Difference Makers Discuss: Global challenges and the drive for sustainability

In this special episode of Difference Makers Discuss Ainslie Van Onselen, Chair Chartered Accountants Worldwide & CEO CA ANZ, meets Carmine Di Noia, Director for Financial and Enterprise Affairs at the OECD.

The global economy is currently facing unprecedented challenges, ranging from the climate crisis and digital transformation to income inequality and ongoing geopolitical tensions. With these complex issues at hand, the role of finance professionals becomes paramount. In our latest episode featuring Camine de Noia, Director for Financial and Enterprise Affairs at the Organisation for Economic Co-operation and Development (OECD), we take an in-depth look at how finance professionals can contribute to creating solutions for sustainable economic development. The OECD provides vital international cooperation to facilitate stronger, more inclusive economies worldwide, ensuring that the fundamental principles of transparency, ethics, and sustainability are upheld in global business practices.

One of the core themes discussed is the importance of resilience in business, especially in response to macroeconomic trends such as inflation and the rising cost of living. Camino highlights that resilient companies are essential in fostering a resilient economic framework, contributing to job creation and overall economic growth. This resilience must be built through easier access to finance and effective corporate governance. Moreover, companies must also embrace ‘twin transitions’: pursuing both digitalisation and environmental, social, and governance (ESG) standards to ensure sustainable practices within their corporate structures.

The conversation points to the critical nature of updating standards to keep pace with the evolving market landscape. The OECD plays an important role as a standard setter, continually reviewing and revising practices across the financial sector to maintain relevance and effectiveness. During the discussion, Camino talks about the significant update of the OECD Corporate Governance Principles to incorporate sustainability principles fully, emphasising the importance of stakeholder engagement and oversight in mitigating risks related to global issues.

With the pressure mounting for businesses to place a greater emphasis on ethical considerations and corporate responsibility, we also delve into the OECD’s initiatives around promoting gender equality within the corporate sector. Camino discusses the importance of gender diversity in leadership and decision-making roles, recognising that businesses that reflect diverse perspectives are more likely to succeed. Through analysing global data and trends, the OECD is setting standards and providing tools to help organisations address gender pay gaps and achieve greater gender equity.

Furthermore, the episode sheds light on how the accounting profession can address the multi-faceted issues of ethical business conduct and transparency. Accountants today are being tasked with new responsibilities that extend beyond traditional financial audit functions. As more companies are required to provide sustainability disclosures, the need for accountants to understand ESG metrics is becoming crucial. This shift presents an exciting opportunity for finance professionals to enhance their skill sets and advance sustainability initiatives within their organisations.

Curiosity is key, as Camine notes, for young professionals entering the finance field. With an evolving landscape due to technological advancements, students and early-career professionals should adopt an interdisciplinary mindset and continuously seek to learn from diverse experiences. As interdisciplinary approaches gain importance, finance professionals need to develop a deep understanding of regulatory changes, market trends, and the intricacies of corporate governance to effectively navigate the upcoming challenges.

In conclusion, the episode emphasises the critical role finance professionals play in addressing global economic challenges. With ongoing cooperation between organisations like the OECD, finance leaders are essential in creating a more equitable and sustainable future. As business landscapes continue to shift, professionals must not only equip themselves with rigorous analytical skills but also cultivate a vision for ethical practices and transparency to support the broader mission of impactful finance and sustainable growth.