Clear majority of Irish business leaders are also concerned about Ukraine war impacting post-pandemic economic recovery.
The latest quarterly survey by the Institute of Directors (IoD) in Ireland has found that a conclusive majority (94%) of business leaders believes their organisation has a social and moral responsibility to cease or minimise trade/business with or in Russia due to the ongoing conflict in Ukraine.
In addition, ‘geopolitical/economic instability’ and ‘escalation of Russia-Ukraine war’ were seen by business leaders as among the biggest risks facing their organisations.
“Businesses and the economy continue to function, but they must do so in a global context that is uncertain and fraught with significant risks to their organisations, trading partners and economies”
The IoD’s Director Sentiment Monitor for Q1 2022, to be published in early May, has also found that nearly three-quarters (74%) of business leaders are either ‘extremely’ or ‘very concerned’ about the wider consequences of the war in Ukraine impacting post-pandemic economic recovery, with a further 25% ‘concerned to some degree’.
Fears for geopolitical instability
“First and foremost, business leaders acknowledge the massive and tragic humanitarian consequences of the war in Ukraine,” said Thora Mackey, chief operating officer of the Institute of Directors in Ireland.
“They stand in solidarity with those trying to bring an end to the war and this is borne out by our research finding that a clear majority (94%) of business leaders are against trade with Russia. However, the reality is that businesses and the economy continue to function, but they must do so in a global context that is uncertain and fraught with significant risks to their organisations, trading partners and economies.
Unsurprisingly, geopolitical/economic instability, and inflation, are seen by business leaders as the two most significant risks. This international crisis is evolving each day. It is to be hoped that efforts to find a peaceful resolution will be successful sooner rather than later, to avoid further loss of life and human suffering.”
On the other key advance findings in the IoD survey, Mackey added: “It’s been a challenging two years, but business leaders need to remain agile and decisive in navigating their organisations through the uncertainty of the continued global pandemic and the geopolitical/economic instability.
“Nearly three quarters of business leaders are either ‘extremely’ or ‘very concerned’ about the wider consequences of the war impacting post-pandemic economic recovery, with a further 25% ‘concerned to some degree’.”
