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The Chartered Accountants Ireland Leinster Society Salary Survey 2017

Today The Chartered Accountants Ireland Leinster Society in association with The Panel, published their annual Salary Survey 2017.

To download your free copy please click on our resource section to the right on the screen.

 

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The launch of the Chartered Accountants Ireland Leinster Society Salary Guide 2017

Today, Wednesday 28th June, The Chartered Accountants Ireland Leinster Society in association with The Panel officially published their annual Salary Survey 2017 during a launch event at the Chartered Accountants House in Pearse Street, Dublin.

Speaking at the event our Managing Partner Paul McArdle said that …

“Figures show that the average salary package for a Chartered Accountant in Leinster is at present in the region of €106,500

The survey of more than 1,700 Chartered Accountants also revealed that eight out of ten of the participating Chartered Accountants had seen a salary increase of at least 10% over the last 10 years.

To download your free copy of the salary survey click HERE or on the image below.

[Image source: Iain White Photography]

For more coverage of the launch of this document check out:

Chartered Accountants Ireland

Businessworld.ie

Bizplus.ie

Irish Times

Business Plus

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The Hedge Fund Care 4th Annual Gala Dinner

On Thursday 22nd June, The Panel’s Funds team were delighted to attend the Hedge Fund Care (HFC) Ireland 4th Annual Gala dinner in The Mansion House, Dublin.

The event organised in aid of Help for Children, Prevent & Treat Child Abuse, was a great success with over 300 Irish funds professionals attending on the night.

Help for Children is a global foundation supported by the alternative asset management industry and provides grants in seven countries around the world.

The event was hosted by Ian Dillon (William Fry & Ireland Board Chair) and the HFC Ireland Committee of Hearts.

Present from The Panel was Liam Murphy (Recruitment Manager, Funds) and Kevin Adam (Consultant, Fund & Investment Management).

All of the below images courtesy of HFC Ireland Committee of Hearts.

Renee Skolaski, HFC Executive Director & CEO
Ian Dillon of William Fry & HFC Ireland Board Chair
Entertainment by Derek O’Connor
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The German-Irish Chamber of Industry and Commerce Mid-Summer Ball 2017

We were delighted to attend the German-Irish Chamber of Industry and Commerce (AHK Ireland) Mid-Summer Ball 2017 on Friday 16th June at The Westbury Hotel as guests of VHI Healthcare. The event which was sold out helped raise much needed funds for the Peter McVerry Trust. In total €10,000 was raised for the charity, congratulations.

Guests were treated to a three course dinner with entertainment from Barry Murphy (part of the Aprés Match trio) who kept everyone entertained with his German alter ego Gunter.

During the event there were a number of spot prizes and our Senior Recruitment Manager Louise was lucky enough to win a €250 voucher for Ireland’s Blue book courtesy of Matheson.

Representing The Panel at this event were Louise O’Leary (Senior Recruitment Manager, Banking & Treasury) and Anastasia Myachina (Recruitment Consultant, Financial Services).

We would like to congratulate the Chamber on a fantastic evening.

All images courtesy of the German-Irish Chamber of Industry and Commerce

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The Panel attends the Irish Association of Corporate Treasurers (IACT) Annual Golf Outing 2017

The Panel was delighted to take part in the Irish Association of Corporate Treasurers (IACT) Shotgun Start Annual Golf Outing on Tuesday 13th June, at Dun Laoghaire Golf Club.

This annual event attracted 14 teams to play for the annual bragging rights.

The Panel team was captained by Alan Bluett (Partner, Banking & Treasury). Many thanks to all of you for joining us on the day! We may not have won (this year), but we certainly did our best.

After the main golf event participants were treated to drinks and dinner in the clubhouse, which was followed by the presentation of prizes.

The Panel would like to extend their thanks to Michele Fogarty (IACT) for organising another great event. Also special thanks to Patrick Corkery and Anne Fitzgerald for managing the scorecards and prize-giving on the day.

All photos courtesy of Patrick Corkery

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GUEST BLOG: The GDPR will be in force in less than a year. How can you best ensure your organisation is GDPR ready

Background to the new law:

The General Data Protection Regulation (GDPR) will come into force on the 25th of May 2018 and will replace the existing law on data protection in Ireland. It represents the biggest overhaul in privacy laws in Europe in over 20 years and is reputed to be one of the most heavily lobbied pieces of legislation to ever emerge from the EU institutions.

If you think about how you we live our lives today, compared to 20 years ago, where so much of what we do is online, you can begin to understand why there was a need to modernise the privacy laws in Europe. 

In business, digital technology has changed how we do business forever and almost every business, every organisation, collects personal information in some form. This new regulation will therefore apply to all organisations, whether they are public or private, small or large, provided they hold any information that can identify a living person. For example, this would apply to information collected  like names, addresses, personal email addresses, corporate email addresses, mobile numbers etc.

The GDPR will be directly applicable across the EU and will introduce a uniform and more harmonised system of data protection in the EU but some divergences will still continue to exist at a national level. The Office of the Data Protection Commissioner (ODPC) will have the task of enforcing this new law in Ireland.

What are some of the main changes under the GDPR?

The GDPR builds on the existing data protection laws and introduces a number of significant new changes, including the following:

  • The ODPC will have power to impose fines of up to EUR20 million or 4% of a company’s worldwide turnover (whichever is higher).
  • Individuals will have the right to take action and to seek redress for material and non-material damage (meaning action for distress, reputational damage suffered etc).
  • Non-EU companies that offer services to or monitor EU citizens will also be subject to the GDPR.
  • There will be a mandatory obligation on all controllers, within a short timeframe (not later than 72 hours) to report a data breach to the ODPC and, in certain cases, to the individuals concerned.
  • The burden of proof will shift to organisations to have to demonstrate how they are accountable under the GDPR. Controllers will have to actively document and demonstrate compliance.
  • Greater responsibilities and obligations are imposed on data processors. They will have joint and several liability with the data controllers.
  • Requirements with respect to collecting and relying on consent are changed and tightened.
  • More information and new rights are granted to individuals such as the right to be forgotten, or the right to object to profiling.
  • Certain organisations will need to appoint a data protection officer who must have an independent position within the organisation.

Organisations need to start taking the necessary measures now to ensure they can be compliant by May 2018. How should an organisation get started?   

Unquestionably, the best place to start for any organisation is by doing an audit of its existing level of compliance with current data protection laws and a gap analysis for compliance with the GDPR. The output of the audit should be a comprehensive report that details the organisation’s level of compliance, the recommended steps to address any identified risks, and a project plan with assigned timelines and resources to achieve compliance with the GDPR by May 2018.

Typically, organisations will have to take the following steps, amongst others;

  • Roll out training and education for staff- make it ongoing- not a once off;
  • Review the type of data processing they carry out, identify the legal basis for carrying it out and document it;
  • Review their existing external privacy notices/policies and do a refresh as necessary to comply with enhanced transparency requirements;  
  • Review their internal notices/policies including a review of security breach response policy;
  • Review if and how they seek, obtain and record consent and whether any changes are needed;
  • Review and update their processor/sub processor agreements;
  • Review how they will handle all applicable individuals’ rights, including the deletion of personal data, right to be forgotten etc;
  • Appoint a Data Privacy Officer (DPO) – if required.

What are the benefits for organisations in achieving compliance (sooner rather than later)?

In light of the new and substantial fines introduced by the GDPR, data protection will no longer be an area in which organisations can afford to take compliance risks.

Also it is worth bearing in mind that compliance can bring significant benefits to an organisation. It can be a useful tool in increasing employee and consumer confidence in an organisation and can enhance brand reputation. It can also help in the management of company information, which is a key asset of any company, and can allow for better use and analysis of that information within the company. 

About Aoife Sexton & Kate Colleary

Aoife is a technology and data privacy lawyer with over 25 years’ international experience and Kate is an intellectual property and data protection lawyer with over 17 years working in international law. Together they offer a highly knowledgeable, practical and expert service.

About Frontier Privacy

Frontier Privacy is an innovative data protection consultancy offering a complete range of data protection services, from assessments to bespoke policy drafting to training to representation. Its highly experienced consultants are today helping organisations in Ireland and elsewhere become compliant with existing data protection laws whilst preparing them now for the upcoming General Data Protection Regulations (GDPR).

Aoife Sexton: +353 (0)1 6639707 | e: [email protected] | www.frontierprivacy.com |

Kate Colleary: +353 (0)1 6392935 | e: [email protected] | www.frontierprivacy.com |

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SPOTLIGHT: Clare Kelly from Glandore

IN THE SPOTLIGHT: Clare Kelly, Director

 

Company formed in:

Founded in 2001 with our first property 33 Fitzwilliam Square.  

Elevator pitch:

Glandore is a family business with a mission to create space for business to grow. 

Established in 2001 we are the leading provider of flexible workspace in Ireland. 

At Glandore we offer more than just offices, we create environments that encourage, inspire and support the growth of the companies we house.  We are committed to offering cost effective workspace solutions with a focus on flexibility, scalabilty and community for companies of any size or stage of growth from early stage indigenous and international start-ups to SMEs and large multi-nationals.    

With four prestigious properties in Dublin and two in Belfast, Glandore has been proud to partner with and provide European and International headquarter locations for many of the world’s leading and fastest growing companies including Facebook, Twitter, Dropbox, Quantcast, Bloomberg, BVLGARI.

The Glandore community of member companies is at the forefront of everything we do. We are passionate about creating a culture of inclusiveness, support and wellness within our workspace. Glandore hosts a range of social, CSR and educational events in our restaurant Suesey Street, private dining venue No.25 Fitzwilliam Place and member Clubrooms in Dublin and Belfast to facilitate connections between our members and accelerate their business network.  

Who would benefit from your service/product?

Our range of flexible workspace solutions from virtual offices, coworking and fully furnished private offices accommodating 1- 350 workstations are attractive to all companies of any size or stage of growth from indigenous and international start ups to SMEs and large multinationals.  The key benefits we offer our members are flexibility, scalability and the highest level of client service and support facilitating an immediate set up and enabling them to focus on their core business. 

Biggest achievement in the last 12 months:

In 2016, Glandore doubled its capacity in Dublin with the opening of Grand Canal House and No.16 Fitzwilliam Place.  We were one of the first operators in Ireland to provide coworking space which offers indigenous start-ups, freelancers, creatives and mobile corporates more flexible access to workspace. 

Glandore launched the Glandore Member Network in the past 12 months to facilitate connections between our members and the wider business community. In addition, we have developed a bespoke Wellness Programme for our members to create a healthier workplace to promote productivity and engagement and enable our members to attract and retain the most talented employees in a competitive labour market.   

Plans for the next 12 months:

As a family business we are very much focused on managing a long term sustainable business and responding to the space and service needs of our members companies as they evolve.  In response to the increasing demand for flexibility in the market, we have plans for future expansion in Dublin in 2017.    

Biggest challenge to your business:

There are challenges but also great opportunities for our business in the short to medium term. 

There is significant demand for flexible workspace in Ireland and worldwide and we believe this will increase, particularly in the face of current widespread political and economic change and uncertainty in our key trading markets of United States, the United Kingdom and the Eurozone.

Modern companies are scaling and failing more quickly thus it is essential to have flexibility in both space and length of term to respond to changing market conditions. 

In Ireland, commercial property leases are generally longer than in most continental markets (typically 20 years with a break after 10 years) – good for investors but not so great for business. Furthermore in order to provide a seamless set up for international start ups, flexible workspace and coworking offers a landing pad facilitating speed to market and the capacity to scale their team in line with their business growth with minimal risk/ upfront costs. 

The challenge for Glandore is to maintain our competitive position and continually enhance our value proposition. Other challenges include the increasing costs of doing business including rising rents, people and property maintenance.

Best advice you can give other business owners:

  • Care for your employees and they will care for your customers
  • Don’t be afraid to take a leap of faith
  • Love what you do

If I was Minister for Finance, the first thing I’d do is:

If I was Minister for Finance I would also use all available funds including funds from the sale of banks and EIB funds to fast track infrastructure and social housing.

Reasons to be cheerful:

I feel very fortunate to work with my siblings and father on a daily basis and share the challenges but also the amazing highs of business with them.  We all have our health and our family is expanding every year with my younger sister getting married next May.

t: +353 (0)1 6694688 | e: [email protected] | www.glandore.ie |

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GUEST BLOG: Taking care of your Business

Contemplating what might happen in the event of your death or serious illness, or that of a business partner is not a comfortable thought. It is understandable that business directors and partners are focused on the running and growth of their business and may give little or no thought to their death or serious illness. The loss of their expertise may have an immediate and devastating impact on the business but it also raises the question of succession and who may take over their share and role in the business. Therefore, it is not surprising to find many people either have inadequate or inappropriate arrangements in place to cover these eventualities.

For surviving directors or partners there are a number of particular difficulties which can arise. A new partner may not be familiar with the business and could have very different ideas on the direction of the business and how it should be run. This may lead to a loss of control as well as damage to the business arising from director agreements.

The families of the deceased can also face difficulties. There may not be any member of the family adequately qualified or with the appropriate experience to join the business. They may not have a ready market for their shares should they wish to sell them and the surviving directors may not have access to funds in order to buy them out.

This is a very unsatisfactory situation for all concerned. The business is at the loss of a leader, a family is in financial distress, and there is uncertainty regarding the future ownership of the company.

The protection solution

One solution which can meet everyone’s needs in such situations is for the business to take out a life insurance and serious illness policy for each director. These policies would pay out on the death of a director or in the event of them being incapacitated by a specified serious illness.

At the same time, the company would enter into what is known as a contingent purchase agreement. In the event of the death of a director covered by such an agreement, the company would use the proceeds of the insurance policy to purchase their shares. It is then open to the company to either cancel the shares, which would have the effect of increasing the proportionate shareholding of the surviving directors.

Alternatively the shares can also be held in the form of treasury shares which would allow for their later resale to an investor who the surviving directors believe would be good for the business.

However, protection should not be limited to shareholders or partners. Key person insurance allows a partnership or company to plan for the potential financial loss that it may suffer on the death or serious illness of a key employee without the attendant share purchase agreement.

These are just a few examples of the type of protection which can and should be taken out for businesses. Ensuring the survival of your business, either when you pass it on to your children, or in the event of a partner dying or becoming seriously ill, requires careful planning.

About John Lucey

John has over 25 years’ experience in the Irish pension industry having previously worked with Coyle Hamilton Willis and Irish Life. John is an Associate of both the Irish Institute of Pensions Managers and the Pensions Management Institute. John was previously a Director of Traders Financial Services (Cork) Limited, which was acquired by Invesco in October 2009.

t: +353 (0)21 480 8041 | e: [email protected] | www.invesco.ie |

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GUEST BLOG: Leadership Agility for a Changing World

The successful leaders of tomorrow will not be defined by their charisma, their integrity nor their passion. Leadership success into the future will be defined by its agility, the ability to adapt and change rapidly in a world that is forever changing. The rules of yesterday do not stand up to today. A world where business models and work boundaries do not conform. The term VUCA was introduced by the U.S. Army War College to describe the more volatile, uncertain, complex and ambiguous multilateral world that came after the Cold War. In more recent years this term has been applied to strategic leadership as globalization and the growth of information technology changes the business environment which we were used to.

The term stands for Volatility, Uncertainty, Complexity and Ambiguity.

Volatility, in volatile environments, change is a constant, the nature and speed of change are great.

Uncertainty, it is difficult to predict the future from the past, a large number of elements with nonlinear connections.

Complexity, with many parts interconnected and interdependent, it can be difficult to predict and grasp the whole.

Ambiguity, causal relationships are unclear, no precedents to assist predictions.

While it is easy to say we need more agile leaders, what does it mean on a day to day basis.

Anticipate Change

In order to function effectively in an agile world, the ability to understand the current environment and culture is a sensible step in order to be able to determine when and what change is required. At the same time leaders should be constantly assessing risk, looking for Black Swans and potential Butterfly Effects.

Generate Confidence and Trust

In an agile world there may be a lack of confidence and trust in the system, with the rule of business being broken daily there needs to be confidence in the leader to generate a sense of team spirit in any organisation.

Ensure Clarity

In global organisations workers can work across time zones and cultures. The need for clear communication is more important than ever. The use of Virtual communication channels becomes commonplace and having technology to share tasks and projects the norm. Effective leaders need to ensure that communication is clear and timely for all involved and that relationships don’t suffer in a virtual world.

Live Agility

Effective leaders need to be flexible and to adapt their style to the style of their team and the situation they find themselves in. They need to understand their own limitations and bias and work to avoid any negative impact. In a world of complexity, agile leaders welcome the skills of others in order to progress at the speed required in the modern world.

Agile leaders continuously take action, they don’t wait to be sure, they plan for multiple outcomes and increasing diversity. They have given up on traditional concepts of strategy and leadership in order to embrace systems thinking and enable the emergence of new and different perspectives in a brave new world.  

Embracing VUCA and the need to be agile requires us to be Focused, Fast and Flexible.

About Margaret Considine & Ciara Conlon

Margaret Considine is CEO of EQuita Consulting. 

Ciara Conlon is Head of Operations of the EQuita Group, an international keynote speaker and author of Productivity for Dummies. 

‪EQuita Consulting are global experts in delivering Executive Education, Strategic Consulting and Workplace solutions. With specialist expertise in Commercial Negotiation, Mediation, Conflict & Dispute Resolution, Bullying & Harassment Investigations and Personal Productivity. ‬‬‬

EQuita’s Fit for Future programme is designed to enable future leaders to take a step back and create a strategy that is Agile and fit for our complex Dynamic World.

t: +353 (0)1 293 4741 | e: [email protected]   | www.equita.ie |

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The Panel attends the GAIMOps and GAIM London 2017

The Panel were delighted to attend and participate in the 2017 GAIMOps and GAIM Conference at the impressive Hilton Syon Park Hotel, London. The conference which took place over a 3-day period, with 2 main days (June 6th & 7th) brought together some of the world’s leading hedge fund, alternative investment and compliance professionals.

It is seen as one of the premier events for connecting global investment managers and investors. Offering ample time to network and learning from industry experts whilst listening to keynote speakers, panel discussions and more intimate workshop talks.

Our Joint Managing Partner Anne Keys was delighted to have been asked to participate in one of these panel discussions – The Benefits of an International Board: Board Dynamic, Regulatory Challenges & Distribution (GAIMOps – Track 2). This panel discussion was lead together with Nicola Meaden Grenham (IPAF –Ireland), Bridget Barker (IPAF – UK), and Brian O’Callaghan (IPAF – Malta). Anne co-moderated this session with Joanna Thompson de Colonges (Clerkenwell Capital).

Here is a brief summary of the event.

Day 1

The first day of the conference kicked off with three panel discussions, covering:

  • State of Affairs: Leading Managers and Investors take a look back and forward
  • The sum is more than its parts: operations, compliance and portfolio management from the investor and manager perspective
  • Brexit: Looking forward – 3 theories

These panels were followed by two excellent keynote presentations by:

  • John Stilides (Principal, Trilogy Advisors LCC; U.S. State Department Consultant, Trilogy Advisors LLC) on the Trump presidency and American Leadership for the future.
  • Alastair Campbell (Former spokesman for British Prime Minister Tony Blair / Writer, Communicator and Strategist) on the changes to the world, culturally, politically and economically.

During the afternoon participants could opt to follow various workshop tracks to suit their specialisation.

Day 2

The three morning panels covered alternatives, regulations and cyber developments. Key note speakers of the day were:

  • Todd Newman
  • Matthew Todd (Hostage & Crisis Negotiator, Greater Manchester Police)

The 100 Women in Finance lunch was hosted by Joanna Thompson de Colonges (Chair of 100 Women in Finance Paris Location) and Anne Keys (Joint Managing Partner, The Panel Search and Selection and committee member of 100 Women in Finance newest location in Dublin). Joanna spoke of the background and values of the group and the benefits of being a member.

The afternoon saw a number of breakout sessions.

Click on the following links to learn more about GAIM & GAIM Ops.

Panel: Brian O’Callaghan, Nicola Meaden Grenham, Bridget Barker, Anne Keys & Joanna Thompson de Colonges
John Stilides (Principal, Trilogy Advisors LCC; U.S. State Department Consultant, Trilogy Advisors LLC) 
Alastair Campbell (Former spokesman for British Prime Minister Tony Blair / Writer, Communicator and Strategist) 
Matthew Todd (Hostage & Crisis Negotiator, Greater Manchester Police)
GAIM: 100 Women in Finance lunch