What makes local CEOs succeed? How do they affect the structure of their company or organisation? Movers and Shakers is a high-quality publication which showcases Malta’s leading CEOs. It focuses on the work they carry out, with particular emphasis on their key objectives, aims and goals for the year. Movers and Shakers is an annual publication of The Malta Chamber of Commerce, Enterprise and Industry – the longest established social partner in Malta – published as a joint venture with Media Hut.
PwC Malta is pleased to announce the firm’s new appointments of Pamela Mamo and Mark Tabone as Directors within PwC’s Academy and Advisory lines of service respectively, and Etienne Bonnici who has been appointed as Chief Technology Officer (CTO).
David Valenzia, Territory Senior Partner at PwC Malta, says: “I am very proud of these new appointments, which have taken effect on 1 July 2023. These appointments reflect the continuing diversification of our business, and the multidisciplinary nature of our offerings.’’
Pamela is leading PwC’s Academy – the firm’s external training offerings, covering learning and education (L&E) strategies, e-learn developments, training platforms and learning architecture and delivery of client specific training solutions. Pamela first joined the firm in 2004 as an audit associate and in 2007 moved into an internal role to assist in setting up the Human Capital function of PwC.
In 2013, Pamela took over the responsibility for the strategy & business development aspect of PwC’s Academy leading a team of learning professionals. She has a key role in driving the Academy as a leading training service provider in line with the national quality education standards and in line with digital education requirements for the 21st century. She has an active role in providing L&E consulting
to clients, designing training curricula and scoping of courses, designing niche training products in line with Malta’s skills gaps, meeting clients to analyse their training needs and to assist them in translating their needs into effective training programmes. She continues to be one of the firm’s business skills trainers and has developed and delivered several training programmes to PwC’s managerial team and to PwC’s Academy external clients around the areas of learning, talent management, leadership and management skills, coaching, staff development & effective people communication.
Mark became part of the Assurance line of service at PwC Malta in 2003, gaining invaluable experience at PwC Jersey, London, and New York. He moved to the Advisory Deals practice in 2011 being specifically involved in Transaction Services, covering a range of areas such as due diligence, business valuations, impairment assessments and feasibility studies amongst others. He has managed a series of Financial Due Diligence projects both locally and internationally operating at PwC London and Milan.
Mark is presently responsible for the firm’s Mergers and Acquisitions sector in Advisory. The importance of M&A has, for some time, been highlighted by clients, with PwC investing in further developing a target team, whilst also collaborating with the PwC Corporate Finance network globally. Graduated at the University of Malta, Mark is a Certified Public Accountant holding ACCA and MIA fellowships.
Etienne has over 15 years of IT management experience within the firm and is responsible for leading and driving PwC’s Malta technology and information security strategy. Etienne joined PwC in 2002 after successfully completing his studies at the University of Malta and leads a team of technical experts in various environments. Over the years, he has been involved in the performance of systems and process controls reviews, including documenting and assessing controls over operations and management, application change control, computer operations, security administration, physical and logical security and disaster recovery planning for a number of clients. Etienne has also been responsible for providing outsourcing services for ICT infrastructure management and support to a number of clients in a range of industries.
PwC Malta continues to invest in differentiating capabilities that allow the firm to deliver on its purpose, to be a community of solvers coming together in unexpected ways and continuing to help organisations build trust and deliver sustained outcomes. These appointments demonstrate the plan for the sustainability of the firm, and reflect the opportunities that exist for all.
The Malta Chamber of Commerce, Enterprise and Industry is very worried about the current situation that the country is in, particularly, though not only, about the nationwide power outages experienced continuously over the past days which have left business and the general public in paralysis.
In view of this, The Malta Chamber has asked the MCESD Chairperson to convene, with urgency, a meeting amongst all the stakeholders to discuss this situation collectively as a nation. This current state of play cannot persist and worst of all repeat itself – the right decisions and timely investment need to be taken now. This country needs to have a long term economic and social vision that goes beyond the political spectrum.
In the past days, The Malta Chamber showed its concern and worries on the way the country is being led. This goes beyond the power cuts being experienced continuously. There is the urgent need to discuss the way crucial issues which effect the nation as a whole are being handled. This can only be achieved through a responsible dialogue with all social partners collectively. The business community is calling upon the government to act now before it is too late.
The Malta Chamber in collaboration with Bank of Valletta plc organised a conference to discuss the current standing of the Maltese economy and where it should be aiming to go.
The Malta Chamber Deputy President Nick Xuereb highlighted the main pressure point the labour market is experiencing, the impact of inflation and interest rates, the importance of tax reforms, and the importance of pushing the boundaries. “We are in a permacrisis state, and we must act diligently and in a timely manner to navigate and mitigate the challenges that lie ahead,” he said.
Bank of Valletta plc (BOV) CEO Kenneth Farrugia emphasised the importance of sustainability and putting more weight on ESG in business and operational models, so that Malta remains competitive in attracting more foreign investment.
This came in his speech during a business seminar organised by The Malta Chamber of Commerce, Enterprise and Industry in collaboration with BOV, titled “The Maltese Economy: 2023 & Beyond”. During the seminar, various key stakeholders discussed the current state of the Maltese economy and gave interesting insights on the matter.
Mr Farrugia highlighted the importance of sustainability and ESG principles to support the country’s sustainability ambitions. “We noticed two extremes when meeting clients: those who have strategically embraced ESG in their business models, whilst others have a very limited understanding of sustainable development goals and ESG ambitions,” he said.
“Our collective contribution to economic growth should be driven by sustainable growth which in turn will strengthen the country’s value proposition making it more attractive for foreign direct investment, which is so important for Malta and Gozo,” he added.
Mr Farrugia also emphasised that very frequently, people are driven by the idea of “what is in it for me?” He remarked that such a limitation “needs to be extended to the important consideration of the way ESG will contribute to make Malta an attractive investment destination”. In that respect, he added that Malta experiences “multiple armchair critics” that are “completely devoid of constructive solutions”.
He explained that should the industry want to sustain the growth of Malta’s economy, it needs to “take charge of the required changes” as it is “easy to criticise”, but then a backseat is often taken “when it matters most”. Effectively greenifying the economy needs to be “financed and incentivised”, and Mr Farrugia noted that everyone has a role to play in this paradigm shift which is “so important for the country in its ambitions to ensure sustainable growth”.
He added that it comes as no coincidence that the social part (the ‘S’) comes in the middle of ESG, as “everything we do ultimately revolves around our society”.
The bank’s CEO also reaffirmed BOV’s position as a “catalyst in the local economy”, through its aim to “add value to society”. He explained that it does so as it believes that in this manner, it will “create value for the customers and our bank”. “We commit to remaining supportive of the Maltese economy, and we want to be a catalyst in the business community to actively contribute and support the required changes. Events like this are stimulating discussions and providing interesting insights but these need to be followed up and events like this should not end up simply being talking shops,” Mr Farrugia continued.
Failing to act on these events would risk the industry generating a number of useful suggestions that would not be followed up on and eventually end up being fizzled out. “As a bank, we have identified those sectors we feel are behind the curve regarding ESG, and we will be supporting these sectors to embed ESG principles in their business models and operations,” he said.
During a panel discussing the future of Malta’s economy, Kevin Rapinett, Member of The Malta Chamber Board of Management noted that “the numbers do not lie”.
“Considering the challenges of the past years, we did relatively well, however, several cracks can be seen. These cracks are unfortunately present because Malta has adopted a model over the past 10 years that is solely focused on the ‘increasing numbers’ of our economy leading to a myriad of unsustainable practices,” he explained. He also made reference to Minister of Finance Clyde Caruana’s recent call to revisit Malta’s economic model, describing it as a “timely one” since it will allow for “sustainable growth when looking towards the medium and long term”.
Silvan Mifsud, Council Member of The Malta Chamber, presented some of the topics and issues that The Malta Chamber 2024 Pre-Budget document will entail. He stressed the “urgent need” to revise the current trend of increasing productivity with numbers.
BOV Senior Manager in Data Insights and Economics Malcolm Bray was another speaker in the seminar, and he outlined the salient features and latest developments of Malta’s economy. He explained how during pre-pandemic years, Malta’s economic growth was higher than in the euro area and such a pattern is forecast to continue even in 2023 and 2024. He remarked how economic growth has tended to be “job-rich”, contributing to the significant increase in the share of foreign workers and to a pronounced expansion in the size of the population. After discussing a number of other topics, Mr Bray stated that stakeholder investment is “key to ensuring the right balance is achieved”.
The Malta Chamber of Commerce, Enterprise and Industry is seriously concerned about the current state of play and the way the challenges we face as a country are being handled. The economy and the quality of life of people are suffering because of lack of foresight, poor planning, lack of transparency, weak enforcement, and slow action where action needs to be taken. The country is in a nose-dive and we persist in denial, failing to read the signs of the times. It is time to stop trying to please everyone at once and to prioritise the long-term national interest over immediate partisan interests. Government needs to listen more to the warnings voiced by people whose interests are non-partisan, and address structural issues that are impairing productivity and undermining competitiveness, the country’s attractiveness, and people’s well-being and quality of life. The time for patched up, short-term quick fixes is over.
Year-on-year, we continue talking about the same matters in multiple fora. We register occasional improvements here and there, but the approach is uncoordinated, and the general situation continues to deteriorate because when issues are not addressed promptly and effectively, they grow bigger. The damage done in the meantime is in many cases irreversible, as evidenced by our urban landscape. The traffic situation, the power outages, the shabbiness, the lack of proper waste management and the tragedies at workplaces are just some examples of issues that The Malta Chamber is constantly harping on. These factors contribute to an erosion in the quality of life of people and make the country unattractive for high quality investors and visitors alike. Visions, strategies and reforms which remain on paper are pointless. The country’s leadership needs to step up and take the right decisions with the required urgency, however tough these decisions may be.
We need to:
1. Implement tangible measures to reduce traffic congestion, such as attaching car license fees to usage, introducing parking fees in central urban areas with fees paid being transferred into an e-mobility wallet for use of sustainable means of transport, and restricting certain congesting activities during peak hours;
2. Ensure a reliable supply of electricity that can cater for our predictably hot summers without recurring power outages;
3. Ensure proper maintenance and cleansing of public areas;
4. Ensure proper enforcement of laws and regulations in all spheres of business activity and for all residents and visitors;
5. Provide assistance to real low-income earners rather than indulge in distributing handouts;
6. Direct subsidies to businesses operating a sustainable model to help such businesses become more viable and prevalent in our economy;
7. Incentivise a shift away from labour-intensive activities towards an economic model which is not dependent on increasing the population – the present economic model requires the importation of an additional 20,000 workers annually, which is unsustainable and is pushing the country’s infrastructure to breaking point.
The Malta Chamber reiterates that we need to overcome the illusion that because we are small, we only need to attract a small portion of the business from the global economy to succeed. Our GDP may be growing, but the country is progressing way too slowly in addressing what will increasingly mean more to people and to sustainable business models. Eventually, we will be outpaced by our competitors on all fronts. We cannot continue to grow the bottom-line GDP without a clear strategy beyond the seemingly quick-fix solution of importing foreign labour indefinitely, in the hope that this will help support the growing needs of our ageing population, not least of which is the pensions timebomb. The Malta Chamber urges Government to rise up to the challenge and act now before it is too late.
RSM Malta has renewed its commitment to The Malta Chamber by sponsoring the organisation as a Gold Partner for the 8th consecutive year. A partnership built on trust, appreciation of the work done by both entities and a mutual sharing of knowledge and expertise made possible through several initiatives. The signing of the agreement was held on Wednesday 19th July 2023, at The Malta Chamber in Valletta.
RSM Malta was the first firm of its kind to partner up with The Malta Chamber back in 2016, opening up doors for the organisation to start reaching other forms of partners apart from banks.
“Being part of The Malta Chamber, a strategic player and leader in the market, has provided us with several opportunities that continue to align with RSM Malta’s motto ‘The Power of Being Understood’. Apart from being sponsors, we have several Partners in our firm that support different committees within the Malta Chamber, while we are the main partner of the recently concluded Next Gen Leadership series organised alongside the Young Chamber Network. This series of workshops allowed us to share expertise with the young entrepreneurs that are shaking up the future of our nation,” said George Gregory, Managing Partner at RSM Malta.
As a firm, RSM Malta has always been a believer of the work that The Malta Chamber is doing and this partnership was a natural step to keep renewing year after year. This is reflected also in the support that RSM Malta’s Partners give to the organisation as well as the Young Chamber Network.
“For The Malta Chamber, the strong partnership with RSM Malta is not just an asset for us as a representative body for local leading businesses, but it is also a great asset to all our members, particularly through the expertise and knowledge shared by the firm based on the variety of sectors it operates in. We look forward to exploring further ways through which we can continue providing value for our members, hand in hand with RSM Malta and its Partners,” said The Malta Chamber President, Chris Vassallo Cesareo.
RSM Malta looks forward to continue building upon the strong relationship foundations it has established with The Malta Chamber, while it remains readily available to ensure it supports the current and future waves of entrepreneurs that are planning to design and evolve Malta’s business landscape.
Moneybase is proud to announce that Moneybase IOS cardholders can now make payments using Apple.
All Apple users can now add their Moneybase cards to their Apple Wallet, Enjoy all the benefits of your Moneybase Card with Apple Pay on iPhone, Apple Watch, iPad, and Mac. Using Apple Pay is simple, and it works with the devices you use every day. Your card information is secure because it isn’t stored on your device or shared when you pay. Paying in stores, apps, and on the web has never been easier, safer, or more private.
When you make a purchase, Apple Pay uses a device-specific number and a unique transaction code. Your full card number is never stored on your device or on Apple servers, and it can’t be shared with merchants. Apple Pay doesn’t keep transaction information that can be tied back to you, ensuring all purchases are private.
Alan Cuschieri, CEO of Moneybase, said, “We are proud that Moneybase has added Apple Pay to its offering with the latest provisioning making it very easy to add cards to Apple Pay within the Moneybase app itself. Moneybase users can pay also through GPay, Garmin Pay and Xiaomi Pay”
Moneybase cardholders also have the chance to win a dream holiday, 16 nights for two persons in Bali, Participating in the prize draw is easy since you automatically earn tickets for every transaction you make. More information about Moneybase’s rewards and incentives are available on the moneybase website.
Moneybase’s ISO-certified customer care team is available to assist clients with any questions they might have, seven days a week, and may be reached on +356 25 688 688 or through the in-app chat.
As a next-generation financial platform, Moneybase provides investments and payments in a single ecosystem backed by local ISO-certified customer support. Customers can send and receive person-to-person payments, as well as make both domestic and international transfers. Users may also opt to receive their salary, pension or stipend directly onto their Moneybase IBAN. Moneybase customers save when travelling or making international payments thanks to the platform’s competitive currency rates and the multicurrency capabilities of the Moneybase card, which may be ordered for free from the app itself.
With Moneybase Invest, users can invest locally on the Malta Stock Exchange or tap into over 40 international markets with over 20,000 stocks, ETFs, bonds and funds through the award-winning platform. The platform also offers fractional shares and extended hours trading, which provide an additional 9.5 hours of US market access.
Moneybase is part of the Calamatta Cuschieri Finance Group. The app may be downloaded from the App Store or Play Store. More information is available on the Moneybase website.
The Malta Business Bureau (MBB) presented an assessment report on the European Commission’s proposal to establish a Packaging & Packaging Waste Regulation. The proposal aims to make packaging more sustainable by obliging the use of recyclable and reusable packaging, while also banning certain single-use formats such as miniature toiletry bottles and condiment sachets.
Direct feedback from businesses across all affected sectors and industries was gathered through in-depth interviews which are summarised within the report. This was presented during a meeting with the Minister for the Environment, Energy & Enterprise, Miriam Dalli.
MBB highlighted the main sentiment expressed by Maltese businesses to help contribute towards Malta’s positions in Brussels.
MBB President Alison Mizzi affirmed, “Businesses certainly agree with the main objective of the proposal. Waste represents not only a loss of resources but also leads to environmental degradation, processing and transportation costs, and spatial challenges, especially given Malta’s limited available land. It is consequently in the interest of all actors, including businesses, to introduce measures which minimise waste where possible.” Ms Mizzi added that along with the opportunities the proposal brings for more sustainable businesses, it also raises a number of challenges which MBB is assessing to facilitate implementation.
The Minister conveyed sincere appreciation to the MBB for their diligent efforts in producing the assessment report. Minister Dalli welcomed the fact that the business sector was recognising the detrimental impact of waste on the country’s precious resources and environment. “The Government remains steadfast in its commitment to addressing any pressing issues there might be,” Minister Dalli said.
Moreover, the Minister encouraged both public and private sectors to work together towards a stronger environment and economy.
MBB Manager EU Policy (Sustainability) Gabriel Cassar presented the key outcomes of the report, highlighting aspects such as the need for further clarity in the proposal to ensure legal certainty, longer transition periods, and the need to better justify certain targets and bans from an environmental and economic perspective.
The proposal for a Packaging & Packaging Waste Regulation was issued towards the end of 2022 and is seen as one of the priority files in the EU’s green agenda. The MBB has been working closely with national and EU policymakers to put forward the views and concerns of Maltese businesses. Those interested in further information are encouraged to contact the MBB EU policy team on email@example.com.
The Malta Business Bureau is the EU business advisory organisation of The Malta Chamber and The Malta Hotels and Restaurants Association. It is also a partner of the Enterprise Europe Network.