In this week’s public policy bulletin, we take a look at the latest economic forecasts from both the Central Bank and OECD. In addition, we review a report on the increasing use of AI by Irish workers as well as new rules on the regulation of cryptocurrency marketing in the UK. We also examine the latest statistics on business birth and death rates in Northern Ireland over the past decade. Global financial system remains vulnerable to disorderly market adjustments after a decade of elevated risk-taking – Central Bank In its latest Financial Stability Review published this week, the Central Bank has outlined how risks to the global economy remain elevated - stemming from high inflation, a tightening of financial conditions and overall geopolitical fragmentation. Following what it labels as “a decade of elevated risk taking”, the bank forecasts that the global financial system will remain vulnerable to “disorderly market adjustments” and overall market volatility such as was evidenced by the recent turbulence in the global banking system. While domestically the bank forecasts that persistent inflation and higher interest rates could lead to slower growth, it does however acknowledge that households and businesses have largely proved resilient to inflationary shocks so far, owing in part to the significant reduction in private indebtedness over the past decade. OECD forecasts lowest annual rate of GDP growth since the global financial crisis Global GDP growth in 2023 is projected to be 2.7 percent, the lowest annual rate since the global financial crisis, with the exception of the 2020 pandemic period. In its latest Economic Outlook issued this week, the OECD notes that while the global economy is showing signs of improvement, the upturn remains weak amid significant downside risks. Lower energy prices are helping to bring down headline inflation and ease strains on household budgets, and the earlier-than-expected reopening of China (defined as a move away from lockdowns) has provided a boost to global activity. However, core inflation is proving persistent and the impact of higher interest rates is increasingly being felt across world economies. In the euro area, the OECD expects the ECB to keep raising rates in the face of still high core inflation, with a peak seen in the third quarter. It forecasts that the ECB will likely then leave its main rate at 4.25 percent through to the end of 2024. One in five Irish workers currently use AI in their jobs – report According to a new study conducted by Microsoft Ireland, 1 in 5 Irish workers (21 percent) reported using Artificial Intelligence (AI) tools in their job, while of those who do not use AI (67 percent), almost 1 in 4 say they would be interested in doing so. Moreover, while 82 percent of business leaders globally anticipate that employees will need new skills in the AI era, in Ireland skills availability has been identified as the most important obstacle to the adoption of AI. This, the report points out, is despite  data showing that the share of AI talent in Ireland grew by more than 500 percent between 2016 and 2022. You can download the full report here. UK’s Financial Conduct Authority introduces new rules to regulate the marketing of cryptoassets A package of new measures was announced this week by the UK’s Financial Conduct Authority (FCA) aimed at strengthening regulations around the marketing of cryptoassets to retail consumers. Under the new rules, British consumers buying cryptoassets will get a 24-hour "cooling-off" period for the first time from 8 October this year. In addition, the suite of new measures will also include a ban on ‘refer a friend’ bonuses as well as a requirement on those marketing cryptoassets to highlight clear risk warnings and ensure that adverts are clear, fair and not misleading.  The FCA has also launched a consultation on additional guidance setting out expectations of firms advertising cryptoassets to UK consumers. Those wishing to have their say will have until 10 August to respond. Business birth rate in NI has risen over the last decade but continues to lag behind UK Ulster University’s Economic Policy Centre (UUEPC) has this week published new research assessing business births and deaths in Northern Ireland over a decade, and the implications for productivity in region. According to the findings, the number of business births in NI rose by 45 percent between 2010 and 2021 (the highest in over a decade), compared to a 55 percent rise in the rest of the UK. By contrast, while the number of business deaths in NI during the same period decreased, the rest of the UK saw a 10 percent increase in the number of business deaths. UUEPC’s analysis suggests that business churn in NI (measured as the business birth rate plus the death rate) has risen from 16.6 percent in 2010 to 18.3 percent in 2021 whereas the UK has a higher churn rate at 23.5 percent in 2021. The report suggests that the combination of a lower business birth rate and a lower business death rate indicates that NI’s economy is less dynamic than other regions of the UK. The largest number of business births and deaths annually was recorded in the construction sector while the lowest has been largely in the education sector.

First published in Accountancy Ireland on 02 June 2023 Chartered Accountants Ireland welcomes the timely publication by the Central Bank of Ireland (CBI) of the Individual Accountability Framework (IAF) draft regulations and guidance, and the certainty of action required for Irish financial services firms, writes Níall Fitzgerald. The framework contains measures, including conduct standards and prescribed responsibilities, designed to enhance customer-focused cultures and embed responsibility and ethical behaviour across financial services in Ireland.    While it promotes the necessity for cultural change, the CBI agrees that more is required to achieve this. Insights from the introduction of similar measures in other jurisdictions show that an individual accountability regime better impacts on organisational culture when supported by: Promoting individual accountability but emphasising collective decision making: Being accountable as individuals for actions and behaviour is not new. Professionals are accountable to codes of ethics. There are also many laws and regulations that hold individuals accountable for their roles in an organisation, such as fiduciary duties of directors. However, many organisations thrive on collaboration, teamwork and diversity, which improve collective decision-making. Individual accountability is not designed to override this, and emphasising other positive behaviours, such as these, supports the IAF’s objectives. Promoting a ‘just culture’ and avoiding a ‘blame culture’: A blame culture focuses on identifying culprit/s, penalising them, and moving forward on the assumption that the issue/s won’t happen again because an example has been set. A just culture acknowledges that mistakes and underperformance can occur, but that both are better addressed by reflecting on what went wrong and focusing on what can be learned to improve future outcomes. Individual accountability exists in both scenarios, but the latter will have a more positive impact amongst the workforce, helping achieve the objectives of the IAF. Promoting trust and integrity: Certain informal reactions to a regime such as the Individual Accountability Framework can undermine its objectives. In some jurisdictions individuals with prescribed responsibilities prepare personal compliance files, privately maintained outside of the firm’s documentation system. A ‘cover your actions’ (CYA) approach developed in those jurisdictions, whereby there is a tendency to give advice formally (e.g. in writing), which would differ if given informally (e.g. verbally). Notwithstanding the risk of breaching privacy and confidentiality rules, these informal practices are indicative of low levels of trust and integrity within a firm. Embedding a culture of psychological safety can deter this risk and foster greater trust within the organisation.  Níall Fitzgerald, Head of Ethics and Governance, Chartered Accountants Ireland          

On 5 June, the Ulster Society hosted the second in a series of financial wellbeing webinars in partnership with Evelyn Partners, aimed at helping members to boost both their advisory capabilities and their own personal financial wellbeing. In this webinar viewers are invited to score and assess their own financial plan as Alison Dean, Chartered Financial Planner, and Aaron Carey, Chartered Wealth Manager, provide insight and expert tips on how to secure your financial wellbeing. A recording of this webinar is available to view, for free and on demand, HERE A copy of the slides from this presentation is available to view HERE

96% of respondents see the need for change, with more greenery and social space the most popular wishes   Objective to create biodiverse, inclusive, green space that benefits local communities, businesses, and visitors    The Lord Mayor of Dublin has today officially launched the Green Pearse Street campaign. Green Pearse Street comprises a diverse group of local businesses and organisations on and near Pearse Street, one of Dublin’s longest streets, stretching from Ringsend to College Green.  The objective of the new campaign is to ‘green’ the street, improve the air quality, create a health and biodiversity corridor, and more social space for people. The campaign launch coincides with EU Green Week which began over the weekend. Members of Green Pearse Street include All Human, Bread41, Chartered Accountants Ireland, Cloud Picker Coffee, Dublin Chamber, Grant Thornton, The Podcast Studios, Henry J Lyons, Honey Truffle, Iput, Jobcare, O'Neills Victorian Pub and Townhouse, Pearse Street Management, PLM Group, St Andrews Resource Centre, The Lombard Pub & Townhouse Accommodation, Trinity College Dublin, and William Fry, with more businesses expected to join in the months to come.   Green Pearse Street surveyed over 750 respondents to generate insights. 96% of those approached on the street identified a need for change (of some variety, ranging from small to larger scale). Only 6% rated the current street layout as very good or excellent, with 24% rating it as poor. Popular recommendations on changes to the street include addition of more greenery (91%) more social spaces (benches and tables) (77%), and a safe cycle lane (64%).    As one of the main arteries in the city, Pearse Street regularly records elevated levels of harmful pollutants such as nitrogen dioxide (NO²) and particulate matter (PM 2.5). According to EU research air pollution is the largest environmental health risk in Europe, causing chronic illness and premature deaths, particularly in urban areas.   Working in two parallel streams, the Green Pearse Street campaign includes action at individual organisation level, and on the collective level to create street-wide change for businesses, local communities, tourists, and other street users. Coordinated work by businesses along the street has already commenced with measures including planters at ground and roof/balcony level to provide food for pollinating insects; the construction of living walls/green roofs; the installation of bird boxes/feeders to provide space for nesting and foraging; and a programme of local community engagement.    In the longer-term, the group will campaign for the optimisation of this significant streetscape to make greater provision for Dubliners and visitors to the city to stop and enjoy the surroundings.  Lord Mayor of Dublin, Caroline Conroy said “I am delighted to launch this exciting initiative bringing together local businesses and communities on Pearse Street. This street is more than a traffic thoroughfare. It’s a home, it’s a community, it’s a place where people study, work and meet others.  “The benefits of greening have been demonstrated in other jurisdictions, and include space for urban wildlife to flourish, reductions in air pollution, physical health benefits from increased active travel, and enhanced mental health because of greater connectivity amongst street users. This campaign is an opportunity for the businesses and local organisations of Pearse Street to contribute to making the street a vibrant, welcoming, and exciting space for people to enjoy, and I look forward to following its progress.”  Susan Rossney, Sustainability Officer, Chartered Accountants Ireland, said “Reimaging Pearse Street is at the heart of this campaign. Trees and planters, repair works to the street surface, street furniture, seating near bus stops, space for active travel (walking, cycling) and for people with disabilities will transform our street. A greener street would also enhance the experience of street users, by introducing space for eating and drinking, street art such as sculptures and murals, and starting to signpost and further open up the cultural and historical gems dotted right along the street and waiting to be explored. “More than ever, businesses need to satisfy the ESG requirements of stakeholders, like investors, regulators, consumers, clients, and staff, but it can be hard to know where to start. By banding together, the Green Pearse Street partners can share advice on organisation-level activities, but also build a strong collective voice to campaign for the Pearse Street they want in the future. It’s a way of taking action under the environmental and social ‘pillars’ of ESG, on which many businesses will soon need to report.” ENDS   

As Pride celebrations kick off all over the world this month, Dee France, wellbeing lead at Thrive spoke to Accountancy Ireland on overcoming prejudice and fear and the importance of allyship in the workplace. Also featured are six members of BALANCE, the Institute’s LGBTQ+ Allies network group, who share their experiences and what employers can do to support true equality.  Dee France Thrive Wellbeing Hub Despite the great strides we have made in fostering more inclusive workplaces in recent years, many in the LGBTQ+ community continue to experience prejudice and fear, writes Dee France. One of the main realities we see among our younger members is that they find themselves forced back into the closet once they leave college and start working. When they do come out in the workplace, some have reported being subjected to unconscious bias characterised by microaggressions and subtle discriminations. Some report living in fear of being ridiculed or bullied while others report being sidelined from promotions or excluded from social events. Not feeling psychologically safe to express your authentic self in the workplace can create untold challenges for many in the LGBTQ+ community. Unsurprisingly, these challenges increase stress levels and anxiety, and impact greatly on self-esteem, productivity levels and engagement with working life. One of our recent Thrive Wellbeing cases who reached out for support, disclosed that they were “living a half-life” because they had to hide their true identity in the workplace. Allyship is the single most impactful active support both organisations and individuals can offer LGBTQ+ colleagues. Demonstrating and modelling inclusive behaviours from the top-down drives change and promotes increased tolerance. Visible leadership action around allyship can start with recognising Pride in the month of June. However, it is important to remember that allyship needs to be a day-to-day activity if you want to build trust among your employees. This will send a clear message to all that LGBTQ+ employees are seen, valued, and supported in the organisation all-year round. Or those in the LGBTQ+ community who are experiencing discriminations and difficulties at work, you are not alone. If you feel victimised, or discriminated against, you can share your experience with others. Reach out to your organisation’s HR team for guidance and support. If you are concerned about confidentiality, you can reach out to the Thrive Wellbeing Hub. Our expert team can offer listening support and can also refer you to a third-party counsellor if required. All our services are free and completely confidential.  Eimer Proctor Senior Manager When I first came out, Pride felt like a celebration and a safe space to be myself. Over the years, I’ve come to appreciate that this is not always possible, but I respect the path that has been forged by others to get us where we are today. During Pride 2023, I will remember those who lost their lives and stand in solidarity with my LGBTQ+ community around the world who still face persecution and continue to fight for their right to be who they are. It’s eight years since Ireland achieved marriage equality, and yet it was only in January 2020 that the law in Northern Ireland finally caught up. Given our current political situation in Northern Ireland, it’s unlikely that we will see any further advancements in LGBTQ+ rights and equality in the near future.  I find this very concerning given the rise in hate crimes, conversion therapy and anti-trans rhetoric in the media. It is up to everyone to help end discrimination for the LGBTQ+ community and promote equality.  There has been some great progress in recent years concerning diversity and inclusion in the workplace, but there is still work to be done to protect LGBTQ+ employees and at the heart of this is education.  Employers can introduce diversity and inclusion policies and practices, for example appoint diversity champions and work with employees to help them understand the appropriate language they should use in the workspace. Liaising with employees in the LGBTQ+ community and their allies is vital to understanding the obstacles the members of this community face every day. This, in turn, facilitates a greater understanding of how and why diversity and inclusion policies can directly impact business.  Those employees will, in time, become more comfortable to be themselves within their workplace, as they navigate the corporate world with the full support of their employer. Having these policies in place will also help to attract talented candidates, who will be carefully considering organisations with a strong commitment to diversity and inclusion.  Conor Hudson Finance Director It’s a general perception that Pride means ‘celebration’ and ‘party’. And, yes, this is a part of Pride – a platform to be yourself and express yourself, but still people are also joining Pride to ‘protest’ and it is important to remember that Pride started as a protest. Equality for LGBTQ+ colleagues in the workplace isn’t about sticking up a rainbow flag at the start of June.  Last year, in my organisation, a colleague and I launched an LGBTQ+ Employee Resource Group (ERG) with the intention of discussing Pride. While the initial reaction was positive, one response we received was, “We support LGBTQ+ rights; why do we still need to talk about Pride?” This remark justified why we needed an ERG – to increase visibility and offer a safe space to LGBTQ+ colleagues and colleagues with LGBTQ+ family. It is important for employees to feel part of an open and inclusive workplace from day one and allyship helps support this.  One of the actions we have taken to demonstrate visible allyship is to create MS Teams backgrounds and badges to highlight that this person identifies as an ally. We have found these a useful tool during recruitment and first introductions.  Allyship and open workplaces not only positively impact LGBTQ+ colleagues but can also support colleagues with LGBTQ+ friends and family.  Creating safe spaces for allies is equally important. They can’t be expected to know all the answers and they should be able to ask genuine questions without being judged. This culture not only creates open environments for LGBTQ+ colleagues, but also for other intersectional aspects of diversity. Hugo Slevin Head of Function Pride is a great day for us as an LGBTQ+ community, along with our allies, to come together and show unity, and strengthen through open visibility. It is always around this time of year that we start hearing the same question, “Why do we still have Pride?”, but I think it remains such an important day as shown by events over the past 12 months. First, we continue to witness attacks against our community members in ever-increasing numbers. Attacks across Europe are currently at a 10-year high and recent media coverage in Ireland has again brought this sharply into focus.  As a community, we should be able to feel safe in expressing and being who we are. Pride is very much our time to come together and have a platform to vocalise and display these concerns. We have also witnessed attempts to control the narrative on gay rights across the globe. Of significant concern has been what appears to be a regressing of rights in parts of the US, where this downward trend seems set to continue.  Even in Ireland, we have seen attacks on libraries and the cancelling of drag events in the last 12 months. Pride is the time of year during which our voices can be heard, and we stand against deliberate attempts to silence our community. Finally, Pride is fun! The streets of Dublin come alive – there is a real sense of occasion and happiness in the air. We get to walk the streets, dance and celebrate with our family, friends and co-workers. Jonathan Totterdell Major Programmes, Financial Services Pride in 2023 means a day of visibility and courage for both the progress we have made and the long path ahead for LGBTQ+ people around the world.  Recent events such as anti-LGBTQ+ Bills being passed in Florida and – closer to home, the rise of the far right and their anti-LGBTQ+ rhetoric – remind us that progress can be rolled back quickly, and it is imperative that those who live in relative safety can make some noise for those who can’t, without fear of repercussions. Over the past decade, I think we have seen some huge successes with gay marriage, a more open culture and a focus by corporates among Ireland to bring diversity, equity and inclusion (DE&I) to the C-suite. The financial services sector has been making really impressive strides. While there is a business case for DE&I, and many studies have shown that it leads to improved return on investment, I would like to see corporates in Ireland mature on this front, continue to grow their social consciousness, and see DE&I as a positive without the need to prove its financial return. Employers are expected to be ‘all in’ on DE&I in 2023, having the uncomfortable conversations that sometimes come with this topic, appointing champions and including DE&I as part of their leadership ethos. Inclusion is key on the DE&I agenda. You can have a diverse workforce, but without active inclusion, you will be missing a vital ingredient.  One thing I practice is to try to make sure everyone gets a chance to speak up at meetings and contribute ideas and viewpoints to decision-making. When people feel comfortable, they will be able to communicate their ideas more effectively.  Padraig Kilkenny Finance Manager For me, Pride is first and foremost a celebration. It is also an opportunity to reflect on the struggles for equality, not only in our own country, but for LGBTQ+ people across the world.  There is no doubt that Ireland has made considerable progress in terms of LGBTQ+ rights and fostering greater equality in recent years. Landmark victories such as the 2015 Marriage Equality Referendum and gender recognition legislation have increased visibility and acceptance across Irish society.  The Ireland of today reflects a society that embraces diversity and supports LGBTQ+ rights. This has never been more evident than at Chartered Accountants Ireland with initiatives such as the BALANCE network and, more generally, with its support for diversity and inclusivity initiatives. Personally, I am fortunate that I have never felt discriminated against in the workplace, but this is not to say that discrimination does not exist. What I have found helpful in my career is having LGBTQ+ representation at senior levels of the organisation and feeling that I have support from my colleagues and leadership.  I think this support can come in many forms from the highest levels where diversity and inclusion form part of the organisation’s strategy, values and by extension its culture, to more practical efforts, such as establishing and enforcing inclusive policies that protect LGBTQ+ employees from discrimination in areas like recruitment, promotion and benefits. Effective allyship is more than just having policies and strategies in place. It is about supporting and advocating for the rights, well-being and inclusion of LGBTQ+ employees.  Everyone should understand and challenge their own biases through education and listen to LGBTQ+ colleagues, valuing their experiences, and amplifying their voices and perspectives in discussions and decision-making processes.  Pride is a great marker in the calendar for employers to stop and reflect where they are on this journey to foster and support real equality across the board. Áine Crotty Audit and Outsourcing Manager As a leader of a team in my workplace, I believe in the power of people and the true potential that is inside each and every one of my colleagues regardless of their gender, age, sexual orientation, etc.  Therefore, being an ally to my LGBTQ+ colleagues is important to me because it supports them in reaching their full potential.  Non-LGBTQ+ professionals need to be aware of their actions and any potential bias they might have – without the awareness, there cannot be any action or change.  I would recommend attending events such as those organised by BALANCE so you can become aware of the issues your LGBTQ+ colleagues are facing.  There are also some fantastic resources and training out there about unconscious bias that will enable you to change the language you use or how you perceive and treat your colleagues.  After awareness comes accountability. As a non-LGBTQ+ professional, hold yourself accountable to making your work environment a more inclusive place for your colleagues. Make a commitment to yourself and others to change how you act with your LGBTQ+ colleagues for the better. Become an ally and be open and proud of that fact. Letting your colleagues know that you are an ally, and that you fully support them, can make them feel more comfortable in the workplace and allow them to speak more freely about any issues or discrimination they might be facing. It is widely known and accepted that culture comes from the tone at the top. Leaders, whether it be partners or senior executive management team members, need to bring DE&I to the forefront of their agenda. They need to live and breathe what they believe in and what they are trying to achieve for their employees. They need to lead by example and visibly demonstrate their belief in equality for all.

Paul Millar wants members to “be inspired by entrepreneurs” in the year ahead. Paul Millar has been elected Chairman of Chartered Accountants Ulster Society at its 116th Annual General Meeting. The Ulster Society represents 5,350 local Chartered Accountants and is a district society of Chartered Accountants Ireland, the largest and oldest professional accountancy body in Ireland. Mr Millar is Chief Executive of Whiterock Finance which provides finance to companies in Northern Ireland and he has considerable experience of providing both corporate financial advice and funding to Small and Medium Enterprises (SMEs). He previously spent seven years in Corporate & Business Banking in Bank of Ireland, and prior to that worked for ten years in senior roles in KPMG and Deloitte. Addressing the Society’s AGM, held at the Merchant Hotel, Belfast, Mr Millar said that the key priority would be to embrace entrepreneurs and unleash Northern Ireland’s potential: “I believe that there is so much to be positive about in Northern Ireland. I can see first-hand the amount of creativity, innovation, drive and resilience in our business community. We are on the brink of something special. “I want our Chartered Accountants to be inspired by entrepreneurs and work together to help to build the businesses which secure the future of everyone within our community. “We need to support innovative businesses which help to boost everything else within our society, from health, to education, to housing to wellbeing. We must do more to encourage those who have a positive vision for Northern Ireland and have the drive to realise that vision. Mr Millar also highlighted the need for leadership in what continue to be straitened times: “Of course, there are challenges for Northern Ireland. The cost-of-living crisis, and the cost of doing business continue to be difficult for everyone. Just about every sector is facing a skills shortage and when we need leadership the most, we continue to face a democratic deficit at Stormont. “We should be prepared to move mountains to support entrepreneurs and to bring though the skills that we need to succeed. It is vital that we encourage talent, build opportunities and make sure that Northern Ireland is a great place to live and work. We believe that Northern Ireland has great people and fantastic potential if given the right conditions to flourish.” “Throughout my career as a Chartered Accountant, I’ve been lucky to meet some truly inspirational business leaders. I’d like to promote that entrepreneurial spirit and encourage all of those decision makers in the private sector, in the public sector, and in politics to do the same.” Mr Millar said that he would be working to build on the success that the Ulster Society has enjoyed during the leadership of his predecessor, Emma Murray: “During the last year, Emma has done a fantastic job in speaking up both for our members and for the local business community. I will be working hard to continue that. I know that with the calibre of the people in our committee structures and our wider Institute network that we are well set to be an effective voice for members in Northern Ireland.”  

  In this week’s Sustainability/ESG bulletin, read about Ireland’s attempts to decouple economic growth from rising CO2e emissions, as predictions from the EPA indicate that Ireland will fall well short of its climate targets for 2030. Also covered is the Energy Efficiency Grant announced for small businesses, the funding announced for circular economy projects, the new Sustainability Handbook, details of Sustainability and ESG awards, new resources for accounting and finance professionals for enhancing Greenhouse Gas (GHG) reporting, and updates from Europe, as well as articles and events. Economic growth and Ireland’s carbon emissions trajectory New data has been published by Ireland’s Central Statistics Office (CSO) that for the first time focuses on the extent to which economic growth and emissions are linked in Ireland. The data reportedly indicates that in comparison with most EU countries, there has been only ‘modest decoupling’ of increased emissions in Ireland – particularly around transport – resulting from increased economic activity since 2010. The news comes as the Environmental Protection Agency (EPA) published a report which predicts that Ireland will fall well short of its climate targets for 2030. In its assessment of Ireland’s total projected greenhouse gas (GHG) emissions out to 2040, the EPA found that Ireland is not on track to meet its 51 percent emissions reduction target (by 2030 compared to 2018) even if most of the 2023 Climate Action Plan measures are implemented. Further measures still need to be identified and implemented to achieve the targets. Separately this week a Joint Declaration of Intent on cooperation in the field of green hydrogen - predicted to play a crucial role in decarbonising Ireland’s energy system -  was signed between the Irish Department of the Environment, Climate and Communications and the German Federal Research Ministry. The Declaration was signed to formalise cooperation in respect of green hydrogen between Ireland and Germany. The Irish Government is currently developing a National Hydrogen Strategy, due to be finalised shortly, which will set out Ireland’s vision for how hydrogen will be produced and used in Ireland. White Paper on Enterprise Implementation Plan 2023-2024 published Minister for Enterprise, Trade and Employment, Simon Coveney T.D., has published an implementation plan to support delivery of the policy objectives outlined in the White Paper on Enterprise 2022-2030, published last December. The White Paper on Enterprise Implementation Plan 2023-2024 is the first in a series of consecutive two-year implementation plans to realise the Government’s vision for Irish-based enterprise. The first of the policy’s seven priority enterprise policy objectives – ‘Integrating decarbonisation and net zero commitments’ – includes a target to reduce emissions from industry by 35 percent by 2030, with a 45 percent reduction in emissions expected in the commercial built environment by 2030. New Energy Efficiency Grant announced for small businesses An Energy Efficiency Grant to help small businesses was announced this week by Minister for Enterprise, Trade and Employment, Simon Coveney, T.D. The new support, available through Local Enterprise Offices, will enable small businesses to invest in technologies and equipment to make their businesses more energy efficient. The grant will cover up to 50 percent of the costs to a maximum amount of €5,000.  Funding announced for innovative circular economy projects Funding of €640,000 for 13 projects across Ireland was announced this week under the second Circular Economy Innovation Grant Scheme (CEIGS). The Circular Economy Innovation Grant Scheme is designed to help communities make the transition to a circular economy, and to a more sustainable future, by reducing and eliminating waste and keeping resources in use for as long as possible. The CEIGS complements other circular economy work being progressed, including the introduction of new environmental levies such as the new waste recovery levy, incentivization of commercial waste collection, the introduction of a Deposit Return Scheme for plastic bottles and cans, and the publication of the National Food Waste Prevention Roadmap.   ‘Building Better Businesses’ event series continues The Department of Enterprise, Trade and Employment (DETE) has announced the next in its series of Building Better Business events across the country. The events are aimed at helping businesses navigate their transition to a green economy and boosting business performance through digital transformation. The next event, on Friday, 23 June 2023, 8.30am – 1.30pm in the Osprey Hotel, Naas, Co Kildare, will feature panel discussions on the opportunities and challenges presented by digital transformation and the transition to a low carbon economy, expert information on the range of government supports available to businesses, and an opportunity to network and connect with other businesses. It is open to businesses based in Kildare, Meath and Wicklow. Register and find out more about the event here.  New Sustainability Handbook Business in the Community Ireland has published its 2023 Sustainability Handbook to help develop a common understanding of the role of business powerful agents for good in bringing about a low-carbon economy where everyone thrives. Focusing on ‘Economic, Environment, Social Goals, underpinned by Governance’ (‘EESG’), the handbook aims to introduce readers to the depth and breadth of sustainability, support sustainability practitioners in setting and delivering strategic objectives relating to EESG topics, and facilitate anyone who wants to learn more how businesses can be powerful actors for positive change. Sustainability and ESG Reporting Awards – Chartered Accountants Ireland Leinster Society The Chartered Accountants Ireland Leinster Society’s Published Accounts Awards 2023 has now been launched, and is welcoming entries from across all types of reporting bodies – whether they are large listed companies, or small not-for-profit organisations. The competition will focus on annual reports in respect of financial years ended on or before 31 March 2023. There are two Sustainability and ESG Reporting Awards this year, one for Listed entities and one for Unlisted entities. The deadline for entries is Friday 14 July 2023 and winners will be announced on 9 November at an event in The Shelbourne Hotel, Dublin. Funding for UK businesses to capitalise on offshore wind The Offshore Wind Growth Partnership (OWGP) has issued its next funding call, with a total funding pot of £2 million for projects that will lead to a step-change in company growth within the offshore wind sector. Grants of £50,000 to £500,000 are available to UK businesses for projects that align to identified scope areas, and the call is open to a wide range of proposals across the existing offshore wind supply chain and new market entrants. The deadline for Stage 1 applications is 5pm on Friday 21 July 2023 and details are available here. European State of the Climate report published The 2022 release of the European State of the Climate (ESOTC) report has published, providing detailed analysis of the past calendar year and giving updates on the long-term trends of key climate indicators. The report found that 2022 was the second warmest year on record in Europe, at 0.9°C above average. Summer was the warmest on record, at 1.4°C above average, and 0.3–0.4°C above the previous warmest summer, in 2021. European Parliament adopts position on rules to tackle companies’ impact on human rights and the environment The European Parliament has adopted its position for negotiations with member states on rules to integrate human rights and environmental impact into companies’ governance. Companies will be required to identify, and where necessary prevent, end or mitigate the negative impact of their activities on human rights and the environment such as on child labour, slavery, labour exploitation, pollution, environmental degradation and biodiversity loss. They will also have to monitor and assess the impact of their value-chain partners including not only suppliers but also sale, distribution, transport, storage, waste-management and other areas. Parliament also adopted recommendations for the EU strategy for sustainable and circular textiles, for textile products sold in the EU to be more durable, easier to reuse, repair and recycle, the production of which should respect human, social and labour rights, the environment and animal welfare throughout the supply chain. MEPs also want EU and national measures to put an end to “fast fashion”. New resources for accounting and finance professionals -  enhancing Greenhouse Gas (GHG) reporting New resources are now available to help CFOs, accountants and finance professionals undertake or enhance cost-effective and investor-grade GHG reporting. The guidance, designed to be built on existing systems and processes, is divided into two parts: 8 Steps to Enhance GHG Reporting: A Roadmap for Accounting and Finance Professionals – a guide for finance and accounting professionals to engage with others across their business to prepare for GHG emissions reporting requirements aligned to financial reporting processes. GHG Reporting Building Blocks for Accountants – technical guidance necessary for accountants to collect and enhance the quality of data related to all scopes of GHG emissions at individual entity and group levels. The guidance was released by the International Federation of Accountants (IFAC) and We Mean Business Coalition (WMBC), in partnership with Accounting for Sustainability (A4S), Global Accounting Alliance (GAA), and World Business Council for Sustainable Development (WBCSD). Institute interview - Corporate Sustainability Reporting Directive Last week, Dee Moran, Professional Accounting Lead with Chartered Accountants Ireland, interviewed Lisa Campbell, Head of Operations in Irish Auditing & Accounting Supervisory Authority (IAASA) to understand more about the Corporate Sustainability Reporting Directive (CSRD) and what future developments might mean for Irish organisations. Watch webinar. (This interview was the first in our series on EU sustainability reporting. For the second event, Dee will be joined next week (June 8) by Orla Carolan, Director in Grant Thornton, to discuss the proposed European Sustainability Reporting Standards (ESRSs). Find out more and register here.) Newsletters The June edition of Accountancy Europe’s Sustainability Update The May edition of the International Sustainable Finance Centre of Excellence Newsletter Articles Bank of England Governor Andrew Bailey vows to press ahead with work to assess climate-related risks to the economy, brushing off criticism that officials have been distracted from their fight against inflation. (Bloomberg) UK regulator probes sustainable loans market (Financial Times) What dirty laundry? The problem with greenwashing (Accounting for Sustainability (A4S)) New Zealand manages climate impacts. The government will help to buy out the owners of cyclone and flood-damaged houses in areas deemed susceptible to severe weather events, beginning a process of managed retreat in the face of climate change.  (Bloomberg)    Rich nations say they're spending billions to fight climate change. Some money is going to strange places. (Reuters)  Upcoming Events    Accountancy Europe - Developing Green Skills for Finance Professionals – Building Capacity for a Fair and Sustainable Transition  In this EU Green Week 2023 partner event, the Association of Chartered Certified Accountants (ACCA), Accountancy Europe and the International Federation of Accountants (IFAC) will bring together global experts to discuss the skills and education needed for finance professionals to contribute to a green and just transition.  8 June, 15:00 - 16:15 (Dublin time) Ulster Society, Chartered Accountants Ireland - Advising on Net Zero for clients: the opportunities and the threats This free webinar in partnership with British Business Bank and featuring Julia Groves, will address the issue of sustainability, and the responsibilities upon businesses and their advisers in meeting sustainability targets. This presentation will cover the basics of net zero and carbon accounting, the broader consideration of environmental, social and governance factors in business decision, why SMEs should take action, what they can do and how British Business Bank is involved.   8 June, 12:00 - 13:30 Chartered Accountants Ireland - Further your knowledge about the European Sustainability Reporting Standards In the second of our series on EU sustainability reporting, join Dee Moran, Chartered Accountants Ireland and Orla Carolan, Director in Grant Thornton to understand more about the requirements of the CSRD, the content and disclosures included in the first set of ESRSs and what undertakings should do to prepare for implementation. 8 June, 10:00 - 11:00 Northern Ireland Healthy Working Lives Conference 2023  This free conference, organised by Business in the Community Northern Ireland for 8 June from 8:45am to 1pm in Riddel Hall, Stranmillis Road, Belfast, will bring together expert speakers and key business representatives to discover how businesses can embed a human-centred approach into their organisation’s culture. 8 June The Northern Ireland Energy Summit Delivered in partnership with the Department for the Economy and the Centre for Advanced Sustainable Energy (CASE), the Northern Ireland Energy Summit will take place at the ICC, Belfast, on Wednesday 21 June 2023. The event will focus on building an informed consensus on how best to take Northern Ireland forward in meeting its renewable energy targets and net zero ambitions, whilst driving 10X economic growth across innovation, sustainability and inclusion. 21 June Network for Chartered Accountants working on ESG projects Are you a Chartered Accountant working in ESG or working on ESG-related projects? Would you like an opportunity to engage with other Chartered Accountants working in this space to share insights, challenges and opportunities? Chartered Accountant now has a network to allow members working in sustainability/ESG to meet and discuss all matters of interest re ESG and accounting. 3rd or 4th Wednesday of every month Next: 28 June, 2023  14.00-15.00/30 Chartered Accountant House/Teams If you would like to attend please email sustainability@charteredaccountants.ie   You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.  

Julia Rowan answers your management, leadership and team development questions I am terrified of making a mistake or being seen as stupid. So, I work very long hours, perfecting my tasks, rarely speaking at meetings and avoid taking any kind of risk. How can I feel confident about what I am doing? When clients tell me about a fear they have, such as making a mistake, I ask them when was the last time they made a mistake. Most clients can’t come up with any evidence at all to support their fear.   In fact, they mostly have evidence to contradict their fear, such as praise from organisational leadership.   Isn’t it interesting that our thoughts trump our lived experiences?   To overcome your fears, write down the evidence you have proving it’s legitimate as well as evidence that contradicts your fear.   What does looking at those lists change?  Here’s a mnemonic I love: FEAR – False Evidence Appearing Real.  The ‘false evidence’ is your thoughts and the ‘appearing real’ is the impact of those thoughts on your emotions, physical experience and behaviour.   It is often worth bringing issues of self-esteem and confidence to a therapist. It could be worthwhile to enquire about access to your organisation’s Employee Assistance Programme.   I contribute a lot at meetings but don’t make an impact.  I love my job; I am always well prepared and I’m a confident speaker – but I don’t seem to get my point across. Whether making a formal presentation or speaking at a meeting, I often advise clients that every word should work for its place.   When we know a lot about a subject, there can be a tendency to want to over-share that information – more than the audience needs – especially at a presentation.  In addition, extraverted types (who make sense of things by talking about them) often use 10 words where one would do, then they add another example, which reminds them of something that happened… You get the picture.   Whenever you have an important presentation, rehearse what you want to say out loud. It takes real discipline to pare your points back to the core and trust that you have said enough.   It’s important to hold onto this learned discipline at the Q&A by giving short answers. People can always ask for more information if they want it (whereas it is hard to say “that’s enough, thank you”). At meetings, I suggest that people preface what they want to say with a line such as, “I have three (two or one) main points” and then number the points as you make them.  This puts structure on what you want to say and helps you to be brief.   Make sure to reflect on your audience – how interested in the subject are they? How much do they already know? What is the objective of your presentation?  What part of your contribution are they more or less interested in? Tailor your answer to their needs.  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. 

As a hub for US tech firms, Ireland’s security is vulnerable but the Government is not yet prepared to think about ending Ireland’s neutrality despite the war in Ukraine, writes Judy Dempsey I was recently invited to meet a group of Irish TDs from across the political spectrum. There was a lot on the agenda, but Irish neutrality did not make the cut.  Some TDs said Russia’s war in Ukraine was not the right time to discuss the future of Ireland’s neutral stance. Others said the issue was taboo. For a democratic country anchored in the EU, which itself is becoming a defensive player because of the war in Ukraine, Irish neutrality is still a highly emotional and ideological issue.  Even though successive Irish governments have cherished this status over the years, they have not been prepared to pay for it. Only now is the defence budget being increased, having already been decimated.  Only now is the Government looking at the role of the Russian embassy in Dublin, whose diplomats know full well the strategic importance of Ireland.  Ireland is a hub for American IT, software and cyber security companies. It is an underwater gateway for cables packed with data that pass back and forth in the depths of the Atlantic Ocean.  What a treasure trove for intelligence officers. In short, Ireland’s security is vulnerable.  This is where security and neutrality come into play. The Irish Government and the public are not yet prepared to think about ending our neutrality despite the war that is being waged in Europe.  But look at Finland and Sweden – staunch defenders of their own neutrality. The Russian invasion of Ukraine persuaded them to join NATO because their neutrality, despite spending much on defence, was not enough to make them feel secure. Ireland may not have a sense of insecurity regardless of cyber-attacks on its health service and its geostrategic position as an IT hub, but here is a hypothetical question:  If Ireland were a member of NATO, would it support Ukraine being offered NATO membership when the US-led alliance meets on 11 and 12 July in the Lithuanian capital of Vilnius?  Ukraine’s President Volodymyr Zelensky has been pleading with NATO countries to give Ukraine the green light to join.  The United States is, for now, opposed to the idea. The Biden administration does not want a confrontation with Russia.  The US Government, along with several European countries, believes that offering Ukraine membership now would lead to more escalation because Russian President Vladimir Putin could simply claim that NATO wants to attack Russia. But it has been Russia that has been escalating: the indiscriminate bombing of infrastructure and civilian targets, rape, torture, preventing Ukrainian grain exports and abducting children. Several big cities and towns in Ukraine now lie in ruins. The contrary view is that, if Ukraine is not offered NATO membership at Vilnius now, Russia will prolong the war.  One need only look at what happened after the NATO Bucharest summit in 2008 when France and Germany vetoed NATO from offering Ukraine (and Georgia) the Membership Action Plan – a roadmap to join the alliance. Russia invaded Georgia in 2008, Ukraine in 2014 and again in 2022.  The consequences of a ‘no’ in Vilnius, or the refusal by a group of countries to offer concrete security guarantees will not only prolong the war, it will also give Putin the signal to interfere in more countries in the region, leading to more instability, more destruction and more refugees.    That is the choice facing NATO and neutral countries. Judy Dempsey is a Non-Resident Senior Fellow at Carnegie Europe and Editor-in-Chief of Strategic Europe

As Group Finance Director with Galgorm Collection, Tiarnán O’Neill has learned the value of constant reinvention and reinvestment in the competitive hospitality market In his role as Group Finance Director with Galgorm Collection, Tyrone-born Tiarnán O’Neill plays a leading role in the strategic direction of one of Northern Ireland’s most successful locally owned hospitality groups. Established in 1991 by brothers Nicholas and Paul Hill with the opening of Galgorm, the group has since expanded with the acquisition of two further hotel properties – The Rabbit Hotel & Retreat in Templepatrick and The Old Inn in Crawfordsburn – as well as Fratelli Restaurant and Parisien in Belfast. Even so, Galgorm, now a 380-acre spa and golf resort, remains the flagship property in the group. “We are very fortunate to have a loyal customer base that know Galgorm to be firmly focused on investment and innovation in their product offering. Our owners have invested heavily to establish Galgorm as an award-wining international and world-class tourism destination,” says O’Neill. “When they acquired the original Galgorm site on the River Maine back in 1991, it was a country house with 20 bedrooms. Over the last number of years, we have grown into an award-winning and world-class collection of hotels and restaurants, which will generate revenue circa £50 million this year.” Constant reinvestment Even as the dust settles on two recent acquisitions – The Rabbit Hotel & Retreat in Templepatrick, bought in 2019, and the historic Old Inn in Crawfordsburn, acquired in 2021 – The Galgorm Collection continues to look to the future with ambitious plans for the next five years.   “We’ve invested £20 million in The Rabbit Hotel & Retreat since the property was acquired and now it offers stylish accommodation, a luxury outdoor spa and lakeside walk, an onsite bar and restaurant and an events space for weddings and conferences,” says O’Neill.   “We were honoured to be recognised by the AA at their 2023 awards, with The Rabbit Hotel & Retreat being crowned Northern Ireland Hotel of the Year.  This is a fantastic endorsement of all the hard work that has gone into the extensive redevelopment.” The Galgorm Collection now plans to commence work on an additional 17 guestrooms at The Rabbit Hotel & Retreat at a cost of £2.5 million, following the opening of an exclusive £2.5 million resident-only outdoor Treetop Spa at The Old Inn. All 32 guestrooms at The Old Inn are also being upgraded as part of plans to revitalise and upgrade the historic destination.   “We’re confident that The Old Inn’s new-look offering will deliver a new chapter of growth for us and for Northern Ireland,” says O’Neill. Since 2010, £60 million has been invested into Galgorm and the first phase of a £30 million project to further expand and enhance the resort and spa facilities by 2027 has just been completed.   “Our guests’ appetite for new experiences, and our own desire to build on our reputation, means that the investment has got to continue,” says O’Neill. Early career Before joining Galgorm Collection, O’Neill had begun his career training as an Accounting Technician with PwC in Dungannon, his hometown. “After getting my A Levels, I actually went to Queen’s University Belfast first to study for a degree in economics and management,” he says. “I’d gone to the local grammar school and, if you got the grades there, you were expected to go to university, but it just didn’t suit me.” Instead, O’Neill decided to become an Accounting Technician, beginning his training with PwC and qualifying as a Chartered Accountant in 2012. “I just became a Fellow of Chartered Accountants Ireland last December and it was a proud moment for me, but I’m also very grateful that I started as an Accounting Technician, because I think that gave me some really valuable early-stage commercial experience,” he says. “Right at the very start of my time with PwC, I was looking after the accounts of sole traders, small partnerships, SMEs and a lot of farmers – it was non-audit accounting work, which gave me a firm grounding in debits and credits and the basics generally.  “My start was different to a lot of trainee Chartered Accountants who get sent into audit early on and don’t necessarily get experience in preparing a set of accounts. That’s stood me in good stead in the years since.” In all, O’Neill spent close to a decade with PwC. “After starting off as a technician, I then spent some time in personal tax before settling into the firm’s audit practice,” he says.  “Before I left, I was working with some quite big clients that were among the top 100 companies in Northern Ireland, local success stories in manufacturing, financial services, life science and biomedical – it was fantastic to get experience in such varied industries.   “Once qualified, I got to spend two to three months per year traveling to work in the likes of London, Edinburgh and Jersey in the Channel Islands, and New York.” A fresh challenge In 2017, O’Neill decided to leave behind the world of practice to take on a fresh challenge. “I wasn’t actively looking for a new opportunity, but I got a call one day asking if I would be interested in taking on the newly created role of Chief Operating Officer of the Diocese of Down and Connor,” he says. In this role, O’Neill was responsible for the financial management of the second largest diocese on the island of Ireland, after Dublin. “The Charity Commission for Northern Ireland had come into being, which brought new regulations and the requirement that some organisations, which had been run as charities up until then, be formally recognised as such,” he explains. “Working with the Diocese of Down and Connor, I went from being an audit manager to, overnight, being responsible for a £100 million-plus balance sheet, income of about £30 million and a 330-strong team.” The role involved streamlining operations and was “hugely enjoyable”, O’Neill says now. “It was about bringing the organisation back to its core, which meant divesting excess assets and services. O’Neill reported to a highly experienced Board of Trustees with high-profile members drawn from the legal, financial and other respected professions in Northern Ireland. “It was a tough board to be accountable to, but all of the members were very successful professionals in their own right. They were willing to give me their time, point me in the right direction and I learned a lot from all of them,” he says. Aged just 30 at the time he took on the role, O’Neill learned some valuable lessons in management and communication. “I found myself managing people who were quite a lot older than me in some cases. What I learned is that you have to find out what makes people tick and flex your style accordingly, so you can bring people with you rather than creating conflict.” The COVID-19 pandemic By mid-2019, O’Neill was once again ready for a new challenge, but just six months after joining Galgorm Collection, the pandemic took hold and Northern Ireland was plunged into the first of a series of lockdowns in March 2020. “We went from being a cash-rich business with a constant churn of coming in every day, to suddenly having nothing coming in overnight. We were lucky we had enough reserves to get us through,” he says. Galgorm Collection also implemented an employee assistance programme to support its nearly 1,000-strong team. “Ultimately, the pandemic made us more resilient, and we are extremely proud that we had no COVID-related redundancies throughout the entire pandemic,” says O’Neill. “We kept in contact with all of the team members. We had some employees who were used to working 40 to 60 hours a week in a very busy setting.  “All of a sudden, they were pulled out of this bustling work environment. We wanted to help them with the stresses of finding themselves isolated and locked down at home. The right balance The management team at Galgorm Collection adheres to a stringent corporate governance model to ensure that the right decisions are made, and the correct procedures followed at all times. “Any investment over a certain level has to be approved by the board, which meets bi-monthly. As long as the numbers stack up, we aim to make it work. We are not a highly leveraged business.  “The view is that, while we continue to invest and constantly enhance and add to our product offering, we also keep paying down any borrowings we have and stay lean, so we are in a position to grasp any opportunities that come along.” Galgorm Collection is always on the lookout for acquisitions that might fit, O’Neill says: “If it makes sense for us, we won’t turn down the right opportunity.”

Our Chartered Star 2023 winner Peter Gillen tells us about his work helping companies to reach their sustainability goals and gives us his take on sustainable finance  Peter Gillen, a sustainability manager in Grant Thornton’s Financial Services Advisory Department, was recently named Chartered Star 2023, an annual designation recognising outstanding work in support of the UN Sustainable Development Goals (SDGs).   Run in partnership with One Young World and Chartered Accountants Worldwide, the aim of the annual Chartered Star competition is to celebrate the difference-makers in the profession who are helping to combat the climate crisis by bringing real, positive change to their workplaces and communities.  A graduate of Trinity College Dublin, Gillen grew up in Dundrum and began his career training with PwC before his passion for sustainability led him to join the Sustainability Team at Grant Thornton in 2021. As Chartered Star 2023, Gillen will attend One Young World Summit, representing Chartered Accountants Ireland and Chartered Accountants Worldwide, in Belfast in October. Here, he tells Accountancy Ireland about his interest in sustainability and gives us his take on ongoing developments in sustainable finance globally. Tell us about your decision to become a Chartered Accountant? What attracted you to the profession? When I was younger, particularly in the lead-up to the CAO application process in sixth year, family and friends told me accountancy was one of those qualifications that would allow me to work in any sector anywhere in the world. This has come to pass in my career so far as I’ve had the opportunity to work in Europe and the US as well as here in Ireland. Travel, in general, is one of the best ways I have found in my own life to learn from others. That’s why attending One Young World Summit later this year is so exciting to me. There will be so many people from many different countries, and we will have the opportunity to learn from both our shared experiences and different perspectives. What is it that initially sparked your interest in sustainability? I’ve always had an interest in sustainability and was frustrated by the slow pace of progress in the last decade or so. During the pandemic, when everyone had more time to reflect, I reconsidered the direction of my career and decided I would try to merge my training in financial services with my passion for sustainability. It was really about finding ways to use my knowledge to bring about real change and help companies on their sustainability journey. Chartered Accountants in general are uniquely placed to be right at the heart of sustainability discussions, and to deliver concrete plans to transition to a greener economy. There isn’t a medium- to large-sized organisation in the world that doesn’t employ a Chartered Accountant and we are uniquely placed to support ESG efforts, because of our problem-solving and analytical skill sets, our ability to take a step back and see the bigger picture, and lastly being able to apply our learnings from financial reporting to the impending sustainability reporting requirements, which will be applicable to companies over the next few years. What do you see as the greatest sustainability-related threats and challenges of our time? In terms of threats, it’s the classic, “the wants of the few outweigh the needs of the many”. Those in power – the few – often have self-interest in mind and their actions can have a disproportionate impact on others – the many. Those who have the power to influence real change are sometimes reluctant to do so. A classic example here is the large oil companies, or sometimes political leaders. Chartered Accountants working in leadership positions in large corporations really do have an important role to play in leading the way and convincing their stakeholders to tackle the climate crisis, not just for the planet but also for their companies’ long-term viability. For me, it comes down to collaboration, both nationally and internationally. Humankind is the single greatest determinant of the fate of our planet. We have the power to save our planet from becoming an uninhabitable place.  The challenge is trying to unite a large group to focus on one shared goal. History has shown us how difficult this can be, but also that it is possible and that it is often at times of catastrophic crisis that we unite. One example is the European Union, which was born in the aftermath of World War II. I’m confident that this time we can unite before it’s too late and introduce sufficient measures to address the issue. What is your take on current progress on Ireland’s Climate Action Plan? I think we have made a lot of progress, but we still have a long, long way to go. There are challenges but there is also immense opportunity for a country like Ireland. In particular, we have a unique opportunity to harness our coastline for the purposes of renewable energy – wind and wave, for example – and become a net exporter of energy instead of relying on imported fossil fuel-based energy sources. Reaching Ireland’s climate targets isn’t just about government action, though. Every single person has a role to play. For example, we have all become too reliant on convenience and this mindset needs to change. We need to learn to repair the goods we have where we can, instead of automatically replacing them – thinking differently about the lifespan of the items we own and the waste we generate. Tell us about Grant Thornton’s sustainability team and your role in it. I am a sustainability manager within our Financial Services Advisory Department. Our team helps our clients navigate all of the new environmental, social and governance (ESG) rules and regulations the EU and other regulatory bodies are bringing out. The world has really woken up to the climate crisis, so our work is evolving on a daily basis as legislators and regulators work to promote the transition to a greener economy. We help our clients to understand these requirements and the roadmap they need to put in place to meet them. My biggest career goal is to continue to help companies to support the UN SDGs, primarily by supporting SDG 13 Climate Action, because, for me, climate change is, without a doubt, the biggest challenge of our time. What do you think of the progress made by the European Commission thus far in progressing the Corporate Sustainability Reporting Directive? I’m optimistic about the progress they have made so far. The European Financial Reporting Advisory Group (EFRAG), the European body drafting these standards, delivered their first set of draft standards to the European Commission last November. In order to ensure companies can implement these new standards, Mairead McGuinness, European Commissioner for Financial Stability, Financial Services and the Capital Markets Union, has asked EFRAG to prioritise efforts on capacity-building, basically providing the relevant companies with a support function to help them implement the standards. As a result, EFRAG is pausing the roll-out of sector-specific standards for now, which I can understand given the circumstances. It’s important that companies are given sufficient support so that they may implement the sector-agnostic standards appropriately before moving forward with the sector-specific standards. What does it mean to you to be named Chartered Star 2023? It was an honour to win it and something I wouldn’t have thought possible all those years ago when I started my career in accountancy. The list of past winners is so impressive. To be chosen this year is a privilege and I have a responsibility as Chartered Star 2023 to continue the high standard in everything I do. Ultimately, I hope to continue to work towards the achievement of the UN’s SDGs for many years to come both in my personal life and through my career.

With the concept of a four-day working week gaining traction, three members of Chartered Accountants Ireland give us their take on the potential pros and cons of working fewer hours as standard in the future Kerri O’Connell Principal  Obvio Tax Services The four-day work week is an idea whose time has come! We are all aware that we are living through an era of great societal change, with many people questioning their lifestyle, their desire to buy more ‘stuff’ and the impact all of this has on the natural world around us.  The arrival of more advanced Artificial Intelligence is also likely to have a huge impact on our working lives. From a business perspective, many sectors are struggling to recruit and retain staff. The pressure is on in many aspects of the service industry, including professional, medical, construction and hospitality, and we are all aware of shortages of certain foods, medicines, etc. An economic ‘growth at all costs’ model, and accelerating expectations of ‘always available’ goods and services, create pressures that are doing none of us any good. Neither is a working week model that requires people to work on all of the days during which the services they require are accessible. Consider that the five-day working week (itself only 100 years old) was a sea change from the previously standard six-day week and, at the time, regarded as a great upheaval. That change bedded in over time, just as a four-day working week will too. The opportunity for parents to spend more time with children, for people to have more time available for caring obligations, or volunteer for a social/charitable organisation, is not just a ‘nice to have’ – it would bring fundamental benefits to our society and our environment. Many of us feel very resistant to change and only make a change when we are forced or pressurised to do so. If the past three years have taught us anything, however, it is that we are all more adaptable than we think. Shaun McGlade Managing Director SMCG Ltd. There has recently been a major shift in the perception of a four-day working week, which is now starting to gain real traction as an exciting workplace policy.    At its core, the paradox of shortening working hours for no less pay is in stark contrast to the dominant burnout culture of past decades, where working more was viewed as working better. Pilot schemes trialling the effectiveness of the four-day working week have yielded positive results. The largest to date was carried out last year in the UK by 4 Day Week Global, in partnership with Autonomy, an independent research organisation, the University of Cambridge and Boston College. Sixty-one companies employing 2,900 people took part in the UK’s Four-Day Week Pilot between June and December 2022. More than 92 percent opted to continue with a four-day working week after the six-month study concluded. With many people having adapted to flexible working following the pandemic, and a greater focus on work-life balance, there is a growing need for businesses to think differently about how they operate. A four-day working week could give some a competitive edge in the war for talent.  One of the most interesting findings of The UK’s Four-Day Week Pilot was that, among the 61 participating companies, revenue remained broadly the same over the course of the six-month trial, rising by 1.4 percent on average, weighted by company size.  When compared with a similar period from previous years, participants reported an average 35 percent revenue rise. So, while some employers are sceptical about the potential benefits of a four-day working week, my view is that it holds numerous potential benefits. These benefits range from a competitive edge for employers in the employment market, to higher staff retention, improved well-being, lower absenteeism, less burnout and reduced childcare costs for employees. Teresa Campbell Partner FPM  Around the world, interest in the potential benefits of a four-day working week is on the rise as employers and employees look for ways to improve well-being, enhance organisational performance and reduce the adverse impact of working life on society and the environment.  It is these positive outcomes that could make the four-day work week popular among employers in the future, so I think it is likely that we will see it become increasingly common – including in SMEs and accountancy practices – provided it is introduced in ways that do not adversely affect customer/client service.  In our own organisation, all of our team are actively encouraged to think about how we structure each working day.  We want our people to enjoy a healthy work-life balance, develop their careers and contribute to society in a meaningful way. We support flexible working and have measures in place to ensure that this does not disrupt our client services.  We are largely laptop-led, with a ‘work anywhere, anytime’ culture. We hold monthly virtual team gatherings and have developed and implemented a hybrid and flexible working policy, which piloted a four-day working week. More than 10 percent of our team avail of this option and our people say that the flexibility has changed their quality of life.  This is in addition to the over 22 percent who are working part-time, with the remainder either finishing at 1pm on a Friday or working the standard working week.     Our strategy has enabled some team members to continue to work while travelling internationally, and has also facilitated higher levels of female participation in our leadership teams.    One of the main factors for the success of our flexible working policies is that they enhance job satisfaction and encourage autonomy. Our experience is that team members both appreciate flexible working and are themselves very willing to be flexible, stepping up where necessary to meet urgent client demands.  Overall, it is a two-way process with everyone committed to enhancing, rather than diluting, our clients’ experience.