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In our annual review of developments affecting audit committees, we consider the significant responsibilities the committee has in assisting the board in its oversight duty. The review also provides questions for audit committees to consider as they prepare for year-end discussions with the board, management and external auditors.
Members of the Audit Committee Leadership Networks (ACLN) met recently for their annual summit. George Brooks, EY Americas People Advisory Services Leader, joined the meeting to discuss the workforce of the future, highlighting how the focus on talent management has prompted the need for a cross-functional effort.
Members of the Audit Committee Leadership Networks (ACLN) discussed different ways to better manage the committee's time to more effectively address all issues, including: 1) Using executive sessions to streamline discussions, 2) Balancing workloads among committee members, 3) Regular reporting to the board.
Corporate culture can drive positive change and also affect the reliability of financial statements, the effectiveness of internal controls, risk profile and risk management efforts. This article discusses how corporate culture is defined, the role that boards and management play in shaping it and how some boards assess it.
On 6 September 2017, the Swiss Federal Council initiated the consultation on the revised corporate tax reform 17. Moreover, the Swiss Federal Tax Administration stated its position on the effects of the Automatic Exchange of information on voluntary disclosures. In this issue we will inform you about these and some further important tax developments.
Global tax reforms and sustained weak economic growth continue to disrupt the competitive landscape in tax across the globe, driving countries to introduce new business incentives in order to compete. The Global Tax Policy Outlook 2017 is made up of known legislative changes, known government proposals for new legislation and the forecasts of EY's tax policy leaders in 50 countries.
This is a summary of a meeting of leading European audit committee chairs with Ralf Bose, Chair of the Committee of European Auditing Oversight Bodies (CEAOB). They discussed the CEAOB's role and specific activities, the audit policy in Europe and audit regulators' interaction with audit committees.
On 31 March 2017, members of the Audit Committee Leadership Network met in New York to share their perspective on how best to approach evaluations of the external auditors. Members also spent part of the meeting discussing the Chief Information Security Officer's (CISO's) role and interactions with the board.
This issue of Board Matters Quarterly includes articles about:
• 2017 proxy season preview: Heading into the 2017 proxy season, investors continue to focus on whether boards are fit for purpose.
• A look inside nominating and governance committees: As board responsibilities expand, there is a growing interest in the role of nominating.
This issue of Board Matters Quarterly includes articles about:
• Governance trends at Russell 2000 companies - Our study found continued differences between Russell 2000 and S&P 500 governance practices.
• IPO corporate governance then and now - EY reviews how board composition and corporate governance practices change after an IPO.
• Board committees evolve to address new challenges - Our analysis of S&P 500 boards reveals five ways committee structures are changing.
Recent research shows more than 80 percent of employees have taken sensitive data when they leave the company. The concept of 'Insider Threat' is a very real threat to all businesses, in all sectors and of all sizes. This newsletter describes what we are seeing in the market and what steps can be undertaken in order limit the risks that businesses may face by departing or malicious employees.
The business of tax is undergoing a fundamental shift on a global scale, and the primary driver is the explosion of new transparency and reporting measures that have swept over the global landscape in recent years. That is the clear message from the over 900 tax and finance executives in nearly 70 jurisdictions who participated in EY's 2017 Tax Risk / Controversy Survey.
The new EU Data Protection Regulation will take effect on 25 May 2018. Alongside enhanced documentation and reporting requirements for data processers, it also imposes draconian fines of up to 4% of the total worldwide annual turnover of groups, subject to a maximum of EUR 20 million. This article presents the implications of the new EU legislation for Swiss enterprises.
The information in this brochure gives a general overview of taxation at federal level
and in the canton of Geneva taking into account 2017 rates, unless otherwise
indicated. It is aimed at readers with a sound knowledge of Swiss tax law and of the
relevant legislation in Geneva and is intended as a source of reference material.
The financial sector in Switzerland is facing fundamental structural change: Margins in conventional banking business are under pressure and falling profitability is becoming a fundamental problem. The exacerbated problems with profitability and the onset of structural change are obliging banks to concentrate even more on costs and efficiency.
On 17 June 2016, the Swiss Parliament adopted the Corporate Tax Reform III package to strengthen Switzerland's attractiveness as a business location. The cantons are now required to adjust their cantonal tax laws in accordance with the new legislation. In this issue of our quarterly newsletter we will inform you on this important topic and further current tax developments.
In EY's first DNA of the CFO study, conducted in 2010, the role of the CFO had broadened to encompass not only traditional financial skills, but also more strategic and market facing responsibilities. This latest research -- conducted from December 2015 to February 2016 and including 61 life sciences respondents among the 769 overall respondents-- shows four forces that continue to transform the face of finance leadership: digital, data, risk and uncertainty, and stakeholder scrutiny and regulation.
It has been demonstrated that diversity, and women in leadership roles, have a positive impact on a company's ability to innovate, navigate disruption and improve its bottom line, but we simply aren't doing enough to bring meaningful change at the most influential levels. This survey explores how organizations are addressing the impacts of diversity.
European Union's General Data Protection Regulation (GDPR) was released in 2016, and is due to come into effect on 25 May 25 2018. GDPR is a data protection law that dictates how organizations can collect, use and manage EU residents' personally identifiable information. This publication summarizes the highlights of the GDPR and what it will mean for businesses.
The European Union (EU) audit reform requires the EU competent authorities (which include audit oversight bodies, securities market regulators and competition authorities, to name a few) to monitor the performance of audit committees of public-interest entities (PIEs) and disclose the results of their assessments in three-yearly reports, starting from 2016.
Tax has become a highly sensitive political issue recently, with multinational companies (MNCs) accused of not paying appropriate amounts in some of the countries in which they operate. Governments, tax authorities and campaign groups are seeking greater transparency - and this has significant consequences for company boards and their audit committees.
On 17 June 2016, the Swiss Parliament approved the final bill on Corporate Tax Reform III after the two parliamentary chambers (National Council and Council of States) had resolved their remaining differences and reached a final agreement a few days earlier. The reform foresees the replacement of certain preferential tax regimes with a new set of internationally accepted measures. Read about the details in our Tax Alert.
The reporting of alternative performance measures (APMs) is currently the focus of much debate in Europe. In 2015 the European Securities and Markets Authority published guidelines on APMs, saying it wanted "to encourage European issuers to publish transparent, unbiased and comparable information on their financial performance in order to provide users with a comprehensive understanding of their performance".
After years of intense focus on compliance, CFOs are finding that much of the business no longer relies on their insights. According to the "EY Finance 2020 Survey - Banking in Switzerland and Liechtenstein", 84% of senior finance professionals in Switzerland and Liechtenstein indicate that "Being a better business partner" ranked among their top three priorities through 2020.