PwC Australia outlines further progress and next steps in governance and culture uplift

• PwC reports on progress, one year since launching its One Firm strategy, which placed culture at its core.
• Releases Independent Monitor’s report which assesses PwC’s actions against its Commitments to Change Action Plan. 
• Appoints fourth independent non-executive, Wendy Stops, to PwC Australia’s Governance Board. 
• Confirms commitment to building enduring cultural change. 

AUSTRALIA – PwC Australia has today outlined the next phase of its governance and culture uplift, a year since it released its One Firm strategy. This includes appointing a fourth independent non-executive to the firm’s Governance Board, the release of Independent Monitor Webb Henderson’s Report and plans to continue the important culture shifts the firm has commenced. 

The update outlines PwC’s commitment to further enhancing its deep industry expertise, grow its core offerings in Assurance, Advisory and Tax & Legal and expand its focus on artificial intelligence. Culture will continue to be at the core of the firm’s strategy, as it dials up the importance of its three behavioural anchors: curiosity, collaboration and challenge (the 3Cs).  

Independent Monitor Webb Henderson’s Report released 

The firm is publicly releasing Independent Monitor Webb Henderson’s report on the firm’s ongoing progress against its Commitments to Change Action Plan. Webb Henderson was appointed by the Governance Board last year to assess the firm’s progress against the 47 actions it committed to following the release of Dr Switkowski’s 2023 Independent Review of the firm’s governance, culture and accountability. The Honourable Tom Bathurst AC KC, former Chief Justice of the Supreme Court of NSW, was retained by Webb Henderson to review its work and findings.

The Webb Henderson report finds that 46 actions have been either implemented or well progressed to be delivered against their timelines and one action has been partially implemented. The Hon. Tom Bathurst AC KC reviewed Webb Henderson’s process and methodology and agreed with the conclusions reached. 

Independent Governance Board Chair John M. Green said the report provides independent assessment of the firm’s progress and, most importantly, outlines the strong foundations the firm has laid to continue embedding change. 

"Facing into difficult circumstances, PwC’s partners took on an ambitious governance and cultural change program, including reforms that fundamentally changed the way the firm is governed – in short, a program of reinvention," Mr Green said. 

“Today does not signal 'job done'. We will continue our work on these important changes, as we maintain focus on our growth priorities and enhancing our culture of sustainable high performance,” he said. 

One of PwC’s commitments is to publish externally audited financial statements – an industry first among Australian ‘Big 4’ professional services firms. These will be released shortly, as part of a comprehensive Annual Report that will provide an unprecedented level of transparency around the firm’s performance.

Firm continues to transform, seizing opportunities in tech 

PwC Australia CEO, Kevin Burrowes, said along with driving positive cultural and governance uplift, the firm has made significant progress in reinventing to meet global and domestic trends.  

“I want to thank our people and partners who have brought this change to life. While there is certainly more work ahead, I am proud of the lasting impact we are making, as part of our Commitments to Change Action Plan,” he said.  

“Alongside this program of work, we have armed our people with the latest technology and strengthened our relationships with our Alliance partners to deliver exceptional client outcomes. This includes collaborations which put agentic AI in the hands of our clients and transform the audit process.  

“We’ve upskilled our people with the introduction of ChatPwC and our AI Centre of Excellence, which has resulted in the development of bespoke GenAI-enabled tools such as Regulatory Pathfinder and Tax Automate.

“The work we’re doing with AI for clients is cutting edge, and it’s only the beginning. We will continuously look for ways to reinvent and innovate so we can help our people and partners bring the best of our global firm to our clients,” he said.  

Fourth independent non-executive joins Governance Board, firm announces next Chief Risk and Ethics Officer

Mr Green said the Board has appointed an additional independent non-executive; Wendy Stops. Ms Stops is currently a non-executive director of Coles Group and was previously on the Board of the Commonwealth Bank of Australia and the Chair of Blackmores Group, among other board roles. Ms Stops brings significant technology expertise to the Governance Board, having had major technology roles across Asia Pacific during her executive career with Accenture.  

“The diversity of thought around our board table – from both independents and partners – helps us provide important constructive challenge and encourage curiosity. As we welcome Wendy, we’ll be enriching this with additional perspectives to continue shaping and strengthening our governance model.” 

Ms Stops will commence her role from July 1. 

In addition, PwC Australia partner Debbie Smith will become Chief Risk and Ethics Officer, following Jan McCahey’s retirement later this year. 

Ms Smith has been with PwC for over 30 years during which she has led some of the firm’s largest audit engagements, held the role of Brisbane Market Managing Partner, and is currently the Risk & Quality leader for the firm’s Assurance business.  

Next phase of culture embedment 

Mr Burrowes said that a key component of embedding the actions outlined in the firm’s Commitments to Change is building a culture of sustainable high performance. 

“We have an incredibly high-performing workforce, which we take great pride in. What’s important is that the outcomes we drive are done in a sustainable way, with ethics and integrity front and centre. To reinforce this, we’ve reset how we measure and reward our people,” he said. 

“For partners, their performance is now assessed against a Balanced Scorecard, including non-financial measures. For all our people, ‘how’ they deliver their work is just as important as ‘what’ they deliver. These changes may seem small, but they are critical shifts helping us build a leading culture. It’s the natural next step as we continue to dial up our cultural anchors of curiosity, collaboration and challenge,” he said.

The momentum underway aligns with the Network’s brand repositioning, which places increased emphasis on creating opportunities for people to develop, grow and accelerate their careers. 

“We continue to set our people up for success, so they can grow here and go further. Investment in their skills, capabilities and futures is an investment in our clients and the Australian business community,” Mr Burrowes said.