EY UK announced that it intends to onboard 1,300 new employees over a three year period for a new business advice service on their transition to net zero.
In a press release shared with Finance Magnates, EY UK has created a new business advice service, which has been named EY Carbon. The company plans to recruit over a thousand employees for the new service. Additionally, the Big Four, an audit firm, said it plans to invest over £100m in the new part of the business.
The firm added that the launch of the new service is a response to Rishi Sunak’s announcement in November 2021 at the COP26 climate summit. He stated that all UK-listed businesses and financial institutions would have to publish net-zero plans by 2023.
New Managing Partner Appointed
Moreover, Rob Doepel, a Partner of EY, has been appointed as the firm’s new managing partner for sustainability. He will drive a 250 strong team in the UK, including 12 partners. Earlier, Doepel was responsible for EY’s market segment leader for energy.
However, in contrast, EY was recently fined £3.5m over Stagecoach audit failure.
Recently, the company published its accounts for 2021 showing that it had raked in increased fees during the pandemic, with £4.1m last year. This is an increase from the previous year where it brought in £3.6m
Furthermore, the accounts department stated that the Chairman of the Board was entitled to profits of £2.9m. Though, the average distributable profit per partner for 2021 at EY increased 12% to £749,000 from £667,000 the previous year.
Hywel Ball, the UK Chairman of EY, commented on the situation: “The significant investments we are making in EY Carbon will help support our clients to not only adapt their own operations but also identify and unlock the business opportunities created by decarbonisation, ultimately helping to protect and create long-term value for all their stakeholders.”
