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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".
The guide offers a step-by-step process for setting up a family office. It covers practical considerations such as costs, governance, risk management and technology, as well as explaining the advantages a family office can bring. In addition, the guide provides up-to-date details about the legal structures available for family offices in 14 countries around the world.
For this fifth edition of the CFO Capital Confidence Barometer, we surveyed approximately 1,600 business leaders across 19 industry sectors and 53 countries. This report represents the views of the 446 CFOs among that group. It shows that CFOs are increasingly optimistic about the global economy, and that their appetite for acquisitions, innovation and value creation activities is on the rise.
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.