Business

'Don't panic on Brexit: you'll cope' KPMG global chief tells business

Belfast-born Shaun Kelly, chief operating officer at KPMG International, pictured at the Chartered Accountants Ireland Leadership Symposium
Belfast-born Shaun Kelly, chief operating officer at KPMG International, pictured at the Chartered Accountants Ireland Leadership Symposium Belfast-born Shaun Kelly, chief operating officer at KPMG International, pictured at the Chartered Accountants Ireland Leadership Symposium

THE Belfast-born global head of accountancy giant KPMG insists business leaders in Northern Ireland "mustn't panic" about the outworkings of Brexit - because they are resilient enough to cope at whatever is thrown at them.

And he admitted that what concerned him more that both Brexit and the continued lack of a Stormont Executive was whether there was adequate investment in the education system in Northern Ireland to ensure there is a sufficient skills supply in the future.

Shaun Kelly, a former St Mary’s Glen Road man, now the global chief operating officer of KPMG International and the Americas, was addressing the Chartered Accountants Ireland Leadership Symposium in ICC Belfast.

He qualified with KPMG in Dublin after attending UCD before moving with the firm to the US, where he is now based in New York after stints in San Francisco and Chicago.

In 2010 he joined the KPMG Global management team with responsibility for the firm's operations in 154 countries and its 200,000 staff.

In a wide-ranging interview with broadcaster Gerry Kelly, Shaun (59) praised the resilience of businesses and talked of the importance of economic links between Northern Ireland and his adopted home in the US.

America remains the north's number one foreign direct investor, with nearly 200 US companies employing around 25,000 people locally, and exports from the region being worth more than £1 billion.

Three years ago then First Minister Arlene Foster and deputy First Minister the late Martin McGuinness established a new advisory council to support trade and investment between Northern Ireland and the US, and invited Shaun to co-chair it.

He said that having an Executive back then that was pro-business was "powerful and a big plus" for Northern Ireland, but the continued vacuum "is making things harder and hampering efforts to grow business from the US".

Shaun acknowledged that Brexit is "definitely a challenge", but said one of his touchstones is "don't panic", and now is a time for leaders to step up.

"The last thing we need right now is leaders who panic. We need leaders to step up. Leaders are elected or appointed to make the tough and the right decisions.

"Businesses are resilient, and I look back in amazement at how they've recovered from things like earthquakes in San Francisco when I was there, and the 9/11 attacks and the financial crash. Businesses will continue to play a key role in moving the economy forward."

On Brexit, he said: "My strong belief from a business standpoint is that the more we can have open borders, the more we can have mobility of capital and mobility of people.

"Companies come to Northern Ireland for many different reasons. For some, it's access to European markets, or access to skills, and those reasons are still there. And we're still seeing a steady stream of US investment coming into Northern Ireland.

"However, if there is not the same freedom of movement of people after Brexit, I would be concerned, because that could curtail opportunities."

But he added: "Whatever the outcome of Brexit, and whether or not Northern Ireland has an Executive soon, businesses will adopt. What concerns me more is whether we are investing enough in education to ensure we have a sufficient skills supply in the future."

During his wide-ranging interview, golf fanatic Mr Kelly confirmed he'll return in the summer for The Open at Portrush, but joked that he's not sure who to cheer on, as he'll be torn between Phil Mickelson, who KPMG has sponsored for 20 years, and home favourite Rory McIlroy.

"If any one of them isn't playing particularly well, I might just side with the other," he quipped.