KPMG chief executive officer James Berry is urging companies to ready themselves for geopolitical and economic challenges this year, while still anticipating long-term global growth.

Mr Berry was speaking during the Hot Topics for Boards in 2023 panel discussion organised by the Institute of Directors Bermuda.

“As directors tackle a lengthy and expanding list of must-dos they must also help their companies prepare for the unexpected,” Mr Berry said.

“Forums such as this provide a valuable opportunity to share perspectives as we navigate a far less predictable business and risk environment and build a stronger future for our businesses and for Bermuda.”

Mr Berry said many of the themes of last year will continue over the next 12 months.

He highlighted a recent KPMG CEO survey indicating that 86 per cent of CEOs believe a recession will happen over the next year, but 58 per cent feel it will be mild and short and 76 per cent have plans in place to deal with it.

Mr Berry was moderator of the discussion held at The Fairmont Hamilton Princess & Beach Club, part of the IoD’s professional development programme.

Topics covered by the panel included current global and local economic considerations facing boards, competition to attract and maintain talent in today’s marketplace and the importance of managing a business’s approach to Environmental, Social and Governance, a subject of increasing importance for employees, customers, investors and other stakeholders.

The event, hosted in conjunction with KPMG, was attended by more than 100 people.

Panellists also included: Jason Hayward, the Minister of Economy and Labour; Shanna Lespere, deputy CEO, Bermuda Monetary Authority, Nathan Kowalski, chairman of the Chamber of Commerce, Will McCallum, head of tax, KPMG in Bermuda and Michelle Cardwell, Bermuda board chair of the IoD.