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AI Extra
(?)

Handling exam stress and anxiety

With exam season kicking off this month, it can be an extremely overwhelming and pressured time for students. Dee France, Thrive’s Wellbeing Lead, shares her advice on handling exam stress and anxiety  It is a perfectly normal experience to feel worried and stressed when faced with impending exams or any type of performance situation.  A healthy and ordinary amount of stress can even be good for you, giving you the motivation to push through and keep you focused. However, when worry, self-doubt, fear of failure and the pressure to perform well become too intense, they can interfere negatively with exam preparation and performance.  As feelings of stress push past optimal levels, it can have a devastating effect on our concentration, and our ability to learn, remember and demonstrate what we know.  Causes of exam anxiety  To effectively manage anxiety, it is important to understand why you are feeling this way. There are many variables that may contribute to and relate to these feelings:  Past experience with exams;  Poor preparation, inexperience undergoing exams and unfamiliarity with exam and study techniques;  Poor self-care, such as bad sleep habits, unhealthy eating, lack of exercise and limited relaxation time; Intrusive and unhelpful thinking patterns such as saying to yourself, “I can’t do this” or “I’m going to fail”;  Strong sense of failure; or  Extreme pressure to achieve placed on you by yourself or others. Tips for handling exam anxiety  How you spend your time leading up to your exams can have a huge knock-on effect on your anxiety and stress levels.  Routine  Essential to managing anxiety and stress when faced with exams is creating a study routine early in the year as opposed to haphazardly cramming a year’s worth of learning into a few days.  Design a study schedule and map out how you will spend your days.  Schedule your study time in short, succinct time blocks with a 10-minute break for every hour.  It is important to have a hard stop each evening to allow some time to unwind, and block out a day each week that is revision free. By carving out a comprehensive and realistic schedule, you will focus better, feel in control and be less likely to procrastinate.  Being prepared will help you feel more relaxed and confident and goes a long way to easing stress levels and keeping your nerves in check. Mind and body  When we are busy, other parts of our life can be easily neglected, and we can forget to take care of ourselves.  When it comes to managing anxiety and stress, nourishing your mind and body should not be underestimated.  It is important not to push yourself too hard or overlook your needs.  Regular exercise, eating well and sleeping properly are some of the most effective stress relievers at our disposal and are essential for being at our best physically, mentally and emotionally.  Incorporating fundamental self-care practices into your study routine can ease the pressure of trying to balance your time with other vital activities. Relax  To relieve symptoms of anxiety and stress, practise deep breathing or other relaxation techniques such as progressive muscle relaxation or yoga to help calm the body, alter the body’s response to anxiety and release tension.  In general, relaxation techniques are about refocusing your attention and increasing awareness in the body. It is a good idea to engage in these activities when you are relaxed and practise regularly to reap the benefits.  Ask for help  If you are overwhelmed by upcoming exams, you might find it helpful to share how you are feeling.  At Thrive, we witness a spike in students contacting our services at this time of year regarding exam stress and anxiety, which is one of the most common concerns students are dealing with.  Thrive is the Institute’s dedicated well-being hub, which is freely accessible to all students.  The hub provides a wide range of services tailored to our students' well-being, such as wellness coaching and professional counselling. All services are delivered in complete confidence and are available at any stage of your journey with the Institute.  For more advice or information, check out Thrive’s dedicated wellbeing hub.  Alternatively, you can contact the Wellbeing team by email at: thrive@charteredaccountants.ie or phone: (+353) 86 0243294

May 07, 2025
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AI Extra
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Trump’s tariffs: What you should know

US President Donald Trump’s sweeping new tariffs on EU imports are already reshaping trade flows. The implications for Ireland and the next generation of Chartered Accountants are immediate and complex On 2 April 2025, President Trump introduced a 20 percent blanket tariff on a wide range of European Union (EU) goods entering the United States. Trump’s rationale is to reduce the US trade deficit and repatriate manufacturing jobs. Citing what he described as “unfair advantages” enjoyed by EU exporters, Trump declared the tariffs a “long-overdue correction”. While he implemented a 90-day pause on tariff enforcement on 9 April following market disruptions, Ireland could emerge as one of the EU’s most exposed economies at the end of this pause. According to the Central Statistics Office, Ireland exported a record €72.6 billion worth of goods to the United States in 2024 – a 34 percent increase over the previous year. The US is Ireland’s largest non-EU trading partner, with most of those exports coming from the pharmaceutical and medtech sectors. Pharmaceutical exports alone reached €10.5 billion in February 2025, up from €9.4 billion the previous month, as companies rushed to beat the tariff deadline. This last-minute export surge may give way to a slump in the coming months as demand softens under the weight of new import costs. Taoiseach Micheál Martin has publicly criticised the US tariffs as damaging and unjustified. He has called for a coordinated EU response, emphasising the importance of a unified stance from the bloc. Ireland is unlikely to take unilateral retaliatory action. The tariffs may also affect investment flows. The US has long been a major source of foreign direct investment in Ireland, particularly in technology and finance. Uncertainty surrounding trade policy could cause US multinationals to reconsider a future in Ireland. Implications for Chartered Accountancy students The impact of this trade dispute goes beyond exporters and political leaders. For those looking to become Chartered Accountants, the tariffs present both challenges and opportunities Financial reporting: Accountants must accurately reflect the increased cost of doing business in financial statements. Affected firms may see reduced margins and increased volatility. This will require closer collaboration with finance teams to ensure transparency and compliance. Advisory services: Accountants will play a crucial role in helping clients reconfigure supply chains and explore alternative markets to reduce US dependency. Strategic scenario planning and cost-benefit analysis will become vital advisory tools. Tax planning: Cross-border tax considerations may shift as firms relocate operations or restructure to minimise tariff exposure. Understanding the nuances of tax will be increasingly important. Risk management: Scenario planning is more important than ever, particularly for firms in export-heavy sectors. Accountants will be called on to assess exposure, and model worst-case outcomes for business continuity. From trade policy to practice The tariffs announced by Trump on his “Liberation Day” represent a seismic shift in US-EU trade dynamics. This is a timely reminder for Chartered Accountancy students that geopolitics and trade policy are not abstract topics – they shape the very real business environments in which accountants must operate. Understanding international trade, tax and advisory skills is no longer optional for your success. Global finance is in a period of turmoil and Chartered Accountants must be just as comfortable navigating trade wars as they are auditing the books.

May 01, 2025
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Personal Development
(?)

Thrive with a good work-life-student balance

As exams begin to take focus for students, Dee France, Manager for the Thrive Wellbeing Hub, details how to balance your work, study and life commitments while prioritising your wellbeing and mental health  The life of a Chartered Accountant student can be tough!  Long work days, commuting, long evenings and weekends attending lectures, studying, practice papers, mocks – all while contending with the busy season.  This is without even mentioning all the other demands that impact our daily lives – family, kids, pets, sports and hobbies, downtime, and social obligations.  Juggling all of this can feel like you are being pulled in many different directions and life can feel hectic and chaotic. This demands a lot of physical and mental energy and space. Being up against the clock 24/7 with very competing tasks requires focus, determination and resilience.  So, how do you balance it all without becoming too overwhelmed or—even worse—burnt out?  Let me check my schedule  To balance your life, you need to be aware of everything you have on your plate, get organised and be a bit ruthless with your schedule.  At the start of each week, plan out the week ahead. Don’t overburden or over-pressure yourself, but get into the nitty gritty of your days and weeks, whether it's work-time, study-time, family commitments, social or other extracurricular activities – schedule it!  In the run-up to exams, employers may have a study leave policy in place. This can help you solely focus your efforts on preparing for your exams.  If this isn’t available to you, consider taking some annual leave so work commitments are softened and you have some extra time free.   We would even recommend scheduling daily downtime – switching off for at least 30 minutes at the end of each day will let you wind down before going to bed.  Pocketful of time  During exam season, time can either be your best friend or your worst enemy.  Now that your schedule is set, can you find extra time in your day to study? Look to capitalise on little pockets of extra time during the day or wasted downtime for quick burst study sessions.  Get creative with your time. Commuting? Why not use your journey to revise? Working from home? Use the time you would spend commuting to study. Finished your lunch? Crack out the study notes. Cooking dinner? Listen to a lecture as you prep.  Social caterpillar  At Thrive, we often hear how students cancel plans or feel guilty for socialising during studies. While you may have to cut back on your social plans, it is important to create space for enjoyment and rest.  It is paramount to have time away from your studies and have some fun. It allows you to recharge and relax, pulls you from your relentless routine and schedule and allows for a bit of calm and lightness in all the chaos.  Health hacks  While it may seem obvious, we at Thrive can’t stress enough just how important it is to look after your mental and physical health throughout your studies.   Pouring so much physical and mental energy into your efforts can make you feel fatigued, overwhelmed and stressed, leaving you vulnerable to physical and mental health concerns.  Sleeping eight hours a night, exercising daily, and eating well are extremely important for protecting yourself from burnout, reducing your stress levels, and increasing your energy.  Give yourself time to step away from your work and studies. Relaxing helps clear your head and keeps you motivated and productive.  So, whether that’s a chapter of your book, an episode of your favourite show, some yoga, or a podcast, always give yourself permission to relax guilt-free.  Lean on your support system If you are struggling and find it hard to see the light at the end of the tunnel, seek help from your support system.  Many of your managers, mentors, and lecturers have more than likely been through the same experience and can empathise with what you are going through. They may also be able to give you some valuable advice.  Your peers and colleagues will be sitting their exams at the same time, so setting up a weekly study group may prove beneficial in managing work and study.  Have your support system hold you accountable, too. If those close to you see that you are doing too much, have them make sure you are finishing work/study at a reasonable time. If you are falling behind, they can crack the whip.  Maybe your loved ones could take on a large proportion of the shared roles for the time being, whether that’s getting the children to bed, cooking dinner or housework.  Also, keep in mind the many student supports available to you through the education department or here at Thrive. The Thrive Wellbeing Hub provides a comprehensive mental health and wellness programme with a wide range of services tailored to our students’ needs. For more advice or information, check out Thrive’s Wellbeing Hub. Alternatively, you can contact the team by email at thrive@charteredaccountants.ie or phone at (+353) 86 0243294.  

Apr 18, 2025
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Sustainability
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“We want to get people out of the default habit of jumping in the car for every trip”

As the founder of Bleeper, the Dublin-based bike sharing venture, Hugh Cooney, FCA, is playing a crucial role in supporting and promoting sustainable travel in the nation’s capital A 2016 trip to China prompted a career change for Chartered Accountant Hugh Cooney who would go on to launch Bleeper, his Dublin-based dockless bike rental start-up, the following year. “It was when I was in China that I saw the world’s first standalone bike-sharing scheme,” Cooney explains.  “Up until then, it was all bikes at fixed locations. These standalone bikes each had smart locks which were opened by an app. I really liked the concept, and I spent the next four months or so looking at how to bring it to Ireland.” Path to accountancy His foray into sustainable entrepreneurship wasn’t Cooney’s first career shift. Prior to his 2016 trip to China, he had already lived in Shanghai for five years, working for property developer Treasury Holdings, before returning home to train as a Chartered Accountant. “I moved back to Ireland in 2010. The jobs market was tough at the time due to the global financial crisis. I didn’t want to stick with the property business and decided to add a qualification to my CV. I had always been interested in accountancy and had studied it at college,” he says. “I saw that Chartered Accountants Ireland had launched its Elevation Programme in 2009 to enable people to become Chartered Accountants without a training contract.  “I thought it would be perfect for me and signed up for it in 2010. I got a job in PwC’s corporate finance division, did my Final Accounting Exams in 2013 and became a qualified Chartered Accountant.” A subsequent role with KPMG saw Cooney working on aspects of the Irish Banking Resolution Corporation (IBRC) administration.  “I joined KPMG in 2014 and worked on the sale of IBRC non-performing loans in their transaction services division. We had to get the loan book into a condition where buyers were happy with the information provided,” he says. Then came that lightbulb moment in China and the launch of Cooney’s Bleeper business: “I left KPMG in April 2017 and Bleeper opened for business soon after,” he says. The birth of Bleeper The name for Bleeper came to Cooney one day as he was walking past the Luas stop on Dublin’s Harcourt Street.  “I heard the ‘ding ding’ sound of the Luas. The bikes make a bleep sound when they are unlocked, so I decided to call it Bleeper.” Start-up finance came from a mix of sources. “At the start, I had a joint venture with a Chinese company. They contributed the bikes and I raised money from friends and family as well. We started with a thousand bikes and the Chinese company also made the software we used.” Having the bikes, software and finance in place was just the beginning, however. It’s not possible to simply start a bike-sharing business in a city like Dublin without some form of permit or licence.  For Cooney, this ultimately came down to the introduction of a set of bylaws by Dublin City Council.  “Dublin city centre is so complex and there is such competition for road space, Dublin City Council needed to put some rules around it,” he explains, paying tribute to the speed with which council officials and elected members of the Strategic Policy Committee approved the bylaws.  “It usually takes a few years, but they started working on the bylaws in June 2017 and they were approved the following December.” The council then ran a competition for two licences, one of which was awarded to Bleeper. “We were allowed to put our first bike in the Dublin City Council administrative area in June 2018,” Cooney says. Regular Bleeper users can buy a pass, while less frequent users can pay as they go. The pay-as-you-go rate is €1 to unlock the bike and four cent per minute thereafter.  “Our average trip is 17 minutes, and most people pay us €1.68. Under the bylaws, the bikes have to be locked to a public bike rack,” Cooney explains. “We are fined if they’re not locked to the racks, and we pass that on to the customer concerned. There is a chain on the bike which they use to lock it to the rack. Compliance is very good—less than one percent of users don’t follow the rules.” Since its launch, Bleeper has grown to include electric bike leasing and sales divisions. “People can lease a bike just like a car,” Cooney says.  “They pay by the week and can give it back at a week’s notice. We found that some customers want to buy an electric bike, but they are not cheap. The entry level is €2,000 and they can go right up to €5,000.  “We opened a shop on Lower Bridge Street and people can come in and take a bike for a test ride before they buy. Business is good and we’ve been profitable for the last couple of years. We are growing revenue every year and hope to continue on that path.” Mobility Partnership Ireland Bleeper was one of the founding members of Mobility Partnership Ireland (MPI)—a coalition of shared transport providers launched four years ago—and Cooney was recently elected as MPI Chair for the year ahead.  “MPI started with three member firms, including ourselves, Moby and Yuko. We had realised that all commercial operators in the sustainable transport space were meeting the same State officials. It was time-consuming and inefficient. We decided to come together as a collective for lobbying purposes and to promote sustainable transport generally,” Cooney says. Definitions of sustainable transport can vary. “For me, it is anything that is not a single passenger car journey. A car with four people in it isn’t unsustainable. Anything that is not a single occupancy car journey can be sustainable. “If you read the Climate Action Plan, the goal is to enable 500,000 daily sustainable travel journeys by 2030. It’s not realistic to ask people to give up their cars. People have lots of reasons to hold onto their cars.  “But, if it’s a sunny day, we can get them to ask themselves if they need to drive to work that day. It’s not about whether people have a car or an electric vehicle. It’s about the amount of time they use it.” Promoting sustainable transport Cooney believes more should be done to promote the sustainable travel targets set out in the Climate Action Plan. “I don’t see the Government advertising their Climate Action Plan target for sustainable journeys. They need to get out there and break the target down into smaller steps,” he says. Commercially operated sustainable transport services should be supported as part of the this, Cooney adds.  “A lot of people think public transport is publicly owned and funded but there are lots of alternative commercial providers,” he says.  “It needs a bit of a shift in mindset. All of the incentives and subsidies tend to go to publicly owned services, but more consideration needs to be given to commercially operated sustainable transport services.” Since its launch four years ago, MPI has grown to eight member firms, including Aircoach and FreeNow.  “Our plan is to work closely with the Minister for Transport and the National Transport Authority as one group. We want to break down the ‘us and them’ mentality that currently exists,” Cooney says. “We can easily get to the 500,000 trips target in sustainable transport if we all work together, and I believe we can get way more than that if commercially operated sustainable transport services are supported. “We want to work with the government to get more people out of the default habit of jumping in the car for every trip.” It isn’t always easy to get these ideas across to Government, however. “The process of making pre-budget submissions is very costly and time-consuming for businesses,” Cooney points out.  “You don’t get written answers or clarity on why proposals have not been accepted. There should be a downloadable template on the Department of Finance website. That would make it easier for businesses to make submissions and easier for the department to run the process.  “It’s not unreasonable to ask that they make it easier and to give people feedback on their submissions. We have put forward ways of encouraging people to use alternatives to their cars but haven’t got any response.” On a more positive note, Cooney sees lots of potential for Bleeper to grow.  “Less than six percent of people in Dublin commute to work on a bike. In Amsterdam and Copenhagen, it’s closer to 50 percent. The government target for Ireland is 15 percent. Our goal is to play a big role in reaching that target,” he says. Interview by Barry McCall

Apr 10, 2025
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Financial Reporting
(?)

The EU Omnibus package and next steps for CSRD reporting

Dee Moran, FCA, explores the potential impact of the European Commission’s much-anticipated Omnibus package on the Corporate Sustainability Reporting Directive  26 February 2025 felt like doomsday for many immersed in sustainability. After weeks of rumours, the European Commission published its first Omnibus package of simplification measures for sustainability reporting and regulation. If approved, these measures will substantially water down the Corporate Sustainability Reporting Directive (CSRD), Corporate Sustainability Due Diligence Directive, Carbon Border Adjustment Mechanism and EU taxonomy for sustainable activities.   In publishing the proposals, the European Commission noted that they would enable businesses “to grow and create quality jobs, attract investments, get the necessary funds for their transition towards a more sustainable economy and help the EU meet the Green Deal’s ambitious objectives”. Many in the profession were dismayed by the introduction of the new CSRD simplification proposals, however, particularly those that had just published their 2024 annual reports with the required environmental, social and governance (ESG) information included for the first time.  Their companies have invested heavily in sustainability reporting and, depending on their size, could now potentially fall out of scope of the CSRD under the new proposals.   Their less prepared counterparts, meanwhile, will have felt some relief that their own tardiness in starting their sustainability journey and preparing for CSRD reporting has been rewarded. So, where does the Omnibus package leave the future of CSRD reporting? Some of the proposed amendments are outlined here, with a short analysis for each. Timeline: two-year delay The Omnibus measures propose delaying the deadline for CSRD reporting by two years—to 2027 for wave two companies, and 2028 for wave three. The two-year ‘stop the clock’ proposal has generally been welcomed as it would give companies more time to prepare for CSRD reporting.  There are concerns among some, however, that the two-year delay is too long, with some maintaining that a 12-month lag would have been more effective in maintaining momentum. Budgets are already approved for next year, but securing the budget for a second year might be more challenging.   Overall, however, the proposed delay is being viewed as a welcome means to provide a much-needed breather for companies.  Threshold: employee numbers The European Commission’s Omnibus package proposes raising the threshold for numbers employed by companies in scope of the CSRD from 250 to 1,000 (and either a turnover greater than €50 million or balance sheet total exceeding €25 million). This proposal would reduce the number of companies in scope of the CSRD across Europe by about 80 percent—from 50,000 companies down to about 7,000.  The 7,000 figure is also substantially lower than the 11,000 companies obliged to report under the Non-Financial Reporting Directive.  The higher employee threshold proposal has met with varying reactions in the profession, with many expressing that 1,000 goes too far, and that 500 employees and above would be more proportionate. This will no doubt be debated at length in the months ahead.  It is worth pointing out, however, that companies that would not fall in-scope of the CSRD under the new proposed threshold may still opt to voluntarily adopt the proposed standard. Voluntary SME standard The Commission has proposed that it will adopt, by way of a delegated act, a voluntary sustainability reporting standard (VSME) to facilitate reporting of sustainability information by companies that are not in-scope for the CSRD.  This will be based on the revised voluntary sustainability reporting standard for non-listed micro, small and medium enterprises (VSME) submitted by the European Financial Reporting Advisory Group (EFRAG) to the European Commission in December 2024. Value chain cap The Omnibus measures propose the introduction of a ‘value chain cap’. This move would serve to limit the information CSRD reporters can request from non-CSRD reporters in their value chain with fewer than 1,000 employees. They would not be permitted to request any information exceeding that specified in the revised VSME. While this proposal could potentially diminish the comprehensiveness of sustainability reports, it would also reduce the sustainability reporting burden on smaller companies and—provided that the revised VSME standard is comprehensive—should still provide companies in-scope of the CSRD with the value chain information they need. Reasonable assurance standards The requirement to have assurance on a sustainability report is a fundamental part of the CSRD, with limited assurance in the first instance and the potential to move to reasonable assurance following a review.  The Omnibus package seeks to remove the requirement for reasonable assurance as a means to streamline the reporting process, while also maintaining some oversight.  This proposal has been largely welcomed as it would reduce the cost of compliance for CSRD reporters and would also be less burdensome.  Some stakeholders have, however, voiced concerns that removing the need for reasonable assurance over the longer term may compromise the trustworthiness and reliability of data.  Investors, in particular, have been vocal about their need for accurate data to reduce the risk of greenwashing. Reasonable assurance would provide an additional level of comfort. European Sustainability Reporting Standards The Omnibus package commits to simplifying the European Sustainability Reporting Standards (ESRS), including a reduction in the number of data points, clarification of provisions deemed unclear and an improvement in consistency with other pieces of legislation. With in excess of 1,100 data points, the volume and complexity of the ESRS has raised many concerns, and Chartered Accountants Ireland was critical of the high number of ESRS data points in our response to the initial public consultation on the draft ESRS.  The Omnibus proposes to simplify the ESRS by reducing the number of data points and focusing on qualitative over quantitative information.  The Commission has asked EFRAG to commence the work of simplifying the ESRS and to provide their technical advice by 31 October 2025. It is important, however, that sufficient time is allowed for proper consultation with stakeholders. Sector-specific standards The Omnibus proposal reverses the existing plan for sector-specific standards to be developed and adopted by the European Commission, a move that would have increased the number of data points required for CSRD reporting.  Again, there are varying views on this proposal in the profession. Some maintain that sector-specific standards would lead to more relevant and meaningful disclosures in specific industries while also providing for more effective comparability.  Others cite increased cost and complexity as a potential negative, particularly for companies operating across multiple sectors.  Double materiality assessment The Omnibus proposal does not change the CSRD’s double materiality perspective, meaning that companies remaining in scope will have to report on how sustainability risks affect their business and their own impact on people and the environment. The retention of the double materiality assessment (DMA) is not surprising given that it is a key requirement under the CSRD.  While cost and the availability of data have been cited by some as barriers to completing the DMA, the recommended reduction in ESRS data points and proposed two-year reporting delay should assist reporters in meeting this requirement.      What happens next? It is important to remember that these Omnibus simplification measures are just proposals. The next step will see these proposals reviewed by both the European Parliament and the Council of the European Union.  A staggered approach to the proposed amendments would see the ‘stop the clock’ proposals be approved in the first instance to give companies clarity on their reporting requirements for 2025.  The European Council and the European Parliament have already approved this amendment.  The proposal now needs to be approved formally by the Council and signed by the Presidents of both Institutions. It will then be published in the Official Journal, which is expected by the end of June. Member States have until 31 December 2025 to transpose into their national laws. We have been advocating for speedy transposition of the Directive to the Department of Enterprise, Tourism and Employment , which has committed to prioritising this.  Once the ‘stop the clock’ proposal has been approved, this will allow time for the other proposals to be debated, and for EFRAG to develop and present to the European Commission a revised set of ESRS and a new set of voluntary standards based on the VSME.  The revised ESRS are expected to be adopted as soon as is practicable, but no later than six months after the entry into force of a revised CSRD.  Our professional accounting team at Chartered Accountants Ireland will continue to review these proposals, engage with members, other professional bodies and relevant stakeholders, and respond to European Commission and EFRAG consultations on your behalf. Our priority, as always, will be to represent our members in lending our voice to continued progress in the sustainability agenda that is also proportionate and cost-effective for companies.  While the initial reaction to the Omnibus package of proposals was mixed, it has been encouraging to hear from many in the profession that a reduced scope would allow them to better focus on material matters and on gathering quality data, while the delayed timeline would also give them greater scope to prepare thoroughly for CSRD reporting.  Dee Moran, FCA, is Professional Accountancy Lead at Chartered Accountants Ireland

Apr 10, 2025
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Feature Interview
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“Real change comes when you believe in it”

Martina Goss, FCA, continues to broaden her skill set to support sustainable entrepreneurship and ESG progress in Ireland and beyond Martina Goss, FCA, is leveraging her financial knowledge and expertise in business strategy and lean methodologies to help start-ups and SMEs succeed, innovate and build sustainable strategies aligned with Ireland’s climate goals. Here, she tells Accountancy Ireland about the career path that has seen her pivot from finance to supporting Ireland’s entrepreneurial community and more besides.  Q. What first sparked your interest in sustainability and the whole area of environmental, social and governance?  I have always had a love of nature. I grew up in rural Ireland and, today, I live in the countryside in Co. Louth surrounded by mountains, nature and wildlife.  A few years ago, I pivoted my career away from pure finance to what I do now, offering training and business coaching to start-ups and small and medium-sized enterprises (SMEs). That shift brought me into contact with the United Nations’ Sustainable Development Goals and the entrepreneurs doing amazing things on the ground to progress these goals. I look at environmental, social and governance (ESG) principles in a holistic way. I’m not just interested in nature and climate change, but also in the human aspect—the ‘S’ in ‘ESG’ and, in particular, the focus of the fourth UN SDG on ensuring inclusive, equitable and quality education and promoting lifelong learning opportunities for all. To this end, I began working in 2023 as a facilitator with Global Youth Forum, a non-profit in Kenya that offers life-skills coaching, mentoring and sports programmes to young people with the aim of equipping them with the skills to improve their lives by securing a job or starting a business. Q. Tell us about that career pivot: what prompted it?  I started my career in practice before transitioning into industry where I held financial roles in many different organisations.  Then, in 2015, I did Chartered Accountants Ireland’s first ever Diploma in Strategic Finance and Business Analytics. That was the turning point for me.  By complete chance, while I was looking for a project for the course, I met an entrepreneur who was taking part in New Frontiers, Enterprise Ireland’s national entrepreneur development programme. He had a sustainable business idea for flood defence and wanted support from someone with a business background. I needed an idea for my diploma, so we did this match transaction.  At that stage, I knew I wanted to move beyond focusing solely on the numbers of a business. Fast forward a few years and I became the programme manager of New Frontiers at both Dundalk Institute of Technology and Invent, DCU’s commercialisation and technology transfer unit. Whilst managing that programme, I was introduced, not just to the world of start-ups and innovation but also entrepreneurs building sustainable businesses in alignment with the UN’s SDGs. Later, I reskilled as a Lean Start Up Coach, training with Ash Maurya, the founder of Leanstack in the US. He is the author and creator of the Lean Canvas, a business modelling tool used by businesses worldwide. Q. Can you describe the work you do today and the services you offer?  I work predominantly with start-ups and SMEs, helping them with their business strategy, reimagining their business models and innovating in a sustainable manner, so they can successfully launch or reinvent products and services. My work combines my expertise as a Chartered Accountant and Lean Start-up Coach and increasingly incorporates ESG. Last year, I completed my second course with Chartered Accountants Ireland, this time a certificate in sustainability strategy, risk and reporting. Innovation is a big focus for many of my clients. They understand the world is rapidly changing and they know they need to reassess their business model, but they may feel a little stuck or challenged as to where to start.  They may have new products or services they want to launch, or they might want to adapt what they are already doing to changing customer needs and market trends.  At the forefront of my work is the idea that you must always listen to the market—to what your customers want and the problem you solve for them.   We do a deep dive into their business model. We look at why the company exists—what problem does it solve for customers? What is its vision? What are its goals and strategy to compete?  We look at trends in the marketplace, we talk to the company’s customers and stakeholders. We use that information, both qualitative and quantitative, to reimagine the company’s business model and its products and services. The aim is to create a business model that is financially viable, desirable for its customers and sustainable for the planet.  Q. Where does ESG come into the work you do with these companies?  It comes back to that critical piece in any business strategy—listening to the market trends and responding to customer needs. Developing new products and services is the perfect opportunity to blend sustainability and innovation together into one. More people today are thinking about sustainable products and sustainable business practices because they are concerned about the climate crisis and the need to decarbonise our economies. This is a market trend, so, by embedding sustainable practices into their strategy and operations, start-ups and SMEs can help to ensure long term viability. There is a cost involved at the outset, but it is worth mentioning that, by incorporating Lean practices into their business model, businesses can eliminate costly waste. There is often so much waste in organisations. Lean start-up principles, when applied to new product development, can have a considerable ESG impact on a business because they fundamentally seek to minimise waste.  Q. What would you like to see happen now to support the advancement of ESG in Ireland and beyond?  From my perspective working with businesses, I think what is required to galvanise the ESG movement is a change in mindset. Businesses are run by people, so the shift in mindset is down to the individual—to each and every one of us.  This starts with small changes in our personal lives where we can embrace a more minimalist way of living, consume less and cut down on the excess in our lives. We buy too much. We have too much waste.  The Sustainable Progress Index 2025, published in February by Social Justice Ireland, ranked Ireland ninth out of 14 comparable EU countries overall, but placed us in the bottom five for nine SDGs, including responsible consumption and production (SDG 12). According to Social Justice Ireland, we continue to generate a significant amount of municipal waste per capita, while the recycling rate of our municipal waste and circular material use is low. So, I think we all need to think about our own consumption, and about what we can do to cut down on the waste we generate.  I believe that, if each one of us was just one percent better, the collective impact would be massive. These changes at an individual level can then feed into new businesses and start-ups launched by people with ESG principles at their core, in terms of what they are bringing to market or how their businesses operate with sustainability, minimal waste and other societal benefits at their core.  Critically, as Chartered Accountants, we have quite a vast skill set we can apply to helping businesses delivering ESG benefits. For younger generations, ESG is already instilled in their mindset. They care about the future of the planet, about climate change and a fair and just society.  Businesses today can’t afford to overlook this fundamental shift in what people and the market wants.  Real change comes when you believe in it and work towards it. 

Apr 10, 2025
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Sustainability
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Positive change in an unpredictable world

Kate van der Merwe, FCA, has carved out an impressive career in sustainability driven by her passion to effect positive societal and climate change  An abiding sense of adventure and curiosity has guided Kate van der Merwe’s career from accounting to sustainability, and from the corporate realm to the world of nonprofits, as she continues to pursue her passion to effect positive societal and climate change. Originally from KwaZulu-Natal in South Africa’s east coast, van der Merwe studied social science at the University of Cape Town before qualifying in Ireland as a Chartered Accountant and forging a successful career as a sustainability consultant. Driven to explore “I think it’s my background in social science that has made me so curious and driven to explore,” van der Merwe says. “The social sciences have a good dose of curiosity and exploration, but in the early stages of my career, I found myself struggling a bit to find roles in the messy ‘real world’.  “I lived in the UK on a working visa for two years after college and, being a South African, my mobility was restricted. I decided to go into Chartered Accountancy to open doors and cross borders. “At the time, I told my humanities-driven self that finance was the linchpin of economic systems, and it might one day allow me to effect some positive societal change.”  Van der Merwe relocated to Ireland in 2006 to train as a Chartered Accountant with a firm in Dublin. Her qualification in 2009 coincided with the onslaught of the global financial crisis, however, prompting her to return to Southern Africa, where she spent five months travelling around the region. “It really was a case of ‘when life gives you lemons’, because that trip was pivotal for me,” she says.  “It brought me back to my childhood surrounded by so much biodiversity. I was fortunate growing up that, during the holidays, we were able to go to the beach, to the mountains and, every now and again, to the bush.”  “Years later, my childhood experience would also become the driving force behind my interest in the social aspect of environmental, social and governance (ESG) principles. “The apartheid system was still in place when I was at primary school and then Nelson Mandela was released, and we had our first democratic elections in 1994. Those experiences instilled in me an awareness of the importance of social justice and equality.”  Early career Van der Merwe returned to Ireland in 2011 to take up finance roles, first in the pharmaceutical industry and then in the technology sector. “I joined Google and I was immersed in this environment in which values, such as sustainability, were on the agenda. Google was doing interesting work in renewable energy innovation at the time. “Then I received my naturalisation to become an Irish citizen, and that stability compelled me to think about what I could do to become an active participant in bringing about positive change. I started to find my voice.” At the time, van der Merwe says she felt an “urgent sense of responsibility” in the face of the burgeoning climate crisis and global biodiversity loss. She decided to embark on a master’s in renewable energy and environmental finance at UCD Michael Smurfit Graduate Business School, dropping to part-time hours with Google to facilitate her studies. “My master’s marked a sea change for me—a deliberate journey of exploration. The key was finding the strength to speak up about the things that are important to me, and that’s not necessarily easy to do,” says van der Merwe. Once her master’s was complete, she joined Trócaire, where she became Financial Planning and Analysis Manager, supporting the NGO’s carbon measurement and reporting processes, and developing organisational carbon budgets.  “I wanted to return to working with an NGO, on a short-term contract. I was looking for a total contrast to the powerful, cash-rich corporate world—a grounding experience, working in a much more resource-constrained environment. “Fortunately, thanks to my network, a nine-month role came through with Trócaire and I stayed with them for a year-and-a-half. “I really grew with Trócaire. It is an amazing organisation with many passionate, committed people who are so bold in how they approach the change they want to make. That perspective was invaluable.” Transformational projects In the years since—and now on the cusp of taking up a new role with Hometree, the nature restoration charity—van der Merwe has worked as a sustainability consultant, lending her considerable expertise to the advancement of transformational projects at the intersection of finance, social and environmental sustainability. Her advocacy efforts extend beyond this work, however, to a range of voluntary roles, including board member with the Irish Social Enterprise Network and advisory committee member with Friends of the Earth Ireland. Van der Merwe is also a member of Chartered Accountants Ireland Sustainability Working Group. “My approach is to use systems thinking to look at sustainability in a holistic way across a multitude of spaces, and to introduce this concept wherever I have a platform,” she says. “People often think of ESG solely from an environmental perspective, forgetting about the social piece. In actuality, both are highly interdependent and very much impact each other.  “Then, you have to look at the problem of who has a voice and who doesn’t? I am fortunate to have a voice, but others don’t. Often, decisions are made that impact them and they have no influence.” Van der Merwe has just completed a postgraduate certificate in climate entrepreneurship at Trinity College Dublin. “In everything I do today, I think back to that time just before I started my master’s in renewable energy and environmental finance when I felt like I was waiting for other people to come and save us all,” van der Merwe says. “I found my voice and now I want to continue to build my network, experience as much as I can and do as much as I can to change society for the better and support the fight against the climate crisis.  “I think a lot of people are nervous about taking action, or feel, like I did, that others will do it better on their behalf—but, right now, we are at an absolutely pivotal stage.  “The existing system—the old way of doing things—is dying. It is going to change and what we do now will determine the new system that emerges.  “We really need the silent majority to speak up to support ESG. We are the cavalry, and I don’t think we can afford to be complacent, particularly in the face of current developments, such as the backtracking we are currently seeing in the US under Donal Trump’s presidency.” Interview by Elaine O’Regan

Apr 10, 2025
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Sustainability
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“As a society, we need to work with nature – not against it”

NTR’s Marie Joyce, FCA, tells Accountancy Ireland about her career path to  sustainability and hopes and expectations for Ireland’s renewable energy future Marie Joyce, FCA, is Chief Operating Officer and Chief Financial Officer with NTR. Joyce joined the Irish infrastructure investment company in 2004 and was appointed to the role of Deputy Group Chief Financial Officer in 2010, followed by Group Commercial Director two years later. She assumed her current dual role in 2013 and is also an Independent Non-Executive Director to both daa plc and Staycity Group. QTell us a bit about yourself and why you decided to become a Chartered Accountant. Growing up on a working farm in rural Ireland in a family with six children, hard work and commitment were ingrained in us from an early age.  I’ve always been passionate about finance and nature, and I feel fortunate that my career allows me to combine both. That said, my career path wasn’t always clear-cut. I knew I wanted to be challenged every day and work towards something meaningful.  At that time, in 1990s Ireland, the jobs market looked very different to today. Career opportunities were thin on the ground.  I was fortunate to be selected by Arthur Andersen to train with the firm as a Chartered Accountant, and that training would ultimately become the foundation for my entire career. Since then, I’ve had the privilege of working across multiple sectors, from biotech to infrastructure and now clean energy transition.  What excites me most is navigating fast-paced change—whether it’s driving rapid growth, executing mergers and acquisitions or steering high-pressure restructurings.  The common thread in my career has been the ability to adapt, innovate and lead through transformation. Q. What does your work as Chief Operating Officer and Chief Financial Officer with NTR involve?  I have been with the NTR group for over 20 years working across Ireland, the UK and the US. Over the past decade, in particular, I have been instrumental in driving our growth and evolution. My role today with NTR encompasses three main strands of activity: Fundraising and acquisitions: product design (investment propositions), supporting fund launches and fundraising (in particular fund structuring, marketing and legal documents, negotiations and investor due diligence), approval of investment bids and acquisitions. Financial: managing our funds, including governance and risk, and their underlying investments, as well as investor reporting and investor relations.  Operations: managing risk, human resources, public relations, legal, information security and digital transformation. Q. What does NTR do? Tell us about the organisation.  NTR is a specialist renewable energy asset manager with close to five decades’ experience in infrastructure investment and management.  We specialise in acquiring, developing and operating sustainable infrastructure projects, focusing on wind, solar and energy storage across Europe.  We are based in Dublin and currently manage 1.4 gigawatts of energy across 66 locations in seven European countries. We have an additional 500 megawatts in development, totalling €2 billion in invested capital.  Q. What does it mean to you to be part of an organisation with this renewable energy legacy? NTR’s first investment in renewable energy dates back to 1999, so renewables are truly in our DNA.  I’ve always loved the idea of generating power from natural resources—wind, sun and water—without harming the environment.  Growing up in the countryside in Ballymoe, Co. Galway, we lived off the land, growing our own vegetables and raising our own meat, without fully realising the value of this organic, self-sufficient way of life.  As a society, this is what we need to return to—working with nature rather than against it—and I am proud to be part of NTR, an organisation with a longstanding commitment to clean power. Q. How important is Ireland’s renewable energy sector to the future of our economy?  I believe Ireland’s renewable energy sector can be instrumental to the future of our economy and climate goals. The Government’s Climate Action Plan has set targets to reduce Ireland’s greenhouse gas emissions by 51 percent by 2030 and reach climate neutrality by 2050.  These goals are ambitious and the ongoing shift to renewable energy will be crucial in allowing us to achieve them. Russia’s invasion of Ukraine has brought the issue of energy security to the fore for governments across Europe and Ireland is no different. Greater capacity to generate renewable energy ourselves here in Ireland would reduce our reliance on fossil fuel imports, thereby bolstering our energy security. Energy demand is rising, driven by the increasing electrification of an expanding economy and rising population. Renewables are the cheapest form of power available to meet this growing demand. Developing and constructing renewable energy infrastructure also creates direct employment.  Ireland has the potential to become a leader in renewable technologies and energy exports, particularly in offshore wind where we have a seabed 10 times the size of our landmass. Q. What do we need to do now to support the future of Ireland’s renewable energy sector?  At a national level, faster planning and permitting policies are needed for renewable energy infrastructure.  This is a major hurdle today. If our Climate Action Plan targets are to be met, reform of the planning system is urgently needed.  I would like to see national climate targets embedded in local planning policy. If the development of our renewable energy infrastructure were to be viewed as an overriding public interest, the true potential of renewable deployment in Ireland could be unlocked. Our grid needs continuous modernisation to meet the growing demands of the economy and accommodate a growing share of intermittent renewable energy sources, such as wind and solar.  The grid must become more flexible, with greater storage capacity and enhanced interconnectivity with other countries, such as the introduction of new interconnectors like our planned Celtic Interconnector with France.  Q. Who do you most admire in public life today in Ireland or globally?  Pascal Donohoe is a longstanding and skilled politician whose career trajectory I find particularly resonant as we are contemporaries.  His stewardship of Ireland’s economy through multiple crises stands out—from Brexit uncertainties to the COVID-19 pandemic and now, today, we could not be in better hands as he navigates Ireland through US President Donald Trump’s tariff war. His competence combined with measured, thoughtful communication are qualities that have become increasingly valuable in our current era of political polarisation.  Unusually for a politician, he also generally directly answers the questions that are put to him. Q. What are the three most important lessons you have learned in your own career?  The three most important lessons I’ve learned are: You are yourself and that is good enough—embrace your unique strengths, perspectives and style. A smile never goes astray—a positive attitude and a warm approach goes a long way. Enjoy the journey—life is short, celebrate the wins, get enough sunshine. Q. What advice do you have for Chartered Accountants starting out in their career today? Qualifying as a Chartered Accountant provides invaluable professional training that will set you up for life.  When I started my own career, I thought I was simply going to become “an accountant”.  However, what my training actually gave me were the skills to become a rounded business professional. As my career has progressed, I have been able to extend those skills into shaping, running and advising businesses.  The biggest surprise for me, looking back, is the realisation that my greatest career progress has often come about when things haven’t gone to plan.  Those challenging situations that pushed me outside my comfort zone—forcing me to grow, adapt and develop new skills—were pivotal in taking me to new levels, especially as a woman in finance and infrastructure—which, 30 years ago, was very much a man’s world.  So, my advice to those starting out today is to do your very best, enjoy the experience—and don’t be afraid to ask questions or put your hand up if you think something is not right.  

Apr 10, 2025
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News
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The workplace benefits of supporting diverse and intersectional experiences

Supporting the diverse and intersectional experiences of individuals within the LGBTQIA+ and Ability communities is a must for employers in today’s workplace Making it in today’s professional world isn’t always easy, but some people have extra obstacles to overcome.  Mark Scully, FCA, founder of Braver Coaching & Consulting said that, as a neurodivergent person who was undiagnosed for some time, he had faced significant challenges at work as he “attributed all the fault” to himself for tasks he felt he could not do to the same level as his colleagues.  “That seriously impacted my mental health—I was kicking myself for not being able to do these tasks like everyone else,” Scully explained.  “I was continuously working harder or longer, trying to compensate, until I burnt out—and because I didn’t know I was neurodivergent, I was engaging in a lot of masking and compensation strategies in order to make the workplace more tolerable.  “Once I did find out that I am autistic, I was afraid to let people know because I didn’t know how they would take it or thought they would not believe me and would question my credibility.” A state of isolation With little to no talk of neurodiversity in the workplace at the time, Scully found himself feeling isolated and fearing what people may say if they found out. “I couldn’t see anyone there whom I could relate to as being neurodivergent. Of course, there are lots of famous, high-profile people who are neurodivergent— but I couldn’t relate to them. So, I felt very alone and didn’t feel like there was anyone I could turn to for help,” Scully said. Sensory differences also made work difficult for Scully, as he has hypersensitive hearing and found himself straining to understand what was being said at times.  “I was genuinely in fear of going to client lunches due to the noise levels in some places. I would struggle to hear anything at the table,” he said.  “Other issues included not understanding workplace norms or ‘unwritten rules’ and trying to understand what people were looking for or what their expectations of me might be, so I just assumed I had to be perfect. This all had a big impact on me, and I found it very challenging.” Despite these challenges, Scully followed an impressive career path as a qualified barrister, Chartered Accountant and Chartered Tax Advisor, who had ascended to director level in a Big Four practice by the time he was diagnosed with autism. “It was a big relief being diagnosed,” he said, “finally, I could have some compassion for myself and know that there are areas I’m not going to be as good as everyone else in. However, there are other areas I’m incredibly good at. It is just about focusing on the strengths and asking for help in other areas. I’m in a really good place now.” Removing fear from the conversation Feeling safe enough to ask for help or understanding from colleagues and managers is crucial, said Scully, as “fear needs to be removed from the conversation”.  “I was afraid to let anyone know I was neurodivergent, because I didn’t know how it would be accepted and, in that vacuum, I had built it up so much in my head,” he said.  “But when I did let people know, there was no bad reaction, and it was actually received well, but I didn’t know this in advance, and it makes you start fearing the worst. We need to talk about it so neurodivergent people know that they have support in the workplace and feel safe to ask for help.  “Managers may be terrified of saying the wrong thing, so while training on language is useful, it’s also important for them to know that it’s okay to make mistakes in one-on-one conversations as long as they have the right intention. It’s much better to talk about this and make mistakes than not talk about it all.  “Talk, engage and be curious. Nobody is expected to be an expert in somebody else’s neurodivergence, it’s totally unique to them. So, managers and HR people should learn about what neurodivergence means for that particular person by talking to them.  “They should look past the label and get to understand the person, their particular needs and their strengths as everyone is unique. It’s all about starting the conversation.  Following his own diagnosis, Scully went on to found Braver Coaching and Consulting (gobraver.com) to promote neurodiversity in Irish workplaces and provide executive coaching to young professionals, both neurotypical and neurodivergent. Organisation-wide benefits of neuro-inclusion Scully said that, by providing training and making the necessary accommodations, employers could help to improve mental health for neurodivergent people, delivering organisation-wide benefits.  “If people feel like they’re working in a place that accepts them, and they don’t have to engage in masking or compensation strategies each day, it will have such a benefit for their mental health, in my opinion,” he said.  “If an organisation is not talking about neuro-inclusion, then it is not serious about mental health.   “By taking steps to be more inclusive, companies should see increased employee retention and productivity, and there is substantial funding available to support employees with disabilities.” From a bottom-line return-on-investment perspective, it makes sense to have a culture of neuro-inclusion, Scully said.  “Learning how to be a neuro-inclusive manager just results in better managers for everyone, full stop. It’s also the right thing to do, from a reputational perspective, because graduates are looking at employers that they may potentially work for and they are very well-informed about diversity.  “In the battle for talent, neuro-inclusive workplaces will entice the exceptionally bright and wonderful graduates who can offer a diverse range of thought, creativity and strength.”   Celebrating love, acceptance and diversity Jaimie Dower, Executive Director, Audit Quality Programme at EY, agrees with Scully that employer support for all employees with diverse experiences, is crucial. As a transgender woman who has struggled with identity, Dower acknowledged the important role EY, her employer, had played in being “vocally and visibly an ally and advocate for LGBTQ+ inclusion for a long time”. “As an employee with 30 years’ experience with the firm, this was a source of immense pride for me,” Dower said.  “To work for a firm that acknowledges and celebrates love, acceptance and diversity really makes a difference.  “Work isn’t and shouldn’t be the most important part of our lives, but it is a place where we spend a huge amount of time, so the relationships and experiences we have there are key to our emotional and physical wellbeing.  “The knowledge that I work somewhere that people are free to be, and to bring their authentic selves to work, really matters.” Dower, who initially tried to keep her “authentic self a secret from all but closest family” decided to come out during the COVID-19 lockdown.  She received immediate support from work colleagues, but the process was not without challenge.  “As I started to navigate conversations with HR, our DE&I team and my friends and colleagues, I started to realise that the firm’s commitment to LGBTQ+ inclusion was not just lip service or pinkwashing, it was a genuine part of the culture of the firm and its people,” she said.  “Despite this, there are very distinct challenges I faced, which employers need to be conscious of.  “The first one was how to tell people. It’s important to allow people the space to work this out and to acknowledge that there is no ‘right’ way; no one-size-fits-all answer. I had support in planning those conversations. Clear boundaries and guidelines  “It is really important that there are clear boundaries with regard to what any individual wants to share. I didn’t want to be—and, emotionally, couldn’t have coped with being—a walking ‘Transgender 101’ class for everyone.  “It was important for that to be acknowledged. Another challenge was that I never anticipated the number of times I would need to update my name, gender marker and picture. What seems like a simple ask can sometimes become mired in a morass of procedure. There has to be a way to make this simpler. “The issue most people will be aware of is around bathrooms and it’s hard to explain how much mental and emotional space such a small thing now occupies in my life. It’s a consideration every time I go outside the door and the important thing is that employers are very clear in their policies and transparent on this.” The EY Executive Director said that there had been tough days but also “so much joy and positivity, including being able to assist in the refresh of EY Ireland’s Gender Identity, Expression and Transition Guidelines”.  And while her personal journey is not complete, Dower said she feels privileged to work for a firm where she is free to be herself—something which should be the norm. “We all have to work together to combat homophobia, biphobia and transphobia and to actively ensure acceptance and understanding in everything we do,” she said.  “Employers should consider ensuring that there are guidelines to cover discrimination of all sorts, and everyone should respect the pronouns of transgender or non-binary colleagues or friends. That’s just one conscious mindful step that can make someone feel respected, included and valued. “Any organisation that flies a flag that says ‘you can be yourself here’ is going to attract the best candidates and get the most from them.” This article has been produced in collaboration with BALANCE, Chartered Accountants Ireland’s LGBTQIA+ networking group, and the Institute’s Diversity and Inclusion Committee. To find out more about their work or how to get involved, contact Karin Lanigan, Head of Members Experience, tel: +353 1 637 7331, email: Karin.Lanigan@charteredaccountants.ie.

Apr 10, 2025
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Feature Interview
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Building business success and breaking barriers

Fastcom Managing Director Lorraine Gribbons, FCA, reflects on her journey from auditing to leading a regional business, championing gender equity in leadership and the challenge of achieving work-life balance in the fast-moving telecoms industry I became Managing Director of Fastcom over eight years ago, bringing with me my background in Chartered Accountancy and a deep-rooted passion for driving business growth.  My foundation as a Chartered Accountant, with its emphasis on strategic thinking, attention to detail and problem-solving, proved instrumental as I transitioned into the telecoms sector.  Although I hadn’t initially envisioned a future in this industry, I found myself increasingly drawn to the challenge of scaling a regional business on a national level.  This challenge became my mission: how to expand Fastcom’s footprint across Ireland while remaining true to our Sligo roots.  I am very proud of the company’s achievements. Under my leadership, Fastcom has grown into one of Ireland’s most flexible telecoms providers, built on a foundation of innovation, regional pride and dedicated commitment to customer care.  My focus is on positioning the company as one of Ireland’s top technology leaders—not just in terms of the services we offer, but also in how we lead, innovate and support our people.  This includes continuing to break barriers—for women in leadership, regional businesses and anyone who dares to grow beyond what’s expected.  Robust career pathway As far back as I can remember, accountancy was what I wanted to do. I’m not sure where that came from, but it was always on my radar as the route I wanted to take and the qualification I would ultimately achieve.  I attended school in Sligo and then went on to study Business, Economics and Social Studies at Trinity College Dublin.  I had worked in an accountancy practice in Sligo in the summer following my first year at college and then went on to complete a summer work placement organised by Trinity after my third year, in the audit department of KPMG in Dublin.  This experience gave me great insight into what the trainee programme would be like and I started my training contract with KPMG after completing my degree the following year.  Qualifying as a Chartered Accountant gave me excellent education and training, providing valuable insight into business operations and a robust pathway for career progression and opportunities.  Once my training contract was completed, I decided to move back west to Sligo, where I worked as an Audit Manager with Gilroy Gannon for over 10 years before transitioning into industry with Fastcom. I became the company’s Managing Director soon after the move.  Women in leadership: moving beyond the exception Moving from the world of finance and accounting into telecoms, I’ve worked in two industries where women in leadership were once the exception, not the norm.  I’ve seen some progress in gender equity over the years, but it is slow, and there is definitely room for improvement.  I recall my accountancy training days, when many of the more junior staff members were female, but the senior roles were nearly always male-dominated. There are certainly more women at the top table now, and the conversations are evolving, but there’s still work to be done.  I would love to see more women in senior roles across all industries, as well as increased support at key transition points in a woman’s career, such as returning from maternity leave or aspiring to leadership.  Family responsibilities also play a part in the progress of gender equity, as balancing these with an evolving career can be a challenge.  Helping others reach their potential Mentoring and networking have played a huge role in my career, even if not always in formal ways.  I have been fortunate to have had people whom I could look to for mentorship; they have given me honest feedback and encouragement when I’ve needed it most at all stages of my career. Just as importantly, I’ve always believed in helping others reach their full potential in their own careers, wherever and whenever I can.  Networking, too, has opened unexpected doors, whether through industry events, local business groups, education sessions or informal chats over coffee.  The moving target of work-life balance Work-life balance is a bit of a moving target, isn’t it?  For me, it’s not about getting it right every day as I don’t think that’s possible. Some weeks are more work-intensive, while others allow for space to recharge.  My biggest challenge is switching off, as I find this very difficult to navigate.  When running your own business, you’re fully invested, and this sometimes spills over into downtime. For me, it does depend on what’s happening at work and how pressing any issues might be.  It’s something I know I always have to keep working on and be very conscious of.  As great as technology is, especially when working in a technical industry, the ability to disconnect from your phone and emails is vital during personal time.  I have learned over the years that rest is just as important as work for long-term success. You need to be able to refuel yourself to keep going and bring your best to the business.  With three children, my own “rest time” is still busy, but it’s  great for distracting me from the office and what’s going on at work.  Learning from your own team Over the years, I have found real value in professional development programmes, leadership courses and peer learning. Sometimes, though, the most impactful learning comes from within your own team.  Listening, collaborating and remaining open to diverse perspectives has enabled me to grow and develop personally.  I am always reading a wide variety of business materials and books to gather ideas for Fastcom and for myself personally, so that I can continue to thrive. Interview by Liz Riley  

Apr 10, 2025
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Feature Interview
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Future focus: the road ahead for the ESG movement

Is the environmental, social and governance movement in decline? We ask three of our Chartered Stars, each recognised for their outstanding work in support of the United Nations’ Sustainable Development Goals, for their take on the future of ESG Evan O’Donnell Chartered Star 2024 Accountant with Avery Dennison   As a Chartered Accountant, I view the future of sustainability through both a financial and ethical lens.  Sustainability is increasingly becoming a key pillar of business strategies, and I believe that over the next decade, it will shift even more from a niche concern to a mainstream priority.  Companies and governments will need to integrate sustainability into their financial reporting, with transparent disclosures on environmental, social and governance (ESG) metrics becoming standard practice.  The rise of green bonds, sustainable investing and carbon accounting will drive capital towards businesses that align with sustainability goals, creating a clear incentive for corporations to adopt responsible practices. Looking ahead, I hope to see a world in which sustainability is embedded in every financial decision.  Businesses should not only focus on reducing their environmental footprint but also consider the social equity and long-term resilience of their operations.  This shift will require a redefinition of value, where profit is measured alongside positive social and environmental impact, creating a more balanced approach to growth. The current transitional period in geopolitics presents challenges, however. With some countries backtracking on sustainability efforts, there is a risk of fragmentation in global initiatives.  While international collaboration is essential, the rise of protectionist policies and divergent priorities may hinder the overall progress of global sustainability targets.  As a result, I expect businesses to face increasing pressure to navigate this geopolitical uncertainty, balancing national interests with global sustainability standards. In the future, we will likely see greater local innovation in sustainability, with businesses and governments in different regions leading by example.  While there are challenges ahead, however, the growing recognition of the financial value of sustainable practices gives me hope that we will continue to move towards a more sustainable and inclusive future. Peter Gillen Chartered Star 2023 Sustainability Reporting Manager with AIB   In the future, I hope to see further consolidation of global sustainability reporting standards to simplify implementation for companies. While progress is being made, however, challenges remain. Existing EU legislation, such as the Corporate Sustainability Reporting Directive (CSRD), Corporate Sustainability Due Diligence Directive (CSDDD) and EU taxonomy for sustainable activities, continue to evolve. At the same time, new measures are emerging, such as China’s recently introduced corporate sustainability reporting standards.  Continued global engagement on consolidating these is critical to encourage more companies to report against these standards. Given recent geopolitical shifts and the decision by some nations to scale back their sustainability efforts, I was initially concerned all the progress made would be undone.  However, European companies increasingly recognise the “business” rationale for sustainability, no longer viewing it simply as altruism.  Even companies outside the CSRD’s scope should still see the benefits of managing climate risks, such as rising temperatures and sea levels.  This isn’t about pandering to a “woke” environmental, social and governance (ESG) agenda, it is about ensuring the long-term viability of one’s business. Despite the recent wave of anti-ESG sentiment, there are some who are refusing to accept calls for ESG to be omitted from investment decision-making.  In the UK, for example, the People’s Pension (one of the UK’s largest pension funds) recently moved £28 billion in assets from the US asset manager, State Street, noting that it wished to prioritise sustainability, active stewardship and long-term value creation for its near seven million members.  It remains to be seen whether other funds will follow suit.  I hope funding for pro-ESG funds continues to grow; not for political reasons, but to protect the financial futures of those whose pensions and savings are managed through funds.  It will also be interesting to observe whether asset managers continue to support ESG publicly or remain silent to avoid criticism (i.e. greenhushing). Fiona Hanafin Chartered Star 2022 Associate Director, Sustainability Advisory, Grant Thornton Sustainability is evolving from being viewed merely as a compliance requirement or ‘tick box’ exercise to a strategic driver of long-term business success.  I believe businesses that are proactive in addressing sustainability-related risks will gain a competitive advantage and thrive in an uncertain world.  Climate change continues to intensify at home and abroad, and businesses need to identify and address their individual physical and transition risks.  We’ve seen how extreme weather and floods can damage infrastructure and disrupt supply chains while shifting regulations create uncertainty.  To address these risks and build resilience, companies should adopt sustainable practices within their operations and integrate sustainability into their core values and decision-making processes.  Future-focused businesses that adopt sustainability, including social considerations within their strategy, will benefit from greater appeal among talented employees and environmentally conscious consumers. I hope business leaders across Ireland and Europe continue to embrace sustainability as a driver of growth and innovation. There are opportunities to be seized by reducing carbon footprints, adopting green technologies, diversifying supply chains and prioritising responsible stewardship.  Despite all the noise (regulatory and political), the fundamentals of sustainability have not changed. We are living beyond our means; our society needs to change.  Although the sustainability agenda has faced setbacks in some regions due to regulatory and political backlash, the global trend towards adopting sustainability initiatives and reporting continues to progress.  Investment in the energy transition remains strong, cand despite the proposed delay to the introduction of the Corporate Sustainability Reporting Directive in the European Union, many companies are collecting data to ensure the availability of decision-making information.  Those aiming for long-term success will recognise that the broader global momentum driving sustainability is fuelled by market demand and risk mitigation.  With a well-informed sustainability strategy, businesses can protect their bottom line while making a positive global impact.

Apr 10, 2025
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Personal Development
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Burnout: breaking the cycle for the next generation

The safe stewardship of the accountancy profession means tackling the challenge of career burnout and prioritising work-life balance for the next generation, writes Dr. Caroline McGroary, FCA Like many professions globally, accountancy strives to be a beacon of excellence, with our members balancing multi-faceted roles as trusted business leaders and gatekeepers of the public interest.  Bestowed by decades of attracting and retaining the world’s brightest minds, this status ensures the safe stewardship of our profession from one generation to the next.  As we sit at this critical juncture in the history of our profession and contemplate our future, we are propelled to consider some of the greatest opportunities and challenges facing our profession and the next generation of business leaders.  In this article, we delve deeper into one such area of interest—namely the attractiveness of the profession to the next generation and the importance they are placing on well-being and work-life balance (or work-life harmony, as it is now commonly referred to). To focus this debate, we explore the concept of burnout, a topic of major concern for those at any stage of their career and one that is firmly on the agenda of well-being teams across professions, particularly in April, during Stress Awareness Month.   Burnout and the next generation The International Federation of Accountants (IFAC) describes accountancy as “the language of business”. While this adage has been true for more than a century, our roles have changed drastically. In addition to providing robust financial information, accountants now assume the role of business leaders, responsible for actively leading and transforming organisations across industries and regions. Despite these changing roles, it has for many years been widely documented that working long hours, enduring stressful working environments and sacrificing personal time for work demands, is an “accepted culture” in the accountancy profession.  This was further reiterated in a recent study by the Association of Chartered Certified Accountants, which asked young accounting professionals about their experiences. Recurring themes in the ACCA’s Global Talent Trend 2023 report included dissatisfaction with pay, a lack of interest in their work, burnout and concerns about work-life balance and flexibility. This work further highlighted that long working hours—previously considered a badge of honour—now act as a deterrent for younger people wanting to join the industry. These views align with Deloitte’s 2024 Gen Z and Millennial Survey which found that work-life balance was the top priority among respondents who believe long working hours drive stress. Based on these insights, we must challenge whether long hours, stress and burnout is an “accepted culture” in our profession and if so, properly consider the long-term effects on ourselves, our colleagues, our profession and the next generation.  We have learned that burnout can prompt early-career accountants to leave their jobs, and even the profession.  Recognising the potential cost of this, we need to gain better insights into the experiences of this group of professionals.  The value of such research was evident in a study of close to 400 junior accountants published in Australia. Researchers Vincent K. Chong and Gary S. Monroe found that role ambiguity and role conflict led to job-related tension for these professionals, which in turn contributed to burnout. This subsequently led to reduced job satisfaction and organisational commitment, with the final stage being intention to leave the profession. The practical implications of this research were the insights it offered into the drivers and outcomes of burnout, and thus the potential means to better support employees and reduce turnover.  Learning experiences of trainee accountants Reflecting on our role as educators of the next generation of our profession, we also need to consider the impact of burnout on the learning experience of trainee accountants. In research conducted at Dublin City University by Professor Barbara Flood (a Chartered Accountant), organisational psychologist Professor Yseult Freeney and I, we uncovered some useful insights.  In our study of approximately 1,200 trainee accountants in Ireland, we found that these younger members of the profession reported feeling “exhaustion” on a regular basis.  This had a negative effect on their ability to attend lectures, and their interest in and enthusiasm for their studies.  Despite feelings of exhaustion, they were committed to cognitively engaging in their studies, however, as they recognised the importance of passing their exams for career progression.  The main concerns emerging from this research included the type of learning taking place at the trainee stage and how these experiences were shaping their view of the profession—some referred to “feelings of resentment”, “anxiety” and “mental drain”.  For Sinead Donovan, past President of Chartered Accountants Ireland, supporting and advocating for the next generation of accountants is a priority. During her term as President, Donovan had as her theme the “next generation” (#nextgen).  She stresses the ongoing need to understand more about the challenges facing younger accountants and their more experienced counterparts, who act as crucial role models. Donovan also expressed concerns about the findings of a recent study commissioned by the Irish Centre for Business Excellence (ICBE) Skillnet on future leaders’ perceptions, motivations, skills and needs. The study revealed that future business leaders are “stepping out of leadership ambition...to avoid burnout at the top”.  “I would challenge the view that leadership roles needed to be overtly busy and always ‘on the edge’ of stress,” Donovan says.  “While I acknowledge that people still need to be pushed and challenged, the key is knowing when this becomes too much.”  The former Chair of Grant Thornton Ireland sees an important step in addressing this problem as “assigning responsibility back to the employer to help understand the challenges facing these future leaders, provide adequate support, and in turn, showcase how leaders can exist, and indeed thrive, without burnout.” Tackling the ill effects of burnout on younger accountants will be “integral to the future of the profession,” Donovan says. Tackling burnout: the employer’s role Donovan’s view is supported by Gillian Bane, a fellow Chartered Accountant and founder of Well Work 360. Bane established the workplace health and wellbeing consultancy in 2023 having herself experienced burnout in her career post-qualification.  “I wasn’t aware at the time that I was experiencing burnout and, in hindsight, had actually suffered multiple bouts before it stopped me in my tracks,” Bane says.  She highlights the importance of employer support and understanding to help tackle the causes and effects of work-related burnout, as well as the stigma that continues to surround mental health in the workplace. “Employee support needs to be much more than offering employees coping mechanisms, such as mindfulness classes,” Bane says.  “It needs to be a combination of supporting the individual with ways of coping, monitoring work design and workload, improving team dynamics and leadership setting the culture at an organisational level.” Supporting resilience in the profession Chartered Accountants Worldwide (CAW) recently launched its inaugural global report into the resilience of the Chartered Accountancy profession—a groundbreaking study conducted by the CAW Wellbeing Taskforce in collaboration with The Resilience Institute.. This report examines the state of resilience and well-being within the profession, drawing on insights from a global survey of 697 Chartered Accountants.  While Chartered Accountants play a critical role in safeguarding financial integrity, the report found that their work often entails significant stress and complexity. “This research highlighted some of the key strengths of the accountancy profession, such as curiosity, adaptability, creativity and a strong commitment to serving clients and colleagues,” says Dee France, Wellbeing and Support Lead at Chartered Accountants Ireland and Chair of the CAW Wellbeing Taskforce. “That said, these strengths lie alongside challenges such as multitasking, avoidance, worry and sleep deprivation, which over time can reduce resilience, lead to burnout, fatigue and impact negatively on mental health.” The profession now has a unique opportunity to lead by example, cultivating workplace cultures in which well-being is not an afterthought but an integral part of daily practice, France says.  Taking action to reduce burnout There is acceptance that burnout is something that can be experienced by anyone, at any stage of their career, in any profession.  It is a multidimensional concept embedded in an ongoing complex psychological process, and associated with a range of consequences that—if not understood and addressed—will negatively impact our profession in the long run.  As accountants, we can clearly make the business case for why this topic is important and needs further attention. Equally, as members of a profession built on a bedrock of trust, integrity, competence and respect for others, we recognise our moral obligation to take action and encourage our many stakeholders to engage in this important debate.    To this end, we seek the support of the accounting profession and other professions, academics, training firms, well-being teams and senior leadership teams to work together to:   Better understand the concept of burnout; Explore the prevalence of burnout across organisations and professions; Seek to understand its root causes and effects; Provide tailored support and resources for those who may be suffering from burnout or “on the edge”; and Challenge the stigma that still exists around mental health and burnout, as well as acknowledging that it can affect anyone. Collectively, we as Chartered Accountants are in a unique position to change the trajectory of our profession when it comes to tackling concerns like burnout.  In doing so, we will continue to attract the brightest minds and empower the next generation of accountants to go forward to lead our profession in the future.  Dr. Caroline McGroary, FCA, is a Lecturer at Dublin City University and a Council Member and Education and Lifelong Learning Board Member at Chartered Accountants Ireland

Apr 10, 2025
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Feature Interview
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“The future will be about clean, green, renewable power”

Pinergy founder Enda Gunnell, FCA, set up his renewable energy start-up in 2012, playing a crucial role in laying solid foundations for Ireland’s sustainable future Groundbreaking energy transition company Pinergy has grown to generate revenues of more than €250 million in little more than a decade by doing things differently, and founder Enda Gunnell sees more room for growth.  “That’s one of the reasons I want to stay in this industry,” he says. “The Irish energy sector is going through a once-in-a-century change and, with this level of change, there is always opportunity.” Embracing change is nothing new for Gunnell, who left behind a highly successful career in practice to set up Pinergy in 2012.  He had initially come to accountancy “through the usual route”, he says. “I qualified with a B.Comm from University College Dublin (UCD) in 1989 and did the recruitment milk round, before being taken on by Mazars.  “That was the last year the B.Comm exams were held in the autumn, and I had had enough of university by that time.” Gunnell didn’t yet know what lay in store, however. “I started my training contract with Mazars and within a fortnight I was back at UCD working on their audit,” he says.  “I spent 23 years with Mazars and was involved with UCD in one way or another for quite a bit of that time. The university then became my landlord when I founded Pinergy.” Gunnell had played a role in helping UCD acquire a building adjacent to the Beech Hill Office Park and helped to develop a strategy to host partnership ventures with industry. “They had some spare space and that was our first office,” he says. Having started his career with Mazars, Gunnell later moved into consulting.  “I thoroughly enjoyed my time with Mazars. I got great exposure to a wide range of clients across different sectors, including large corporates, institutional clients and a lot of owner managed SMEs.  “I was partnering with owner managers who had 50 or 60 people working for them but had no one to talk to. I was that person.” Having been a Partner with Mazars for close to 10 years, Gunnell decided the time was right to try something new.  “I was probably looking for opportunities for a few years by that stage,” he says. “I had got a bit disillusioned with professional services and the timesheets, chargeable hours and so on. Some of the projects I found interesting were not the type of things to earn high fee income in the short term.” At the same time, Gunnell was working with owner managers, helping them to build their businesses. They were, he says, “good people”. “I found myself thinking I would love a chance to do that myself. I hadn’t really thought about what type of business I wanted to go into, I just wanted to get out there and do it.” Entrepreneurial start: the early days The year was 2012, Gunnell was 43 years of age and a Partner with Mazars.  “I figured someone would give me a job if it didn’t work out. I was open to that risk,” he says. Ireland was in deep recession at the time in the aftermath of the financial crash and Gunnell spotted an opportunity in the fledgling pay-as-you-go electricity market.  “The energy regulator was putting pressure on the electricity suppliers not to cut people off, if at all possible,” he explains.  “One of the solutions chosen was to install pay-as-you-go meters in debtors’ homes and collect the arrears through the homeowners’ electricity credit purchases.” Gunnell’s approach was somewhat different. “We used the same technology, but differently. We went into the ‘lifestyle choice’ end of the market,” he explains. “Our market was people who wanted help budgeting. We used the technology to bring the same customer experience people had become used to with pay-as-you-go mobile phone accounts.  “Ireland didn’t have a pay-as-you-go electricity market up until then.  “In the UK, 15 percent of the market was designated as pay-as-you-go and, in Northern Ireland, it was much higher than that.” Although Ireland’s electricity market had been deregulated since the late 1990s, getting a licence to supply power was not easy.  “They said they welcomed competition, but I wasn’t sure if they were really interested in small start-up players like Pinergy,” Gunnell says.  “We partnered with an existing licencee initially and got our own licence from within the industry after that. We are now one of about seven national players in the market.” The licence was just the start. Power supply is a highly capital-intensive business.  “I was very fortunate to have the support of a high net worth individual in the early years of the business. I didn’t have the financial wherewithal to do it myself,” Gunnell says. “At that time and for a long number of years, half my time was spent growing the business and the other half was spent raising the money to fund the growth.” Raising money in Ireland post-crash was no easy task.  “The banks became too conservative. No doubt they gave out money too easily to property developers, but they went to the other extreme after that.  “We did everything to raise finance, from placing ads in newspapers to issuing our own loan notes. It was real shoe leather capital.” Pinergy has evolved considerably in the years since. “The industry is very old-fashioned. Customer loyalty is not rewarded,” Gunnell says.  “The incumbents sign people up for 12 to 24 months at a discount and then jack up the prices. That encouraged people to switch to get a discount somewhere else. We decided to do things differently and run the business from the customer perspective.  “We embraced technology. We were the first electricity company to embrace smart meters.  “Customers didn’t have to go to a shop; they could buy credit online or on their phone and it would go straight onto the meter, while being able to see their consumption on an app.” Paris Climate Accord  The Paris Climate Accord in 2015 gave added impetus to the firm’s growth. “A smart meter is an energy efficiency device. The average home wastes 20 percent of its energy. Smarter users use less,” Gunnell says. “We were a challenger brand and wanted to sell less electricity to customers. The incumbents were in the business of selling kilowatts, but how can they help save energy when their business models are built on selling as much of it as possible?” Pinergy then broadened its offering by going into business with other energy technology providers in areas like micro wind, solar, LED lighting and data services.  Two of those partnerships in the solar PV and data areas are now Pinergy subsidiaries. Energy efficiency and ESG reporting  The next pivot came with the company’s move into the commercial market. “There is only so much you can do in a domestic household. We used our capability in smart metering to bring a new offer to the commercial market,” Gunnell says. “We were able to supply data on consumption along with green, renewable power.  “We help our customers understand their power consumption and why they are using more than you should at different times.  “Our business is about energy efficiency. We are supporting customers through the energy transition and providing them with the data they require for emissions and environmental, social and governance (ESG) reporting.” Commercial business now accounts for 90 percent of the Pinergy portfolio.  “We pulled back a little bit from the domestic market. The State was rolling out smart meters anyway. There was no point in us duplicating that effort,” Gunnell says. Next phase of growth: energy generation Pinergy is about to embark on the next phase of its growth journey following the acquisition of a majority stake in the business by Sojitz group, the Tokyo-based multinational.  Sojitz has acquired the holding of long-term shareholders, the Coates family. “We wouldn’t have been able to achieve our growth ambitions without our previous majority shareholder,” Gunnell says. “The Coates family have been phenomenally supportive of the company and the management team over the years.  “Without their support, we might not have been able to keep going during the energy crisis and we are eternally grateful for that.  “But, to keep going and moving forward in a capital-intensive industry like ours, we need access to funds that can’t be provided by a family office.  “The Sojitz group is a huge company with 25,000 employees and is listed on the Tokyo stock exchange.” Gunnell’s ambition now is to see Pinergy evolve into a vertically integrated company with capacity to generate its own renewable energy.  “To get involved in that in any meaningful way you need hundreds of millions of euros,” he says.  “Sojitz has been in Ireland for 10 years and already has a generating capacity of of almost 250 megawatts. “They are on the same wavelength as us and share our philosophy about partnering with customers in ways that make everyone more sustainable.  “We will now be able to start building our own generating assets.  “We will also broaden out to a dual fuel offering as well as broaden the energy services capability within the business.  “When we have our generating asset base in place, we want to move back into the domestic market.” The future of sustainable energy As Gunnell sees it, the future of energy is all about sustainability. “Energy providers have a key role to play in our sustainable future,” he says. “In the past, it was about supplying power generated by burning dirty fuel. In the future, it will be about minimising consumption of clean, green, renewable power.  “We have been embracing the sustainability agenda at Pinergy for the past 10 years. We will continue to support our customers through the energy transition and help them meet their sustainability and ESG reporting obligations.” Interview by Barry McCall

Apr 10, 2025
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Audit
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MyWorkpapers and Chartered Accountants Ireland announce strategic partnership to transform accounting technology

MyWorkpapers by Bright, a leading provider of cloud-based working papers for accountants, and Chartered Accountants Ireland, the largest professional body on the island of Ireland have agreed a partnership to drive the digital transformation of the Irish accounting sector, enabling professionals to stay ahead of the curve with cutting-edge tools and streamlined processes. Backed by Bright Software Group this partnership brings a host of technological advancements designed to optimise the work of chartered accountants, offering solutions that improve efficiency, compliance, and collaboration. Key Benefits for accountants and auditors Technological Advantages Boosted Efficiency: Digitised workflows and automated manual processes Streamlined compliance tasks with standardised templates Seamless integrations across accounting systems Real-time collaboration and comprehensive digital audit trails With MyWorkpapers, chartered accountants and auditors across the island of Ireland can now automate routine tasks, reduce errors, and enhance productivity—all while ensuring compliance with the latest regulatory standards. Regulatory Support Staying Ahead of Regulations: Up-to-date local legislation insights Region-specific tax and financial regulation updates Compliance standard alignment The partnership ensures that industry professionals can stay well-informed of evolving regulations, helping them maintain compliance with ease. Platform Capabilities The integrated MyWorkpapers platform now offers: Templates based on the Chartered Accountants Ireland Procedures for Quality Audit (PQAs) and Audit Exempt programme Localised legislative checklists for up-to-date regulatory compliance Methodology-specific workflows designed to enhance accuracy and efficiency Automated compliance tracking for seamless reporting Conal Kennedy, Head of Practice Consulting, Chartered Accountants Ireland said “For many years, our Excel-based PQAs and Audit Exempt packages have been very popular with our members in practice. We are delighted now to offer this choice to members, which will shorten the learning curve by allowing them to use familiar templates and work programs from the existing packages and will give them the extra functionality of the MyWorkpapers platform. Anyone involved in statutory audit or accounts preparation in either the Republic of Ireland or Northern Ireland should take a look at this.” Ben Bishop, Bright’s Chief Product and Technology Officer, said “This partnership allows us to deliver a digitised and rules-driven version of the guidelines directly in line with the work being undertaken by the accountant. Helping to ensure high quality, compliant and repeatable output every time; the digitally delivered updates will help keep practice staff on point with any changes to process or compliance. Together, we are empowering accounting professionals to deliver even greater value to their clients while staying compliant and ahead of industry trends. As part of the Bright family, MyWorkpapers continues to drive innovation in the accounting sector, offering solutions that evolve with the needs of modern accountants.” Accounting and audit professionals can access the integrated platform immediately at www.myworkpapers.com/eu

Mar 28, 2025
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Personal Impact
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Keeping student stress at bay

Becoming a Chartered Accountant is a commitment that requires intense dedication, determination and resilience. This pursuit, especially during exam season, can become overwhelming and mentally taxing. Niamh Manning shares some strategies to help students manage their mental health during their studies Exam season is a particularly stressful time in a student's life. With a heavy workload, tight deadlines and high expectations, stress is an inevitable part of the journey. But by building resilience, confidence and strength, you can make it as stress-free as possible. It’s all about timing  Proper time management helps reduce stress by allowing us to tackle tasks in a more organised manner. Before you set off on a day of study, be strategic about your day and set goals and actions. Think realistically about how much you can achieve in a day and create a timetable with breaks throughout.  A tried-and-tested study method is the Pomodoro technique, in which you study for 25 minutes and then take a five-minute break. This encourages focused study periods and helps you avoid burnout. It also helps improve your focus and keeps the material fresh in your mind. Treat yourself  Maintaining focus and momentum during study periods can feel like a marathon. The enormity of the task at hand can feel daunting and overwhelming.  Instead of focusing on the long-distance finish line like passing your exams, break down your days and weeks into small manageable goals and celebrate and reward yourself when you reach these milestones.  Short-term rewards can provide a sense of progress and can help you keep going when you hit that proverbial wall.  Health is wealth  While it may seem obvious, we can’t emphasise enough just how important it is to look after your mental and physical health during this time.   Exerting so much energy, physically and mentally on to your study and exams can leave you feeling fatigued, drained and emotional, leaving you vulnerable to exhaustion. Sleeping eight hours a night, exercising daily and eating well are extremely important for protecting yourself from burnout, reducing your stress levels and increasing your energy.  Hydration is paramount as dehydration can lead to headaches, poor concentration and fatigue. Drinking enough water throughout the day ensures that the body remains energised and can process information effectively. Micro-moments of relaxation  We all know that maintaining a healthy lifestyle is essential, but we can often neglect the power of active resting. Taking small moments of relaxation throughout the day can help reset focus and restore energy.  Take a few minutes every day to engage in relaxation techniques.  For example, when you feel tension building, take two to three minutes out to close your eyes, stretch or take a breath. These brief moments can prevent stress from accumulating, lower your heart rate and provide a quick mental rest.   It is also important to include longer periods of relaxation during the week where you completely disconnect from your studies and enjoy the things you love guilt-free. This allows you to recharge your batteries, helps improve concentration and promotes emotional balance. Support network  Due to the intense nature of exams and study, students may shut themselves off and isolate at a time when peer support is important and can significantly benefit them.  A strong support system offers emotional support, advice and a sense of camaraderie. Students can cultivate this sense of support by connecting with fellow students, colleagues, friends and family.  Study groups can also be extremely helpful, allowing participants to share knowledge and collaborate. They also provide a certain study schedule and can help keep you honest about your study efforts.  Many of you will be surrounded by members and alumni who have already gone through the journey and have first-hand experience of being a Chartered Accountancy student. Reaching out to such peers can provide invaluable guidance and encouragement.  Remaining resilient Becoming a Chartered Accountant is a challenging but rewarding journey, and students can excel and persevere by remaining resilient and focused.  It is important to remember that mental health is as important and crucial as academic success, and looking after yourself is imperative for long-term success, both professionally and personally.   Also, keep in mind the many student supports available to you through Thrive. The Thrive Wellbeing Hub provides a comprehensive mental health and wellness programme with a wide range of services tailored to our students’ needs. For more advice and information, check out Thrive’s Wellbeing Hub. Alternatively, you can contact the team by email at thrive@charteredaccountants.ie or phone at (+353) 86 0243294 Niamh Manning is a Marketing and Fundraising Officer with the Thrive Wellbeing Team at Chartered Accountants Ireland

Mar 07, 2025
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Ethics and Governance
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State bodies and the Statement on Internal Control

The Statement on Internal Control is critical to the effective risk management and governance of Ireland’s State bodies. Tom Ward and Níall Fitzgerald offer their best practice insights Recent challenges faced by Irish entities in the public, non-profit and private sector have emphasised for many boards (and, where relevant, their funding bodies) the critical importance of the adequacy and operational effectiveness of internal controls, risk management and governance. Ultimately, a systematic and proactive approach to testing and reviewing controls, addressing weaknesses and implementing remedial actions in a timely manner, can only enhance confidence in public sector governance and best practice. In this regard, the Statement on Internal Control (SIC) plays a crucial role. State bodies in Ireland are required to report on all of their internal controls, risk management and governance in their annual SIC in accordance with the Irish Code of Practice for the Governance of State Bodies 2016 (Code of Practice).  Such reporting encompasses financial, business, operational and compliance controls and State bodies are subject to a swathe of such controls as standard, spanning: The discharge of public business. Project delivery and cost management. Monitoring and control of assets. Fraud prevention and detection. IT systems and technology (including cybersecurity).  Procurement. Additional controls specific to the nature of each bodies’ activities include clinical governance for public hospitals, infrastructure guidelines for large infrastructural projects and controls relating to onward funding to other public bodies or non-profits. The SIC must acknowledge the Board’s responsibility for ensuring that effective internal control systems are in place, the approach taken to reviewing these systems to ensure they are working (including steps taken by the Board and its Committees) and must identify any significant weaknesses or breaches. While the format for the SIC is prescribed, the content should be tailored according to the size and complexity of the organisation. However, there is limited guidance on the extent to which the Board should tailor this approach and content. At a recent SIC event co-hosted by Chartered Accountants Ireland and the Institute of Public Administration’s Governance Forum, Andy Harkness, from the Comptroller and Auditor General (C&AG) Office, provided examples of SIC best practice for State bodies, including the need for:  Good documentation clearly explaining the work carried out to support the review of controls; Assurance statements provided by senior managers; The involvement of the internal audit team, including key changes arising from their reviews and recommendations; and  If appropriate, an assurance statement from  independent assurance service providers.  Within this approach, the C&AG highlighted the importance of documenting any issues that may arise and adequately supporting any work undertaken to ensure that significant risks have been identified, including risks arising from changes to the control environment. Also emphasised was the importance of assessing the effectiveness of the controls in place, the assurance results and the effectiveness of follow-up steps taken in response to any control deficiencies identified.  Board and board committees should minute their review and conclusions with regard to the effectiveness of the systems of internal controls under review, and record recommended changes to governance, internal controls and risk management matters arising from the review. Also speaking at the recent SIC event, several experienced non-executive directors provided examples of the approaches they have taken to preparing the SIC within their organisation. In particular, they noted challenges associated with the absence of formal guidance and the ambiguity surrounding the term “operating effectiveness”, which is typically associated with Sarbanes–Oxley applying to companies listed on the US Stock Exchange.  In an Anglo-Irish context, assurance on the effectiveness of controls has traditionally been limited to financial and reporting controls. This is, however, changing. To achieve best practice in SIC reporting, the Boards of State bodies in Ireland may currently rely on: Guidance issued by the Financial Reporting Council (FRC) in Britain in relation to the UK Corporate Governance; International Standards on Assurance Engagements (ISAE) 3402 Reports; Sarbanes–Oxley literature for directors and auditors;  Guidance or circulars issued by the Department of Public Expenditure, Infrastructure, Public Services, Reform and Digitalisation or the C&AG; and General assurance standards and guidance. Some best practice insights for State boards arising from the recent SIC event include: The benefit in defining, adopting and communicating a common framework for performing the review of internal controls. The importance of the work needed to support and underpin the SIC. The need to ensure that the findings reported in the SIC are consistent with other supporting documentation approved and minuted by the Board. The need to disclose any scope limitations encountered in the processes necessary to support the SIC and to consider their impact on the directors’ assertion on compliance with the Code and SIC requirements. Above all, the importance of understanding that the reporting of significant weakness is just one part of the equation—this must be accompanied by reporting on the steps since taken (or to be taken) to address these weaknesses. The focus on robust internal controls, comprehensive risk management and effective governance remains a critical requirement for State bodies.  The SIC is not just a compliance requirement; it also serves as a reflection of the organisation’s commitment to transparency, accountability and continuous improvement.  As State bodies navigate evolving challenges and expectations, adopting a standardised yet adaptable framework, combined with clear guidance, will strengthen overall SIC governance practice.    Dr Tom Ward is Senior Governance Specialist, Professional Development, with the Institute of Public Administration Níall Fitzgerald, FCA, is Head of Ethics and Governance at Chartered Accountants Ireland

Feb 10, 2025
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Building a resilient workforce to boost business success

Resilire founder Joyce McCarthy, FCA, is helping scaling organisations embed a sustainable growth culture that supports people and boosts resilience “Recalibrate. Resolve. Rise.” When Joyce McCarthy launched her HR advisory and coaching firm Resilire in September 2024, she knew exactly where her focus needed to be. Inspired by her own experience re-evaluating her career and life priorities in response to events beyond her control, McCarthy resolved to use this very personal insight to help others prepare for, overcome and learn from professional challenges and setbacks. “Resilire comes from the Latin word for ‘resilient’. When I decided I wanted to set up my own business and work for myself, there was never any doubt about what my focus would be; I knew it had to be about helping people to embrace change and build resilience to achieve their goals.” McCarthy had begun her own career training in Dublin as a Chartered Accountant before moving into banking, first in Australia and then the UK, where her career focus shifted first to sales and then to people and performance management, and organisational culture. “When I moved to London, I started a new job at a large organisation managing a big team and leading innovation in people management,” McCarthy says. “We were overseeing all aspects of performance management from metrics to bonuses, rewards and recognition schemes, and really focusing on how to innovate and improve this whole area. “That was when I started to think seriously about what the culture of an organisation really means, and the level of stress individuals can experience when they are under pressure to perform.” McCarthy “absolutely loved” her work and was delighted when she was promoted to director level and selected for fast-track progression through the organisation’s senior ranks. “Then, I got pregnant. I had just started my new role and I didn’t want to have to go on maternity leave, but I remember the doctor saying to me, ‘You need to prioritise your health and your pregnancy now,’ and that was a shock to me at the time.” McCarthy endured a difficult birth and serious complications with the arrival of her first child. “I was recovering when I was told my employer was carrying out a cost-cutting exercise and essentially downsizing,” she says. “I felt I needed to rush back to work early from maternity leave to try to claim a chair, but, essentially, the music stopped and I had nowhere to sit.” Losing her job in this way was a shock for McCarthy. “My whole world was completely rocked,” she says. “I had gone back to work before I had physically or emotionally recovered. I already felt vulnerable and then I was told my job was at risk of being made redundant. “At the time, I felt really let down by my employer and that’s when I started to think, ‘I need to be my own boss and never again depend on an employer’. The experience also opened McCarthy’s eyes to the very human cost of high-pressure work environments built solely to service the bottom line. “It gave me a lot of empathy for other people and their circumstances. I went from being really focused on performance, productivity, output and just working really, really hard, to questioning everything and asking myself, ‘am I going too fast here?’ “I was a first-time parent and really unwell for the first time in my life. I had to stop and think, ‘There’s more to life than work; your health and the health of your family is so much more important’.” McCarthy subsequently decided to complete a diploma course in resilience coaching and left London in 2021 to return to Dublin with her husband and young family. She established Resilire six months ago, specialising in talent and performance management strategy alongside executive coaching. “My focus is on supporting scaling businesses to reach their potential by helping them with people and culture goals,” McCarthy says. “This is especially important to me because Ireland is just such an entrepreneurial, relationship-focused country.  “When I came back home, I started building a network of wonderful, supportive entrepreneurial people almost straight away.  “These entrepreneurs and others like them build amazing businesses, but when these businesses reach a certain size, they are going to need to define their own identity from a people perspective, and that’s where I come in.” Culture is key to resilience in any organisation, McCarthy says, and embedding a culture of   psychological safety and trust is paramount in a growing company. “Blame culture really doesn’t support business performance,” she says. “The focus should always be the end goal. As long as you’re focused on that bigger goal, you can absorb and withstand the little mistakes that happen along the way, the things that go wrong and the unexpected events and setbacks. “Ultimately, people need to know that they can be open and honest; that it is safe to raise issues; and that the people around them have their back. “Embedding a ‘test and learn’ environment that encourages people to fail fast with no repercussions actually encourages innovation and boosts performance.” In tandem, it is important for employers to understand that their people are multi-faceted humans with full lives outside work, who are often contending with a whole plethora of competing and shifting demands. “People are not bots; they’re not widgets. They don’t just show up to work to perform a task. Typically, people have a lot more going on in their lives than work, and their resilience can be depleted over time by a whole range of factors, be they family-, health- or money-related. “That is why, I think rightly, we are seeing the people management focus shift towards wellbeing as a holistic concept. “At the end of the day, people want to be seen and supported at work; to feel that they can share their challenges in a safe environment; and to be recognised for their contribution and all the ‘small wins’ along the way. “This is what performance management is really about, I think, and helping companies build a culture that genuinely supports it is my core focus with Resilire.”  

Feb 10, 2025
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Personal Impact
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“Time is the most critical resource we have”

Paula Travers, founder of Travers Accounting Services, has spent close to three decades forging her own path in the world of finance. Now at the helm of her own firm, she reflects on the personal and professional traits that have shaped her success As a child growing up in Donegal, I thought I would like to one day work in a bank. At some point, around the age of 16, I decided that being an accountant would be better.  We had a great accounting teacher in school, and I always enjoyed the subject.  In the pre-internet age, I reviewed as many university prospectuses as I could get my hands on and decided that, rather than study pure accounting, I would do a broader degree.  I opted for commerce at University College Galway (now NUI Galway), choosing the accounting stream in my second year.  After college, I spent the summer working in a bar in London, then came home and applied for as many trainee accountant roles as possible. Eventually, I started work as a trainee with a small practice on the north side of Dublin.  Transitioning from being a college student to training was a shock to the system. I had to work full-time, attend lectures in the evenings and weekends, and I was paid next to nothing. It was tough going, but I was very determined to succeed. Career advancement I would say I have very much steered my own course regarding career advancement.  I learned through experience to trust my gut and make “the next move” when the timing felt right to me. I never let the grass grow under my feet and moved when others may have stayed.  The qualities that have helped me progress my career have included making my immediate boss’s life easier by being reliable, a good communicator and not being afraid to voice my professional opinion when needed.  The ability to communicate effectively to people at all levels has been crucial. As accountants, we work in a people business. It feels good to smash the stereotype of the “boring accountant” by showing you have a personality!  I moved back to Donegal in 2006 at a time when the job market here was quite limited. I spent several years taking on maternity leave cover roles before securing a longer term position as Financial Controller with a company in west Donegal.  Lessons in perspective and boundaries My experience is likely quite different from most pursuing a career in Chartered Accountancy.  My daughter was born during my training contract and I undertook my Professional 3 (now CAP 2) exams when she was only three months old.  I combined my maternity (then just 14 weeks) and study leave, took one week off after my exams, and was straight back to work.  It was very tough, but at that time, the expectation was that you just had to get on with it, and I was very determined to prove that having a child would not derail my career.  I would hope that the situation is better today, but, while statutory leave entitlements have improved considerably, statistics show that motherhood does negatively affect a woman’s career progression, which is unfortunate and unnecessary.  To retain this cohort of talented and experienced professionals, employers must facilitate flexibility above all else. For me, the key to work-life balance remains elusive, however. This is something I’m still figuring out.  As I get older, and with the passing of both my parents within the past 10 years, it is a question of priorities. Work must take priority at certain times, and life must take priority at others.  Challenges that may have stressed me out 20 years ago, don’t anymore. This comes down to perspective and realising that time is the most critical resource we all have.  The biggest challenge for me is establishing a good balance between work and rest. Being self-employed, the temptation is there to work all the hours.  If you do that, however, other important parts of your life and wellbeing will eventually suffer, such as your health (both mental and physical) or your relationships.  It is crucial, therefore, to protect your time at all costs by establishing boundaries that align with your life.  Your energy is a valuable resource; don’t waste it on people and situations that drain you. Have the confidence to set unapologetic boundaries, rather than taking on the role of a martyr. The challenge lies in setting up boundaries and structures in your working life and adhering to them. Always strive to maintain perspective, as it can significantly alleviate the stress of balancing work and personal life.  Finding confidence and support Since becoming self-employed, I have connected with networks of female business owners and joined smaller groups of other accountants, both women and men.  I have only tapped into mentoring and networking since becoming self-employed. These networks have been invaluable in providing a sense of companionship and a recognition that most challenges are shared, giving me the confidence to persevere.  I highly recommend hiring a professional coach, particularly for self-employed people who need a sounding board and a space to offload to someone outside their immediate circle.  A coach can provide valuable insights, help you set and achieve goals and hold you accountable for your actions. Coaching is also great for maintaining focus and staying on track. Twenty-nine years of success The foundational training and experience you receive as a Chartered Accountant sets you up to work in practice, industry or as your own boss. That has been my trajectory.  The advancements in technology and the advent of social media mean that self-employment as an accountant is incredibly accessible, and I have created a business that works for me.  When I entered this profession (29 years ago this month), this was not something I thought was possible.

Feb 10, 2025
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“If you’re successful with us, you tend to be successful with others”

Special guest speaker and Tesco Group CEO Ken Murphy, FCA, shared his career insights and outlook for the future of business and the Irish economy at this year’s Annual Dinner As Tesco Group Chief Executive, Ken Murphy is at the helm of the UK’s largest grocery retailer with an annual turnover of £61.5 billion and over 4,500 stores in the UK and other markets employing some 330,000 people. Speaking on stage at the Chartered Accountants Ireland Annual Dinner in Dublin on Friday, 24 January, in conversation with MC Sarah McInerney, Murphy discussed his career, expectations for the Irish economy and shifting trends in the world of retail and business. “The most obvious change I’ve seen since taking on this role is the impact technology has on every decision you make today,” Murphy said. “When I joined Tesco, we had about 2,000 people in technology. Today, we have 5,000 and I wouldn’t be surprised if we have 10,000 by the end of the decade.  “It’s just such a critical part of any business today. Almost anything you want to do now has a technology dependency. “The opportunities are phenomenal. AI will absolutely turn everything we know on its head over the next five to ten years. Energy is the only real limiting step I can see at the moment.” Originally from Cork, Murphy studied commerce at UCC and trained as a Chartered Accountant with Coopers & Lybrand (now PwC), beginning his career with Procter & Gamble. By the time he had been appointed Finance Director with Alliance Unichem just a few short years after qualifying, it was clear to Murphy that his professional future lay in the world of business and retail. “I am bad at maths and even worse at physics, but I’m good on numbers. I hated auditing but numbers came easy. At the end of my training, my Audit Partner said to me, ‘Ken, you really enjoy business; auditing, not so much’, which was a gentle nudge to do something else.”  It was when he joined Procter & Gamble that, Murphy says, his career really “got into gear” and remaining open to opportunities has been the cornerstone of his success in the years since.  His advice to young accountants starting out today is to “open more doors than you close—and take risks”. “It doesn’t always work out,” he said, “but you definitely learn more from the failures than the successes and you have a lot of fun along the way, as long as you can take the knocks.” Murphy was appointed Managing Director of Health and Beauty, International and Brands, at Boots in 2013. He subsequently became Joint Chief Operating Officer at Boots UK & Ireland before rising to Executive Vice President, Chief Commercial Officer and President Global Brands at Walgreens Boots Alliance.  He was appointed to the Board of Tesco PLC as Group Chief Executive in October 2020.  Although the transition from health and beauty to food retail proved a steep learning curve, Murphy describes his current role as “the best job I’ve ever had”. “There is a much higher level of intensity in food retailing,” he said. “When you’re a high-street brand like Tesco, the public scrutiny is extraordinary. Nothing prepares you for that. “It is extraordinarily intense, and, at the same time, we are thinking very long term in some of our strategies. I love the business. I love what we do. I love the people I work with. “We have a lot of fun in an intensively competitive environment. We never have a day where we’re bored or thinking, ‘what will we do today?’” Tesco has a growing presence on the island of Ireland, where it operates 181 stores in the south and 50 in the North.  Last October, Tesco committed close to €200 million to the renewal and expansion of existing multi-year partnerships with Irish suppliers in the south.  The retailer is, Murphy said, the world’s leading purchaser of Irish food and drink, buying €1.6 billion of Irish food and drink annually—more than the value of Irish food and drink exported to any country in the European Union. “We have over 500 suppliers in Ireland and three quarters would be classified as SMEs employing 250 people or less,” Murphy said. “One of the things that really struck me when I started this job and went out visiting our suppliers, were the stories they would tell me about how they were basically working out of a shed 35 years ago, then they got a contract with Tesco and now they have a massive organisation. “That’s true of a number of our biggest Irish suppliers who have been extraordinarily successful in partnership with Tesco.  “We love working with our suppliers and helping their brands grow. We are fair and transparent, but we are quite tough. “If you’re successful with us, you tend to be successful with other people. “We like to think we reward real entrepreneurial spirit and innovation–particularly in Ireland where food is enormously important and something we’re famous for globally.” The future fortunes of the Irish economy will not be without challenge, however. “If I look at what Ireland has done in terms of its brand relative to other countries, I’d say we do a pretty good job. We could always do better but, with the work of some of our semi-state bodies, whether it be Enterprise Ireland or Bórd Bia, we punch above our weight,” Murphy said. “The challenge now is, ‘how do we really take that for a spin over the next five to 10 years in a global way?’ and I would be nervous of our dependency on US foreign direct investment.” With US President Donald Trump’s ‘America first’ trade policy starting to gather steam, Murphy cautioned against a cavalier approach to transatlantic relations. “I think Ireland punches above its weight in terms of our influence in the EU and in terms of the US, but we shouldn’t overplay our hand with the US.  “I am very encouraged by the fact that there is hugely deep investment in Ireland over a very long period of time, but I feel we shouldn’t assume our special relationship with the US will endure forever.  “There are competing interests, and we should be mindful of that but there is a lot of capability and competence in Ireland, so I feel like we have an opportunity. “Ireland has the most stable political environment in Europe. We still have one of the best educational standards in Europe. We have a lot of other challenges, but I believe it’s all to play for.”

Feb 10, 2025
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Sustainability
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Demystifying the double materiality assessment

The experiences of the first wave of entities preparing CSRD sustainability statements hold important lessons on the complexities of the double materiality assessment.  Gareth Martin, Jennie Kealey  and Luke Bisson delve into the details Some of the largest entities in Ireland are in the process of issuing their first mandatory sustainability statement under the EU’s Corporate Sustainability Reporting Directive (CSRD). They are part of the first wave of reporters following transposition of the CSRD into Irish law for accounting periods beginning on or after 1 January 2024.  To identify sustainability information for disclosure, an entity is first required to complete a double materiality assessment (DMA) to determine material impacts, risks and opportunities (IROs) in relation to environmental, social and governance (ESG) matters.   Double materiality is a new concept aimed at enhancing the existing understanding of financial materiality already familiar to accountants. It extends financial materiality considerations to encompass an understanding of both the entity’s impact on the environment and society, and the impact of sustainability matters on its own prospects, performance and position—i.e. double materiality considers both inside-out and outside-in perspectives.  The DMA process must comply with the requirements of the European Sustainability Reporting Standards (ESRS), as this is one of the components of a CSRD limited assurance report under International Standard on Assurance Engagements (Ireland) 3000 Assurance Engagements Other than Audits or Reviews of Historical Financial Information - Assurance of Sustainability Reporting in Ireland (ISAE (Ireland) 3000). ISAE (Ireland) 3000 is the assurance standard that has been adopted in Ireland for sustainability statements prepared under the CSRD. An entity’s CSRD reporting is dependent on a robust DMA output. This is the foundation of the sustainability statement. Here, we offer some practical insights into completing an effective DMA, drawn from our experience supporting clients in this area. Overview of the DMA process  The ESRS do not mandate how to conduct a DMA and, accordingly, each entity should apply judgement to design a DMA process that complies with the ESRS. Figure 1. shows one potential approach to the DMA process. The DMA is comprised of the two interconnected assessments of impact materiality (ESRS 1 3.4) and financial materiality (ESRS 1 3.5). Figure 2 illustrates the double materiality concept. DMA: illustrative examples Some high-level illustrative examples of sustainability IROs are as follows: Impact (positive): Actual positive impact on the environment through adaptation of manufacturing facilities to use renewable energy sources. Impact (negative): Potential negative impact on the working conditions of workers in the value chain through contracting of suppliers in geographies with sub-standard labour laws. Risk: Risk of increased costs in the form of fines from non-compliance with wastewater disposal regulations. Opportunity: Opportunity to increase revenues from sustainability conscious customers through development of biodegradable products. Key practical DMA considerations Some practical considerations should be factored into the DMA process as required by the ESRS. 1. Disaggregation of the assessment The appropriate level of disaggregation must be determined before beginning the DMA process.  The assessment may be disaggregated by business division, country of operation, subsidiary, significant site or significant asset (depending on the nature of the entity) in order to effectively identify IROs at the correct level of granularity and assess their materiality.  For example, groups must consider whether the DMA should be performed centrally at the group level, or at a disaggregated level. 2. Stakeholder engagement approach Stakeholders include key actors in the value chain, such as suppliers, employees and customers, but can further comprise groups such as indigenous communities and silent stakeholders, such as nature. Therefore, while conventional methods of engagement like surveys, interviews and workshops are commonly used, it is also important to consider alternative approaches. This might include analyses of ecological, pollutant or geographical data. Engagement may also be indirect, through stakeholder representatives or subject matter experts. Stakeholders should only be engaged in the assessment of topics where they have the appropriate experience and/or expertise required to provide accurate and reliable input. They may be mapped to specific IROs on the longlist to facilitate the provision of IRO inputs, where appropriate, to their position in the value chain. 3. Value chain boundary When performing the value chain analysis step of the DMA process, management should determine the point or “boundary” in the value chain up to which information should be collected. If this boundary is not effectively defined during the DMA, there is a risk that IROs related to components of the value chain will not be identified. Consequently, value chain information may not be presented completely in the sustainability disclosures.  For example, if only first-tier suppliers are considered as part of the value chain, the impacts of second- or third-tier suppliers connected with the entity’s operations may be overlooked in the DMA, even though they are within the scope of impact materiality. 4. Material financial effects Sustainability risks and opportunities are often drafted without properly considering their material effects on financial position, financial performance, cash flows, access to finance or cost of capital—or evaluating their consistency with the information disclosed in the financial statements. Likewise, it is common for management to only consider and score the likelihood and magnitude of a risk or opportunity, even though ESRS 1 stipulates that it is the likelihood and magnitude of the financial effects that should be assessed. 5. Dependencies on natural, human and social resources Risks and opportunities derive not only from impacts, but also from an entity’s dependencies on natural, human and social resources. It is therefore important for management to consider dependencies as potential sources of risks and opportunities when assessing the financial effects triggered by sustainability matters. For example, a manufacturing entity should consider its dependencies on energy, raw materials, customer relationships and healthy and skilled workers, among others, when drafting and assessing the materiality of IROs on the longlist. Dependencies on biodiversity and ecosystems should also be identified and assessed under the ESRS 2 IRO-1 requirements of ESRS E4. This includes an assessment of sites located in or near biodiversity-sensitive areas.  6. IRO scoring approach The ESRS do not define an IRO scoring approach. However, the factors for scoring are outlined in ESRS 1 and elaborated on in European Financial Reporting Advisory Group Implementation Guidance 1 (EFRAG IG 1) Material Assessment. Scoring should also align with the entity’s existing risk management framework where possible. ESRS 1 does prescribe the use of an appropriate quantitative and/or qualitative threshold to determine which IROs are material.  EFRAG IG 1 provides graphical representations of such materiality thresholds in both columnar and matrix formats. It is important to note that this guidance is purely illustrative. Management should document the rationale supporting their choice of scoring scales and thresholds—and ensure that these decisions have undergone robust review and validation. 7. Entity-specific disclosures When an entity concludes that an IRO is either not covered or not covered with sufficient granularity by an ESRS—yet is material due to its specific facts and circumstances—additional entity-specific disclosures must be provided to enable users to understand the sustainability-related IROs. Given that sector-specific standards have not yet been incorporated into the ESRS, it is paramount that management implements robust processes to assess potential IROs to identify any that are not aligned to the ESRS topical standards. For such topics, entity-specific disclosures should be drafted which adhere to the general disclosure requirements set out in ESRS 2 and meet the qualitative characteristics of information in accordance with ESRS 1. DMA: useful insights Here are eight insights that can be applied to support the DMA process: 1. The DMA process requires detailed step-by-step planning. Often, input is needed from across the organisation, particularly where a materiality assessment of sustainability information is being carried out for the first time. 2. Before beginning the DMA, an entity’s organisational structure should be appropriate for management to effectively lead and oversee the DMA process, and sufficient training should be provided. Identifying key internal stakeholders, such as members of the sustainability, environmental and financial reporting functions, will facilitate an effective assessment, as will forming a working group to co-ordinate day-to-day aspects of the DMA. 3. Validation roles for key decisions at each stage of the DMA should be clearly defined and documented. A board level steering committee could be formed for the purpose of reviewing and validating key decisions before the working group proceeds to the next stage of the process. 4. Documentation of the DMA process should begin at the inception of the assessment. This documentation should be clear, specific and detailed enough to enable assurance practitioners to understand and assess each stage of the DMA process. A centralised change log should be maintained to provide a clear and traceable trail of amendments and judgements, including their supporting rationale, over the course of the DMA. 5. Methods of engagement likely to garner the most effective coverage of views across all affected stakeholder groups should be considered. These might include surveys, interviews and workshops. A first step here might involve mapping affected stakeholder categories to sustainability matters, and prioritising different categories for engagement purposes. 6. Management should gain an understanding of the ESRS disclosure requirements, datapoints and transitional reliefs early on in the DMA process so they can effectively map material IROs to disclosure requirements and implement interconnectivity between the DMA process and disclosures. 7. When drafting the longlist of IROs and determining material sustainability matters, it is important to benchmark against disclosures prepared by peers and early reporters. This is especially pertinent in the first year of reporting, in order to effectively compare the information that is being disclosed within sectors and industries. 8. A plan for the refresh of the DMA should be agreed on from the outset. Management should implement an annual review of the DMA, comprising procedures such as a landscape review and revalidation of the DMA results. The circumstances requiring a full refresh of the DMA should be defined in accordance with the requirements of ESRS 1 and EFRAG IG 1. The frequency at which a full refresh should be performed regardless of change events must also be considered. Planning for quality and efficiency The DMA is a complex exercise, and each organisation will encounter its own challenges when preparing for the first year of CSRD reporting.  Despite this, there are learning points that can be applied broadly to the DMA in order to improve the quality and efficiency of the process.  Planning each step of the DMA and establishing a process compliant with the requirements of the ESRS will allow entities to develop and perform a robust DMA. Gareth Martin is a Managing Director in  Deloitte’s Sustainability Reporting and Assurance team Jennie Kealey is a Manager in Deloitte’s Sustainability Reporting and Assurance team Luke Bisson is a Senior in Deloitte’s Sustainability Reporting and Assurance team  

Feb 10, 2025
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