Throughout today, Business News Network (BNN) discusses what top Canadian CEOs are concerned about this quarter, revealing the findings of the 31st C-Suite Quarterly survey. Sponsored by KPMG and conducted by Gandalf Group, respondents focused on the outlook for the Canadian and U.S. economies; cyber-security issues facing businesses; and income inequality and its potential implications for businesses.
BNN’s in-depth look at this edition of the C-Suite Quarterly survey findings includes feature interviews and further analysis throughout the day during THE STREET at 8:20 a.m. ET; BUSINESS DAY at 11:15 a.m. ET; THE BUSINESS NEWS at12:10 p.m. ET; BUSINESS DAY at 2:20 p.m. ET; and THE CLOSE just after 4:30 p.m. ET. BNN’s complete examination of the findings will be available online at BNN.ca post-broadcast.
Key Findings of the 31st C-Suite Survey include:
Outlook for Canadian and U.S. Economies:
- The C-Suite’s forecasts for the U.S. economy continue to improve; forecasts for resources companies have weakened considerably, though most remain positive.
- Expectations for the Canadian economy remain modest.
- 19% of executives surveyed believe the Canadian economy is struggling now – including 22% of Western Canadian execs who said the economy is in moderate decline this quarter.
Cyber-Security Concerns:
- Four in ten executives said their companies were very or somewhat likely to be a target of cyber-attacks. Services sector and large organizations were more likely to be concerned.
- The systems or data executives most want to protest deal with employees’ information and the continuity of electronic communications and e-commerce.
- The main sources of concern are from criminally motivated individuals. There is far less concern about cyber-threats from domestic business competitors or foreign governments.
- Most feel their company is at least somewhat well prepared to handle such threats, and most are not confident in governments’ and law enforcement’s ability to protect Canadian businesses or the economy.
Income Inequality:
- Nearly half of executives are very or somewhat concerned about income inequality. The vast majority believe the issue is more prevalent in the U.S. than in Canada.
- Most surveyed agreed that the continued diminishing of the middle class will have a negative impact on the social cohesion of the country, on crime and security, the types of governments elected, and the environment for business.
- Nearly all surveyed supported better worker training to ensure more workers have valued skills and the work and pay that come with them.
- The vast majority support closing tax loopholes, while most opposed higher taxes on the top incomes as well as more generous public pensions.
The C-Suite Quarterly survey is conducted by Gandalf Group and sponsored by KPMG.