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C-suite executives optimistic for a year of transformation and growth, but say more regulation needed on AI and sustainability
Optimism and confidence are at their highest recorded by the Mazars C-suite barometer. 96% of UK C-suites say that their company grew in 2023, up from 87% the previous year, and in contrast to 89% globally. Furthermore, almost all (98%) predict growth in 2024, and 60% of these say this growth will come organically.
The major topic on the leadership agenda is transformation through IT and new technology as a top strategic priority. 87% of UK C-suite executives believe that generative AI will have an impact on their organisation, with more than half saying this will be a major impact.
More than two thirds say their organisation already uses AI for internal processes and/or products/services – although this is slightly lower than the three quarters globally. However, over half (57%) of UK C-suite executives express ethical concerns over AI, (although globally it’s 74%) and 92% are seeking more regulatory guidance.
Elisabeth Maxwell, Deputy CEO, said: “It is very encouraging to see such optimism among our UK clients for the year ahead despite the uncertain conditions that all businesses are facing. Companies are willing to put investment in again and there are exciting developments on the horizon for AI.
“The feedback that Mazars C-suite barometer has highlighted is that more clarity is needed from regulators to enable businesses to make the best of the opportunities provided by potentially transformational technology and to enable companies to quantify success in sustainability practices.”
Key areas of investment for the UK are customer acquisition and brand strategy/positioning, followed by sustainability initiatives. Compared to other leaders globally, those in the UK have a stronger focus on engaging government/regulators, and less on external growth opportunities. An overwhelming seven in ten thinks more government regulation is important.
Over half (56%) of UK C-suite executives say their organisation produces a sustainability report compared to 71% globally, and furthermore, the proportion of leaders in the UK who are budgeting for sustainability implementation and reporting is also down from 75% last year.
The reason for this is believed to be that for those in the UK producing or planning a report, understanding regulation is now twice as big a challenge than last year, making it the equal biggest challenge alongside data capture/quality. Many UK leaders feel they lack in-house expertise to tackle sustainability properly, compared to leaders globally, who are more concerned about coverage on climate and carbon.
Partner and member of the Mazars Group Executive Board, Mark Kennedy, said: “The high levels of optimism and renewed confidence among our respondents provide a good indicator of how businesses are likely to progress this year.
“In the face of volatility, the C-suite has demonstrated resilience and agility enabling them to continue investment and transform business while addressing the challenges and opportunities of emerging technology, expansion plans and the ESG agenda, setting their businesses up for sustainable growth.
“In what may be a bounce forward year for businesses, there will still be tough decisions to make, yet we can see an increasing consciousness and confidence in the priority areas that will secure sustainable economic growth in the global economy.”
International expansion is also a rising business priority both in the UK and globally. Many UK firms looking at international expansion in the year ahead said that the USA would be their top destination.
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New managing partner named at LCF Law
Yorkshire law firm, LCF Law’s managing partner Simon Stell, who has led the firm for almost 30 years, is to step down from the role with partner and disputes specialist, Ragan Montgomery, taking up the position this month.
Simon joined LCF Law in 1995, when it was known as Last Cawthra Feather before becoming LCF Law in 2014. Shortly afterwards, in 2016, he was named Yorkshire Lawyer of the Year at the Yorkshire Legal Awards, and during his tenure he has overseen LCF Law’s growth.
Simon will continue to work with Ragan to assist with the handover. He will continue with the firm, acting as a mentor and sounding board as well as supporting the wider team, to help achieve LCF Law’s ambitious goals and objectives moving forward.
In her new role, Ragan will be responsible for overseeing LCF Law’s operations and leading the firm’s client service, growth and development strategies.
Ragan has worked at LCF Law since 2003 and is currently operational head of the firm’s Dispute Resolution department. Ragan specialises in disputes concerning wills, trusts and inheritance, as well as property litigation and professional negligence claims. She’s also a qualified civil and commercial mediator.
Ragan said: “After joining the firm 21 years ago as an assistant solicitor, to be appointed managing partner is a huge honour and it’s a challenge that I’m really looking forward to as we strive to build on our enviable reputation in Yorkshire and beyond.
“I’m taking over the role at a time when LCF Law is in a very strong position. Simon has never let the firm stand still and has always laid the foundations for future growth. We have a highly experienced group of 22 partners whose continued aim is grow the firm serving our existing clients, winning new clients to seek our advice and support as well as attracting the best people to join our team.”
Simon added: “Over the many years that I have been with LCF Law, there have been lots of changes, but we have always had a firm eye on the future, planning and modelling our strategic development, so that we can achieve our ambitions and the career aspirations of our colleagues. Five years ago, we began to look at a succession strategy and set about planning the structure and recruitment for the 2020s and beyond.
“One thing we were certain about was that law would still be a people business and we’ve worked hard to build a great team. I’m proud to remain a part of it in my new role. I very much look forward to supporting Ragan and continuing to be a dedicated contributor to LCF Law’s ongoing success.
“Ragan is a vastly experienced and highly respected lawyer who is always forward-thinking and has a natural ability to quickly identify and solve problems, which makes her very popular with clients, her colleagues and everyone she deals with. There’s no doubt she’s the perfect person to lead LCF Law going forward.”
Call goes out for possible development sites across North Yorkshire
A call for possible development sites across North Yorkshire has gone out this week as part of preparation for the county’s new local plan.
Landowners, site promoters, developers and other interested parties are being given the chance to submit site suggestions to North Yorkshire Council. They will be considered as part of the local plan being drawn up to meet the future growth of the county.
Sites can be submitted for any use or special designation, including but not limited to housing, employment, commercial development, retail and leisure, renewable energy generation, and biodiversity or other environmental enhancement schemes.
The North Yorkshire Local Plan, which the council aims to adopt by 2028, will set out where development will take place across the county over the next 15 to 20 years. It will also include policies and strategies that planning applications will be considered against.
Sites put forward for consideration will be subject to a lengthy process that will take several years to complete and will include independent government examination of the plan and the proposed sites.
Director of community development, Nic Harne, said: “The call for sites represents a crucial early stage in our local plan preparations and we welcome submissions from across North Yorkshire.
“However, submitting a site for consideration does not necessarily mean it will be taken forward for development. This exercise is not the planning application process and at this early stage, it is often the case that more sites are submitted than are needed to meet the future needs of the area.”
Site ideas must be submitted online using the council’s planning portal and allows the user to plot the site boundary, submit site details, include supporting documentation, and add details of any work carried out to date on the site.
This level of information is important and will allow the planning team to consider the impact of a site in detail. The process will include seeking expert advice on the impact on local services such as schools and health provision, capacity of local sewerage and water services, impact on wildlife and biodiversity, and the capacity of local roads and junctions.
When the initial assessment of sites is complete, the council will invite comments on the sites as part of a public consultation.
Anyone wanting to put a site forward for consideration should aim to do so by the end of June.