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Message from the Country Managing Partner and Sustainability Leader of EY Luxembourg
We are here to present our EY Luxembourg Sustainability Report covering financial year 2024.
At EY, we believe sustainability is everyone’s business. Together we can make the difference. We see sustainability as a catalyst for the positive energy that encourages a whole ecosystem to step up and seek long-term solutions for the major challenges the planet faces, both now and in the future. For this reason, we started setting targets in order to demonstrate our leadership and inspire, by example, to initiate a movement by empowering our people to make sustainable choices, promote a sustainability vision and positive change through their capabilities and skills.
EY Luxembourg welcomes the upcoming Corporate Sustainability Reporting Directive (CSRD) that will increase transparency and long termism and will provide access to the non-financial information from over 46,000 companies in the EU (as per the recent size criteria amendment). This is why our FY24 Sustainability Report is inspired by the adopted EU Sustainability Reporting Standards (ESRS). Please check our interactive Report, to know more about our commitment on helping society to build a Better Working World.
Olivier Coekelbergs
Country Managing Partner
Renaud Breyer
Sustainability Leader
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Business card of the undertaking in relation to sustainability reporting
Key figures for 2024
We are dedicated to sustainable inclusive growth
Through our four service lines in EY Luxembourg — Assurance, Consulting, Strategy and Transactions, and Tax — we help our clients capitalize on transformative opportunities. We also help them fulfill regulatory requirements, keep investors informed and meet the needs of all their stakeholders. What’s more, in a fast-changing world, we give them the support they need to be effective today and create long-term value for tomorrow.1
Our employees
EY Luxembourg
Diversity
Nationalities
Revenue
FY24
Growth
EY Luxembourg
Number of training hours
On average, per employee
1Unless otherwise specified, all of the figures published relate to the 2024 financial year (referred to as FY24), which covers the period from 1 July 2023 to 30 June 2024.
General Disclosures Requirements
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Creating a better working world together
Our corporate sustainability strategy
We believe we can do more in addressing evolving sustainability challenges
Our approach to sustainability
As part of our Non-Financial Report, we present our corporate sustainability approach.
This approach is based on the following pillars:
- Our people – our most valuable asset.
- Our culture of integrity, with the Code of conduct that is at the core of our policies.
- Our impact beyond the organization through EY Ripples, EY’s global Corporate Responsibility Program.
- Our environmental commitment to meet EY Global targets by 2025, to conduct responsible procurement and responsible waste management practices.
- Our clients, which we aim to guide in creating long-term sustainable value as an integrated part of their business.
- Our Strategy & Business Model
- Our Governance
- Materiality assessment of sustainability impacts, risks and opportunities
In 2013, EY adopted an ambitious mission statement of “Building a better working world”, which commits us to playing an active role in building a new world which makes the environment in which we operate more balanced. EY is also a signatory of the United Nations Global Compact making us annually accountable to report on the implementation of our principles.
As FY24 ended, Carmine Di Sibio, EY Global Chairman and CEO, passed the torch to CEO-elect Janet Truncale. Under her leadership, EY unveiled its new EY global strategy – All in. This new strategy is aimed at driving value creation for EY’s clients, employees and stakeholders. It focuses on purposeful growth and making strategic investments in areas where EY can lead, such as transformation, managed services, and sustainability, while maintaining a strong commitment to audit quality. EY’s All in strategy is about harnessing growth, leveraging technology, and fostering collaboration to navigate the complexities of the modern business environment and achieve future success.
In October 2019, EY included this vision in our NextWave strategy, which is designed to create long-term value for our clients, our employees and society, in order to build a better working world. This strategy was adopted and localized in EY Luxembourg under the name Ambition 2021-2026.
In a world that is changing at a faster pace than ever, our purpose acts as our “North Star” guiding our 2,059 employees — providing the context for and meaning behind the work we do every day.
We help digital pioneers fight data piracy; guide governments through new international challenges; unlock new medical treatments with data analytics; pursue high quality audits to build trust in financial markets and business; and support organizations to gain a competitive advantage by dealing with climate risks and deploying a sustainability strategy. In simpler words, we work with entrepreneurs, companies, and entire countries to solve their most pressing challenges.
We help our clients to make the most of new opportunities, while assessing and managing risks to deliver responsible growth. Responsible growth is the key for us. At EY Luxembourg we shape the future with confidence ensuring that our economy growth is sustainable and inclusive. We are proud to work with others – from our clients to the wider ecosystem – using our knowledge, skills and experience to help fulfill our purpose and create positive change.
We empower our people to adopt the right mindsets and skills to navigate what’s next, become the transformative leaders the world needs, pursue careers as unique as they are, and build their own exceptional EY experiences.
Our people and our alumni form a powerful network. Each individual leads and inspires others during their time at EY and beyond, bringing our purpose to life in the work they do daily. The ability to leverage and learn from different perspectives is key to delivering for our clients. We believe diversity and inclusiveness means growth.
We are investing more time, technology and money than ever before in training and development for our people. We continue to build on the success of our EY Badges program, which helps our people develop future-focused skills in areas such as technology, sustainability and leadership.
EY has a matrix structure: as well as our service line approach, we also employ an industry sector-specific approach that enables our employees and partners to master the challenges specific to their clients’ activities.
Our network of expertise is deployed regardless of the nature of our assignments and allows us to offer our clients tailor-made support and a complete multi-disciplinary approach.
For more information, please refer to Overview of EY Luxembourg business in the context of sustainability reporting.
In July 2020 the role of Sustainability Leader was created within EY Luxembourg and entrusted to Partner Renaud Breyer. Renaud oversees the development of corporate sustainability strategy, planning and reporting and accounts to the Country Leadership Committee for any material ESG matter.
Engaging our stakeholders allows us to understand their expectations and how they perceive our business, so that we can identify the main risks and opportunities, adapt our approach and improve our performance.
- Clients
In order to support our clients, we aim to empower organizations to innovate and transform. Our role as an agent in the financial world enables us, due to the diversity of our assignments and our clients, to monitor the underlying trends transforming society and to formulate questions that help to develop our clients’ models and their uses, opening doors to new solutions.
EY has developed a formal quality assessment process for measuring the satisfaction of our clients.
- Employees
EY people proudly represent our most valuable assets. We apply a complex approach which is used to nurture talents, enhance professional skills, and facilitate communications within EY, for example:- Employees are guided within the organization by their mentors - counselors, who help them to develop short- and medium-term views of their careers.
- Various professional and soft skills trainings are offered across different topics and sectors.
- The upward feedback process introduced in 2016 helps our colleagues to develop and grow, be recognized for achievements and be advised in challenging situations.
- Lastly, our engagement surveys (EY People Pulse) help us analyze the business climate and the areas for improvement that our employees and partners would like to prioritize.
- Associations and Academia
EY has a privileged view of the financial world due to the diversity of its service lines and the sectors in which it operates, not to mention:- The many think tanks and networks in which the company is involved
- The publication of studies and analyses
- The influx of young people joining the world of work and seeking mentorship
- Public Authorities
Our partners and employees can be asked to contribute by setting common standards and reflecting on the regulatory environment in which we operate. Therefore, EY actively cooperates with various ministries and regulatory bodies for regulatory framework development initiatives. - Other Stakeholders
Moreover, EY Luxembourg constantly engages with:- Competitors: to create a healthy competitive environment, in which we grow simultaneously
- Suppliers and sub-contractors: to promote accountability within our supply chain and innovation
- EY Global: Providing the same excellence all over the world. Ensuring that our clients benefit from an integrated, cross-functional network
The materiality analysis consists of identifying the various issues related to our economic, social and societal responsibility and arranging them in hierarchical order.
EY Luxembourg believes that understanding the needs and interests of all stakeholders is fundamental to executing on the EY Global NextWave strategy and delivering on the ambition to deliver long-term value to EY people, clients and society.
To aid in this understanding, we for financial year 2024 we conducted a formal impact materiality assessment, in line with the ESRS principles, to prioritize topics that are both: most important to EY’s business performance and where EY can have the greatest impact on stakeholders. Our goal is to act on our findings by embedding these topics even more deeply into our business strategy, in response to stakeholders’ needs.
We conducted materiality assessments in the past and are committed to updating them on a regular basis to reflect changes in business and stakeholder priorities, along with global trends. In view of the upcoming CSRD requirements, we are now establishing the basis for conducting a complete double-materiality assessment for FY25.
The FY24 impact materiality assessment, based on the recommendations provided in the ESRS, was conducted by professionals of the Sustainability Team and guided by the GRI framework, future reporting requirements, best market practices and the EY Global Materiality Assessment. The process included senior leadership input, under the guidance of our Sustainability Leader, Renaud Breyer; external stakeholder interviews with clients, regulators and academics; industry and peer analyses; employee focus groups; internal and external media and communication reviews.
From previous materiality assessments and looking ahead, we continue to further integrate these topics into our governance model and enterprise risk processes. This allows us to fully integrate sustainability into EY strategic priorities.
The results of the most recent assessment are indicated in the following materiality matrix. All topics indicated are material to EY Luxembourg, with the topics in the upper-right quadrant being the most material to EY stakeholders and EY business performance with opportunity for greatest impact.
As we have prioritized the most material topics, we acknowledge the interconnected nature of ESG topics and consider all topics listed on the matrix as areas of importance — understanding the progress made in one area may have an impact on others.
This impact materiality matrix, in line with the EY Global materiality matrix, has enabled us to identify three key priorities for EY Luxembourg:
- Supporting the creation of long-term value through our services that enables us to shape the future with confidence. Our goal is to act in a transparent and ethical manner
- Placing greater emphasis on our people and communities, developing their talents and making a significant social impact
- Being a corporate citizen, reducing our carbon footprint and considering environmentally friendly practices
Our materiality assessment also considers several risks that the Company is facing.
Managing risk is a strategic priority for the management of the Company, we have spent time looking keenly at the world around us, speaking with people inside and outside of EY: leading thinkers, clients and our people.
Our culture is the commitment to quality. Our infrastructure has been designed to support quality.
The principal components of our quality-control program are the following:
Instilling professional value.
- The senior leadership sets the right tone at the top, demonstrating this through its behavior and actions
- We promote a culture of integrity, as well as the performance of high-quality audits
- Among our professionals, they are bound by our Global Code of Conduct
Internal quality-control system. We continue to invest in initiatives to promote enhanced objectivity, independence and professional skepticism.
Client acceptance and continuance. Our global policy on client and engagement acceptance sets out principles for determining whether to accept a new client or a new engagement, or to continue with an existing client or engagement.
Performing audits. Our EY Global methodology provides a global framework for high-quality audit services through the consistent application of thought processes, judgments and procedures in all engagements.
Review and consultation. Our policies describe the requirements for timely and direct executive participation on audit and the level of reviews of the work performed. Our consultation requirements are built upon a culture of collaboration and designed to involve the right resources. Engagement quality reviews are performed by audit partners in compliance with professional standards.
Audit partner rotation. EY supports mandatory partner rotation to help strengthen auditor independence. We comply with the requirements set up by the IESBA and Luxembourg law, as well as the SEC, where required.
Audit quality reviews. The global audit quality review program is the cornerstone to EY's effort to maintain and improve audit quality.
External quality-assurance review. The Company audit practice and its registered statutory auditors are subject to annual inspection by the CSSF.
Independence practices. EY's independence practices are designed to enable EY in Luxembourg and our people to comply with the independence standards applicable to specific engagements.
Creating high-performing teams. EY is building a better working world for its people by recruiting, managing and retaining top talent and developing the highest-performing teams and outstanding leaders. In addition, EY teams have a legacy of over 20 years in providing sustainability, and environment, social and governance (ESG) services. This enables us to help protect and create value for all stakeholders and shape the future with confidence. We call this value-led sustainability and it’s everybody’s business.
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Creating a better working world by example
Our sustainability journey
We can all make a difference, using our skills, experience and ideas
Our purpose is to drive sustainability and social-economic impact for our employees and the communities we serve. As a corporation, EY Luxembourg aims to be a catalyst for change by creating long-term value-led sustainability as explained in the following sections.
- Supporting our clients and profession
- Supporting our people and communities
- Supporting environmental sustainability and procurement
Our clients expect EY Luxembourg to provide high-quality audits, relevant advice, and sound technical and sector-specific expertise.
In addition, due to the diversity of its clients and assignments and the auditing work that it performs, EY Luxembourg is an observer of the financial world and of the trends affecting it. With respect to sustainability matters, we are constantly working to develop our ESG services, with the main goal of helping our clients to deal with the main market trends, like investors’ needs, climate change and environmental factors, integration of the main ESG risks and opportunities in their business model and the latest regulatory developments.
Keeping in line with a main pillar of our All in strategy, and to maintain sustainable growth whilst shaping the future with confidence, we want to ensure that our employees’ careers progress.
This entails not only attracting the right talents, but also empowering those talents to grow and achieve their development goals. Our employees’ skills and expertise form the foundation of our performance. Therefore, at EY Luxembourg, we seek to develop them in the best possible way, so that they evolve and find meaning in their everyday work.
EY is committed to shaping the future with confidence — one that creates sustainable and inclusive economic growth. We recognize that our responsibility to minimize the environmental impact of EY business operations extends to EY people and clients and to the wider communities in which we all live. Moreover, EY is a proud participant in the United Nations Global Compact (UNGC), and our environmental strategy has been designed in alignment with the UNGC environmental principles.