In a world of constant flux, some brands remain steadfast pillars of adaptation, and Deloitte is a shining example of such resilience. At its helm in Cyprus is CEO Pieris Markou, a figure with a remarkable journey that began in London in 1986. Over the years, Markou has ascended the corporate ladder, making influential decisions as a part of the Deloitte Middle East Executive Board. His roles extend beyond Deloitte, with notable positions on the Council of the Institute of Certified Public Accountants of Cyprus (ICPAC) and as a board member of the Nicosia Chamber of Commerce & Industry (NCCI). Through these diverse responsibilities, Markou's profound expertise has played a pivotal role in sculpting the business landscape of the region.

In our interview, Pieris Markou delves deep into his journey at Deloitte, especially during the tumultuous times brought by the Covid-19 pandemic and other global disruptions. He sheds light on the company's unwavering commitment to building an agile organization, one capable of effectively steering through the unpredictable waters of economic and geo-political changes. Emphasizing the pivotal role of technology and digitalization, he details Deloitte's strategic shifts and collaborations to stay ahead in this evolving landscape. Beyond just organizational dynamics, Markou also touches upon the facets of modern leadership, organizational agility, and the future of the accounting and professional services industry.

Taking on the role as CEO of Deloitte in Cyprus, in the midst of the Covid-19 pandemic presented a unique set of challenges for me. However, from the very beginning, our goal at Deloitte was clear: to build an agile organization that could effectively navigate through future disruptions. Over time, I realised that this goal is even more critical as we continue to face constant crises with the norms in the economic and geo-political environment being constantly challenged. Throughout these years, we have been navigating a period of unprecedented and constant crises and we have been pushed to adapt and transform in order to overcome the numerous challenges that have come our way.

Of course the challenges we faced (the pandemic, the war in Ukraine, disruptions in the supply chain, energy crises, climate change, inflationary pressures, stagnation of foreign investments, and disruption in international markets) are not limited to our firm but have affected the country as a whole.

Technology and digitalisation have become a priority in our efforts to ensure resilience and efficiency within our organization, and our organizational culture has shifted to embrace new ways of working and to integrate these technological advancements into our operations. 

Recognizing the importance of collaboration we utilised our regional alliance with Deloitte NSE, and expanded our focus beyond Cyprus to the Middle East and the Gulf, seeking synergies and partnerships with other key players in the region.

Despite the difficulties we have faced, we have witnessed the resilience and strength of our people. It is during the toughest times that individuals show their true capabilities, and our professionals have exemplified this by their commitment and their ability to support our clients through innovation and maturity. We envision to create even wider synergies and collaborations locally and abroad with other key players to make an even bigger impact on the market and our society.

I have been actively involved in the activities of the Institute of Certified Public Accountants in Cyprus (ICPAC) since 1996, serving the Institute from various roles; from member and president of the VAT and the Tax committees, all the way through to member of the Council and president of ICPAC.

As an active member of the Nicosia Chamber of Commerce and Industry as well, both roles allow for interaction with the whole spectrum of businesses from the profession to commerce and industry ensuring the interest of the business community are properly addressed in the market.

Certainly, my involvement in the activities of our profession, and our business community can only have a positive influence on my ability to lead our organisation with impactful results on our people, our clients, and our society. Being close to the leaders of the businesses that drive the economy gives you the opportunity to join forces for the overall good of the country, identify areas of improvement and develop strategies that will foster an overall positive impact on our society.

What makes Deloitte stand out is our ability to be agile and flexible turning challenges to opportunities, even in periods of great turmoil. This has led us to realise early on the need for digital transformation and that the future of our services revolves around technology, data, and talent.

In the past years we made significant advances in implementing policies and practices to transform our organisational culture, to provide our people with more autonomy at work and give them a sense of empowerment. We have also prioritized growth and development by offering programs to enhance skills supporting career progression. Committed to our employees well-being, we have also introduced innovative programs to help them maintain a healthy work-life balance.

Our customers, on the other hand, have increasingly sought new technological advancements from us. This necessitates our continuous focus on integrating technology and embracing digital transformation.

Looking forward, we anticipate a growing adoption of AI across all sectors. We are placing emphasis on automating operations, enhancing cyber security measures, investing in ERP and cloud technologies to optimize our internal processes and ensure seamless operations. One of our key priorities is to develop our capabilities in collecting and analyzing real-time data and utilise data analytics to help us transform data into strategic solutions for our customers offering them valuable insights to enhance their decision-making processes. Through our business strategy we are embracing the technological revolution, focusing on digitalisation, and use it strategically to improve our business performance.

Last but not least, Deloitte is placing emphasis on supporting start-up innovation and entrepreneurship and this is clearly evident via our FAST 50 programme, which awards and recognises the 50 fastest growing companies headquartered in the Middle East and Cyprus, and ARIS | A Really Inspiring Space, a non-profit organisation with the sole purpose of offering start-ups with the structure, mentorship and network needed to grow successful business ventures.

Over the years, together with my tax partners, we had a direct influence on the formulation of our tax system both at its early stages of implementation as well as its interpretation. In addition, we convey our knowledge and expertise to assist the government in formulating a tax system that is fair, comprehensive, and efficient, from our roles as active members of the ICPAC Tax and VAT committees, as well as through direct communication with relevant Ministries.

With this in mind, at Deloitte we believe that after 20+ years from the previous tax reform, we should be looking at a complete revamp of our tax legislation. Our existing system has served the country very well, but it is now time for modernisation. We have spent the last 20+ years passing amendments to an existing legislation which was based on a different philosophy to what the world must face right now. We should start from a blank piece of paper, identify where we want to be and develop a system that will cater for this. Vision 2035 has identified the pillars in which the country must invest, while EU, OECD and global developments must also be addressed. What is of paramount importance is to avoid just continuing the patching up of our tax laws just for the purpose of saying that we did something.

Green taxation should aim at changing attitudes towards a greener environment and should encourage citizens in thinking and acting greener. This means rewarding those that are considerate for the environment and penalising those that continue to harm the environment. So, in my mind, green taxation should not just be another form of taxation and should not be viewed in isolation. It should, instead, be combined with tax incentives whereby acting greener is rewarded either through tax allowances or through tax rebates, irrespective of the size of the organisation. Naturally, larger organisations will most likely have the resources to develop and implement strategies that will go a long way towards a greener environment, whereas smaller SMEs may need more government support. We expect that any reforms around this subject will consider the capabilities and costs involved relative to the size of the affected enterprises.

As Heraclitus put it “change is the only constant in life” and this today is more relevant than ever before, as the world we live and work in is constantly changing and even “traditional” industries like ours have been impacted. The future of our sector relies on our capability to embrace technology and offer clients service excellence. Advances in technology and globalisation have sped things up. Clients have become more impatient and more demanding, expecting to receive improved products and services faster. In order to help our clients grow, we must also become more responsive. As I mentioned earlier, today’s accounting and professional services organisations must utilize the most recent technological developments.

The public sector should also become considerably more technologically advanced and efficient. There is a profound need to eliminate beaureaucracy, and create the right business environment that is accommodating to the needs of the private sector to allow it to flourish. This is even more important in the context of ESG and the drive for sustainability, in which our sector has also been fast in responding and attaching the outmost importance.

I am confident that the professional services sector will remain at the forefront of the economy and will continue to lead our economy. With global competition growing we recognise that the future of our profession is largely depended on our capacity to keep developing and offering the best possible services.

Contrary to what many people may believe, our sector is dynamic and exciting. A career in accounting can be thrilling and fulfilling, and those just entering the field should be prepared for both chances and obstacles. They will succeed if they put in a lot of effort and maintain their professionalism, principles, ethos, and work ethics intact.

The services industry as a whole is very flexible, with an amazing ability to adapt and adopt changes. This is not just in responding to external challenges, but also in creating and implementing new technologies and expanding its service offerings. In the future the implementation of new technologies and technical advancements at work will become a necessity, and this is something that the younger generations are already more competent at embracing.

Our professional services sector needs people who have an educational background that enables them to think, analyse, and create data-driven solutions whilst performing outside the box. In contrast to what our profession used to do for decades when we were focused on recruiting accountants and economists, we are now focusing on industry specialists with knowledge and experience in fields such as sciences, technology, engineering, and maths, that can be utilised to offer added value to our clients.

What: Deloitte Cyprus

Where: Nicosia, Cyprus

More Info: deloitte.com/cy

Who: Pieris Markou is the CEO of Deloitte in Cyprus and a member of the Deloitte Middle East Executive Board, having previously served as the Tax & Legal Services Leader. He started his career in London in 1986 and was admitted to Partnership at Chrysanthou and Christoforou (Andersen) in 2000. He is a member of the Council of the Institute of Certified Public Accountants of Cyprus (ICPAC) since 2014, and elected President for the period 2021-2023, having previously served as the Vice President during the period 2019-2021. He has for many years participated in the activities of ICPAC having assumed many other professional roles, including that of Chairman of the Tax and VAT Committees. Pieris was an appointed member of the Advisory Council for the establishment of an Independent Authority against Corruption for the period from its establishment until June 2023 and has also been appointed by the President of Cyprus as a member of the Advisory Council for the appointment of the board members of Semi-Government Organisations. Pieris is also a board member of the Nicosia Chamber of Commerce & Industry. He holds a B.A. (Hons) degree in Accounting, is a fellow member of the Institute of Chartered Accountants in England and Wales and a member of the Chartered Institute of Taxation.