What will these new global roles entail?

Essentially, I will be leading EY’s Transaction Advisory Services (TAS) – one of EY’s four service lines – in Central and South-East Europe, a total of 21 countries. I will also form part of EY’s Executive responsible for the same region. Additionally, I will form part of the TAS Executive for Europe, the Middle East, India and Africa (EMEIA). This will be particularly exciting, as it creates open and regular networking with leaders from around the globe. Finally, I will also be a member of EY’s global Managed Services Board while retaining my role as EY Malta’s managing partner.

 

EY Malta was born at the turn of the millennium, a ‘financial millennium baby’, as it were. Yet it is now the fastest growing of the Big 4 audit firms in Malta and you are now playing in the global big league. What challenges have you faced over the years and how have you overcome them?

When we were accepted as EY members in 2000 we used to speak of the Big 5 rather than the Big 4 and EY was the only one that did not have a member firm in Malta. The challenges have not been small. The accountancy profession had already matured and we entered a market populated by bigger players who had been around for many years. We faced all the challenges that all new kids on the block face. We had to work harder to make ourselves known, to deliver well beyond expectations at every turn and, as best we could, leverage EY’s global resources and knowledge.

 

Any tips on how you’ve made it so far and what has led to your success?

We did not reinvent the wheel – it was all about hard work, persistence, building a consistently good team, nurturing young talent and trying to be as innovative as possible. It was also about showing passion and a deep interest in our clients’ business. This has meant spending time sharing ideas and discussing issues to get to the bottom of every matter. Finally, we found full support from EY global. Despite our tiny size, EY’s leading global professionals regularly pitch in to help us develop new lines of business and executing projects. At the bottom of it all is a genuine belief in the power of teamwork to deliver the best results. The resulting success builds one’s confidence which in turn increases the courage to invest more and aim higher.

 

You will retain your post as EY Malta’s Managing Partner. How will the local office benefit from these new global appointments?

We have always been well-exposed to EY global network, knowledge and resources. So in a sense my appointment does not really add to that. On the other hand, this is the first time a Maltese national has joined EY’s regional leadership. In an increasingly networked world, this gives EY Malta that added edge.

 

How can these new global EY posts benefit Malta?

Malta’s size sets a limit to its global visibility. So for me to be at the heart of what matters to EY global, working shoulder to shoulder with the movers and shakers in the sector in the public and private sectors in 21 countries, is a great platform from where to pitch Malta’s opportunities better and stronger. I am talking of new investment, siting new ventures here, developing certain services further, and supporting Malta when it faces new challenges. The list of windows of opportunity is endless.

 

EY Malta was the second country, after the UK, to push managed services. Now you’re sitting on EY’s board, which controls these services around the world. Can you tell us more about this and why EY Malta jumped on this particular bandwagon?

Managed services is something I have championed from the outset. Our clients are largely big international financial institutions and managed services is a way by which Maltese professionals service global clients from the comfort of their home base in Malta.

History has taught us Maltese to make the most of what we have in order to make up for what we lack. Over the centuries, we have developed a pool of people who are resilient, hard-working, persistent and committed. Today, as a small financial services centre, we face the same challenges that bigger and more established jurisdictions face: new regulations, customer due diligence, anti-money laundering directives and suitability (ie, ascertaining whether financial products are suitable for selling to specific customers), to mention a few. Through our managed services department we offer specialised solutions provided by highly-trained and experienced staff. In Malta so far we have focused on customer due diligence support, remediation, active money laundering (AML) and suitability.

We are moving forward prudently. We launched this new department last year, trained our staff and gave them exposure on large jobs overseas. A number of them are now undertaking AML and suitability training. Our managed services centre has just been ISO certified and the people leading it bring with them years of experience driving similar initiatives in the UK. I am very proud that all our leaders are Maltese and I envisage a bright future in this sector.

 

EY is constantly spearheading economic and financial thinking about ‘what’s next’ for the Maltese economy. Why?

EY’s global mission is to ‘Build a Better Working World’, a world that works better because those who build it every day are working better. Here at EY Malta we have thought long and hard about how this applies to us. As our world changes with globalisation, and with economic and political turmoil around us, Malta needs to constantly re-examine its economic, financial, cultural and political niche in it. We need to learn to be more nimble at grabbing opportunities and avoiding pitfalls. We have to constantly monitor Malta’s attractiveness to foreign investment.

Increasingly, our country’s economy is being driven by the services sector, apart from tourism and construction. The risk is that foreign-owned service providers are intrinsically mobile and will pack up and leave the moment their management accounts tell them that this country is no longer competitive. Investors do not owe us a living and it is up to us to make sure that people find Malta attractive to invest in.

 

Of late, we have been hearing a lot about ‘disruptions’ in traditional economic models. What do these developments entail and how might they impact on Malta?

Our world is currently being driven by multiple forces to economic, social and political territories we have never been to before. Globalisation, the unrelenting impact of technology and the growth of the shared economy are changing the physiognomy of how the world works. We recently published a study entitled Disrupt or be disrupted which is about why digital innovation is the ultimate disruptor. The digital revolution is transforming business models irreversibly and across industries, from financial services to retail to tourism. Being successful in this environment requires disruptive thinking, a willingness to change and reject tried-and-tested ways of creating value. Malta cannot remain a spectator to all this. It needs to decide where it is going to be in the future.

 

A few months ago, EY Malta opened its new premises, which you’re calling ‘the workplace of the future’. Beyond the workplace, what will working lives look like in 20 years’ time?

We have tried to create an environment where people can easily interact and work together – totally open plan, with a diversity of meeting spaces that can be used as needed. We have also brought as much natural light into the building as possible. So our offices are open, bright and very much meant to further facilitate the way we work. People plug in their laptop when they walk in and that becomes their workstation, phone and video terminal. We have also invested in recreation spaces with terraces and a canteen and we will continue to invest in more space in the future.

But, of course, the workplace is not all there is to work. I expect to see even more flexibility in how, when and where people work. Technology is already facilitating this and will continue to do so. Perhaps it won’t even take 20 years to see virtual reality technology turn the workplace – and human interaction as we know it – upside down.

 

Last October, at EY’s annual conference on foreign investment, you mentioned policy initiatives to be considered by public and private stakeholders. What has become of these proposals?

Every year this annual EY flagship conference keeps growing. Last year, we had close to 500 participants who generated a very fruitful debate on Malta’s attractiveness to foreign investors. We also thought of taking things a notch higher. We seeded five ideas about where our economy could go next. Post-conference, we created mini think tanks in each sector with public and private stakeholders and each produced a brief policy papers on how to take things forward. These papers will be presented at the Chamber of Commerce in mid-July and will hopefully lead to building a better working world in Malta too.

 

As globalisation runs apace in all economic spheres, the size of Maltese resources remains what it is. What does the country need to do, or continue doing, to make the most of globalisation despite its size?

I think we need to be more open to more foreigners working here. We need to attract more human resources across all areas, particularly those in which we simply do not have enough locals to do the job. The injection of foreign human resources into our economy will contribute to growth, to more tax revenue and, ultimately, to everyone’s wellbeing. At EY Malta we already engage people from all corners of the globe. Whilst the vast majority of our staff is Maltese, I think it is important for them to experience a working environment which embraces diversity.

 

You and your wife, Daniela, are raising four sons. You’re a country managing partner, now with all these global appointments and the travel that goes with them. Do you have any words of wisdom on time-management and finding a work-life balance?

I wish I had! I think you need an understanding partner and my wife certainly is that. I also think that you need to set priorities and stick to them, always ensuring that family time remains sacred. This means that sometimes you have to say no to work, to delegate and try to achieve the right balance.