Julia Rowan answers your management, leadership and team development questions Q. My organisation is going through a lot of change; there is a new leadership structure at the top, but some changes are still undecided. I am hoping that some roles in my area (which were regionalised about eight years ago) will be recentralised under my management. While this has not yet been decided, the regions have got ahead of this with quite a public challenge to the leadership to retain roles at regional level. They have much more clout than my small team and me. A. I am going to assume that your query is about the quality of the work your function provides rather than simply headcount. In any case, a couple of things are immediately clear: Whatever happens, your relationship with the regional directors, as well as with other colleagues currently fulfilling regional roles, is very important. This ‘inter-regnum’ period could be very useful to all of you (in the regions and centrally) by giving you time to get together to work on issues relating to this restructure with a view to making improvements – no matter the eventual outcome. Perhaps someone on the senior leadership team could initiate and sponsor this. You need to play a long game; organisations make changes all the time and how you are seen to deal with this issue will impact your profile. Avoid ‘either/or’ thinking (i.e. ‘they either report to the regions or to me’). There could be many ways to create win-win outcomes. Until a decision is made, there is room for negotiation (see the book suggestion below). I suggest you carefully work out a couple of positions, including: Your ideal outcome (and how to transition to it); Acceptable outcomes if you don’t get your ideal outcome (e.g. dotted line responsibility, developing the more interesting aspects of your role, new structures to support your team, developmental support, etc); and Unwelcome outcomes (and how to avoid them). It could be useful to work on this with your team. I have no doubt that they would have a lot to add to the conversation. Q. My team is under huge pressure – as am I. I try hard to help them, but they keep coming back with the same issues and they are very negative. A. It is the leader’s role to help, but how do we help? Sometimes, it’s by fixing, helping and advising.  And sometimes it’s by listening and empowering the team member to fix it themselves.  As leaders, we are often scared by negativity and we jump in quickly with advice and fixes. I suggest you listen deeply to your direct reports. When they bring up something negative, stay with it and help them to explore it.   The pull to fix is great, so this is much more difficult than it sounds. Arranging to meet to discuss the issue will give you the time to pull together some great questions that will help your team member think through the issue and come up with solutions. Of course, you can suggest solutions too – but people are much more likely to listen to your suggestions when you have helped them to think things through first. Julia Rowan is Principal Consultant at Performance Matters Ltd, a leadership and team development consultancy. To send a question to Julia, email julia@performancematters.ie If you read one thing... Getting to yes – negotiating an agreement without giving in by Roger Fisher and William Ury. We often go into negotiations with an  ‘either/or’ attitude. Either they win or I do. Getting to Yes offers a framework for ‘principled negotiation’ helping us to come up with creative options where both parties (or more) can achieve what they want. 

The new 15 percent global corporate tax rate will have a big impact in countries across the world, but arguably nowhere more so than in Ireland’s small FDI-reliant economy. Three Chartered Accountants dissect the implications of the tax change and how it could reshape our economic landscape. Paul Dillon, Tax Partner, Duignan Carthy O’Neill Ireland has signed Pillar Two of the OECD agreement on taxation into Irish law, introducing a minimum corporation tax rate of 15 percent for large domestic groups or multinationals with revenue of €750 million or more in at least two of the four preceding fiscal years. The current 12.5 percent corporation tax rate will remain in place for most companies in Ireland, with certain groups having to pay a top-up tax of 2.5 percent – the qualified domestic top-up tax (QDTT) – directly to the Irish exchequer.   The QDTT is initially due for periods commencing 1 January 2024, but the first payments will not be made until 2026.  The rules are complex and will require significant investment from the companies it applies to so that they can understand the scope and application of these new provisions.  In the short-term, Pillar Two provisions could lead to the Irish exchequer collecting additional tax as it is estimated that close to 1,600 entities in Ireland will be liable to pay QDTT. If a group entity is liable to pay QDTT in a jurisdiction such as Ireland, the top-up taxes due outside Ireland are expected to reduce to zero. These safe harbour rules should protect the Irish tax base and result in more taxes being collected in Ireland in the short term. It is also worth noting that any QDTT paid in Ireland should be allowed as a credit against what is termed an Income Inclusion Rule (IIR) or Undertaxed Profit Rule (UPR) tax liability a group is due to pay in other jurisdictions. This will provide additional protection to the multinational tax base in Ireland. In brief, the IIR requires the ultimate parent entity of the group to determine if its constituent entities have paid the minimum 15 percent tax in each jurisdiction and pay the additional taxes in its jurisdiction to meet the minimum tax rate.  The UPR taxes groups that are not resident in a jurisdiction that has adopted the Pillar Two rules and applies to groups not paying the minimum 15 percent tax. The UPR rule will require an increase in tax at the subsidiary level.  In the short term, most economic commentators believe that the new Pillar Two provisions will lead to Ireland collecting additional tax. In the longer term, the taxes collected will depend on the economic presence of groups in Ireland and how they organise their structures going forward.  The impact of the proposed Pillar One changes, which will reallocate some taxing rights based on market jurisdictions, may ultimately have an adverse effect on the tax base in Ireland and could, in the longer term, reduce the taxes collected from multinationals in Ireland. Alma de Bruijn, Tax Director, PwC Ireland The introduction of a global minimum effective tax rate of 15 percent has come after a lengthy period of negotiations as part of implementation of Pillar Two. Ireland was actively involved in these negotiations, securing the removal of “at least” with respect to the rate and thereby ensuring that the rate could not be increased in the future. The newly introduced provisions, which will lead to an effective 15 percent tax rate, could lead to incremental Irish corporate tax for many companies, i.e. above Ireland’s long-standing corporate tax rate of 12.5 percent.  Ireland’s corporate tax policy has generally focused on ensuring substance-based investment, coupled with a rounded tax regime of incentives.  A significant number of multinationals are well established in Ireland, and while Pillar Two may increase the effective tax rate of multinational groups, the new rules should not act as an incentive to move investment out of Ireland in favour of other OECD jurisdictions.  This is supported by the OECD’s recent taxation working paper, The Global Minimum Tax and the Taxation of MNE Profit, in which a key finding was that the global minimum tax substantially reduces the incentives to shift profits.  It is also worth noting that the domestic effective tax rate applicable in many other jurisdictions will significantly exceed the 15 percent effective rate that will apply under Pillar Two. While the introduction of the new global minimum tax rate marks the biggest change in the corporate tax landscape in a generation, it is a change that has been embraced by Ireland.  Ireland has been clear in its commitment to the implementation of the Pillar Two rules from the outset and has consulted with stakeholders throughout the implementation process. This commitment and consultation have offered certainty to businesses.  I think that, despite the change in rate for large multinationals, Ireland will continue to remain competitive with a highly educated, skilled workforce, direct access to the EU market and international supply chains, and a stable business environment that promotes investment. James Smyth, Partner, Deloitte  Following the adoption of the EU directive on the adoption of a global minimum tax by EU Member States, Ireland has taken steps to enact the required legislation to comply with the provisions of the directive.  The Irish legislation on the global minimum tax came into effect from the start of this year. The reality for any impacted group is that the rules are very complicated and require careful analysis to assess the impact fully. It’s fair to say that the level of complexity in the new rules is not like anything we have seen before in the tax world and requires an increased level of interaction between global tax and finance teams. The likely impact on Ireland is difficult to assess and there are certainly different views on it. The 15 percent minimum tax rate could impact Ireland’s competitiveness, but the wider offering for businesses looking to invest in Ireland extends far beyond tax alone, including an English-speaking population, an educated workforce, membership of the EU and favourable business conditions.  The mechanics of how the rules work are such that the imposition of the global minimum tax rate of 15 percent in Ireland should not automatically result in an additional tax liability of 2.5 percent (being the differential between Ireland’s headline rate of corporation tax of 12.5 percent and the new global minimum tax rate of 15 percent).  The devil is in the detail and the new rules could result in a neutral or positive impact on Ireland.

When and how the war between Israel and Hamas ends, Israelis and Palestinians will have to find a way to live side by side, writes Judy Dempsey The long-running conflict between Israel and the Palestinians has been one of missed opportunities. The 1995 Oslo Peace Accords were supposed to usher in a kind of co-existence. That didn’t happen. Israel did not stop withdrawing the illegal settlements in the occupied West Bank. It designated areas for Jewish settlers.  The Palestinian Authority (PA), bankrolled by the European Union, didn’t use the opportunity to introduce democratic reforms. The former head of the Palestinian Liberation Organisation (PLO) Yasser Arafat could not make the transition from freedom fighter to democrat.   His successor Abu Mazen has presided over a corrupt PA, refusing to hold elections due back in 2006. He has lost credibility among Palestinians. Mazen did Israel’s bidding: keeping the lid on opposition to the occupation and preventing the establishment of a vibrant civil society that could challenge his authority.   In Gaza, the Islamic Hamas movement took over the strip in 2007 after ousting the discredited PA. Hamas is the precursor to the Muslim Brotherhood encouraged by Israel in the 1980s as a means to divide and weaken the PLO. Since 2007, Hamas has run Gaza with an iron fist. It has its own agenda: to not recognise the state of Israel, even to destroy it.  Fast forward to 7 October and Israel’s devastating response to the gruesome Hamas massacre of Israeli civilians. This will make it more difficult than ever to change a mindset on both sides concerning the need to end the cycle of violence and resume peace talks.   Gaza is in ruins. Suffering people have nowhere to go. At least 20,000 have been killed. There is no systematic flow of humanitarian aid. Hamas shows no signs of negotiating over Israeli hostages.  As for Israel, its right-wing Prime Minister Benjamin Netanyahu – who never believed in a two-state solution and who is (conveniently) beholden to his far-right-wing coalition partners – believes he can destroy Hamas.   This ignores the day after for the hapless, suffering citizens of Gaza and for Israelis who have been shocked by the failures of their military and intelligence services.    The day after is difficult to think about. The United States and the European Union still support a two-state solution but how might it be achieved? A few ideas:  Benjamin Netanyahu needs to be replaced with a moderate leader.    Abu Mazen and the PA need to be replaced by younger people who want democratic change.  A two-state solution is impossible unless Jewish settlements in the West Bank are dismantled. They prevent a viable Palestinian state.  Middle Eastern countries must play a central role. They see the wider impact of the Israeli-Hamas conflagration. The Arab countries, and even possibly Iran – a pivotal player in supporting Hezbollah in Lebanon and the Houthi rebels in Yemen – cannot afford a war in the Middle East.   Egypt and Jordan (which have peace agreements with Israel) and Saudi Arabia (which had considered establishing relations with Israel before 7 October), need to take the diplomatic and political lead in ending the war between Israel and Hamas.    Former US President Donald Trump missed an opportunity when he didn’t link the Abraham Accords – signed in 2020 by the UAE, Bahrain, Morocco and Sudan to normalise relations with Israel – to negotiating a peace deal between Israel and Palestine.  A two-state solution is unthinkable today. Anger and radicalisation on both sides will demand time and a special mediation to make any sustainable peace possible, but what is the alternative?  Judy Dempsey is a Non-Resident Senior Fellow at Carnegie Europe and Editor-in-Chief of Strategic Europe.  *Disclaimer: The views expressed in this column published in the February/March 2024 issue of Accountancy Ireland are the author’s own. The views of contributors to Accountancy Ireland may differ from official Institute policies and do not reflect the views of Chartered Accountants Ireland, its Council, its committees, or the editor.

Ronan Murray, the incoming Managing Partner of EY Ireland’s Cork office tells us how his Big Four career progressed from audit to mergers and acquisitions, and gives his take on M&A trends in 2024  Ronan Murray is the incoming Managing Partner of EY Ireland’s Cork office. Kerry-born Murray has lived in Cork for over 25 years, forging a successful career in corporate finance, starting in audit and progressing to mergers and acquisitions (M&A) advisory and services. As Partner, Corporate Finance, Strategy and Transactions, with EY Ireland in Cork for the past two years, Murray has provided strategic advice to Irish companies on acquisitions and disposals. Q. Tell us a bit about your background and education?  I grew up in Tralee and I’m still firmly connected to family, friends and clients in Co. Kerry, but I have lived and worked in Cork for a long time. It’s a fantastic place and my two daughters will be proud Corkonians! I started out studying commerce at University College Cork (UCC), graduating in 2001 with a commerce degree and returned to UCC in 2010 to complete an Executive MBA with a focus on developmental leadership education in a knowledge economy.  I met my wife Aideen Creedon, Head of Internal Audit at UCC, while we were both on our Chartered Accountants Ireland training contracts in Cork and studying for our exams.  Q. What inspired you to pursue a career in accountancy?  I remember during the graduate intake period at university reading the various job brochures from companies and organisations. I was struck by the Chartered Accountant (CA) qualification being a portable tool you could use as a foundation to build a wide and varied career in professional services. It certainly hasn’t disappointed. I have been able to gain wide-ranging experience from external audit to transaction services over the course of 22 years working for Big Four firms.  Through secondments, I’ve had the opportunity to live and work in both New York and London.  I started in audit, qualifying as a Chartered Accountant in 2005 and becoming an External Audit Manager in 2006.  I joined the Transactions Team at EY in 2007 and worked until 2016 in various roles before returning to the firm in 2022 as a Partner in our M&A/Corporate Finance Team. I may be biased, but in the world of corporate finance and M&A, the CA qualification is regarded as a differentiator and a distinct advantage.  It is a badge of honour you can take with you into any boardroom environment. The skills I have acquired through the qualification have served me exceptionally well throughout my career.  Q. As your career progressed, what prompted you to move from audit into M&A?   There is one moment that stands out as an important pivot point for me. Back in 2007, I got to spend some time working with a partner preparing the content for an information memorandum relating to a potential transaction.  I was intrigued and excited by the prospect of supporting on the deal. It was this experience that made me consider moving into M&A. I really enjoy the variety the role offers day-to-day. I get to work with so many different people and businesses. It is fast-paced and I find helping business owners to achieve their goals hugely rewarding. My audit experience has been essential in helping me to understand the core value drivers in business and, over time, it enabled me to move towards the M&A side of the market. Q. What does your day-to-day role involve?  I spend most of my time working with business owners to devise strategies that will allow them to de-risk and obtain growth capital while executing a transaction that delivers value.  Achieving the best outcome is a fine balancing act. It’s important to take time to meet with owners, funders, legal intermediaries and wider market players to ensure your “finger is on the pulse” when it comes to potential opportunities for your clients. I have a lot of meetings with local and international investors so I can fully understand their investment criteria and match them with suitable Irish companies.  The rest of my time is focused on deal execution – preparing information memorandums, agreeing heads of terms and reviewing sale and purchase agreements in tandem with legal colleagues.  From a private equity perspective, business owners often have an opportunity to obtain growth capital and commence a ‘buy and build’ process with a defined M&A strategy.  Dealmakers are looking at synergies across the various functions of a larger organisation. Investors are focused on the objectives behind a transaction. Often, the deal is about unlocking the potential and value that exists in an organisation.  Over the course of my career, I’ve been involved in hundreds of exciting transactions on both the buy and sell side. Some of the recent stand-out deals include the sale of PFH Technology Group to Japanese firm Ricoh and Phoenix Equity’s investment in Nostra Technologies. I have also enjoyed working with Zeus Packaging on several acquisitions in recent years.  Q. What are the biggest trends in the M&A market currently?  There was a global slowdown in transaction activity in 2022 and the first half of 2023, primarily due to uncertain debt markets and macroeconomic factors.  The M&A landscape has since improved and the Irish market is well-placed to see an uplift in deal volumes this year, as Irish assets continue to attract interest from investors, both local and international.  Ireland is a very competitive country internationally with an innovative, technology-driven, service-focused and open trading economy.  Our regions have grown and developed into destinations of choice for global companies, as well as providing a platform for indigenous private companies to develop and scale.  Acquirers are seeking strategic assets and the fundamentals of the Irish economy remain strong, making Ireland an attractive location for investment.  Private equity investment in the mid-market, driven by the availability of ‘dry powder’, is also playing a much deeper role in the Irish market. As we move forward, private business optimism coupled with the existence of a more developed and balanced risk appetite, will define the level of activity for the year ahead.  Q. You are currently President of Cork Chamber. How did this role come about and what does it mean to you?  The passing of both my parents in a short period of time gave me more perspective and a sense that maybe I should work to make more of a difference in society and business in a way that would complement my professional role with EY.  I was appointed Chair of Cork Chamber’s Economic and Enterprise Committee for two years in 2013. Then, in 2018, I joined the Board as Honorary Treasurer and became Vice-President in 2020. I was elected President and Chair of the Board of Cork Chamber in May 2022 for a term of two years.  It was a proud moment and I have fully embraced it and enjoy the role.   Being President of Cork Chamber allows me to play a more active business and political leadership role in the region. The chamber has over 1,200 members employing some 120,000 people. Being President gives me a significant platform to represent the business community in the city and county.  Top tips for M&A transactions Ireland remains a highly attractive location for investment and, looking to the year ahead, there is significant appetite to deploy capital as business owners continue to seek growth capital.  The technology sector continues to dominate the M&A landscape in Ireland in terms of transactions, partnerships and strategic alliances.  Other sectors of interest include engineering, financial services, business support services, healthcare, life sciences (both pharma and medtech) and ESG.  The green transition to a lower carbon economy is also driving investment decisions, and companies with sustainability credentials will continue to be attractive. For Irish companies undertaking a merger or exit, being well-prepared is essential for maximising the value of the transaction. Here are my top five tips: Understand key value drivers; this is essential to both preparation and execution; Have a clear growth story with understandable drivers that underpin financial projections to match specific investor criteria and strategic objectives; Align key management in preparation for a transaction process, while also ensuring the team has the bandwidth to focus on the day-to-day running of the business; Ensure the business/economic cycle supports your plan exit (e.g. historic company performance versus forecast performance and macroeconomic environment); Ensure compliance across all areas of the business (e.g. regulatory, environmental and sustainability). Addressing these areas well ahead of undertaking a potential M&A process will help reduce the risk of value erosion during a transaction.  Appointing advisors can also ease the transaction process and enhance value by allowing owners and managers to continue to focus on successful day-to-day operations. And to advisors, I would also say: take the time to listen carefully. It’s important to be humble and confident. There is no place for arrogance. 

From art to accountancy and audit to recruitment, Mark Baker has forged a multi-faceted career that speaks to the diversity and mobility of the profession today In his career as a financial recruiter, Mark Baker estimates he has met “thousands” of accountants. “Not one is the same as the next,” Baker says. “This clichéd idea that we are boring is just not true, but thankfully I think we’re seeing that cliché less and less these days.” Baker puts this shifting perception of accountants down to the rise of professional platforms such as LinkedIn – which has given people greater insight into the reality of the profession and how diverse it is. “Qualifying as a Chartered Accountant gives you such a strong career foundation. It opens up avenues and gives you a lot of different options,” he says. “You can go anywhere you want with it really because, if you are a Chartered Accountant, people know straight off the bat that you have a high level of competence in multiple areas – you need that to get the qualification in the first place.” As joint Managing Partner of Darwin Hawkins, the recruitment firm he established in 2018 with co-founder and fellow FCA Niall O’Kelly (ex-PwC), Baker has a bird’s eye view of emerging trends in the profession and what might lie ahead for the accountant of the future.   Range of career options Darwin Hawkins provides recruitment services to employers and candidates in the finance sector and has as its Chair investor James Caan, CBE, the British-Pakistani recruitment entrepreneur and former judge on the BBC series Dragons’ Den. “Every day, we’re talking to Chartered Accountants about their career options and the sheer range of choices open to them. You can go into a multitude of diverse areas such as data analytics, corporate finance or sustainability,” Baker says. “I’ve always viewed training contracts as apprenticeships. A lot of people train in audit for three-plus years and move directly into roles as financial accountants or financial analysts. “They can often even move into corporate finance on very good salaries straight after training in audit, but those two roles are actually very different. I think that really highlights the quality of the qualification and the mobility it gives you in terms of your career options right from the get-go.” Baker himself qualified as a Chartered Accountant with Deloitte in Dublin, training in audit, and went on to work in the banking sector with Certus, the specialist loan servicing group, before cutting his teeth in recruitment with FK International and partnering with Niall O’Kelly to launch Darwin Hawkins. His path to qualifying as a Chartered Accountant and finding his entrepreneurial niche in recruitment has not been a straightforward one, however, and, as Baker sees it, his story serves as a strong example of the diversity in the profession and varied career paths qualifying as a Chartered Accountant can support. “I really think young people need to hear our stories as Chartered Accountants; about what we do every day, the opportunities we have and how we got to where we are. That’s the best way we can show them what this profession has to offer,” he says.   Path to accounting Baker grew up in the south Dublin suburbs of Shankill and Sandyford, attending Cabinteely Community School, and went on to study Arts at University College Dublin (UCD). “When I was at primary school, all I can remember is that I wanted to play for Celtic FC and, as I got a bit older and wiser, I decided maybe I could be an artist. I was good at art, good at sports. My parents were always very supportive, so I grew up genuinely believing I could be anything I wanted to be,” he says. “I did quite well at school, but unfortunately like many people I know, I can’t say I had great career guidance at secondary school and I wasn’t sure what direction I wanted to go in.” While studying at UCD, Baker discovered his entrepreneurial flair, selling portrait paintings for impressive price tags in local art galleries and then online. “As a 20-year-old at college, in my spare time I was selling my paintings through galleries for €2,000 and €3,000. It was a simple business model – I put the work in and got paid for it in direct proportion. I was able to create something from nothing, go to market, and be financially rewarded. That entrepreneurial mindset was always there, and it was now being validated,” he says. “After college, I made the decision to go full-time doing that for a year to see how it would go – selling art through my website and the Green Gallery in Stephen’s Green Shopping Centre – famous faces, portraits, realism.” “I did reasonably well, but then the recession hit in 2008 and everything just fell off a cliff. Nobody wanted to spend money on paintings. My little bubble burst. I had to step back and ask myself, not just ‘What do I want to do?’ but also, ‘What’s a solid career?’ I didn’t want to be a starving artist.” To this day, Baker continues to paint in his own time and has been commissioned over the years to produce portraits of high-profile subjects, including Barack Obama, Stephen Spielberg and Dave Grohl, lead singer of the Foo Fighters. “I promised myself I would never give up on it and I haven’t. I still sell my paintings and hold exhibitions, but I knew when the recession hit that I also needed security. I liked the open-ended nature of accountancy. When you become an accountant, you can essentially go into any kind of business, and even start your own. That appealed to me,” he says.   Professional diploma in accounting Baker went on to complete the Professional Diploma in Accounting at DCU Business School, a conversion course designed for non-business graduates who want to work in accounting. After graduating, he joined Deloitte as a trainee and qualified as a Chartered Accountant in 2011. “I found Deloitte very supportive. They give you everything you need. The people are the best thing about it, particularly at your own level. You have a support group when you are doing your exams and training contract,” he says. “Without the support of those around me, and the opportunity to ask questions when I needed to, I think I would have struggled. I learned a lot. I learned what professionalism is. I learned what a high standard of performance is – the best in the business. For me, the Chartered Accountants Ireland professional training programme is the peak, the pinnacle. I learned a million little things through my training contract that still stand to me today.” Now, as a recruiter and co-founder of his own firm, Baker is intent on using his experience in life and work to provide candidates and employers with a personal, tailored recruitment experience. “With Darwin Hawkins, Niall and I backed ourselves and each other. We took a risk starting a recruitment business, but it’s also delivered the biggest reward. I believe that people need to take more risks,” he says. “We’re different from many of the other recruiters I’ve come across in our field. We’re a team of qualified accountants. Having met thousands of accountants, I know more now about every facet of accounting and every possible career path, than I ever would doing the one role. “Accountants are very nuanced due to the wide-ranging career paths open to them. Every accountant we meet has a different story, different skillsets, and will have different opportunities. We try to help people realise and seize these opportunities”.   Future of the profession As for the future of the profession? The basics will always matter, Baker says. “Employers will always want to know that candidates have the basics of accounting mastered. Interpersonal skills will always be a major selling point, but I think now with the emergence of different technologies, adaptability is also very important,” he says. “Employers want to know that you will be willing and able to get stuck into tasks and projects that are outside the day-to-day – a systems implementation project, for example, or something that’s heavy on data analytics”. “Knowledge and experience in big data and Power BI data visualisation tools are increasingly important along with a good understanding of systems implementation and process improvement”. “Because technology is evolving so much, these systems have to be implemented and finance teams are heavily involved because they are the ones who are going to be using them. When you get involved, you become an integral part of the business”. “Artificial intelligence is another obvious one. There are multiple AI tools already being used in finance, but you still need the people with the ideas and knowledge to train these systems with the correct prompts, and to ensure that ethical standards are being maintained. “I believe that there will always be a need for accounting talent, no matter what technology brings and how it might change the way we work.”

By championing diversity, equity and inclusion, businesses have  the power to become agents of positive change in an uncertain time, write John McNamara and Conor Hudson Threats to the Diversity, Equity and Inclusion (DEI) agenda are only growing stronger. It is important to understand the context, but more importantly to remind ourselves of the gaps DEI seeks to close and – as members – strive to engage and communicate on these issues more effectively. This year will be the biggest election year in history. More than 60 countries representing half the world’s population – four billion people – will go to the polls voting in presidential, government and local elections. This is also perhaps the biggest test yet for democracy as we continue to see certain extreme views previously confined to the fringes of society migrate to the mainstream. Most recently, this shift has included an anti-DEI movement that is now, perhaps unsurprisingly, featuring in the discourse surrounding the US presidential election due to take place later this year. At its core, anti-diversity activism views affirmative action as being racist and DEI initiatives and targets as being discriminatory. In the US, for example, there is currently a push from certain quarters to reduce funding for inclusion programmes in schools and universities. DEI resourcing levels are under scrutiny and there is also the ongoing weaponisation of transgender issues directly impacting the LGBTQ+ community. So how should we react to this assault, particularly given the likelihood that it will continue to grow and spread? Perhaps the answer lies in returning to the ‘first principles’ of the DEI business case whilst recognising the need to work harder communicating, explaining and persuading on the arguments that support DEI.  In particular, we need to ask ourselves: What role can we play as members in business and practice? Force for good Business can be a force for good and many business people are regarded with trust and respect. Businesses can therefore play a pivotal role in promoting DEI and serving as catalysts for wider societal change.  Embracing diversity within their workforce can foster innovation and creativity in companies, bringing together individuals with unique perspectives and experiences.  Inclusive hiring practices and equal opportunities not only give businesses access to a wider talent pool but also empower marginalised groups, helping to reduce social inequalities.  Moreover, businesses with inclusive policies tend to better understand and serve diverse consumer markets, increasing the likelihood of better financial performance.  Companies can enhance their reputation by prioritising DEI initiatives, creating a positive culture and potentially attracting top talent.  Doing so effectively is, however, about much more than simply adopting the signifiers of inclusivity (celebrating International Women’s Day or Pride, for example). It needs to be backed up by inclusive policies that are truly respected, accepted and enforced from the top down and right across the organisation. By championing DEI, businesses can become agents of positive change, influencing broader societal attitudes and norms. These businesses can, in turn, expect to benefit from an enhanced public image and perception of their brand, which can improve their reputation and lead to greater trust. So how can Chartered Accountants in leading business roles put us back on the right track? To navigate the path to DEI and move beyond the anti-DEI movement, members and business leaders must be aware that individuals in their organisations will be at different points in their personal journey. They should also consider the following steps when implementing their strategy: • Offering a safe space for those with diverse perspectives so that they can ask questions and their concerns can be understood and addressed with empathy. Don’t allow DEI to become a “Them” and “Us” scenario. • Communicate transparently about DEI initiatives, identifying the gaps in the organisation and how DEI policies can close them. Ensure that the initiatives have a strategy focusing on inclusion. Otherwise, they can be counterproductive. • Implement fair and objective metrics for evaluating progress in reaching DEI goals; this helps build credibility and legitimacy, but avoid these KPIs becoming a box-ticking exercise.  • Understand the experience of colleagues from diverse backgrounds in your organisation. Setting and reaching DEI goals related solely to the recruitment process cannot embed and maintain the culture needed to retain these new hires. • Collaborate with external experts or organisations in the DEI space who can provide the necessary insight, guidance and credibility to support a successful DEI journey.  Inclusion as a skill In the face of the anti-DEI movement, the skill of inclusion becomes a crucial asset. Treating inclusion as a skill involves actively fostering environments where diverse perspectives are not only welcomed but also valued.  This skill requires empathy, open-mindedness and effective communication to bridge divides and dispel misconceptions that fuel opposition to DEI efforts.  Organisations can help develop these skills through unconscious bias training, promoting employee resource groups (e.g. LGBTQ+) and actively seeking diverse perspectives in the decision making process. Inclusion as a skill empowers individuals to navigate conversations with those resistant to DEI, fostering understanding and promoting unity.  By emphasising the benefits of diversity and creating spaces where everyone feels heard and respected, individuals equipped with inclusion as a skill can play a pivotal role in countering anti-DEI sentiment. John McNamara is Chair of BALANCE,  the Institute’s LGBTQ+ allies network group and Executive Director and CFO at AIB life. Conor Hudson is a Finance Director and member of BALANCE.