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55 (150) 2022

Chairwoman’s note

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Chairwoman’s Note, by Aneta Jóźwicka

Excerpts from Aneta’s speech at the Gala Dinner celebrating the BPCC’s 30th Anniversary.

Editorial note

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Editorial Note by Michael Dembinski and Dorota Kierbiedź

Inflation is at an alarming level. Working capital and investment capital has suddenly become far more expensive. Uncertainty is pervasive. How should businesses react to such an economic environment? How are companies' business models affected by high inflation, interest rates and volatility? Finance may hold some answers.

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Interviews

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Commitment to net zero remains our top priority

Michael Dembinski talks to Dariusz Kucharski, CEO and Country Head of CMB of HSBC in Poland.

Interviews

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All hail the Chief Future Officer!

Michael Dembinski talks to Dagmara Wojnar, partner associate, head of CFO Advisory, KPMG in Poland

Interviews

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Delivering global operations from Warsaw

Anna Urbańska, CEO of Standard Chartered’s Global Business Services Poland, talks to the BPCC’s Michael Dembinski about the bank’s decision to locate in Poland, the specifics of the hub’s work and why it is so important for the bank globally.

Finance

The Green Mission of bonds and loans

By Roksana Kałużna-Bałazy, advocate, White & Case


If you think the economy is more important than the environment, try holding your breath while counting your money.” (Prof. Guy R. McPherson)

For years, we were taught that it is acceptable to sacrifice the environment for the greater good – the economy. That thinking has changed, however. We now know that the environment and the economy are two sides of the same coin. Humans are taking serious action, setting targets and making a number of ambitious commitments. According to the EU Strategy for Financing the Transition to a Sustainable Economy, Europe will need €350 billion in additional investment per year over this decade to meet its 2030 emissions-reduction target in energy systems alone, along with the €130 billion it will need for other environmental goals. The appetite for financing is huge and public funds are insufficient. Creating a green economy requires the alignment of all sources of finance, both public and private. In this regard, bonds and loans are the most renowned tools for transferring capital.

Finance

To what extent – and how quickly – has the financial service sector embraced ESG?

By Tomasz Barańczyk, partner, leader of ESG initiatives, PwC Polska


Wherever one looks, it seems that uncertainty is constantly on the rise. Terrifying climate forecasts, labour unrest, the pandemic, the Russian invasion of Ukraine, geopolitical and economic instability. For the average person, burdened by uncertainty, making even the most trivial day-to-day decisions is becoming increasingly difficult. The business reality is no different, especially as many everyday issues have a bearing on the running of enterprises.

Finance

Developing the skills of the sustainable business and finance professional

By Sharon Machado, ACCA


Quality learning and development (L&D) equips our professional accountants to better serve their purpose, to be sustainable business and finance professionals that business and society demand them to be.

Finance

The importance of learning languages in the finance industry

By Berlitz


The finance industry is one of the most prestigious and lucrative industries today. However, the ability to work in an industry as broad and all-encompassing as this one is heavily dependent upon four vital requirements: a sound understanding of mathematical principles and theories, outstanding time-management skills, strict attention to detail, and fluency across multiple languages.

Finance

Cryptocurrencies in Poland – the regulatory landscape and new perspectives

By Pawel Jastrzebski, junior associate at Bird & Bird


The situation before 2021

In recent years, investing in cryptoproducts has become far more popular than initially expected – according to the press, every tenth Pole has considered investing in cryptoproducts. Up until 2021, though, despite this growing interest among investors, cryptocurrencies remained unregulated in the Polish legal system.

Finance

MiCA - European regulation of cryptoassets

By Maciej Kuranc, associate, Kochański & Partners

 

The pandemic and the war in Ukraine have had a significant impact on the global economy, demonstrating that the geopolitical situation significantly affects all asset classes, including currencies. Faced with falling exchange rates, many have begun to look for alternative security for their assets with some deciding to place their savings in cryptocurrencies. One example of this is given by the Ukrainian government, which, at the beginning of the armed conflict, placed the equivalent of $100 million in cryptocurrencies, which was used to initially support the armed forces. In crisis situations, it turns out that cryptocurrencies can be much more stable than ‘traditional’ currencies, and shows how relevant cryptocurrencies can be on a global scale.

Finance

Finance in the new digital world

By Michał Opioła, senior director, member of the management board, Michael Page Poland


The demand for financial department specialists remains high in virtually every area of the market – in particular in SSC/BPO, e-commerce, and real estate. Currently, the recruitment efforts of companies are largely the result of the progressive digitalisation of various sectors of the economy. This digital transformation has also changed the profile of the most sought-after job candidates in the banking sector. Those who are most widely in demand are employees who can combine specialist knowledge of both finance and IT, including business intelligence analysts. How are the employment prospects and wages of finance specialists likely to develop in the coming months?

Finance

The key role of the manager in developing finance experts

By Karolina Lis, director at Hays Poland


One of the key factors influencing the immediate career decisions of finance experts – whether to change jobs or pursue further development with their current employer – is the strength of the relationship with their immediate supervisor. Managers who actively develop talent and visibly support career progression are an invaluable resource in the attraction and retention strategy.

Finance

From manual to automation: the story of one team located across Poland and UK

By Magdalena Korgól and Jacob Kendall, Hargreaves Lansdown

 

One aspiring product-led software development team located across two European countries, Poland and the UK, supporting complicated business processes and managing large dependencies on legacy architecture… could it be possible that these conditions can be the foundations of a successful story? From challenging beginnings grew full cooperation bound by trust and a single-team mindset. Can the location of individuals becomes irrelevant, while, the purpose to whom they offer value remains paramount? Here’s how a fully manual business process within a financial service – heavily constrained by regulatory compliance – can become an automated and scalable journey, one that can be frequently iterated and improved.

Finance

Cost reimbursement for remote working, allowance or a lump sum – what would put less strain on the employer's wallet?

By Karolina Kanclerz, attorney-at-law, partner, and Łukasz Marzec, paralegal, PCS Paruch Chruściel Schiffter Stępień Kanclerz | Littler


The much-hailed amendment to the Labour Code, which will introduce rules on remote working, is fast approaching. New regulations will replace the current outdated teleworking provisions and are intended to overcome a slew of problems and doubts concerning remote working that have built up over the last two and a half years. One such issue in question is the employer’s duty to cover the costs of remote working.

Finance

Tax incentives for expansion

By Miłosz Saramak, head of marketing and business development, KR Group and Marta Tchórzewska, vice president of Development and Advisory, Altios International


All the economic indicators suggest that the world is headed toward another economic slowdown. Certain countries and industries are struggling with particular challenges. The pandemic uncertainty still prevails, and on top of that we are staring down the spectre of an energy and commodities crisis.

Finance

E-invoicing compliance: a guide

By Kamila Sanders, key account manager, Cash Back Polska (part of the VAT IT Reclaim group)

 

Does your business have the technology and processes in place to comply with e-invoicing requirements? This is not an abstract question, but an urgent compliance issue. If your business does not currently have e-invoicing compliance obligations, chances are you will in the near future. As more countries implement electronic requirements for invoicing and filing VAT submissions, businesses need to ensure they can meet their obligations, or risk fines and penalties.

Finance

The trends shaping economy in 2022: reduced overheads

By Pawel Ornatek, country manager Poland, IWG


2022 hits the global economy with many challenges: Covid recovery, war in Ukraine, energy cost increase, rising inflation – just to name a few. Companies are under constant cost pressure and need to be extraordinary agile and flexible in cost reduction initiatives, therefore are increasingly realising that hybrid working brings lower costs.

Finance

Taking care of finance when trading internationally

By Jakub Makurat, country manager for Poland, Czechia, Slovakia and the Baltic States, Ebury


Polish exports to the UK are growing, despite Brexit – according to Britain’s Office of National Statistics, the value of Polish goods exported there has hit record levels in the second quarter (£3.1 billion) and first half (£5.8 billion) of 2022. Yet despite this good news, Polish businesses selling goods to the UK face numerous challenges. Below, I list a few ways that can help them stabilise financial flows, manage risk in a dynamically changing environment, and increase the profitability of doing business. I also recommend looking at the possibilities of developing foreign sales in the e-commerce channel – today it is much simpler than it used to be, and the UK market remains attractive in this respect.

Finance

Credit vs factoring – which is better?

By Bibby Financial Services


This article looks at how firms can lower their financing costs, avoiding high interest rates – in other words – what are the optimal financing methods during a time of crisis?

Finance

Thirty years auditing in Poland – reform and transformation

By Marzena Richter ACA, Staniszewski & Richter, Polish registered auditor

 

In the spring of 1990, I read an article in the member’s magazine of the Institute of Chartered Accountants in England & Wales (ICAEW) while working in my training firm’s offices in the Channel Islands. Entitled ‘Poland needs auditors’, it was written by my fellow compatriot and ICAEW member Andrzej Kinast. Little did I realise this article was sowing the seeds of my future career!

Finance

The Mother House – we’ve been helping for 25 years!

By Agnieszka Kłos-Siddiqui, country manager, Provident Polska

 

The war in Ukraine turned our world around by 180 degrees. This unprecedented event was a test of empathy and humanity for each of us – and for the business community. At the start of Russia’s invasion of Ukraine, Provident's board decided to help refugees who fled the war-torn country. Employees who travelled to the border, transporting refugees around Poland were allowed to exceed their fuel limits. Our volunteers collected food, blankets and clothes, shared their homes and took shifts at the railway stations where refugees were arriving. The entire company was helping and the volunteering actions for Ukrainians could be carried out during working hours. The culmination of the aid activities was the creation of the Mother House, a place where women with children and pregnant women who had to flee Ukraine found shelter. The decision to create the house was taken by the Provident’s board during the first days of the war.

Finance

Re_Open UK – A new opening for Polish business

Polish businesses are to be helped in their struggle against the negative effects of Brexit with more than 500 million złotys from the EU’s Brexit Adjustment Reserve.  

Events Coverage

The BPCC’s 30th Anniversary Gala Dinner – Celebrating in style

The BPCC’s 30th birthday party took the form of a Gala Dinner held at Warsaw’s Intercontinental Hotel on 13 October 2022.

Events Coverage

The 18th International Oktoberfest in Wroclaw

The 18th International Oktoberfest in Wroclaw was held on 9 September in the grounds of the Wrocław Golf Club, attracting nearly 800 guests. This business networking event, the biggest in the Lower Silesian calendar, was organised by four chambers of commerce – the British-Polish Chamber of Commerce, the German-Polish Chamber of Industry the American Chamber of Commerce in Poland and Commerce and the Scandinavian Polish Chamber of Commerce.

Events Coverage

Optimising working time in industry

The BPCC’s Manufacturing Industries Policy Group has been in existence since 2015; its meetings take place across Poland’s manufacturing heartlands, focusing on issues of greatest concern to industry.

Events Coverage

Rzeszów welcomes British investors

The south-eastern city of Rzeszów, associated with the aerospace sector, is taking on an urgent new role as staging post for the supply of Ukraine as the Russian invasion continues to take its toll.

Events Coverage

Late-Summer Business Networking

The BPCC’s traditional end-of-summer business mixer was held three weeks later than usual at the hotel Mamaison Le Regina, Warsaw. The original idea was to organise the event immediately after the BPCC’s Annual General Meeting, which this year was held on 15 September. Unfortunately, this occurred during the official period of mourning following the death of Queen Elizabeth; the AGM went ahead but the mixer was postponed by a week.