Since 2023, PwC Australia has been on a comprehensive reinvention journey which has seen us accelerate sweeping governance, business and cultural reforms, to reshape our firm for the better.
We will continue to listen, learn and act, to create a stronger PwC for our people, clients and communities.
Our vision is to become the leading professional services firm, built on the highest ethical and professional standards with integrity at our core, a firm that delivers purposeful and sustained outcomes in everything we do.
Our Commitments to Change
Our Commitments to Change are underpinned by a series of actions which were developed in response to Dr Ziggy Switkowski’s Independent Review of our governance, accountability and culture.
1. Put our purpose and values at the core of everything we do
2. Increase the independence and effectiveness of our governance board
3. Improve the discipline and rigour of decision making
4. Strengthen risk and conflict management​ and accountabilities
5. Embed a culture and practice of constructive challenge
Key steps we've taken
We have taken a range of actions to strengthen our governance, culture and accountability – in doing so, we have set a new standard for the industry and begun to transform our firm for the better. Those actions include;
Appointed independent non-executives to our Governance Board, including a Chair
Elevated and centralised our Risk function
Introduced a balanced scorecard for partners
Delivered an industry-leading governance reform package
Launched new risk and conflict management systems, accountability measures and an enhanced consequence management framework
Refreshed leadership and new CEO
Divested our government consulting business
Commenced a leadership reinvention journey
Released our new strategy, which places culture at the heart of everything we do
Defined our new focus behaviours; our 3Cs of unbounded curiosity, one firm collaboration and constructive challenge
Realigned our business structure to better match the needs of clients
Launched a new global development framework for our people, called the Evolved PwC Professional
Independent review of the firm’s progress
In September 2023, the firm released its Commitments to Change Management Response Action Plan, with the Governance Board tasked with overseeing the firm’s progress and reporting. In August 2024, the Governance Board appointed Webb Henderson as Independent Monitor to verify the firm’s progress.
The following report details the Independent Monitor’s findings and assessment of how each action has been implemented. Webb Henderson retained The Honourable Tom Bathurst AC KC, former Chief Justice of the Supreme Court of NSW, to review its work and findings, providing an addition level of verification over conclusions reached.
You can read the PwC Australia Chair and CEO’s response to the report here.
Independent Monitor Webb Henderson’s Report
Read the full report here
Independent Review of Governance, Culture and Accountability
In May 2023, we commissioned the Independent Review of Governance, Culture and Accountability at PwC Australia. The Independent Review was conducted by Dr Ziggy Switkowski AO.
In response, the firm released its Management Response, outlining how it planned to address each of Dr Switkowski’s recommendations.
PwC’s investigation into confidentiality breaches
In 2023, PwC Australia investigated, with the assistance of external counsel, the firm’s handling of confidential Treasury information and related failures in professional, ethical or leadership responsibilities.
Our Statement of Facts sets out the key issues examined in the investigation and is structured to address and answer the three questions that Dr Switkowski posed in his Independent Review – namely:
How did the breaches of confidentiality and conflicts happen and persist uncorrected for some years?
Have responsible parties been identified and disciplined?
What processes are now in place to minimise the possibility of any repeat of this experience?
PwC Australia accepts full responsibility for the historical misconduct that occurred in our Tax practice and notes that significant repairs have been made and will continue to be made to re-earn the trust of our stakeholders and clients.
Statement of Facts
Read PwC Australia’s Statement of Facts in full.
