PwC highlights commitment to transparency in annual report

PwC has published its inaugural annual report highlighting the firm's progress over the year, as well as audited financial statements and remuneration report.

The report revealed the firm had recorded $2.2 billion in revenue, $619 million in profit and $551 million in total tax contribution over the past year.

The release of the report with the audit and remuneration inclusions marked a significant milestone for the firm and its commitment to transparency, according to PwC.

Kevin Burrowes, PwC Australia CEO, said in a period of change, growth and reform PwC had set the foundations for a firm that was “well-managed, grounded in ethics and integrity and had culture at its core”.

“Publishing this annual report, with audited financial statements and a remuneration report, is a moment we can all be proud of. We are delivering a new level of transparency for the firm, giving our clients, people and stakeholders an unprecedented level of knowledge around our firm’s performance, governance and operations,” Burrowes said.

The “transparent” report follows last year’s PwC scandal which induced increased scrutiny of the firm and the way it operated.

Burrowes added that the report also shared the firm’s alignment with ASX corporate governance principles to an extent applicable to a partnership.

“This Annual Report reflects a year of progress for PwC Australia. We introduced major governance reforms, armed our people with the latest developments in artificial intelligence and launched a new strategy that puts culture at the heart. These are all important steps, as we seek to realise our vision of becoming the pre-eminent professional services firm,” he said.

Key achievements in 2024 were also included within the report, with the implementation of its evolved behavioural framework to be noted as one, which aimed to support employees become impactful leaders and continue to “build culture”.

The four growth priorities of the firm were also shared, including AI, data and technology, trust, sustainability and business model reinventions.

The firm said these growth priorities were supported by investment in the core capabilities of audit, tax and deals risk and transformation.

On the adoption of the ASX corporate governance principles, John Green, PwC governance board chair, said where applicable for a partnership, the principles were a significant step forward for the firm and built on the positive governance reform measures.

“I am particularly impressed with the way the firm’s Governance Board partner members are working with our independent non-executives to challenge the status quo and each other. The diversity of thought has led to great boardroom discussions and new ideas,” he said.

“Together with my Governance Board colleagues, I look forward to continuing to bring energy and aspiration to the firm’s positive agenda in the year ahead.”

The governance board, part of the firm’s commitment to change and transparency was first elected last July with the aim to oversee areas of strategy, risk, finance and culture, as well as playing a role in the succession of the CEO.

The report highlighted the expectations and workload of the governance board and its members, as well as the members annualised fees.

“To rebuild trust with our stakeholders and demonstrate our commitment to the integrity of the process, it was critical that we sought independent assessment of our progress,” Green said.

“The changes place more emphasis on ‘how’ people achieve exceptional results, in addition to ‘what’ they achieve. This is a critical adjustment to help redefine what it means to be part of PwC Australia. Together with my Governance Board colleagues, I look forward to continuing to bring energy and aspiration to PwC Australia’s positive agenda for the year ahead.”