PwC Australia will begin reporting its audited financial statements as part of “landmark changes” it is making to strengthen its governance and remuneration frameworks in response to an internal review to be released Wednesday.
(Bloomberg Law) — PwC Australia will begin reporting its audited financial statements as part of “landmark changes” it is making to strengthen its governance and remuneration frameworks in response to an internal review to be released Wednesday.
PricewaterhouseCoopers’ Australia arm ordered the governance and culture review by telecommunications executive Ziggy Switkowski following the tax leak scandal which led to the departure of 13 partners, including former CEO Tom Seymour, and the sale of its government advisory arm.
PwC says it will now apply some Australian Stock Exchange corporate governance principles and recommendations as a result of the report.
- The firm will appoint at least three non-executives, including a non-executive chair, to its board and will also publish audited financial statements by September 2025 the firm said in a statement today.
- Other implementations made in recent months include changes to remuneration would see “a balanced scorecard emphasizing non-financial measures” introduced, the firm said.
- PwC Australia chief executive Kevin Burrowes said the firm is “committed to rebuilding and re-earning the trust of our stakeholders.”
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