of mentors has given me valuable guidance, insight and encouragement. The best mentorship conversations are those that give you perspective and advice to help guide you through the obstacles and tougher times. Positive mentoring relationships can help you develop a sense of self-assurance, resilience and invariably provide context. On the other hand, networking has always been a bit tougher for me. It can be daunting to put yourself out there, particularly if you walk into a ‘networking opportunity’ function and you don’t know anyone! I’ve had to push myself to do more of it. Networking offers a valuable opportunity to engage with industry peers and leaders, expand your sphere of influence, stay abreast of industry trends, and access new career opportunities. I would really encourage people to look for both networking and mentoring opportunities. They don’t necessarily need to be very formal. Both serve as powerful tools for career development. By harnessing the collective wisdom of your support network of mentors and peers, individuals can unlock their full potential, gain confidence and achieve their professional aspirations. Know what you need One question I wish I could answer is how to obtain a good work-life balance! Acknowledging how challenging it can be to achieve ‘balance’ is critical. I am more mindful of balance and the need to establish boundaries for both my team and I. I have a great team and encourage open communication about our individual needs, fostering a supportive environment where people can be at their best. When you can’t find balance, I think the the best course of action is to acknowledge the challenge and to try not to be too hard on yourself. By acknowledging the difficulty in finding balance and practising self-compassion, you can alleviate some of the pressure you put on yourself. Establishing boundaries when working has been one of the toughest challenges I’ve faced in my own career. In the past, I was not forthcoming about what I needed to attain a better work-life balance. I endeavour to do this now and look to support my team so that we can all be at our best. About this series Last year, Accountancy Ireland introduced a new series in collaboration with the Gender Working Group of the Institute’s Diversity Equity and Inclusion Committee. Focused on the women in our membership, we are relaunching this series this year under the new banner ‘My Story So Far: Women’s Career Series’. It follows the 2022 publication of a global Chartered Accountants Worldwide survey which explored opportunities for women in the profession. The survey found no obvious gender-related barriers to entry into the profession but revealed that a growing number of women were making the decision to leave or pivot within the profession mid-career. ‘My Story So Far: Women’s Career Series’ seeks to highlight the experiences of the women in our membership and provide a forum to share their insights into how they have managed their careers in tandem with their lives and overcome the challenges and obstacles they have encountered along the way.

Johnny Harte offers his advice on the various funding options on offer to start-ups and SMEs and the dos and don’ts of securing investment. As the founder of True Fund Solutions, Johnny Harte advises companies on fundraising, from early-stage seed investment through to later-stage growth funding. The option best suited to your business will, Harte says, depend on what stage of development it is at. “If you’re a very early-stage company, still running through potential ideas, my advice would be to get in contact with your Local Enterprise Office (LEO), which will offer a range of grants for product development, market esearch and sales and marketing strategy,” Harte says. There are 31 LEOs operating within the Local Authority network in Ireland, offering support to start-ups and small businesses looking to expand. Options on offer from LEO to early-stage companies include the Feasibility Study Grant, designed to help applicants gauge the commercial viability of, and potential market demand for, a new product or service. The maximum Feasibility Study Grant amount available varies from 50 to 60 percent of the total project cost, depending on location, up to a maximum of €15,000. The LEO’s Priming Grant, meanwhile, must not exceed 50 percent of the investment required by an applicant up to a total of €80,000. The LEO can, however, approve up to €150,000 in certain situations. A Priming Grant is available to start-ups in business for up to 18 months, employing up to 10 people and trading both in Ireland and internationally, and can be put towards direct business costs or capital items, such as equipment, salaries, consultancy and marketing. “These grants are a good starting point for a lot of young companies,” Harte says. “Because the funding on offer is grant-based; you’re not parting with any equity – but you will be expected to have some degree of market research already done when applying and to be able to match the grant with some of your own funding. “The next step up is Enterprise Ireland (EI), which also has different funding options from the very early stages through to later-stage investments.” EI is the State agency responsible for the development and growth of Irish companies in global markets. According to figures released in May, EI invested €24 million in Irish start-ups in 2023 and supported 156 early-stage companies. Investment was provided through the State agency’s High Potential Start-Up and Pre-Seed Start Fund programmes. EI also offers feasibility grants to start-ups and a broader range of grants, vouchers and business support options to more established companies. Its focus is on manufacturing and internationally traded companies, with scope to scale and create jobs, however, rather than smaller locally traded service companies, micro-enterprises or sole traders. Alongside EI, funding options will typically be in the form of angel investors and venture capital (VC) firms. New figures released by the Irish Venture Capital Association (IVCA) revealed that VC funding for Irish SMEs fell by 48 percent to €258.5 million in the first quarter of 2024, compared to €502 million in the same period last year. The IVCA VenturePulse survey published in late May in association with William Fry, noted, however, that seed funding showed “resilience” in the first quarter, with very early-stage Irish companies raising €40 million. While there was a downturn in funding across most deal sizes, the survey also noted that companies looking to raise amounts of between €1 million and €3 million enjoyed a positive first quarter with funding in this sector rising by 126 percent to €22.7 million compared to €10 million last year. “There’s no doubt it’s a challenging time for those looking to raise investment but there is funding available in the Irish market and it is accessible. Good companies will always attract investment,” Harte says. “Funding levels have dropped but a lot of that is down to fewer larger, later-stage deals. Angel investors are still slightly wary, but activity is picking up and they are starting to invest more again. “On the venture capital side, we are also seeing some newer funds coming into the market, which is likely to boost seed and potentially Series A stage investment over the next few years.” For those entrepreneurs seeking funding, Harte says resilience is key. “Founders take a lot of knocks in their business on a daily basis and securing investment is no different. There is always something that doesn’t go according to plan when it comes to the fundraising process and you’ve got to be able to adapt to that,” he says. “What investors are looking for will differ, but all will be looking for founders who have an in-depth knowledge of their sector, some early traction or validation and they will want to see a strong team with a good track record and potentially a diversified skill set.” Like so much in business, successful fundraising is often built on the foundations of strong relationships. “One of the biggest mistakes I see companies make when they’re looking for funding is the failure to begin the process early enough. They almost always underestimate the length of time it will take to secure funding.” Harte says. “Ideally, you really need to kickstart the fundraising process 6 to 12 months ahead of when you think you will actually need that funding, but it makes sense to be thinking about the relationships you will need to build to access funding from day one. “Get out and meet with potential investors so they get to know you, your company and what your plans are for your business. Companies should treat raising investment like any other aspect of their business so there needs to be a funding strategy and process in place. “You need to identify who your potential investors could be and start those crucial conversations and engagements as early as possible, before you’re actually looking for investment.” Interview by Arlene Harris.

GRID founder Derek F. Butler has used his training as a Chartered Accountant to provide alternative finance to Ireland’s SME community. It was during his time working with GOAL in Uganda that Derek F. Butler, FCA and founder of GRID, learned about microfinance – a type of financial service aimed at those with little or no access to commercial bank lending. Butler had studied business and economics at Trinity College Dublin before going on to qualify as a Chartered Accountant and Registered Auditor with PwC, working first with the firm in Ireland and then in the US. “Qualifying as a Chartered Accountant provided me with a life-long skill set. It allowed me to have those formative experiences that would eventually lead me to set up GRID,” Butler says. “I worked with PwC in Boston and Los Angeles. It was my time in Boston, in particular, that was really insightful. We were auditing investment funds and it made me aware of just how tightly held some of the world’s capital is by big institutions and funds.” Butler left PwC in 2009 and relocated to Uganda to join GOAL, the humanitarian charity, as finance manager followed by financial controller. “I couldn’t have made that move without my training with PwC. It allowed me to use my skills to make the greatest possible impact I could think of at that time,” Butler says. “There were these Village Savings and Loan Associations (VSLAs) in post-war Northern Uganda pioneered by an organisation called Care. “It was an extraordinary model. Groups of women would come together every week to save and lend together. All they needed was a lockable box, a small ledger and some training. It was microfinance in its most basic form. “There were hundreds of these VSLAs in Northern Uganda and they were transforming their communities because they were able to get the little money they had working more effectively.” Alternative forms of finance The experience opened Butler’s eyes to the potential of alternative forms of finance. “The ‘red thread’ in my career has been the desire to make a positive impact,” he says. “We have spent centuries putting banking on a pedestal and making the banking system more and more complex. “In reality, banks are supposed to play the same role as the VSLAs, which is to clear capital from those who have it to those who need it.” Butler moved from Uganda to Haiti in 2011 to take up the role of Country Director the year after the country had suffered a devastating earthquake. “I spent two fantastic years in Haiti and then decided to return to Ireland to do something positive here,” he says. “It was 2013, the Irish economy was still very much in cold storage and many small businesses were struggling with the credit crunch. “I had a long-held passion for small businesses and really wanted to do something to alleviate the small business banking problem.” When Butler established GRID in 2014, it operated initially as a peer-to-peer lending platform. Peer-to-peer lending allows individuals and businesses to lend money to each other without using an intermediary, such as a bank. “We launched 18 months after I came back to Ireland. I wanted to use a digital platform to support the Care model of connecting those who have capital with those who need it,” Butler says. “We wanted to focus on small business, because they are really the lifeblood of most communities in Ireland, but people often fail to realise how hard it can be to make a small business work in a world that’s built for scale. “I felt SMEs were worthy of support and a critical ingredient in getting the Irish economy back on track.” At the time, peer-to-peer lending was new to the Irish market but more established in the UK, where the first peer-to-peer lending platform had been launched in 2005 by Zopa. “Our big challenge with the model in Ireland was the lack of regulatory certainty. We were monitoring its progress in the UK where the government had gotten firmly behind peer-to-peer lending,” Butler says. “We expected that the same would happen in Ireland and we advocated for the Irish Government to introduce a regulatory regime here, but they kept deferring to the European regulatory agenda.” The Central Bank of Ireland would not announce a regulatory regime for crowdfunding service providers until 2022. “It took a full 10 years for that regulation to be introduced and we couldn’t wait because we couldn’t scale our business without regulatory certainty,” Butler explains. “So, we decided to pivot to a more traditional balance-sheet lending model in 2017 – still fully digital, but we started lending the money ourselves. “We also pivoted our core product from a traditional term loan to a cash advance loan. We were really the pioneers of cash advance or flexible lending in Ireland.” €135m lent to Irish businesses To date, GRID has lent €135 million to more than 2,500 businesses in Ireland. “The pivot to being a balance sheet lender and cash advance provider was the right decision. It has allowed us to help a lot of businesses very effectively,” Butler says. Now, he is focusing on developing new non-lending services for businesses, including an accounting solution and analytics platform. “Our analytics platform is a bit like a ‘robo-CFO’, which can help small businesses to understand their business – and the financial ‘health’ of their business – in a much smarter way, particularly those that don’t have an in-house accountant, let alone an in-house CFO,” says Butler. GRID lends to companies operating across all sectors in Ireland. “Where we fit is in the small and micro end of the business market,” Butler explains. “Larger and medium-sized businesses either have the resources internally to fund growth or easier access to bank finance. “Our solution sits alongside bank finance, but we find that most of our clients are small businesses with a turnover of less than €10 million.” His ‘North Star’, Butler says, is to help at least 10,000 businesses in Ireland. “Our new analytics offering will allow us to service a lot more small businesses much more quickly, helping them to grow their business day by day.” Current outlook for SMEs The outlook for small businesses in Ireland has improved in 2024, Butler says. “It’s a lot better than it was six months ago for two reasons: first, there is clarity now about tax warehousing and, second, I think there is finally a recognition that Government-driven cost inflation has had a hugely detrimental impact on small businesses.” The Department of Finance introduced tax debt warehousing in May 2020 in response to pandemic-related challenges facing many companies in Ireland. The scheme allowed businesses to temporarily defer VAT and Employer PAYE, certain self-assessed income tax liabilities, and Wage Subsidy Scheme and Employment Wage Subsidy Scheme overpayments, on an interest-free basis for an extended time. Finance Minister Michael McGrath TD, FCA, announced in February that the three percent interest rate applying to warehoused debt would be reduced to zero. “There had been a huge overhang in the SME sector from tax warehousing,” Butler says. “As long as the repayment capacity of small businesses for their warehoused tax was unclear, it was difficult for them to grow. “Now, we have clarity and those that can repay their warehoused tax have agreed arrangements with Revenue. “That’s important because SMEs typically transact with other SMEs, so the ongoing uncertainty over tax warehousing created wider uncertainty in the sector and slowed business.” In May 2023, GRID released the findings of a survey of 300 small businesses in Ireland, carried out with Red C, the research firm. Just 61 percent of respondents said they were making a profit at that time, and about four-fifths said higher energy prices and the cost of raw materials had negatively impacted their business. “That research was really about awareness of Government-driven cost inflation among small businesses,” Butler says. “The majority of the respondents said, ‘We don’t believe the Government understands what it is doing with big policy announcements that are driving inflation and cost pressures for SMEs’. “I think it’s only now that the Government has become fully aware of this reality. With the change in leadership, there is a genuine recognition that SMEs are under pressure and I think we can now thankfully expect a policy response that benefits the country’s small businesses.”

Whiterock Finance CEO Paul Millar explains why innovative homegrown businesses have the creativity and drive to unleash Northern Ireland’s true potential. As his year-long stint as Chair of Chartered Accountants Ulster Society draws to a close, Paul Millar is reflecting on his key priority in the role to “embrace entrepreneurs and unleash Northern Ireland’s potential.” “Entrepreneurship is close to my heart,” Millar says. “I’ve come across a lot of entrepreneurs during my career in professional services, banking and now at Whiterock Finance. I have been inspired by them and I can see the challenges they face as well.” Millar believes it is important for Chartered Accountants, in particular, to have an entrepreneurial mindset. “Sometimes as accountants, we don’t recognise that so many of our members are entrepreneurs in their own right,” he says. “They are leading businesses and running their own practices, which are businesses as well, but they tend to see an entrepreneur as ‘someone else’ who is leading a tech start-up or something. If you are 30 years of age and working in one of the Big Four or in the finance function of a business, you need to have an entrepreneurial mindset because, one day, you could be leading that organisation yourself.” As Millar sees it, all Chartered Accountants should be thinking entrepreneurially both for their own career and for their clients. “They need to be able to go on a risk journey with their clients. They need to be able to go on the entrepreneurial journey either personally or with their clients,” he says. Path to accountancy The Whiterock Finance Chief Executive took the traditional route into his own career in accountancy. “I did an accounting diploma at Queen’s University Belfast and spent eight years with KPMG after that. I was Audit Director there when I moved on to Deloitte, working in audit and transaction services, and then spent seven years in corporate and business banking with Bank of Ireland.” Millar made the move to fund manager Whiterock Finance in 2012. “It was a start-up providing riskier finance to businesses in Northern Ireland and, since then, the management team has been successful in buying the business out from its original corporate owners,” he says. “Today, we provide loan finance of up to £2 million and, through our new Growth Capital Fund, equity finance of up to £5 million to businesses in Northern Ireland.” His role as Chief Executive of Whiterock Finance is, Millar says, “hugely positive.” “We have £225 million in funds under management and have deployed £125 million to over 150 companies. I get to meet lots of business owners who are pitching to us, but the impact is not just that amount of money. “Generally, we do deals alongside other funders. That cocktail of funding helps make things happen. It is great to see companies develop and grow and some of them move onto exits either through trade sales, funding events or IPOs on the Alternative Investment Market. Having a positive impact on the success of other businesses is the most enjoyable part of the job.” Whiterock Finance has just launched the £75 million Growth Capital Fund, which will focus on investments of between £1 million and £5 million in return for minority shareholdings in scaling companies. “We have a debt fund of £30 million and that will be topped up to £60 million in the near future. This fund provides loans of up to £2 million to businesses,” Millar says. “We saw a need for an equity fund and have been working on that for the past two years. The British Business Bank provided £45 million in funding and the rest of it came from us going around Northern Ireland to get funding from high net-worth individuals and others. “We got 18 others to make up the £30 million. We put in the hard yards. It is interesting being on the other side looking for money. There is a real opportunity to be a market mover. We will close out our first three investments in the summer.” Opportunities for Northern Ireland Millar is firmly focused on opportunities for Northern Ireland and believes it is “in a good place” at the moment. “The Executive is back up and running now. Its closure was a drag on the economy. We also have the advantage of having dual trading access to the British and EU markets,” he says. “In terms of sectors, some specialisms in areas like cybersecurity, IT and digitalisation, are doing very well. In advanced manufacturing and engineering, we have a hotbed in mid-Ulster, and fintech is also doing very well.” Promoting Northern Ireland as a location for inward investment is important and activity has been ramping on this front, Millar says. “The UK government hosted an investment summit last September. There were lots of businesses in the room along with a number of foreign investors, mainly from the US. That was followed by US Government Envoy Joe Kennedy hosting a trade summit.” In attracting inward investment, Millar says Northern Ireland should leverage the strength of its very well-educated workforce as well as its dual market access. “If there is one thing that could really help, it is having a corporation tax rate the same as the Republic of Ireland. It is currently 25 per cent here, double the 12.5 per cent rate for all but the very largest companies in the Republic of Ireland. That would be really impactful,” he says. Funding advice for entrepreneurs Drawing on his experience as an investor, Millar advises business owners seeking funding to engage early. “It takes longer to get to a funding decision now,” he explains. “You need to know your business, know your markets and where the growth opportunities lie – and you need to know your numbers. “Chartered Accountants play an important role there. When we see Chartered Accountants on the other side of the table presenting a business plan that hangs together, it gives the business a much better chance of funding. The drive and enthusiasm of the people pitching is important as well, of course.” Promoters seeking equity funding should also keep their future exit in mind. “It could be a sale to another company, another private equity investment or a floatation,” Millar says. “Investors want to see a growth and exit plan as that is how they will get a return on their investment. It is different if you are looking for a loan – in that instance, the lender will want to see hard evidence of your ability to repay.” Interview by Barry McCall.

Minister for Enterprise, Trade and Employment, Peter Burke TD, FCA, outlines his plans to ensure Ireland’s SMEs have the support they need to succeed and flourish. Just three weeks into his tenure as Minister for Enterprise, Trade and Employment, Peter Burke TD, FCA, had already hit the ground running, unveiling a pre-budget SME support package to provide a boost to Ireland’s small- and medium-sized businesses. This “sense of urgency” will, he says, continue to inform his work in the months ahead as he advocates on behalf of SMEs and traders up and down the country. “SMEs are vital to Ireland’s success and central to our ability to build a broad-based and successful economy,” says Burke. “While there has been some moderation in the rate of wholesale price inflation, and measures to date have helped many vulnerable but viable firms, these new measures will help SMEs’ long-term financial sustainability, and aid them to grow and thrive so as to sustain good jobs into the future.” The need to support and champion SMEs is a cause close to Burke’s heart. He grew up on a family farm close to Mullingar, Co. Westmeath, and went on to study commerce at NUI Galway, graduating in 2004. “We had a suckler farm, which is a bit unusual in that you only get paid once a year, and I would have watched my dad over the years managing cashflow around that one annual payment,” he says. “I was always very interested in figures at school – trying to plan into the future to meet cashflow demands – and I really enjoyed studying business for Junior Cert. That enticed me into accountancy and, when I went on to NUI Galway, I chose to major in the subject.” Early interest in business Burke also nurtured a wider interest in business and, in particular, “understanding the mechanics of business – looking under the bonnet and taking a deep dive.” “I wanted to understand where the revenue is generated and how to invest and spend in a sustainable manner that doesn’t leave you with the red light on at the end of the year,” he says. Following his graduation, Burke went on to train as a Chartered Accountant with Stephens Cooke & Associates in Mullingar, qualifying in 2009. “I didn’t apply to the Big Four firms because I felt that I had a better chance of gaining a solid understanding of everything in a medium-sized practice with a wide dispersal of clients,” he explains. “I would be working on a capital acquisitions tax return one day, dealing with an estate the next, then looking at stamp duty or advising a client on VAT and carrying out Revenue audits – it was complete exposure to everything – an A to a Z take on business, and that’s exactly what I wanted.” Political career Before his election to the Dáil in 2016, Burke served as a Councillor on Westmeath County Council. “I was elected to both Westmeath County Council and Mullingar Town Council in 2009, which gave me my first platform in elected politics and, at that time, Chartered Accountants Ireland agreed to defer my exams,” he says. “That allowed me to run in those elections and I wouldn’t be where I am today without it, so I really appreciated it. I continued post-qualification with Stephens Cooke & Associates right up until I got elected to The Dáil in 2016 as a TD for the Longford-Westmeath constituency. “It took a few attempts to get there but, if you really want to do something in life – if you feel it’s for you – and you don’t succeed the first time, you have to try again. Persistence and determination do pay off.” Leaving behind his career in practice came with a “tinge of sadness” for Burke, who had built strong working relationships with SMEs across the country through his work as a Chartered Accountant. “I really missed that, but getting elected to the Dáil also brought an exciting new horizon and a fresh challenge. I was delighted to be appointed to the Finance Committee and the Public Accounts Committee. Those roles gave me unbelievable insight into how government departments operate and how decisions are made.” Burke was appointed Minister of State for Housing, Local Government and Heritage in 2020 and served as Minister of State for both European Affairs and the Department of Defence from 2022 to April 2024, when he took up his current role as Minister for Enterprise, Trade and Employment. “It has been a priority of Taoiseach Simon Harris to support our small businesses since he took office. When I got the call from Simon and sat down face-to-face with him, one of the first things he said to me was, ‘I really want to get a package together to support our SMEs’. “We were both very much at one on this, because I fully understand from my work as a Chartered Accountant that SMEs employ 70 percent of people right across our country. They are central to economic activity in all our communities.” Key SME measures Key measures outlined in the pre-budget SME support package put forward by Minister Burke in May include reopening the Increased Cost of Business (ICOB) scheme for an additional 14 days, introducing a second ICOB payment for businesses in retail and hospitality, and doubling the lending limit for Microfinance Ireland loans from €25,000 to €50,000. The package also doubles the Innovation Grant Scheme to €10,000 and increases the maximum amount available under the Energy Efficiency Grant Scheme to €10,000 while halving the business contribution rate to 25 percent. The employer PRSI threshold will rise from €441 to €496 with effect from 1 October 2024, ensuring that employers with employees earning the weekly equivalent of the national minimum wage will pay the lower rate of employer PRSI at 8.8 percent. Eligibility for both the Digital for Business Consultancy Scheme and Trading Online Voucher have also been extended to businesses in all sectors employing up to 50 employees while the value of the grant itself has been doubled to €5,000. “As a politician and policymaker, I have to look ahead and ask, ‘how am I going to make life easier for our businesses every single day in the future?’” Burke says. “We have approved capital schemes for upgrading infrastructure like LED lighting, refrigeration and kitchens, which could cut some companies’ monthly energy bill by up to €1,500. We are offering a €10,000 grant whereby the business has to put up just 25 percent of the total cost. “We are focusing on innovation and supporting investment in innovation among SMEs by various means, including collaboration with tertiary institutions, so that they can continue to adapt and remain competitive into the future.” An enhanced ‘SME Test’ has also been introduced by the Department of Enterprise, Trade and Employment in conjunction with the Department of An Taoiseach. “This means that when a statutory instrument or new regulation is under review, we think small first and ask, ‘how is this going to impact our SME sector?’ This test will be very important for policymaking into the future.” Burke has published the first ever Local Enterprise Offices (LEO) Policy Statement, which will run to 2030, providing “clarity and certainty” on the role of the nationwide network for 31 LEOs in administering measures outlined in his SME support package. “Over 370,000 businesses are eligible for some type of support from the LEOs, such as assistance in starting and growing a business, as well as expert guidance on how to save time, money and energy, mentoring, training and general business advice,” he says. “A number of these measures will be actioned by the LEOs – including increasing the Energy Efficiency Grant, opening up grants to help more businesses to digitalise, and launching Ireland’s Best Emerging Entrepreneur Programme to encourage entrepreneurship and start-ups in under-represented groups.” Outlook for Irish business The “sense of urgency” Burke describes at the beginning of this interview will, he says, continue to guide his work in the months ahead. “I’m very much aware of where we were in the government cycle when I got this job and that creates a sense of urgency that will underpin everything I do,” he says. “You will see a very strong impetus to ensure that businesses have all the supports they need to succeed and flourish and keep our economy growing and continuing to employ the 2.71 million people we have currently working in Ireland.” The latest figures from the Central Statistics Office, published in May, revealed continued growth in Ireland’s labour market. Some 50,500 jobs were created in the year to the end of March 2024 bringing employment to 2.71 million, up about 1.9 percent year-on-year. “I’ve talked about the sense of urgency I feel in this role, but equal to this is the importance I place on evidence,” Burke says. “I always base my decisions on evidence-driven data. You need to ensure that you’re fully informed and the Chartered Accountant qualification will help with that. Some of the things I love most about accountancy are very much aligned with my interest in politics. As a Chartered Accountant, I really enjoy working with people – going into a business, meeting the directors, the senior management team, and helping them to plan for the future. “The same applies in politics – you’re working with people, planning ahead and balancing different demands, trying to work out the viability of various plans and proposals and thinking ahead so you can deliver the best outcome.” The outlook for Ireland’s SME sector, business generally and the wider economy is broadly positive, Burke believes, but no measure of growth and success should, he warns, be taken for granted. “I am heartened to see employment continue to rise this year and I absolutely see a bright future for Ireland’s SMEs, particularly those that innovate and grab emerging opportunities – but you can’t take anything for granted,” he says. “No matter how healthy the economy, we must always be looking ahead, considering all the evidence and putting in place the guardrails and incentives to protect and support business in Ireland well into the future.”

Tackling systemic hurdles to the long-term economic health of Ireland’s SMEs will be a top priority for Barry Doyle, the new President of Chartered Accountants Ireland. As Investment Director with MASV, the entrepreneur-led investment firm, Doyle brings considerable experience in advising and scaling successful businesses. He took up the office of President on Friday, 17 May, following the Institute’s 136th AGM. At just 37, Doyle is the youngest President in the Institute’s 136-year history, but already he has gained deep expertise in the start-up environment in Ireland and overseas and continues to work with scaling businesses from their earliest stages through growth and exit. The need to support and champion these businesses is a cause close to his heart. “I’ve worked mainly with start-ups and early-stage companies throughout my career,” Doyle says. “I’m drawn to entrepreneurs – for me, it’s about building something from scratch and seeing it gain traction, grow and succeed. It excites me. The start-up environment can be tough but it is also incredibly rewarding.” In his role with MASV, Doyle supports ambitious start-ups scaling internationally. “I’ve gone from working in hands-on roles within these businesses to now guiding them as a board director, observer and advisor and investing in people’s ideas at MASV,” he says. “I really enjoy it. There is a lot of variety in working with international companies of different sizes and at different stages of development.” Shining a spotlight on SMEs During his term as President, Doyle is keen to focus on those members of the profession who own, support and advise Ireland’s SMEs in both the North and south. “Many of our members run SMEs. We have practitioners out there running their own businesses the length and breadth of the country,” he says. “Not only do they support other SMEs in their day-to-day work, but they are also business owners and entrepreneurs themselves. “They provide employment, often in regional towns and cities. It is important to me that we shine a light on the value these members are providing every day.” Although he believes Ireland offers a broadly supportive environment in which start-ups and SMEs can flourish, Doyle is also acutely aware of the challenges facing this crucial cohort of the Irish economy. “Record corporation tax receipts will not always be with us. There’s a strategic imperative to ensure economic health for SMEs long-term,” he says. Doyle believes this can only come from understanding the unique challenges they face, not simply by virtue of their size, but also related to the sector they operate in – and the supports they need. “We need to be very mindful of new initiatives that are being rolled out, such as pension auto-enrolment, increasing the minimum wage and PRSI costs, so we can ensure that they don’t give rise to prohibitive costs for business.” SMEs are also being impacted by wider infrastructural issues that must be addressed, such as the availability of both housing and childcare, Doyle warns. “The cost of doing business and these infrastructure issues are intrinsically linked and need to be considered in totality,” he says. “The question is: what can we reasonably expect businesses to cope with?” Blueprint for sustained growth Chartered Accountants Ireland has published a new thought leadership paper setting out measures to help achieve strategic, systemic improvements for SMEs in Ireland. These measures include: Further increases to the thresholds for Employer PRSI so all wages up to the minimum wage are exempt and wages up to the living wage are at the reduced rate of 8.8 percent. No extension to the Enhanced Reporting Requirements (ERR) for at least three years and not before an appropriate cost-benefit analysis of the current system has been completed. Reducing Capital Gains Tax from 33 percent to 25 percent to stimulate business and personal transactions that will bring additional funds into the Exchequer. Wider SME eligibility for grants to include more ‘traditional’ industries and the service sector. A more prominent role for the Strategic Banking Corporation of Ireland in encouraging banks to provide low-cost credit to SMEs, and to underwrite this credit. New opportunities for Credit Unions to increase SME lending by adapting Central Bank regulations – e.g. lending limits. Curbing high business costs “Broadly speaking, I think Ireland is pro-business and pro-entrepreneurship, but there are challenges. The cost of doing business in Ireland is rising and this is becoming quite a big issue for SMEs,” Doyle says. Chartered Accountants have first-hand experience of the cost and administrative burdens SMEs are encountering, Doyle adds, and the proposals outlined in the Institute’s new thought leadership paper are tailored to address these. The publication of the paper followed extensive engagement with members, two-thirds of whom work in business. “Government commitment to the SME sector in Budget 2025 is welcome, but this is a commitment that will need to endure even as we move towards a new Government next year,” Doyle says. “Our thought leadership paper offers a blueprint that in the long-term will effect change if implemented. We must ensure that a strategic lens is adopted in tackling what are stubborn, systemic hurdles for SMEs.” Successful career path Originally from Rosslare, Co. Wexford, Doyle studied accounting and finance at Dublin City University, interning with EY Ireland’s tax and audit divisions in his second year of studies. After graduating in 2006, he returned to EY to train in assurance and went on to join the National Geographic Channel in Sydney. He was Regional Finance Manager for National Geographic Channel in Australia and New Zealand for two years as it expanded to become Fox International Channels. In 2013, after returning to Ireland, Doyle joined Storyful in the role of Chief Financial Officer. The online news and content verification company founded by former journalist Mark Little was acquired in 2013 by News Corp for a reported $25 million. Doyle then went on to work with e-commerce start-up xSellco for two years, again in the role of CFO, followed by a two-year stint as Chief Operating Officer with recruitment firm Mason Alexander. He joined MASV in 2020 shortly after the entrepreneur-led investment firm had been established by Dan and Linda Kiely who sold Voxpro, their business process outsourcing firm, to Canadian company Telus International in 2017. Doyle is also currently a Director of Republic of Work and Board Observer for both OpenforVintage and Johnson Hana. “I think my own career is testament to the sheer range of roles open to Chartered Accountants – and to how far your qualification and training can take you from a relatively early stage,” he says. “The knowledge you have means you can add value from the get-go and this can propel your career along a very exciting path.” Vibrancy and diversity of profession During his year as President of Chartered Accountants Ireland, Doyle is keen to shine a spotlight on these opportunities and the vibrancy and diversity of a profession that continues to play such an integral role in all sectors on the island of Ireland and overseas. “It’s really important that we highlight the many opportunities our profession offers globally, but also increasingly here in Ireland. Every single business and organisation has an accountant at the heart of their decision-making,” he says. This reach means that the profession is also inherently valuable to the economy, as demonstrated by research carried out recently by Oxford Economics. A report published by Oxford Economics in January on behalf of the Consultative Committee of Accountancy Bodies, found that the Irish accountancy profession – comprising the accountancy sector and accountants working across the wider economy – contributed €19.8 billion to the Irish economy in 2022. The report further found that the profession generated €1.8 billion in tax revenues in 2022. In Ireland and Britain combined, the profession contributed €114 billion to both economies in 2022, generating €13.7 billion in tax revenues. Behind these headline figures, there are over 83,000 individuals employed by the accountancy profession in Ireland, driving and servicing business in all sectors. “One of our USPs as Chartered Accountants is the high ethical standard we are held to as professionals,” Doyle says. “People look to us as trusted advisors. We act in the public interest and I think this is very important in terms of driving the economy towards sustained growth in a well-thought out manner.” Engaging with members at grassroots In addition to championing and supporting SMEs, Doyle is keen to engage with as many members as possible at grassroots level at a time when membership is set to swell from 33,000 to 38,000. Members of Chartered Accountants Ireland and CPA Ireland voted in favour of a proposal to amalgamate the two Institutes earlier this year. This will see the creation of a single Institute, named Chartered Accountants Ireland, which will be the largest professional body on the island of Ireland. The proposal was endorsed by the Councils of both Institutes who believe it will better position the profession for the future, driving new growth opportunities while also being stronger to meet challenges. “As the Institute grows, it is more important than ever that what we offer is relevant to as many of our members as possible – and that it speaks to the reality of their professional lives, needs and priorities,” Doyle says. “The Institute exists to support and elevate the profession, to uphold our professional standards in the public interest and to continue to educate members and future members. Ultimately, everything we do begins and ends with our members.” Doyle has served as Deputy President of the Institute for the past year, supporting outgoing President Sinead Donovan alongside Vice (now Deputy) President Pamela McCreedy. “Sinead is an inspiration to so many and a fantastic leader,” he says. “I will be continuing her focus on the future of the profession and our ‘next gen’ during my own term as President and also picking up on our predecessor Pat O’Neill’s very valuable work during his time as President in calling for reform of the Leaving Cert accounting syllabus.” The power of connection Doyle has been a member of the Council of Chartered Accountants Ireland since 2015 and has chaired the Institute’s Digital Steering Group and Members Board as well as the Members in Business and Strategic Communications Committees. “I made the decision to go for Council when I was just 27. It goes back to my time in Australia and the power of the Australian society and sense of community I found there,” he explains. “We came together as Chartered Accountants and I always knew that there was a group there to support me. That sense of connection is really powerful when you’re so far away from home. “It’s not lost on me that I will be the youngest President in the history of the Institute, but I think that’s a good thing. “Sixty percent of our membership is now aged 44 and below. The profile of our membership is changing and I think it matters that our members can see this represented on our Council.”

Nicola Flannery outlines how organisations can navigate the expanding landscape of AI by focusing on ethical deployment, regulatory compliance, and building consumer trust for sustainable growth and innovation The true societal impact of Artificial Intelligence (AI) systems is yet to be fully realised. However, many already see AI as an engine for productivity and economic growth. As organisations compete to be the first to unlock and realise AI's full potential, governments and regulators worldwide have started the challenging task of creating legislation and regulatory frameworks around a constantly evolving technology. While there is still uncertainty around the risks due to AI technologies, some caution must be displayed to truly understand these, particularly where risks and harms to individuals may arise. In addition, privacy and security concerns are still the leading causes of limiting investments in AI-based solutions. However, with the current buzz around AI, even an organisation not currently considering it will be inclined to do so as the technologies evolve and mature. From this perspective, it is important to start thinking about AI use cases for your business and be ready to implement such solutions in a manner that builds customer confidence and aligns with the regulatory requirements. There is no doubt that companies that have an issue with how and where they deploy AI technologies will suffer from significant reputational damage. Trustworthy AI While the risks of AI technology do exist, there is also no doubt about the benefits that can be realised. However, the social and economic opportunities of AI may not be fully gained if the public’s concerns about the risks of AI outweigh their perception of the benefits. Therefore, it is crucial to ensure that AI technologies evolve and are deployed in ways that consumers and users can reasonably trust. Trustworthy AI, also known as ethical or responsible AI, has been proposed to mitigate the risks and enhance consumer/user trust in such systems. This is an umbrella term that consolidates several components which, according to the independent high-level expert group on AI established by the European Commission, consist of the premise that Trustworthy AI must be: lawful, respecting all applicable laws and regulations; ethical, respecting ethical principles and values; and robust, from a technical perspective, but also considering the social environment. Applying a human-centric, trustworthy AI-by-design approach will go a long way towards propelling innovative AI efforts while being aware of the risks that must be mitigated. Six dimensions for trustworthy AI Fair and impartial AI systems should make decisions that follow a consistent process and apply rules fairly. They should also incorporate internal and external checks to remove biases that might lead to discriminatory or differential outcomes, helping ensure results that are not merely technically correct but considerate of the social good. Transparent, documented and explainable AI systems may not operate as “black boxes”; all parties engaging with an AI should be informed that they are doing so and be able to inquire how and why the system is making decisions. Responsible and accountable The increasing complexity and autonomy of AI systems may obscure the ultimate responsibility and accountability of companies and people behind the decisions and actions of these systems; policies should be in place to clearly assign liability and help ensure that parties impacted by AI can seek appropriate recourse. Safe and secure Just as we currently depend on the consistent performance of professionals to help ensure that our daily activities are safe and healthy, we should be able to depend on equivalent or even greater reliability as we merge our systems with AI. Respectful of privacy As AI systems often rely on gathering large amounts of data to accomplish their tasks effectively, we should ensure that all data is collected appropriately, with full awareness and consent, and then securely deleted or otherwise protected from unsanctioned use. Robust and reliable As AI systems take greater control over more critical processes, the danger of cyberattacks and other harms expands significantly. Appropriate security measures should be implemented to help ensure the integrity and safety of the data and algorithms that drive AI. Nicola Flannery is Director of Data Privacy & Internet Regulation at Deloitte

CEOs are leveraging M&A for tech-driven growth and market expansion, embodying innovation and sustainability in a dynamic business landscape, explains Fergal McAleavey In the rapidly evolving business landscape of 2024, global CEOs continue to use mergers and acquisitions (M&A) to navigate innovation and transformation across their businesses.  The latest CEO Outlook Pulse Survey from EY shows businesses are engaging in M&A activity with renewed vigour, considering it a strategic support for addressing key priorities. The survey found that acquiring technology, new production capabilities and innovative startups, growing market share and accessing new geographies stood out as the top three strategic drivers for CEOs pursuing M&A. Irish M&A: growth and innovation In Ireland, the M&A landscape is particularly vibrant, with CEOs and investors showing a keen interest in a variety of transaction opportunities, from trade sales to private equity investment to strategic alliances. Ireland's thriving tech sector and business-friendly climate have fuelled a boom in deal-making, outpacing the UK and EU. This is likely to continue as companies pursue innovative technologies and seek to capitalise on the entrepreneurial energy of startups that have scaled. The strategic imperatives for Irish M&A are expected to align with global patterns, emphasising the acquisition of larger market shares, expansion into new markets, and the integration of advanced technology into existing operations. This is especially pertinent for Ireland, given its status as a European tech hub.  Ensuring strategic objectives are met CEOs are also signalling their readiness to streamline their portfolios, shedding assets to address ESG goals and refine their focus for the challenges ahead. Sustainability due diligence is playing an ever-increasing role in M&A transactions to assist buyers and sellers to ensure that those deals are aligned with their own corporate sustainability objectives. This strategic deal-making is not merely a short-term solution but is part of a broader, long-term vision to build resilience and adaptability for an unpredictable future. Irish CEOs' strategy With global funding markets more receptive in 2024, Irish acquirers may find it easier to secure financing for deals and may be the target of larger companies seeking to expand their geographic footprint or product offering. However, they must remain cautious of potential market tightening as political events unfold. For those looking to divest, the market's increasing appetite for acquisitions and the continued resurgence of private equity (PE) could provide favourable conditions. Nonetheless, the timing of PE's full-fledged return to the M&A space remains a little uncertain for large transactions as they await potential interest rate decreases, particularly in the Eurozone and the UK. Irish companies must stay attuned to shifts in monetary policy that could influence the M&A landscape.  To provide corporate sellers with more control over M&A transactions, particularly as a counter-measure to lengthy deal timelines that have become a feature of the M&A market in the last few years, time is well spent by those sellers preparing potential divestment assets for sale, including anticipating issues of particular relevance to likely buyers of those assets and identifying potential regulatory approval requirements that may add to longer deal timelines. Sell-side due diligence of prospective buyers can also be warranted to help flush out any potential roadblocks or delays that may arise from ever-increasing competition law, foreign direct investment and foreign state aid regime requirements.  The M&A momentum for the remaining months of 2024 is characterised by strategic foresight, adaptability, and a commitment to sustainability, as both global and Irish corporate leaders and investors navigate the complexities of a rapidly evolving business world. Fergal McAleavey is Partner of Corporate Finance – Strategy and Transactions at EY

The topic of whether a strong labour market delivers a good labour market is gaining significant attention, particularly since the Economy Minister has underscored the importance of ‘good jobs’ , says Martha Sargent The latest labour market statistics reveal a positive trend: between December and February 2024, unemployment stood at record lows (2.2%), and employment rates reached 71.7 percent, the highest level since the pandemic, indicating a potential improvement in job quality. For the first time since 2001, Northern Ireland did not have the highest level of economically inactive (26.7%) in the UK, with higher rates across Wales (28.1%) and the northeast (26.9%). The strength of the labour market creates a context in which we can challenge ourselves on whether the jobs we have are ‘good’. This has not always been the case. Since the pandemic and the Great Financial Crash, Northern Ireland’s focus has been the retention and recovery of jobs through downturns. In total, Northern Ireland lost over 40,000 jobs following these economic shocks. Encouragingly, as the recovery has taken hold, Northern Ireland reached peak levels of employment with over 904,000 jobs in 2022. So, what does this tell us about the quality of jobs available? Building a resilient economy, one that’s focused on jobs that suit the individual and promotes the overall economy, is a pressing need. This requires a strong emphasis on good, quality jobs—a concept that has now become a cornerstone of the Department for Economy's policy following the Economy Minister Conor Murphy’s  ‘economic vision’, which states “the promotion of good jobs” as one of four key objectives, along with promoting regional balance, raising productivity and reducing carbon emissions. This idea of ‘good jobs’ has also been promoted in the Resolution Foundation’s Creating a Good-Jobs Economy in the UK, in which it found that the British economy falls short on inequality metrics and that regional patterns in productivity play out in job quality. What makes a “good job”? For now, Northern Ireland does not have a clearly defined position on what a ‘good’ job is. What is clear is that it is a mix of areas such as pay, job satisfaction, HR policies, inclusivity, etc., and as such, is debated among policymakers, academics, and economists. In fact, the Department for Economy is currently debating such concepts as part of its measure for the ‘good jobs’ objective announced in the Minister’s economic vision. The Resolution Foundation has provided some insight into what makes a ‘good job’, such as work that pays well enough to allow for a reasonable living standard, stability and security, and opportunities for career progression. Northern Ireland’s New Decade New Approach 2020 includes decent working conditions, security of tenure and a worker's level of autonomy in the analysis, and more recently, the Nevin Economic Research Institute labelled ‘good jobs’ as being secure with strong employee-management relations. The body of research on ‘good jobs’ has highlighted that there is no clear path to tread in measuring or observing ‘good jobs’ for the Department of the Economy. However, Northern Ireland Statistics and Research Agency's Work Quality reports can provide some insight into the indicators that could be used. The latest data for some elements of consideration shows that 84.5 percent of all employee jobs are paid the real living wage or above; 96.9 percent are in secure employment; and 78.4 percent reported having job satisfaction. Thinking about ‘good jobs’ provides a more holistic approach to economic development. Improvements to well-being because of a ‘good job’ are expected to lead to wider economic benefits for society and the individual. Firms that place value on ‘good jobs’ should also experience higher levels of job satisfaction among workers, leading to an increase in productivity and a reduction in staff turnover and should attract more talent. A people-focused approach to ‘good jobs’ encourages security of employment, training and skills development to achieve the national skills gap challenge. As the old saying goes, ‘If you can measure it, you can manage it’. We should add ‘if you can define it, you can measure it’. Seeing the Department take steps toward defining and tracking ‘good jobs’ can only serve to strengthen the economy and add to Northern Ireland being viewed as a more attractive place to do business. Martha Sargent is Assistant Manager of Economic Advisory at Grant Thornton Northern Ireland

Struggling with imposter syndrome? Jean Evans outlines practical strategies to help overcome self-doubt, boost your confidence and network effectively I used to be the queen of feeling like an imposter. I didn’t have the language to describe what was happening to me, to describe the emotions and fear I felt. For decades in my corporate career, I simply never felt good enough. I always felt ‘less than’. While the phrase ‘imposter syndrome’ has become ubiquitous, there is also a clarification to be made: it’s not a syndrome but rather a collection of feelings – not good enough and a fraud. Imposter syndrome can manifest in several ways when it comes to networking: Simply not showing up. Not engaging at all because you aren’t ‘perfect’. Signing up for events and meetings and then suddenly becoming ‘too busy’ to attend and cancelling last minute. Showing up but slinking to the bar, coffee station, table or chair and attaching oneself as if life itself depends on it. Showing up but freezing when the opportunity arises to connect with others. Managing imposter syndrome while networking can be challenging, but there are strategies you can employ to help you cope with these feelings and present yourself confidently. 1. Acknowledge your achievements Remind yourself of your accomplishments and the skills and experience that qualify you to be in the networking event or situation. Reflect on your successes and recognise your value. 2. Practice self-compassion Treat yourself with kindness and understanding. Be aware that it’s natural to feel insecure sometimes, and it doesn’t diminish your worth. Practice self-compassion by speaking to yourself as you would to a friend in a similar situation. 3. Set realistic expectations Understand that not every interaction needs to be perfect. Set realistic expectations for yourself and accept that it’s okay to feel nervous or unsure in networking situations. 4. Focus on learning Instead of seeing networking events as opportunities to prove yourself, view them as opportunities to learn and grow. Shift your focus from trying to impress others to gathering information, making connections and expanding your knowledge. 5. Find a support system Surround yourself with supportive friends, family members or mentors who can provide encouragement and reassurance when you’re feeling doubtful. Share your feelings with them – they may offer valuable perspectives and advice. 6. Visualise success Visualise yourself confidently engaging in networking conversations and making meaningful connections. This mental rehearsal can help boost your confidence and reduce anxiety when you are in networking situations. 7. Practice assertive communication Practice assertive communication techniques to express yourself confidently and effectively. Remember that it’s okay to ask questions, share your opinions and assert your expertise when appropriate. 8. Challenge negative thoughts When you notice negative thoughts creeping in, challenge them with evidence that contradicts them. Remind yourself of your past successes and the reasons why you belong at the networking environment. 9. Take breaks when needed If you start to feel overwhelmed or anxious during a networking event, it’s okay to take breaks. Step outside for some fresh air, grab a drink of water or simply find a quiet corner to collect your thoughts and regroup. 10. Seek professional help if necessary If imposter syndrome is significantly impacting your well-being or ability to network effectively, consider seeking support from a therapist or counsellor. They can provide strategies and techniques tailored to your specific needs. Remember that imposter syndrome is common and experienced by many successful individuals. By implementing these strategies and practising self-compassion, you can navigate networking situations with greater confidence and authenticity. Jean Evans is a Networking Architect and founder of NetworkMe 

Even the best and most expensive technology can’t produce good results from bad data. This is true for AI models, too, say Liam Cotter and Niall Duggan Nothing has changed, yet everything has changed because of the advent of generative artificial intelligence (AI) and large language models. Their ability to surface unstructured data and use it to generate insights is enormously powerful and dangerous at the same time. The problems lie not only in the quality of the unstructured data but much of the structured data to which it may have access. This situation has arisen mainly because organisations have not been using this data to any great extent up until now. Refining data for best results If organisations want to take advantage of the potential benefits of generative artificial intelligence (GenAI), they must give GenAI access to their full treasure trove of data or as much of it as is legally permitted. If data is the new oil, however, much of it needs refining to unlock its value. Unfortunately, too many organisations are turning AI loose on the data they have now without first addressing the quality and governance issues associated with it. AI and data analytics need good, trusted, consistent and well-curated data to work correctly and deliver value, which can be rare. Organisations tend to have very fragmented enterprise data environments. Data can be stored on-premises, in the cloud or externally with third parties – and it can be both structured and unstructured. Typically, there are lots of siloes and duplication. This results in separate parts of the same organisation interpreting the same data differently. Finding the best storage solution Data storage is a complex problem to solve. First, there is the sheer volume of data, much of it historical, held by organisations. Then, there is the way the data is passed around. It is often stored in multiple locations, amended and altered in different ways in different places, and subject to misinterpretation, which results in the same data having more than one existence. This is not a new problem; it has already been addressed for business intelligence systems. The standard solution has been the creation of data warehouses or farms which attempt to offer a single source of data truth for the entire organisation. With the enormous volume of data required for GenAI to deliver on its promise, however, the cost of maintaining and resourcing a single data source would quickly become prohibitive. Furthermore, the effectiveness of having data stored in single locations is now questionable. As a result, we are now seeing a move towards data mesh infrastructure. This sees data stored in multiple interconnected, decentralised domains that are all equally accessible. They are organised by business function, so the people most familiar with the data – those best qualified to assess and assure its quality – are in control of it. This helps to ensure the consistency and good governance of the data – the foundation required for adopting AI and GenAI in organisations. The need for team collaboration The data mesh infrastructure has other advantages. It allows different collaborators to work together, for example. In the warehouse model, all data was in the hands of the IT department, and that had severe limitations. IT professionals may be experts on secure data storage, but they are typically not familiar with the nature of the data itself and can’t be expected to vouch either for its quality or the accuracy of an interpretation. On the other hand, when different parts of the business are responsible for managing and curating their own data, they can use it more and work together to create new uses. AI can be deployed while the mesh is under development and can be given access to the data in each domain as it becomes available. However, the development of a data mesh is not simply a technology exercise. It is also a data cleansing and quality assurance process. All data in the mesh should be verified for quality and consistency. This is vitally important for organisations in which the lineage of data can be doubtful. An energy utility’s meter data sits in multiple areas of the business, for example, including the billing and asset functions. This data needs to be brought together into one coherent object, and disparate systems must be joined up and a common taxonomy shared when describing the data. This will enable AI systems to learn from the data in a consistent and more reliable way. This cleansing and verification exercise offers significant benefits in relation to compliance with new reporting standards such as the Corporate Sustainability Reporting Directive (CSRD). Further, readily accessible quality-assured data will make the reporting process much less onerous. Governance and control Having addressed the quality and accuracy issue, the correct governance and controls must be put in place regarding privacy, data protection and security. Organisations must ensure that AI systems do not inappropriately use their data. This requires constant monitoring of data management and governance. Other key aspects to be addressed are the organisation's culture and the skills of its workforce. Organisations need to become data-centric, and their people must adopt a data mindset if they are to fully take advantage of the value of their data. They must also look at the skills within the workforce and ensure that everyone has basic data skills and that the organisation is not dependent on the IT function to get business insights from its data. Liam Cotter is Partner at KPMG and Niall Duggan is a Director at KPMG

Client surveys offer a direct pathway to understanding client needs. Mary Cloonan outlines how they can help to foster loyalty, innovation and growth Understanding clients deeply is crucial for any professional services firm aiming for long-term success. The client survey is one of the most effective tools for achieving this goal. Before your organisation sends out a survey, however, you should get to know the potential benefits and learn how to get the best results. Listening to understand Client surveys provide a direct line to your clients' thoughts and feelings. By asking thoughtful questions about their satisfaction, preferences and pain points, you can gain valuable insights that are seldom accessible through regular interactions. This allows you to tailor your services more closely to their needs. Proactive engagement Surveys are a powerful tool to help uncover unmet needs and opportunities for improvement. Clients often have evolving needs that might not be immediately apparent. You can identify these shifts through regular surveys and adapt your services and resources accordingly. This proactive approach ensures that your firm remains relevant and valuable to your clients, strengthening your relationships. Enhancing client retention A firm’s willingness to listen to and act on client feedback can bolster client retention. When clients see that their opinions are valued and lead to tangible changes, their loyalty increases. This reduces churn and turns satisfied clients into advocates, amplifying your firm’s reputation through word-of-mouth and referrals. Driving business development Client feedback is a goldmine for business development. Surveys can reveal new service opportunities or potential areas for expansion you might not have considered. Additionally, understanding common challenges your clients face can guide the development of new solutions, positioning your firm as a proactive and innovative partner. Promoting a culture of learning Conducting client surveys regularly fosters a culture of continuous improvement within your firm and your team to be open to feedback and dedicated to enhancing client satisfaction. This culture not only improves service quality but also keeps your firm agile and responsive in a competitive market. Building trust through engagement Asking for your clients’ views through surveys demonstrates your commitment to their success, how your firm values their input, and how you are dedicated to enhancing their experience. This transparency builds trust, a critical component of any long-lasting client relationship. Survey tips To maximise the benefits of client surveys, consider the following best practices: Keep it short and focused: Long surveys can be daunting. Keep your surveys concise, focusing on critical areas of interest to ensure higher response rates. Use clear and simple language: Avoid jargon. Use straightforward language to ensure clients can easily understand and respond to your questions. Incorporate quantitative and qualitative questions: To gather comprehensive feedback, use a mix of rating scales and open-ended questions. Act on feedback promptly: Show clients their feedback matters by implementing changes and communicating these improvements. Follow up: After making changes based on survey feedback, follow up with clients to let them know their input made a difference. This reinforces their value to your firm. Embrace surveys Incorporating client surveys into your firm’s strategy is a wise move that pays dividends in client satisfaction, retention, and overall business growth. By actively seeking and acting on client feedback, you position your firm as a client-centric, innovative, and responsive partner. This strengthens existing relationships and paves the way for new opportunities and long-term success. In the competitive landscape of today’s market, understanding and responding to your clients’ needs is not just an advantage—it’s a necessity. Embrace client surveys as a vital tool in your accountancy firm, and watch your firm thrive. Mary Cloonan is Founder of Marketing Clever

Large energy users have a crucial role to play in embedding greater resilience in Ireland’s energy system. David Cashman explains why Following recent geopolitical developments and the subsequent supply chain disruption to energy resources here in Ireland, ensuring the security of supply is paramount. With one of the highest ratios of energy import dependency in the EU, Ireland is more exposed than other countries to sudden shocks and disruption. As a result, embedding increased resilience in our energy system is a priority, as set out in the Government’s Energy Security in Ireland to 2030 strategy. Large energy users (LEUs), such as data centres, have a vital role to play in driving this resilience. Electricity demand is projected to grow significantly in the years ahead, and LEUs account for a sizeable portion of this. With an annual usage of over 500,000 kWh, EirGrid estimates that, by 2031, LEUs will account for 28 percent of total energy demand. While the growing number of LEUs represents strong economic activity, it does mean that a small number of these large consumers will be key to ensuring the security of supply. The question then becomes: how can this security be maintained without the cost of increased emissions? The electricity system must continue to be balanced – accounting for increasingly tight capacity margins, as highlighted in the annual Generation Capacity Statement – while LEUs must play their part in delivering on emissions reduction targets. With the number of system alerts forecast to increase – coupled with delays in connecting new generation capacity (due to planning permission, environmental impacts, and supply chain constraints) – LEUs must look to introduce interim measures now that, while ensuring security of supply, do not increase emissions. Legislative and regulatory landscape Climate Action Plan 2024 builds on initiatives mandated in the 2023 plan, including the introduction of incentives to drive low-carbon consumption and increase LEU flexibility in demand. Following Climate Action Plan 2023, the Commission for Regulation of Utilities (CRU) published an initial view of a demand-side strategy – the National Energy Demand Strategy (NEDS) – for consultation. This proposes a range of initiatives and builds on the ambition set out in the Energy Security in Ireland to 2030 strategy which highlights how LEUs “can lead and contribute to this transition by…shifting energy demand away from peak times or at times of system stress and moving demand to times of high renewable generation”. A core tenet of NEDS is a review of LEUs’ connection policy, with the associated consultation closing in late February. This review will inform the development of a new pathway for LEUs to connect to the electricity and gas systems, which will minimise carbon emission increases while accounting for system capacity. This review is very much in line with the Government Statement on the Role of Data Centres in Ireland’s Enterprise Strategy, which sets out how new data centre sites will account for the additional demands placed on energy infrastructure, demonstrating a clear pathway to decarbonised services. Five key measures There are five measures LEUs can adopt now to support Ireland’s decarbonisation plans whilst ensuring security of supply: 1. Decarbonising behind-the-meter generation Implementation of cost-effective alternatives to carbon-intensive backup generation, including: Matching gas with domestic green gas certificates; and Transitioning sites’ backup generators to renewables-based, biodegradable fuels, such as hydrotreated vegetable oil. 2. Investing in behind-the-meter storage Investment in on-site, behind-the-meter storage means LEUs can utilise stored energy at peak times and times of system stress. This ensures high network charges – those associated with electricity imported from the grid – are minimised, while LEUs can ‘sell’ stored energy back to the grid (thus creating an additional revenue stream and return on behind-the-meter storage investment). 3. Unlocking flexibility in load At times of security of supply events, disruption to business-as-usual operations can lead to an increase in emissions. This can be minimised by unlocking flexibility in load: Flexible load: Reducing reliance on the electricity system by using behind-the-meter generation and/or storage to meet electricity demand. Flexible load times: Rescheduling server load processing to a time when system congestion is lower, or renewables are more abundant on the system. Flexible load locations: Relocating server load processing from one data centre to another if there is lower demand – or higher renewables outputs – in the alternative location(s). 4. Adopting Corporate Power Purchase Agreements (CPPAs) Arrangements whereby a company procures renewable electricity directly through a contractual agreement with a renewables-based generator are known as CPPAs. These are an attractive option for LEUs as they mitigate the impacts of energy price volatility whilst also reducing electricity-related emissions. 5. Implementing enhanced emissions and energy usage reporting The new Corporate Sustainability Reporting Directive – coupled with broader ESG scrutiny – places additional demands on companies regarding the disclosure of climate and environmental data. With mandatory requirements set to be introduced, LEUs should now begin to increase transparency and reporting on emissions and energy usage, starting with materiality/gap and ESG maturity assessments. Building future resilience Rising electricity demand and a dependency on energy imports mean there is an urgent need to embed increased resilience in our energy system. LEUs have a crucial role to play in driving this national resilience. This cannot come at the cost of increased emissions, however. Adoption of interim measures that will ensure security of supply without increasing emissions means LEUs are in line with broader legislative and regulatory proposals and are also building future resilience. David Cashman is Director of Power and Utilities at EY

CPPA use has risen sharply in Ireland in the last two years against a backdrop of price volatility and an increasing focus on the role corporates must play in reaching net zero, writes Robert Costello A Corporate Power Purchase Agreement (CPPAs) is a long-term contract under which a corporate (offtaker) agrees to buy some or all of its electricity directly from a renewable energy generator.  There are two main types of CPPAs in Ireland: Financial (virtual) CPPA – this agreement acts as a financial hedge that enables the corporation to support renewable energy projects and secure a stable energy price without physically trading power. Physical CPPA – the corporate receives physical delivery of electricity from the generator, generally through the grid. Benefits of CPPAs The State’s climate action plan aims to reduce emissions by 51 percent by 2030 and deliver 80 percent renewable electricity by 2030. It includes a target of 15 percent of electricity demand to be delivered by CPPAs. CPPAs offer an alternative route to market for generators who were excluded from the Renewable Electricity Support Scheme (RESS), were unsuccessful in RESS or for whom the terms and conditions are not commercially viable. The long-term stable income that comes with a CPPA with a financially strong counterparty gives generators the financial certainty they need to secure debt funding to build new projects.  Meanwhile, corporates benefit due to: Budget certainty, particularly given volatile market prices; Delivering additionality – the renewable energy project would not have been built without the corporate's involvement (via the CPPA); and Guarantees of origin (GOs). Key commercial considerations When negotiating a CPPA, corporates must consider that CPPAs are typically long-term contracts (about 15 years), although some short-term contracts (less than five years) have been agreed in the Irish market in the past year. The offtakers forecast energy needs to determine the size of the asset with which it can contract for some or all of the output. There are four types of contract: pay-as-produced; shaped; baseload; and pay-as-consumed. Pay-as-produced contracts are the least risky for developers (as generation is not fully predictable). Other forms of contract need a significant premium from the offtaker as the generator is taking the volume risk. CPPAs can be fixed-priced, variable or a combination of both. Fixed pricing increases cash flow certainty for both parties, helping with budgeting, project financing and protecting margins. However, it can expose offtakers if there are significant wholesale market price declines, as they are locked in at higher prices. Fostering growth CPPAs present a pathway to achieving Ireland’s ambitious climate action goals. By facilitating direct transactions between corporations and renewable energy generators, CPPAs not only contribute to decarbonisation efforts but also foster economic stability and growth. However, navigating the complexities of CPPAs requires careful consideration of key commercial factors. From contract duration to pricing mechanisms, each element demands strategic planning to mitigate risks and maximise benefits for all stakeholders. In essence, CPPAs represent more than just contractual agreements; they embody a collaborative approach towards a greener, more sustainable future. By harnessing the collective power of corporates and renewable energy generators, Ireland can accelerate its journey to a low-carbon economy while fostering innovation and resilience in the energy sector. Robert Costello is a Partner with PwC

Irish support for EU membership remains strong despite concerns about the direction it is taking and declining trust in political institutions, writes Noelle O Connell Despite a slight decline of four percent from 2023, the overwhelming majority of people in Ireland (84%) and Northern Ireland (76%) believe Ireland should remain a member of the European Union, according to the EU Poll 2024 from European Movement Ireland. While support for EU membership remains strong, however, the 2024 results indicate a notable decline in both jurisdictions on the question of whether or not the EU is moving in the right direction – down from 58 percent in 2023 to 49 percent this year. Voter concerns Ireland’s continuing support for EU membership is welcome at a pivotal time for Europe. This year’s less favourable findings on several key issues are of concern, however, and serve as a timely reminder of the continual need for public engagement, dialogue and communication on EU affairs. It also highlights the need for the EU to listen to voters’ concerns. Areas of low satisfaction with the EU’s performance include its response to issues such as migration, the war in Ukraine and the Israel-Gaza conflict. Forty-six percent of respondents in Ireland and 44 percent in Northern Ireland ranked the EU’s performance on the issue of migration as its weakest. The timing of this survey coincides with the debate on the new EU Migration and Asylum Pact. The EU’s performance on trade and business continues to score well among respondents at 46 percent in Ireland and 55 percent in Northern Ireland. This underlines the positive public perception of the Single Market and its benefit to the economies in the North and south. Political popularity Of concern in this year’s poll is the growing lack of trust in political institutions in Ireland and Northern Ireland, which could reflect a wider global trend of increasing polarisation in public and political discourse. When asked which of the institutions they trusted most, 34 percent chose the Irish Government and 26 percent the EU. A significant majority (40 percent) stated none of the above. In Northern Ireland, trust in the EU came in at 28 percent, while trust in the Irish Government ranked higher than the UK Government at 24 percent compared to just eight percent, with the Northern Ireland Executive being included this year for the first time. Thirty-one percent said they did not trust any of the institutions listed. Expanding the EU This year marks the 20th anniversary of the biggest ever enlargement of the European Union when ten countries became members under the Irish presidency in 2004. We welcome the consistently strong support across the island of Ireland for EU enlargement, with 57 percent in favour of more countries joining the Union. Noelle O Connell is CEO of European Movement Ireland 

Stephen Lowry delves into details of the upcoming referendum on Ireland’s proposed participation in the Unified Patent Court  In the wake of referenda on family and care, voters were due to decide on another important constitutional referendum on 7 June. Although the vote has since been postponed by the Government, voters will be asked whether they approve of Ireland’s proposed participation in the Unified Patent Court (UPC).  First mooted in 2013 with the signing of the Unified Patent Court Agreement (UPCA), the UPC is a new international court with exclusive competence to grant ‘unitary patents’ – a new form of patent that gives uniform protection across all participating European countries on a one-stop-shop basis.  Currently within its jurisdiction are 17 EU Member States, though this number is expected to increase over the coming months as more countries move to ratify the UPCA.  Before Ireland can join the UPC, an amendment to the Constitution is needed as doing so will involve a transfer of jurisdiction in patent litigation from the Irish courts to an international court.  So, what’s to be gained from joining the UPC?  1. Reduced cost and administrative burden  At present, there is no single European patent valid in all Member States. Instead, individual patents must be held in each country where the patent is to be applied.  Applications can be made to either the national patent office in each country or as a single application to the European Patent Office (EPO).   Rather than acting as a one-stop-shop for patent litigation, however, the EPO can essentially only grant a bundle of national patents for the countries designated by the patent application.  If subject to challenge, these patents must then be litigated separately in the national courts of each country in which they are granted – thereby potentially giving rise to legal costs across a number of jurisdictions as well as risking the prospect of different legal outcomes.  By contrast, the UPC will instead allow applicants to apply for a single patent, which will be valid across multiple Member States, upon which it will be the sole arbiter.  2. Boost to FDI and export activity If the referendum is carried, the Government has signalled its intention to establish a local division of the UPC in Ireland. Doing so would mean Ireland would be the only common law, native English-speaking jurisdiction with a UPC.  Coupled with Ireland’s already attractive tax regime for research and development, the establishment of a local UPC would arguably further boost the State’s profile as a location of choice for inward investment.  Moreover, access to a streamlined European patent protection system would likely act as a useful incentive for Irish businesses to expand exports to a greater number of countries previously out of reach because of the costs of securing multi-jurisdictional patent protection.  3. Impact on the domestic economy  Estimates provided to the Joint Oireachtas Committee on Enterprise, Trade and Employment indicate that the establishment of a local division of the UPC in Ireland would contribute at least €415 million, or 0.13 percent in GDP growth, per annum by way of increased patent development activity.  Consequently, the establishment of the UPC can also be expected to generate increased expenditure and employment in legal, professional and other related technical advisory services.  Whether the referendum will be carried  will, however, ultimately depend on the Government’s ability to engage the public on the merits of adopting a streamlined patent court – a difficult task on such a niche subject.  Stephen Lowry is Public Policy Manager with Chartered Accountants Ireland

By realising the full potential of consistent networking, accountants can achieve personal and professional growth. Jean Evans explains why Consistency matters when you start networking. Working out what networks provide a consistent platform with which to engage is a crucial part of the magic sauce to leveraging and getting strategic with your networking efforts. Consistency is crucial for successful networking for several reasons: 1. Consistency builds trust Consistency helps establish trust and reliability among your network connections. When you consistently show up, deliver on promises, and maintain a certain level of professionalism, others are more likely to trust you and be willing to engage with you further. 2. Consistency keeps you relevant Regular interaction with your network helps you stay top-of-mind. If people consistently see your updates, contributions, or engagement within the network, they are more likely to think of you when opportunities arise. 3. Consistency demonstrates commitment Consistency demonstrates your commitment to your network connections, that you value the relationship and are willing to invest time and effort into maintaining it. This can lead to stronger and more meaningful connections over time. 4. Consistency builds credibility Consistency in networking activities, such as attending events, sharing valuable insights, or offering assistance, helps to build credibility. When others consistently see your expertise and willingness to help, they are more likely to view you as a credible and knowledgeable resource in your field. 5. Consistency expands opportunities Consistently engaging with your network expands your opportunities for new connections, collaborations, and career advancements. Regularly networking and nurturing relationships increase the likelihood of coming across new opportunities and being referred for relevant ones. 6. Consistency creates reciprocity Consistent networking efforts often lead to a culture of reciprocity within your network. When you consistently support and provide value to others, they are more likely to reciprocate by offering their support, advice, or opportunities when needed. 7. Consistency makes you adaptable Networking is not just about what you can get from others but also about what you can offer. Consistently engaging with your network allows you to adapt to changes in your industry or profession and remain relevant. It also opens opportunities for learning from others and gaining new perspectives. Reap the benefits Overall, networking consistency helps foster strong relationships, build credibility, and create opportunities for personal and professional growth. You can reap the benefits of a strong and supportive professional community by consistently investing time and effort into nurturing your network connections. Jean Evans is a Networking Architect and founder of NetworkMe

After a decade of little change, the tax regime for research and development in the UK has undergone a ‘credit style’ revamp, writes Liam McHenry  New research and development (R&D) rules for businesses in the UK with an accounting period beginning on or after 1 April 2024 have commenced. These entities are within the remit of the newly merged, research and development expenditure credit (REDC) expenditure scheme – with the exception of “highly R&D-intensive companies”. Companies with over 30 percent of their yearly expenditure qualifying for R&D tax relief can still claim under a restricted version of the SME scheme. Given this high bar, however, it is likely that only small technology start-ups will qualify.  For everyone else, the new rate will provide a benefit worth about 15p per £1 of qualifying expenditure, so not all is lost for those exiting the SME scheme, as a generous tax incentive remains for potential claimants. Reduced complexity? The stated aim of the merged scheme is to reduce complexity for claimants and their advisors. With two schemes remaining post-merger, however, the new scheme is actually more complex than its predecessor.  Subcontracted expenditure had previously been excluded under the RDEC scheme in any meaningful way. Under the new merged scheme, a new system has been put in place with the aim of rewarding whichever party decides to undertake the R&D activity. This adds a new dimension to determining the eligibility of qualifying R&D expenditure insofar as a subcontractor will now need to determine whether they believe their customer knew in advance that a project would require R&D activity. The theory is that this approach will remove the potential for both parties to claim on the same project, but it is easy to see how ambiguity might arise. When agreeing the terms of contracts with customers, claimants must pay additional attention to any clauses relating to intellectual property (IP) generation and whether they indicate that R&D will be required. Taking care at this stage could help claimants identify and preserve their right to claim the corresponding tax relief. Overseas expenditure A restriction on overseas expenditure was also introduced on 1 April 2024. Unless there is a compelling reason why the expenditure could not reasonably have been incurred in the UK, it will not be eligible for inclusion in the claim. However, recognising the unique position of Northern Ireland and its significant integration with the neighbouring Republic of Ireland, claimants can bypass this new restriction. By doing so, they could gain up to a maximum additional benefit of £250,000 every three years. This may require some additional administration, but it is still a welcome reprieve from the restriction, which would have been costly. Increased scrutiny This article offers a summary of the main rule changes coming into effect this month. In reality, there are more of which claimants should be aware. His Majesty's Revenue & Customs (HMRC) has dramatically increased its compliance efforts, with recent revelations from the Public Affairs Committee indicating that upwards of 20 percent of new R&D claims are now under scrutiny. While this fact alone should not be a major concern, it is worth noting that this increased scrutiny often comes with an aggressive stance, beginning with the assumption that R&D claims should be disallowed. The experience of one claimant to another can dramatically vary depending on which caseworker is allocated to the enquiry. Regardless, opening an enquiry can be a prolonged process before a conclusion can be reached. In the event of an unsuccessful enquiry defence, HMRC will be obligated to consider whether any penalties should be levied, depending on whether they determine that the claim was prepared carelessly. In addition, depending on the level of disclosure provided in previous claims made in recent years, HMRC can (and is actively encouraged to) look into these previous claims beyond the normal enquiry window. Planning ahead The implementation of the new R&D tax rules marks a significant shift for businesses heavily reliant on R&D activities for growth and innovation. As businesses adapt to the new regime, strategic planning and collaboration with tax advisors will be essential in maximising the benefits. Liam McHenry is Director of Tax at Grant Thornton

Recent comments by the CEO of America’s biggest bank suggest AGMs are losing power and relevance. David W Duffy delves into the details Annual general meetings (AGMs) are crucial in corporate governance. They are a legal necessity and provide a valuable opportunity for shareholders to speak to leaders. These days, however, criticism is surfacing in some companies that AGMs are becoming a nuisance. Activist pressure So, what exactly is turning the tide on AGMs and their perceived value? In short, the activist pressure exerted recently at some very high profile AGMs.  At Disney’s most recent AGM in early April, for example, shareholders were encouraged to vote in favour of a proposal that would see the entertainment giant pay for services for people choosing to detransition. The Disney proposition had no material impact on the company’s strategy, and JPMorgan Chase Chief Executive Jamie Dimon took issue.  According to Fortune, Dimon claimed that AGMs were falling victim to “spiralling frivolousness”, dominated by lobbyists, activists and interest groups, which bear little relation to the company’s strategic direction.  There’s no “right or wrong” for a statement like this; it is really just a measure of whether or not other corporate leaders agree.  The leaders of some companies could easily agree with Dimon, especially those at the helm of companies whose AGMs are rife with debate. In companies where AGMs are quieter – sometimes to the point of formality – leaders may not need to worry. Importantly, board members and other stakeholders must remember that anything is possible at an AGM. They could, for example: serve as a hotbed for debate; become a forum for topics considered politically charged (anything from geopolitics to religion to social issues to climate change); feature shareholder proposals put forward solely to make a point, win support or express anger; or seem like a waste of time to corporate leaders because of all the above.  None of this is a given, however. It is far more likely in bigger, global companies – household names consumers feel are so big that their impact stretches beyond their mission statement. In these scenarios, stakeholders generally want the company to take a stance on every political issue, and shareholder proposals at AGMs are part of this. Are AGMs fit for purpose? The threat of any of the above scenarios may mean that some companies’ AGMs are not fit for purpose. It depends on the goals of the people who attend. Companies can’t just get rid of AGMs, however.  AGMs are a cornerstone of business. They often serve as the one opportunity many small shareholders have to speak to the company’s leaders – and, by law, this chance must always be available.  An organisation considering changing its AGM must first examine its articles of association. These are usually where AGM rules like voting procedures and scheduling are found. Beyond this, there may be wiggle room. AGM options It is advisable that leaders and participants accept that the AGM will be active, full of differing opinions and multiple proposals that go nowhere, making it feel like a distraction. If you approach the situation with this prepared mindset, you might find it easier to register the elements of impactful processes beneath the noise.  It’s also advisable to get proactive about issues. You may be better prepared if you anticipate the problems that shareholders are likely to raise and discuss them at the executive and board levels. In the process, you could gain critical insights that shape your understanding of shareholder opinions and frame a more robust conversation. However, if an organisation still wants to change their AGM – and the articles of association allow it – boards can change things like length, the requirement for in-person attendance and the time balance between corporate leaders and shareholders. It must be noted, though, that if a board changes any of these elements, it may appear to be attempting to be creating barriers to debate and shareholders might not respond well. The bright side Many companies have seen their AGMs dominated by activist noise in recent years. While this issue can be addressed by making changes, the bottom line is that the AGM as a concept is here to stay. Organisations should view the “noise” as an invitation to develop relationship management skills and stay on top of emerging trends. These are hugely important for good corporate leaders, and a busy AGM could be the time to flex those muscles. David W Duffy is a founder of the Corporate Governance Institute

With the first reporting deadline for CESOP around the corner, it is critical that your company is fully prepared, writes Emma Broderick From 2024, all European Union (EU) payment service providers (PSPs) will be required under legislation to record and report transactional data in excess of 25 cross-border payments quarterly. This includes banks, electronic money institutions and other regulated payment institutions. The information given will be stored in a centralised European database – the Central Electronic System of Payment (CESOP) – and all information will be made available to anti-fraud experts. This has been brought in to help combat e-commerce VAT fraud. The first reporting deadline is 30 April 2024, meaning payment service providers have less than two weeks to file the report. Here are five key points to consider when helping payment service providers. The Central Electronic System of Payment (CESOP) report must be filed in the country where the PSP provides a payment service according to the payment license. For many providers offering payment services in multiple countries under an EU passport, a CESOP report must be filed in each country. Registration is required in most countries, but the manner of registration differs. In some countries, the PSP must apply to access the CESOP portal, while tax registration is required in other countries. Sometimes, the PSP must apply for a certificate. Unfortunately, in a few countries, it is necessary to have all three. The CESOP registration for Irish-resident PSPs can be completed using the online system operated by the Revenue Commissioners (Revenue). Revenue has also developed a Non-Resident Registration app for PSPs resident outside Ireland. In some cases, filing the CESOP report requires the use of special software, an electronic certificate, special encryption or an electronic signature. For example, in the Netherlands, you must have a public key infrastructure (PKI) government certificate and access to the Digipoort bestandsuitwisseling FTP. In Ireland, a PSP can engage the services of an intermediary to prepare and file the CESOP report without the PSP having to use any further technical tools. That is also the case in many other countries. There is a standard XML format for preparing and filing the CESOP report, but a specific heading is required in several countries. Revenue will have guidance on the headings needed for Ireland. The data in the CESOP report must comply with the CESOP requirements. There are various ways to check this. The European Commission website has a CESOP validation module, for example. However, please be aware that the European Commission has recently released new explanatory notes on the requirements of the file. The explanatory notes state that PCPs must consolidate all transactions for a single account under the same payee. Reporting per payment instead of per payee results in an incorrect report. Next steps We recommend PSPs establish the countries in which a CESOP report must be filed as soon as possible. If those countries require registration, it is important to do this immediately to meet the 30 April deadline. Although the market has asked for this, there is currently no general extension, which means many countries will continue to maintain the 30 April deadline. It is a good idea to test the data that will be filed to avoid it being rejected or returned with error messages. Emma Broderick is a Director with KPMG

Ireland’s placement in this year’s PwC Private Business Attractiveness Index has been helped by our start-up ecosystem and talent but challenges remain in other areas, writes Colm O’Callaghan Ireland ranks ninth among 33 EMEA countries as a location for private businesses to thrive, according to this year’s PwC Private Business Attractiveness Index. This is higher than Ireland’s 2022 ranking in 14th place, but below last year’s ranking in seventh place.   The index ranks the relative attractiveness of the environment and conditions needed for private businesses to thrive based on ten categories. These include: Macroeconomics. Private business landscape. Tax and regulatory environment. Sustainability and climate. Social responsibility and governance. Public health. Education. Skills and talent. Technology and infrastructure. Start-up ecosystem. While sustainability and climate, social responsibility, governance and public health all impact this year's rankings, three categories correlate highly with the countries’ overall ranking. These are private business landscape, technology and infrastructure, and start-up ecosystem. Virtually all jurisdictions in the higher positions perform strongly in these areas, more than making up for their lower scores in other categories. Conversely, tax and regulatory regimes and macroeconomic data categories – or even GDP per capita – have less bearing on the overall performance in the index. The index confirms that countries need to focus continually on the fundamentals that support an attractive environment for businesses in order to encourage and attract entrepreneurs and business founders. Trends in Ireland Several positives are driving Ireland’s attractiveness as a place for private businesses to thrive: It is in sixth place for ‘start-up ecosystem’; It is in ninth place for ‘education, skills and talent’; and It is in tenth place for ‘tax and regulatory environment’, up from 20th in 2021. Some concerning trends have outweighed these positives this year, however. Ireland’s ranking for ‘macroeconomics’ has fallen to sixth place this year, down from first last year. This is a significant slide, much of it stemming from the cost of living crisis and the fact that rising costs in the private business sector were most keenly felt in 2023. In this regard, Ireland ranked 30 out of 33 for the cost of electricity and 29 out of 33 for the cost of living metrics, impacting its overall macroeconomic standing. Ireland also scores 13th place and eighth, respectively, for ‘sustainability and climate’ and ‘social, responsibility and governance’. Ireland's overall fall by two positions to ninth place in this year’s index reflects the intense pressure some private businesses are under and the urgent need for continued support for this important sector of our economy.  In recent years, private businesses have had to deal with the pandemic followed by a period of steep inflation, high interest rates, electricity price rises and other cost pressures, often while working with restrained cash flows. Private businesses now face further cost pressures ranging from an increased minimum wage, pension auto-enrolment and employer PRSI hikes all coming together. It is good news that the Minister for Finance has announced that the interest rate on tax debt (frozen since the pandemic) has been cut to zero and that the Revenue Commissioners has indicating that it will take a flexible approach to the repayments. However, new and creative long term solutions may still be needed to help businesses service or repay the debt due while continuing to grow.  A key driver of Government over the next 12 to 24 months must be simple, clear and longterm policy measures aimed at supporting private businesses and further encouraging entrepreneurship and innovation. In particular, Ireland needs to do more to help support indigenous private businesses to become world leaders in their sector. Supporting businesses to invest in their finance teams and performance-led transformation could, for example, help them scale and internationalise faster. Business owners could also be given access to the reduced 10 percent rate of Entrepreneur Relief on the payment of a salary instead of having to sell their business. This would encourage the retention of businesses in the private sector and help to create more world-leading companies in Ireland under private ownership. Overall, if the Government can introduce a clear, simple and stated policy to help private businesses flourish and grow, doing so could make a long-term contribution to Ireland’s economy and naturally hedge our dependency on foreign direct investment. Colm O'Callaghan is a partner with PwC Private