Jean-Baptiste Cottenceau
Director, Crowe Sustainable Metrics
Formula E, like any mechanical sport, aims to be at the cutting edge of technology. Competition ...
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Formula E, like any mechanical sport, aims to be at the cutting edge of technology. Competition is therefore a means of shaping the next electric vehicles. We expect increased energy efficiency, rapid recharging and battery re-employability. The carbon impact of a sporting event depends more on the travel of competitors and spectators. For example, some 2.1 million tonnes of CO2 was generated for the 2018 FIFA World Cup, with more than 70 percent linked to travel. We must also consider the mobility needs of our cities; because of environmental concerns, private cars are no longer a preferable solution to public transport, bicycles, carpooling, telecommuting, and so on. Technical innovations are not the only way to shift our models. Regarding competition, what about esports competitions generating impressive electricity consumption? Would a competition like the Shell Eco-marathon – one of the world’s leading student engineering competitions – present more of a real change in philosophy and therefore in model? Teams have a choice of energy types and need to innovate new ways to use the least amount of their chosen energy category. Finally, could the best contribution of Formula E be to make manufacturers and drivers drop fossil fuels, resources of an outdated age?
Director, Crowe Sustainable Metrics
Jean-Baptiste Cottenceau
Viewpoints from Crowe
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The applicability of Formula E’s success in creating a culture of sustainability is universal. Whether ...
Senior Manager - Assurance and ESG Services, Crowe US
Daniela Arias
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Growing up as a member of Gen X, and someone who trained as an engineer, motor racing for me ...
COO, Crowe Spain
Luis Piacenza
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As we continue our pursuit to reduce our carbon footprint, sustainability will play an integral ...
CPA, CA Incorporated Partner, Crowe MacKay LLP
Conven Tang
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Senior Manager - Assurance and ESG Services, Crowe US
Daniela Arias
The applicability of Formula E’s success in creating a culture of sustainability is universal. Whether an organization is a UK-based cutting-edge car racing series that wants to lead through innovation and environmental stewardship, or a US-based financial institution aiming to manage organizational and portfolio risk, the course is broadly the same, though the approach may differ. Foresight, perceptiveness and the ability to manage positive and productive change are at the forefront and serve as differentiating factors in achieving success. Adopting a culture of sustainability speaks volumes about a company’s smart decision-making because it has become a global imperative. In the US, where the corporate sustainability dialogue is still in its infancy, some liken it to the advent of the digital revolution: it is coming, and it will touch and transform nearly every aspect of business, whether or not they plan and respond to it. In a world where change moves faster than the winning team at the Monaco E-Prix, it is wise to assume an organization’s key stakeholders won’t stay the same, or value the same things in the future. In responding to this global imperative, businesses must take great care to assess needs and consider what is material, both to the organization and stakeholders. The path to success will differ significantly based on industry, geography and company, but the broad steps remain the same. In embarking on this journey, a competent service provider and strategic partner will make a world of difference.
CPA, CA Incorporated Partner, Crowe MacKay LLP
Conven Tang
As we continue our pursuit to reduce our carbon footprint, sustainability will play an integral role. Formula E has shown that going green can still be profitable and, in some instances, be used to attract new talent, plus help strive for attaining higher goals. History has shown that many innovations in the automotive industry have come from motorsports. This will be no different with Formula E. We can expect technologies such as battery capacity, reduced battery size and faster charging time to be incorporated into future electric vehicles. Not only will the next generations of electric vehicles be environmentally friendly, but also operate more efficiently.
COO, Crowe Spain
Luis Piacenza
Growing up as a member of Gen X, and someone who trained as an engineer, motor racing for me was about men on the Formula One podium, spraying champagne and surrounded by models. It was an image of ultimate triumph, grouping tog ether burning fossil fuels with gender stereotypes. Times have certainly changed – for the better.
The success of Formula E is yet another sign that the chequered flag has waved for the old ways of thinking, certainly from an environmental perspective. Its
value proposition encompasses an encouraging global outlook: low carbon, gamification, and multiple-
platform communications. Most importantly, it speeds into a new direction of respect. I am not sure if mobility will be fully electric, hydrogen-based or mixed with some fossil fuels. However, technology evolution goes beyond the physical aspect of things. The clear trend is that priorities have changed, and the market is validating the attributes of everything we buy. When I started working in sustainability, a CEO warned: “That is a fashion trend; let’s wait.” I thought: “OK, baby boomer.” Decarbonisation is without doubt an exciting feature of Formula E, and favorable comparisons with F1 are obvious. The beauty of this is the intentionally disruptive design, the point where design thinking
meets sustainability, furnishing a clear signal to invest. Also, it might be the confirmation that a new generation with renewed values is reshaping the world we knew
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There are 5.2 million family-owned businesses in the UK, making up 86.2 percent of the total, according to IFB...
National Head of Private Clients, Crowe UK
Jean-Baptiste Cottenceau
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In France, family businesses range from solo-entrepreneur to groups worth billions of US dollars. Overall, they sailed...
Partner ACA, International Tax Liaison Partner, Crowe Global
Daniela Arias
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While across Southeast Asia, India and Latin America, family businesses make up 70 percent of companies with...
International Liaison Partner, Crowe UAE
Conven Tang
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There are 5.2 million family-owned businesses in the UK, making up 86.2 percent of the total, according to IFB Research Foundation from 2021. The majority of family businesses in the UK have fewer than 10 employees. Diversity is also notably less in family businesses, which according to BEIS saw only 5.6 percent identifying a minority ethnic group leader as opposed to 10.2 percent in non-family counterparts. Although this lack of diversity and regional focus would not tend to be an issue with first-generation businesses operating in popular UK sectors, introducing non-family members to provide critical thinking is an important challenge for organizations as they grow. For the family business with longevity, legacy remains important, and having consistent values is vital. We have helped families to develop a family charter to set boundaries and rules of operation, both in terms of how the family behaves, but also in terms of how they interact with non-family members in the business. The impact of COVID-19 on family businesses is far from certain. The pandemic has hit sectors that have a high proportion of family business operators – for example retail and hospitality – and although government support has helped keep many going, a day of reckoning comes as debts start to become payable. Interest rates remain low, however, and the economy is recovering well, so one would hope that our nation of family businesses, now and into the future, will go from strength to strength. You can read more on Crowe UK’s insight into family-owned businesses here.
While across Southeast Asia, India and Latin America, family businesses make up 70 percent of companies with revenues greater than US$1 billion, in the Middle East, this figure is far higher. With an outlook of a diversified tax-based economy, family businesses continue to benefit from government initiatives to both safeguard and support them. For example, in August 2020, Dubai issued a new law regulating family businesses to help protect wealth. This spurred Foreign Direct Investment by families and boosted contribution to the country's economic and social development. Despite these robust foundations, according to Martin Roll "only about 13 percent of family businesses are passed down successfully to a third generation." The firm where I am a partner today was founded in 1981 by my father, who was a sole practitioner. It’s all about playing the long game. There isn’t a business in the world that is not concerned about long-term survival. And if they aren’t concerned, they should be. Most large organisations close or fail, because they were not able to keep up. With changes in, but not limited to consumer preferences, go-to-market approaches and digital transformation. Why then should family businesses be any different. I agree with Sunil K. Dalal’s approach to tackle that disruption head-on. In conclusion, for family businesses to evolve “they need to hold onto their core values but let go of the past.” At Crowe, our experienced advisers understand family business and are here to bring you lasting value – for generations to come.
Viewpoints from Crowe
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While across Southeast Asia, India and Latin America, family businesses make up 70 percent of companies with...
International Liaison Partner, Crowe UAE
Luis
Piacenza
Optional eyebrow
While across Southeast Asia, India and Latin America, family businesses make up 70 percent of companies with revenues greater than US$1 billion, in the Middle East, this figure is far higher. With an outlook of a diversified tax-based economy, family businesses continue to benefit from government initiatives to both safeguard and support them. For example, in August 2020, Dubai issued a new law regulating family businesses to help protect wealth. This spurred Foreign Direct Investment by families and boosted contribution to the country's economic and social development. Despite these robust foundations, according to Martin Roll "only about 13 percent of family businesses are passed down successfully to a third generation." The firm where I am a partner today was founded in 1981 by my father, who was a sole practitioner. It’s all about playing the long game. There isn’t a business in the world that is not concerned about long-term survival. And if they aren’t concerned, they should be. Most large organisations close or fail, because they were not able to keep up. With changes in, but not limited to consumer preferences, go-to-market approaches and digital transformation. Why then should family businesses be any different. I agree with Sunil K. Dalal’s approach to tackle that disruption head-on. In conclusion, for family businesses to evolve “they need to hold onto their core values but let go of the past.” At Crowe, our experienced advisers understand family business and are here to bring you lasting value – for generations to come.
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National Head of Private Clients, Crowe UK
Jean-Baptiste Cottenceau
In France, family businesses range from solo-entrepreneur to groups worth billions of US dollars. Overall, they sailed through the crises triggered by the pandemic with no or little damage, some of them even taking advantages of new opportunities. What sets them apart in the business world could be summarised in three words: focus; tradition; and agility. Focus: they do business for themselves, so their vision is not impaired by shareholders’ concerns. Corporate identity is strong, each employee can be seen as a building block to success and feels empowered and motivated to reach this common goal, driving efficiency and commitment. Tradition: the transmission of a business from generation to generation makes it implicitly legitimate and trustworthy. In a society that seeks meanings, such heritage is very powerful. Agility: those that are successful keep away from “doing things the way it was always done” and use their family heritage to federate around their vision so that, when facing disruption, they can rethink business strategy and implement the necessary changes at record speed and with the support of all their stakeholders.
COO, Crowe Spain
Luis
Piacenza
CPA, CA Incorporated Partner, Crowe MacKay LLP
Conven Tang
Senior Manager - Assurance and ESG Services, Crowe US
Daniela Arias