PwC provides industry-focused assurance, tax, and advisory services to over 161,000 clients in 154 countries worldwide. In FY 2010, PwC's global revenues were $26.6 billion. While economic conditions remained challenging, PwC's performance was up slightly from the previous year, with emerging markets showing renewed growth. Looking ahead, PwC is well-positioned to help clients capitalize on new opportunities as the global economy continues its recovery.

1. www.pwc.com/annualreview
Building
relationships.
Creating value.
Global Annual
Review 2010
Reviewing 2010, looking
forward to 2011

2. The PwC network
North America and
the Caribbean
37,643
people
Western Europe
57,702
people
154
Global Middle East
and Africa
10,033
people
countries
766
South and Central
America
10,428
people
locations
PwC firms provide industry-focused assurance,
tax and advisory services to enhance value for
their clients. More than 161,000 people in 154
countries in firms across the PwC network share
their thinking, experience and solutions to
develop fresh perspectives and practical advice.
See pwc.com for more information.
In this Global Annual Review we look at issues
that impact PwC clients and people around the
world, and we examine our performance, our key
network policies and standards, and our work in
the global community during FY 2010.

3. Contents
PwC people
161,718 Chairman’s letter
Clients 6
2
People 12
Central and Eastern Corporate Responsibility 18
Europe
6,837 Transparency 26
people
Facts and figures 32
Asia
32,225
people
Australasia and www.pwc.com/annualreview
Pacific Islands
In this Global Annual Review, the terms
6,850 PricewaterhouseCoopers, PwC, our and we are
used to refer to the network of member firms of
people PricewaterhouseCoopers International Limited
(PwCIL). Each member firm is a separate legal
entity and does not act as an agent of PwCIL or
any other member firm. PwCIL does not provide
any services to clients. PwCIL is not responsible
or liable for the acts or omissions of any of its
member firms nor can it control the exercise of
their professional judgment or bind them in
any way. No member firm is responsible or liable
for the acts or omissions of any other member
firm nor can it control the exercise of another
member firm’s professional judgment or bind
another member firm or PwCIL in any way.
FY 2010 runs from 1 July 2009 to 30 June 2010.
Global Annual Review 2010 1

4. Chairman’s letter
Value in the world
Dennis M. Nally
Chairman,
PricewaterhouseCoopers International
Dennis M. Nally was elected Chairman
of the PwC network for a four-year term
beginning on 1 July 2009. He joined
PwC’s Network Leadership Team in
2008. From 2002-2009, he was Senior
Partner of PwC US. He joined PwC in
1974 and became a partner in the US
firm in 1985.
2 PwC

5. FY
2010
US$ 26.6 billion revenues in FY 2010
26.6 bn
We know that the PwC network is at developed nations, and faltering
Dear friends and its best when we listen closely to our consumer confidence have all
clients, understand their goals and contributed to sluggish conditions.
colleagues, collaborate with them in creating Forecasters predict a ‘two-speed’
value. The same goes for our people scenario for the future. For the rapidly
– we want to create an experience at developing economies, primarily the
PwC that encourages them to realise BRICs (Brazil, Russia, India and China),
their potential and create their own the recovery has taken a firm hold.
personal value.
Meanwhile the economies of the
That is our brand promise – building mature industrialised nations seem
relationships that help clients and people stuck in a lower gear. Despite these
create the value they want – and we are disparities, the economic fortunes of
continually looking to intensify our efforts the emerging and developed economies
to deliver and validate that promise. remain closely intertwined. We are
seeing the pace of globalisation accelerate
That is why, for the first time in 12 years, to pre-recession levels and expect
we have changed our brand. We’re excited cross-border activity to increase as
about our new look, but of course brand clients continue to seek new markets
is much more than visual identity – it is and pursue cost savings.
what we do to bring the PwC brand to
life in the market that really matters. Without question, the state of the
global economy has also altered the
One of the key elements of the PwC brand business environment for PwC.
that we live every day is independence Competition, always fierce in our markets,
of mind. Independence, and the straight- has sharpened, and the economic crisis
talking that goes with it, are critical to has heightened the need to provide
our role as auditors but they also infuse clients with consistent, top quality
every part of our business and the value services across the PwC network that
we provide. Because we embrace add value to their business.
independence we strive to provide our
best advice even in cases when that Results
advice is uncomfortable or contradicts Despite these tough conditions, PwC’s
conventional wisdom. Critical thinking aggregate global results for FY 2010
and balanced, independent judgements were up slightly compared to last year.
are the foundations on which we build
our relationships. As in the economy at large, PwC firms
in different geographic markets are
Economic environment recovering from the downturn at varying
The uncertainty of the current economic rates. Firms in the emerging market
environment clearly demands a countries showed renewed growth,
sharpened focus. For many businesses, with PwC firms in Korea, Mexico and
the long-anticipated economic recovery China in particular reporting boosts in
remains frustratingly elusive and our activity. Revenues in many developed
expectation is that overall global markets also picked up, although at a
economic expansion will continue to more modest rate. PwC firms in Spain,
be slow at least through FY 2011. the UK, Germany and Canada each
reported returns to growth. But revenues
Fears of renewed fiscal crises, high dipped slightly for the PwC US firm.
unemployment rates in the most
Global Annual Review 2010 3

6. Our brand promise:
Building relationships that
help clients and people
create the value they want
PwC’s Advisory practice rebounded People
PwC firms are among the well to grow by 7.9 % over last year in The global economic crisis also
a very tough, competitive environment. highlighted lessons to be learned from
largest graduate recruiters The consulting business grew strongly, a people perspective. When companies
in the world. Our future up 15%, despite the continued cut headcount and scaled back spending,
absolutely depends on our slowdown in the market for advice on they were often unable to move talent
deals. Advisory now accounts for US$ around quickly. For some organisations
ability to continue to attract 6.2 billion of PwC’s aggregate revenue, this led to layoffs to save cash at one
and retain talented people and we expect its growth to continue extreme, but also left crucial ‘talent
who are committed to both organically and through strategic gaps’ at the other.
acquisitions in markets where we
helping clients and PwC choose to compete. Fortunately, for the most part, at PwC we
firms achieve their goals were able to anticipate this development.
Revenues in our Assurance and Overall, we held the course in anticipation
Tax practices, both the world’s largest of the upturn, and are optimistic this
in their markets, held up well. A rise strategy will yield benefits in 2011 and
in demand for Assurance services was for the longer term.
more than offset by pricing pressures.
Tax revenues improved as the year PwC is committed to providing people
progressed, despite a slowdown in with opportunities to achieve the full
corporate deals and restructuring work. measure of their professional and
personal potential. To do so, we must
Overall, we believe our results are continue to develop cultural dexterity,
a creditable achievement. Key to this working across multiple dimensions
success has been the progress we are of our workforce diversity. The global
making in improving coordination economy requires matching people
across our global network – again with the right skills with client needs
with the overriding goal of bringing regardless of borders. More than ever we
added value to our clients. In this effort, seek to provide people with opportunities
I’m thankful for the collegial spirit of outside their home countries, benefitting
the other members of the PwC Network both clients and peoples’ careers.
Leadership Team who also serve as
senior partners of PwC firms: Bob Moritz Collectively, PwC firms are among the
(United States), Ian Powell (United largest graduate recruiters in the world.
Kingdom), Norbert Winkeljohann Our future absolutely depends on our
(Germany) and Silas Yang (China). ability to continue to attract and retain
talented people who are committed to
helping clients and PwC firms achieve
their goals. If talented people do not reach
their potential, they will look elsewhere.
4 PwC

7. Thus we focus on people’s careers with change by repositioning the profession Future
the same intensity we apply to meeting to better meet the needs of investors, With the strongest network and the
clients’ needs. recasting the financial reporting model best people, PwC is uniquely positioned
for better access and understanding. to work with companies of all sizes as
In FY 2010, PwC firms were recognised they manage through these uncertain
by numerous external media organisations Today accountants and auditors face times and create the value they want.
for their innovative, best-in class human a rapidly changing global regulatory It is demonstrated in the performance
resource programmes. Among others, environment – one in which regulatory, of the 162,000 people in PwC firms
PwC was again ranked among the 100 legal and standard-setting processes around the world – in the passion,
Best Companies to Work for by Fortune are struggling to keep pace. As a result, knowledge and commitment brought
magazine, and was among the top 10 we are not operating as efficiently as to every relationship.
companies on Working Mother’s best we should. Businesses continue to pay
workplace list for the 7th consecutive the price for a system that is too complex As the global economy emerges from
year. PwC was also placed first in and cumbersome. the downturn, we expect FY 2011 to
The Times (London) Top 100 Graduate continue the slow growth pattern,
Employers survey, and was among the Responsibility although with regional differences.
Top 10 Best Companies to Work for by Corporate responsibility permeates all But we do see exciting opportunities
Consulting magazine. aspects of business today. Specifically, emerging as well, particularly in
the challenge of managing issues around industry sectors such as healthcare,
Profession sustainability is seen by most business financial services and infrastructure,
The economic downturn also gave rise leaders as an important factor in long- and we are poised to help clients
to questions about the role of accountants term prosperity. PwC firms are likewise capitalise on them.
in the financial crisis, the long-term conscientious about their conduct in
relevance of auditing and what value it the communities where they operate. We are not reluctant to share our own
brings to the marketplace. The European ambition at PwC – to be the world’s
Commission announced it will publish PwC firms also collaborate closely with leading professional services network.
a wide-ranging discussion paper on organisations such as the United Nations, We want to be distinctive in everything
auditing, dealing with such issues as the World Economic Forum and the we do; to set ourselves apart from our
independence, the dominance of the World Business Council for Sustainable competitors as much by the quality of
Big Four accounting networks, and the Development to help find solutions. our relationships as by the excellence
ownership and governance of audit Our initiatives are guided by our of our performance.
firms. Similar debates are also taking commitment as a member of the United
place at national levels such as in the Nations Global Compact. Through that As you reflect on the examples and
UK. The financial crisis has given all commitment we seek to improve lives stories shared in this publication, I hope
of us much to reflect on – not only what by applying the UNGC’s 10 principles you will understand why I am confident
could have been done to potentially in the areas of human rights, labour, these ambitions are well within our reach.
mitigate the impact of the crisis, but what the environment and anti-corruption.
should be done to avoid a recurrence. Elsewhere in this report, you will
PwC welcomes these debates and takes see examples of how PwC is working
seriously the responsibility to participate to incorporate the 10 principles of the
for the benefit of our clients and ourselves Compact in the marketplace, in the way
as well as the wider public interest. we treat our people, in our interactions Dennis M. Nally
in our communities, and in our Chairman, PricewaterhouseCoopers
The relevance and value of the audit is environmental initiatives. International
directly related to the corporate reporting
model. We must help shape the agenda for
Global Annual Reveiw 2010 5

8. Clients
Strong relationships:
The key to unlocking value
6 PwC

9. PwC member firms consistently
build relationships that help clients
create the value they’re looking for.
Client relationships go beyond single
engagements. We work hard to
understand the client’s business
and how they define value.
PwC’s clients typically turn to us for
help in solving problems that involve
numerous concurrent factors, weighing
complex trade-offs, and prioritising
multiple objectives.
Case study
Founded in 1950, China Minmetals
Corporation is a major Chinese mining
company listed on the Shanghai Stock
China Minmetals: Trusted
Exchange. It deals globally in the
development, production, trading and
relationships and drive for value
operation of metals and minerals, and
has an ambition to become a world-class
combine for winning venture
product provider in its sector.
In recent years, PwC China Advisory
partner Ken Su has worked with his
Audit partner colleague Timothy Ho to
develop a strong working relationship ensuring success. It was truly a single
with the China Minmetals team. When team working with the client to achieve
China Minmetals was looking to acquire one overriding aim – to help our client
a significant amount of the copper, zinc achieve optimum value from the
and lead assets of Australian-based Oz transaction.”
Minerals, it turned to PwC China for
Following the acquisition of key assets of
due diligence services in relation to the
Oz Minerals, Minmetals formed a new
US$ 1.38 billion deal.
company called MMG (Minerals and
All the cross-border strengths of the Metals Group). As the opportunity to
PwC network came into play as Ken Su’s audit this new company became apparent,
team collaborated with colleagues in the PwC mining team in Australia, led by
PwC Australia along with PwC’s tax Tim Goldsmith, worked with PwC China
teams in China. This collaboration colleagues in Hong Kong and Beijing to
enabled PwC China to provide added- seek and ultimately win the audit of MMG.
value advice to Minmetals in the areas The client awarded the engagement to
of deal structure, negotiation strategy PwC as a result of the partnership and
and target value/risk assessment. Ken trusting relationships developed through
Su recalls: “Throughout the project, the years, and deep industry knowledge,
trusted relationships and close as well as PwC’s candour and attention
collaboration were key factors in to detail.
Global Annual Review 2010 7

10. These sorts of challenges mean that In our experience, it is almost always the
technical expertise must be reinforced case that a strong relationship between
with excellent judgement, broad business PwC and its client leads to better results.
experience, and a keen understanding This is PwC’s approach to doing business.
of the client’s implicit, as well as explicit,
goals. In circumstances like these – Of course, creating a strong relationship
particularly when the stakes are high – with a client takes time and effort.
there is an excellent opportunity for One thing that PwC people have deeply
a strong and lasting relationship to embedded in their work, is a strong
develop between a client and its PwC awareness that clients judge PwC on
engagement team. the entire ‘package’ of benefits and
impressions that they receive during
the course of an assignment. In other
words, the client’s view of us is shaped
both by the big things and the little
things we do for them.
Case study
Eli Lilly: Pulling together
to help create value
Founded in 1876, Eli Lilly is one of aside any feelings of competitiveness and
the largest pharmaceutical companies work together closely with a single goal
in the world. Of the company’s 40,000 in mind – to create and preserve value
employees, more than 7,000 are engaged for Eli Lilly.”
in research and development activities.
This sort of teaming among Lilly and its
A true multinational enterprise, Lilly has
external advisors was put to good use
manufacturing plants in 13 countries;
during the company’s recent multi-billion
conducts clinical research in more than
dollar acquisition of ImClone Systems.
50 countries; and markets its products
The PwC US mergers and acquisitions
in 143 countries.
team worked closely and effectively with
The Lilly organisation is highly collegial, Lilly’s external legal advisors and auditors
and close and collaborative relationships to ensure that this complex transaction
with its external advisors are very went smoothly. The transaction
important to the company. Indeed, Lilly’s subsequently led to a bigger role for PwC
Chief Tax Executive, David Lewis, likes to during the post-acquisition restructuring
say: “We don’t care what you know until phase, which involved tax, M&A and
we know that you care”. PwC’s relationship transfer pricing professionals from the
with Eli Lilly goes back more than a PwC US and PwC Switzerland firms.
decade, and is now overseen by US Tax
Says Eli Lilly’s David Lewis: “What’s
partner Art Wachholz.
important to Lilly is that our external
Art says: “After just a few days working advisors all pull together with the
with Lilly people, it became very apparent ultimate aim of helping us to create
to me that this is a relationship-driven value for our business. The PwC people
organisation. The importance that Lilly we’ve worked with clearly recognise this
people attach to ‘teaming’ is evident and, as a result, we’ve developed a close
throughout the company’s culture. working relationship with them at all
In particular, Lilly’s Tax department levels of the Lilly organisation. For Tax,
expects all its external advisors to put they are truly trusted advisors!”
8 PwC

11. Some capabilities – such as technical
mastery, industry knowledge, and a
well-rounded business sense – represent
the threshold capabilities expected of us.
Other traits – like anticipating the client’s
issues and being highly responsive
to their needs – are more subtle and
personal, but no less important.
Consequently, in every interaction
with a client, PwC people seek to
combine their ‘hard’ technical skills
with their ‘soft’ people skills in a way
that will nurture the client’s confidence
in us. In time, this approach helps a
lasting and productive relationship
to emerge and grow.
Founded in 1975, Microsoft is an
acknowledged world leader in software,
services, and solutions that help people
and businesses realise their full potential.
With more than 88,500 employees in Case study
operation centres in Ireland, Singapore
and the US, subsidiaries in 109 countries
and its corporate headquarters in
Microsoft: United in drive
Redmond, Washington, the company has
a presence in every corner of the globe.
to be better, stronger, faster
Microsoft is on a continuous mission to
transform its operations – an ongoing
drive to become better, stronger, faster.
Helping Microsoft succeed in this mission
is PwC. The long-term, multi-faceted, Management capabilities. Over the
global relationship between the two past number of years, for example,
organisations spans more than a decade, the PwC team worked closely with
and is overseen by US partner Robert L. Microsoft to plan, manage and
Moline. He manages a global team of successfully complete the purchase of
200 PwC people who serve Microsoft the Norwegian technology company
on a wide array of projects worldwide in FAST Search. PwC US Advisory partner
areas as diverse as finance effectiveness, Patrick Pugh, who led the project,
intellectual property management, explains: “We were able to put together
IT security, project and programme a team with the right skills at short
management, risk management, notice. Throughout the project, our
tax and customs advice, training and focus was on delivering quality work
environmental sustainability. Robert and investing in relationships.”
says: “We are all keenly aware that every
PwC’s thorough and highly collaborative
time Microsoft takes the decision to
approach is appreciated on the client’s
engage us, we are expected to deliver
side of the relationship. Joe Wittinghill,
recognisable value in each and every
General Manager of Microsoft’s Venture
project we undertake. This has always
Integration Group, adds: “What we
been our mission, and has become even
appreciate most about working with
more critical in recent times.”
members of the PwC team is their
One of the ways in which Microsoft is commitment to our company and to
driving its transformation is through helping us create the value we need.
acquisitions. To help it integrate many They are responsive; they understand our
of these acquisitions into its existing business and our needs; and they know
businesses, Microsoft relies on the how to supplement our methodologies
support of the US firm’s Integration with their good practices.”
Global Annual Review 2010 9

12. Famed for its ‘Superdry’ brand, understanding of our sector, and
SuperGroup is a fast growing UK-based they executed their work extremely
international retailer and wholesaler professionally. Their enthusiasm and
of branded youth fashion. Founded commitment, coupled with their high
in 1985, SuperGroup has a total of quality technical advice, played an
49 stores in the UK and Ireland plus a instrumental role in ensuring we
further 58 concessions within House of achieved a successful listing at an
Fraser stores. Internationally, Superdry incredibly fast pace. In addition they
branded products are sold in more were an integral part of the team.
than 30 countries with franchised and The part I liked and welcomed most
licensed outlets in Belgium, France, was their ability to step in when extra
Scandinavia, North America, South help was needed. In among all the hard
America and Australia. work and long hours, they maintained
a very professional management
In its bid to become the first successful
style that was challenging, respectful
UK retail listing since the start of the
and supportive.”
economic downturn, SuperGroup
sought help from PwC UK. PwC UK’s Steve Smith, PwC’s project leader on the
Phil Robinson managed the reporting IPO, sums up: “It was a great experience
accountant role from a tax perspective working on a project where we could
and engineered the most tax-efficient really add value and take the pressure off
listing structure for the Initial Public the client. There were many service lines
Offering (IPO). He says it was a involved but our delivery was seamless.
technically demanding transaction – The client saw us as one coherent team
and that the experience of the PwC and that’s how it should be.”
team was a key success factor: “We were
able to deliver excellent value in terms
of the benefits we were able to produce.
At all times we considered what the
different stakeholders in the business
required, and our focus was always
on ensuring that the advice met all of
these needs.”
Following successful completion of
the IPO – and after close collaboration
between the client and PwC team
members from audit, capital markets,
structuring services, tax, transaction
services and risk assurance –
SuperGroup successfully entered
the FTSE 250 in March 2010.
Chas Howes, SuperGroup plc Finance
Director, says: “The support we had
from PwC was absolutely fantastic.
I was delighted with their input to this Case study
complex and demanding process. They
brought a strong blend of skilled people
to the table who had an in-depth
SuperGroup: Teamwork
and focus on value lead
to successful listing
10 PwC

13. One quality in particular is key to To an extent, the relationship that We take a similar approach in the way
every strong relationship: trust. For we seek to establish with clients is a we work with clients. In our view, PwC’s
the people of PwC, the word ‘trust’ has reflection of PwC firms’ long and rich own intellectual capital is amplified and
special meaning. In the first instance, heritage as public auditors. That role extended by that of its clients. By working
trust is a core element of our business, has instilled in our people the quality in close collaboration, PwC firms and
which is to build the public’s confidence of ‘independence’ – an attribute their clients enter into a relationship in
in the fair and efficient functioning of that isn’t limited to compliance with which learning occurs in both directions.
capital and financial markets around regulatory rules, but instead extends
the world. This means everyone in PwC to independence of mind. As a result, At PwC, we’re persistent and patient in
should exhibit a high level of personal we tell clients what we think, without our efforts to build and sustain strong
integrity and responsibility at all times. fear or favour. relationships with clients. We know
This imperative provides an excellent that the sorts of relationships we wish
basis for establishing a trust-based While independence of mind is critical to establish take time. We also know
relationship with our clients. to our ability to carry out the role of they require us to exhibit – in every
public auditor, it is also an attribute interaction with every client – the
that infuses every part of our business. implicit qualities of trustworthiness,
Because we embrace independence, independence, and empathy, together
‘Putting ourselves in the we are compelled to give clients our best with an explicit desire to work in close,
client’s shoes’ allows us to advice, even in cases where that advice respectful collaboration. In bringing
connect deeply with clients is uncomfortable to hear or contradicts these attributes to every assignment we
conventional wisdom. Clients value our take on, PwC simultaneously enriches
and grasp the practical straight-talking approach, regarding it – the professional lives of its people and
business context in which quite rightly – as an excellent starting unlocks the door to creative, value-rich
they operate. point for generating innovative solutions solutions for clients.
and building lasting relationships.
To maximise the resulting benefits,
On a practical day-to-day level, trust is independence of mind must go hand-in-
also established when we demonstrate hand with empathy – or, as PwC people
a number of our qualities to our clients. often say to one another, ‘putting
ourselves in the client’s shoes.’
These include a capacity for listening
and asking the right questions; for This mindset allows us to connect deeply
focusing on their objectives rather with clients and grasp the practical
than our processes; for grasping the business context in which they operate.
big picture; and for delivering what we It keeps us focused on the client’s agenda
promise. In the absence of trust, most rather than our own. It also enables us
professional service providers appear to keep our egos in check and acknowledge
more or less interchangeable. But add that we don’t always have all the answers.
trust to the equation, and you gain
the opportunity for ‘creative tension’ What else contributes to strong
between service provider and client. relationships? In our view, a collaborative
In such relationships, both parties are working style is a further prerequisite.
sufficiently comfortable – both Not surprisingly, collaboration comes
intellectually and emotionally – to naturally to PwC people because it’s
engage in an open and challenging central to the way we work among
give-and-take of ideas and perspectives. ourselves. After all, PwC is a global
network of national firms with various
communities of interest: industry
generalists, functional specialists and
subject matter experts.
To address particularly complex client
issues, members of these communities
come together to form self-organising,
non-hierarchical teams where ideas
can be proposed, discussed, and either
disposed of quickly or taken further.
In these fluid teams, deference is paid
to ingenuity, innovation and know-how
rather than rank.
Global Annual Review 2010 11

14. What’s next for
corporate reporting?
Ian Powell
PwC UK senior partner and member
of the Network Leadership Team

15. Corporate reporting plays a pivotal explanation of how and why a company
role in the effective functioning of the is likely to be sustainable in the long run.
market economy. By ‘corporate This has to address critical issues such
reporting’, we mean all the mechanisms as a frank explanation of the business
by which companies communicate their model and the alignment of management
performance and activity to their incentives with the business strategy
stakeholders, particularly the investment and the management of risk. Whether
community. When these mechanisms you look at external drivers, strategic
are functioning well, they enable priorities, business models or broad
shareholders and investors to assess the performance indicators, the fact is
performance of a business, establish its that all aspects of a business are closely
value and exercise effective oversight. interrelated and interdependent.
The only way to portray a true picture
Since the start of the global economic of a company’s business activities and
crisis there has been much debate about longer-term prospects is to consider each
the effectiveness of corporate reporting. aspect in the context of the others, rather
Our current reporting model has its roots than in isolation. This is what we call
firmly in the 19th century. It struggles to integrated reporting.
cope with the challenges of globalisation,
technology and changing patterns of Companies have much to gain from
business and share ownership. In the adopting such a model. If done well,
course of my own career, corporate integrated reporting can deliver
reports have generally increased in size competitive advantage in a number of
and complexity but not, I believe, in the ways: for example, it can secure capital
clarity of insight they offer on the strategy and credit, help win the war for talent
and performance of the company. and build strong business relationships.
These shortcomings have been amplified
by the failure of the traditional corporate There is still a long way to go to make
reporting model to address broader corporate reporting ‘fit for purpose’ in
issues such as resource constraints and today’s fast-moving world. That’s why
climate change. PwC UK has decided to take action,
to work with institutional investors,
In my opinion, today’s corporate accounting bodies and other stakeholders
reporting focuses too much on financial to identify the changes needed to
information. It should be about much overhaul and improve the current system.
more than that: at root, it should be One thing is clear – we need to develop
about delivering a more holistic greater clarity and understanding about
the barriers to effective reporting, and
about the changes needed to make the
system ‘fit for purpose’ in the future.

16. People
Creating culture: The PwC Experience
12 PwC

17. PwC is a remarkably diverse
organisation. Our workforce includes
business advisers, accountants, auditors,
forensic investigators, financial
analysts and tax experts – among other
service professionals. Similarly, our
client portfolio contains companies of
every conceivable size and shape; and
our service mix varies from country
to country according to local market
needs and national regulation.
So does an auditor in Hong Kong
really have anything in common with
a Performance Improvement colleague
in Madrid? Yes – quite a lot, actually. client relationships. And the team is
And that commonality is found in their where PwC’s culture of commitment to Does an auditor in
commitment to helping clients tackle clients is passed on to younger members. Hong Kong really have
their most difficult problems, and As a consequence, PwC’s organisational
create the kind of value that will help structures aim to help engagement anything in common with
them succeed. teams connect with clients, win work, a Performance Improvement
deliver superior service, mentor the next colleague in Madrid?
While PwC is one of the largest employers generation of PwC leaders, and create
in the world, the organisational unit that value for clients. This is the culture that Yes – quite a lot, actually.
we rely on most frequently to create value we’re working to build across PwC firms’
for clients is our most basic of all: the operations in 154 countries. We call it
client engagement team. Most of the the PwC Experience.
decision-making relating to how we meet
client needs rests with the engagement In building a consistent business
team. What’s more, the team has primary culture across such a diverse workforce,
responsibility for building and expanding we’ve had to take special care with the
articulation of the PwC Experience.
In a word, we’ve had to keep things
simple. In turn, that simplicity has helped
us to build understanding and buy-in
from PwC people around the world.
Global Annual Review 2010 13

18. Our people – all 162,000 of them – The most compelling and enduring
The PwC Experience captures recognise that technical excellence insight into business to have emerged
our fundamental goals, to and deep global resources are qualities in the past decade is that companies
treat our clients like people that PwC has in abundance. But they need non-financial goals to inspire and
also know that an equally important guide the entire organisation. The PwC
and our people like clients – consideration for clients is their Experience captures our fundamental
and to build trusted experience of working with PwC; how goals, to treat our clients like people and
relationships so that we can we relate to them as people, and our our people like clients – and to build
commitment and ability to help them trusted relationships so that
create greater value for our create value. PwC people – regardless we can create greater value for our
clients and one another. of where they work, or their particular clients and one another. In the end,
business line or market segment – this commitment is what differentiates
understand this and try to deliver that PwC from its competitors.
experience every day. To that end, we
interact with clients on the basis of Here are just three short stories that
four simple but powerful behaviours: demonstrate the skill and determination
• We invest in client relationships that our people are eager to harness in
order to bring value to their own lives
• We share and collaborate
as well as add value to their clients.
• We put ourselves in our clients’ shoes
• We focus on creating client value
To keep what we stand for simple
and well-understood across the PwC
network, we mirror these four client
behaviours in the way we treat one
another inside PwC:
• We invest in our people
• We share and collaborate
• We put ourselves in one another’s shoes
• We focus on enhancing the value of
our people
14 PwC

19. The entry of women into the labour market has contributed
more to growth in global GDP than either new technology or
the emerging economies of China and India.
Sahar Hashem
A compelling case this status. PwC hopes her success
Over the past few decades, the entry will encourage more Saudi women
of women into the labour market has to consider a career in accountancy.
contributed more to growth in global
gross domestic product (GDP) than Sahar, an associate based in PwC
either new technology or the emerging Saudi Arabia’s Jeddah office, says:
economies of China and India. The “The past two years have been
increasing presence of women in the peppered with moments of incredible
workplace – not just in terms of the achievement, and challenges that
numbers joining the workforce, but at some points seemed almost
also their entry into middle and senior insurmountable. The support I received
management positions – is reflected from colleagues throughout the PwC
in PwC’s own global workforce. network inspired me to push through
– and I’m delighted that the hard work
A compelling case in point is Sahar and commitment has resulted in such
Mohammed Hashem, PwC Saudi an accolade, none of which would be
Arabia’s first female Saudi national possible without their continuous
employee to pass the Saudi Organisation support and encouragement. I truly
of Certified Public Accountants (SOCPA) believe that PwC is building a global
fellowship examination. The exams are corporate culture around the PwC
widely viewed as the highest possible Experience, in which empathy,
achievement within the Saudi collaboration, and the best ideas are
accountancy profession, and Sahar is recognised and practised.”
only the fourth Saudi female to achieve
Global Annual Review 2010 15

20. Culture and Brand:
What’s next for PwC?
Bob Moritz
PwC US senior partner and member
of the Network Leadership Team

21. Some businesses dismiss culture as closely with them to help them create the
‘soft stuff’, far removed from their value they are seeking. We’ll achieve this
success in the marketplace. At PwC, only if we have a single unified culture
we take a different view. and brand across our network. And in
setting the bar high for ourselves in terms
We understand that culture is of our own culture, we’ve also created
intertwined with the value our clients a new and higher standard for the way
receive and the value that our people we deal with clients and all other
derive from their work experience with external stakeholders.
us. At its core, an organisation’s culture is
about how its people behave. This makes A strong and well-tuned culture creates
culture critical to every relationship, greater clarity and cohesion in a workforce,
every interaction, every decision across and directly improves individual
the business and, ultimately, to our performance. In turn, it ultimately
success in the marketplace. strengthens an organisation’s brand.
That’s what we’re seeking to do with the
At PwC, we acknowledge at all levels PwC Experience. Our goal is to energise
that our continuing success depends our people to change the way they work,
critically on the strength and quality of to continue our relentless drive for the
our culture. This culture is made up of highest quality in both our people and
the fundamental values shared by all our the services we offer – and, ultimately,
people, the reasons why we exist, and the to deliver greater value to clients. This is
goals we set ourselves, both individually critical if we are to be – and remain –
and collectively. number one in professional services.
So the PwC Experience will be a critical
The word ‘culture’ is often closely strategic priority in the years to come.
associated with ‘brand’, and with good
reason. If culture is the internal value and No organisation can renew its culture
belief system that guides and animates through management decree. Instead,
an organisation’s people, then brand is a strong culture and a durable brand
the external manifestation of this system. come from bottom-up, driven by the
In other words, culture is the organisation’s enthusiasm and willingness of tens of
promise to stakeholders – and brand is thousands of people at all levels to
that same promise delivered. embrace certain behaviours in their
interactions with clients and colleagues.
So a brand’s strength – or lack of it – flows
from the culture that shapes it. Culture So the changes we have in mind for
may appear ‘soft’ in terms of being difficult PwC must involve everyone. Every day.
to quantify, but it’s even more important Everywhere. At every level.
as any of the ‘hard’ stuff that drives
businesses forward. As such, culture This is why we don’t have one set of rules
must be regularly monitored, nurtured and expectations for partners and another
and – when necessary – renewed. for staff. Or one set for one business line
and a different one for another. We’re
This is what we have done at PwC. all pulling together in the same direction.
We’re now explicitly committed to being We believe that the marketplace will soon
the world’s number one professional take notice. When it does, we think it will
services network, building even stronger like what it sees.
relationships with our clients and working

22. Building bridges these up: “Treat people as individuals
A native of Nanjing, China, Suwei Jiang – not stereotypes. And be genuinely “Our clients welcome
originally came to the UK as an exchange interested in their objectives, priorities the opportunity to have
student. Since joining PwC UK in London and challenges. Really, it’s no different
in 1998, Suwei’s career has followed from how you should treat everyone.”
a frank exchange on
a steady upward path. Currently, she’s important issues with
a Director and Senior China Advisor While Suwei clearly brings an someone they trust,
with the UK-based China Business Group, abundance of technical expertise to her
a network of Chinese-speaking PwC clients, she also tries to bring something
without having to worry
people who focus on helping UK and more. “Our clients – even the most about office politics.”
Chinese companies make cross-border senior among them – sometimes feel a
investments. Not surprisingly, it’s a role sense of isolation. So they welcome the Suwei Jiang
that keeps Suwei fully occupied. opportunity to have a frank exchange
on important issues with someone they
“China’s rapid rise has had a tremendous can trust, without having to worry
impact on the world economy,” says about office politics. That’s a role that
Suwei. “So PwC is constantly fine- we regularly play. And in doing so, we
tuning its own operational model in often help clients gain insights that they
order to ensure that we can deliver might have otherwise missed.” Suwei
cross-border services at consistently adds that interacting with the clients on
high levels.” She uses one of her recent this level is both ‘value-adding and a
projects as an example of PwC teams’ way to build long-lasting relationships.’
ability to coordinate across several
time zones. “We performed financial Suwei acknowledges that her rise
and tax due diligence and tax at PwC is due in part to the mentoring
structuring work for a Chinese oil and she received along the way. “There are
gas company doing a multi-billion dollar a number of PwC people who have had
transaction in Brazil. Our lead team a significant influence on my career,”
worked out of London. Other PwC teams she says. “What they taught me was
were providing input from Brazil, the the importance of learning from
Netherlands and China. With so many others, of trusting and empowering
people in so many locations, flawless others, and that honesty and integrity
project management was absolutely are indispensable.” Suwei Jiang
critical to the project’s ultimate success.
The client was impressed.” And what advice does Suwei have for
more junior PwC people? “First, focus on
Part of Suwei’s job is building bridges building relationships. And secondly, in
between disparate cultures. In doing adverse situations, stand firm and focus
so, Suwei says that she applies a few on ways of turning things around.”
tried-and-tested principles. She sums
16 PwC

23. Overseas experience a multinational school with teachers
While serving oil and gas companies and students from over a dozen countries.
out of Houston, Texas, Kenny Hawsey “They’re learning that there’s a big
was taken aside one day by a PwC US world out there.” Kenny observes.
senior partner and given this counsel: As for Kenny, he simultaneously serves
“Energy is a global game. If you want a portfolio of multinational oil production
to work with the major players, you and service companies while travelling
should get overseas experience.” throughout the region as PwC’s Energy
That piece of advice soon launched Tax Leader for the Middle East.
a peripatetic career that, over the
following decade, found Kenny Hawsey As Kenny’s global experience has
in postings to Moscow, Azerbaijan and expanded, so has his network of
Dubai. During those years - as Kenny’s personal and professional contacts. Kenny Hawsey
knowledge of the industry deepened and Kenny tells the story of developing
his perspective on the world widened – a close relationship with a client in
his ability to provide value to clients Azerbaijan, who, almost a decade later,
progressed by leaps and bounds. turned up recently in a new role as his
company’s manager of Middle East “People know that
“During my years in Moscow, I spent most tax operations. The two are now again
of my time helping clients understand the working closely together. “These sorts
I understand the big
implications of the special tax regimes of relationships are invaluable,” Kenny picture and can provide
that apply to multinational oil companies.” says. “From past experience, people immediate value.”
Kenny says. “Then, when I got to know that I understand the big picture
Azerbaijan, I became much more involved and can provide immediate value.” Kenny Hawsey
in helping to shape the Production Sharing
Agreements that host governments grant
oil companies for the right to explore and
produce.” Kenny’s Azerbaijan tour was
followed by 18 months in Dubai, during
which he visited countries throughout
the region.
In 2002, Kenny – now a PwC US partner
– returned to the US. But seven years
later, the travel bug bit him again.
Today, he lives in Riyadh with his wife
and three children. The kids go to
Global Annual Review 2010 17

24. Corporate Responsibility
Getting down to business
18 PwC

25. Over the past decade, the meaning and While the concepts of CR, stakeholder
importance of ‘corporate responsibility’ interests and sustainability have taken
have undergone a rapid and decisive a decade or more to reach the business
transformation. Once largely associated mainstream, their collective impact is
with acts of corporate philanthropy, CR now revolutionary. Because business
now serves as a set of implicit standards impacts society at so many levels, society
that help to determine how a business in turn claims a degree of authority in
should be run, the types of activities in granting or withholding each business’s
which it should and should not engage, ‘licence to operate’. Also, while profits,
and even whether it should exist at all. job creation and innovation are still
This profound shift has seen a host of important measures of a business’s
new issues – environmental concerns, contribution to society, the fact is that
societal needs, employee development governments, activists, academics and
and well-being, ethical marketplace
practices – muscle their way to the top
of the corporate agenda.
CR now serves as a set of implicit standards that help
With the rise of CR, business people to determine how a business should be run, the types
have realised that their ‘stakeholders’ – of activities in which it should and should not engage,
a term once deemed almost synonymous
with ‘shareholders’ – are now a far larger
and even whether it should exist at all.
and more diverse grouping than ever
previously imagined. consumers now apply wider and more
complicated measures of a company’s
Alongside the redefinition of ‘stakeholder’, worth and purpose. Issues regarding
another recent coinage has joined the climate change, water use, worker
mainstream business vocabulary: exploitation, resource depletion and
sustainability. While definitions vary, environmental degradation are now
sustainability is generally regarded regularly laid at the door of the business
as a demonstration of the sorts of community. Pleas by businesses to
corporate behaviours that satisfy simply ‘trust us’ are now met by the
a business’s present requirements blunt reply, ‘show us’.
without compromising the needs of
future generations. Of course, the argument that these sorts
of environmental and societal problems
So sustainability obliges businesses to result from a rapacious business culture
find ways to continuously renew and is simplistic, and ignores the huge
replenish the resources they consume. contributions that business makes to
These resources are many and varied: society every day. More immediately,
raw materials and energy; human it misses the point that the knowledge,
and intellectual capital; and the trust capabilities and good intentions of the
and goodwill of trading partners, business world will be indispensible in
governments and society at large. finding solutions to these problems.
No longer can any company afford
to mismanage or misuse any of these This latter point is not lost on business
limited resources. executives. Many of the world’s leading
enterprises are already working hand-
in-hand with governments, regulators
Global Annual Review 2010 19

26. Pleas by businesses to
PwC has always believed that the
best business solutions grow out of
collaborative relationships with clients.
simply ‘trust us’ are Today, the same applies with corporate
responsibility, stakeholder engagement
and sustainability. That’s why PwC has
now met by the blunt collaborated closely with international
organisations such as the World Business
reply ‘show us’
Council on Sustainable Development,
the World Economic Forum’s Global
Citizenship Initiative, and the United
Nations Refugee Agency in support of
projects ranging from the adoption
of low-carbon technologies, to rural
electrification, to establishing primary
school education for 20,000 Darfur
refugee children.
More recently, firms in the PwC network
have agreed to align their CR efforts
and NGOs to tackle the most complex around three specific areas of concern:
global challenges. While the practice youth education, climate change and
of CR has too often been dismissed in social inclusion/diversity. These three
the past as corporate ‘feel-goodism’ themes serve as the guiding principles
or a form of stealth marketing, our that focus actions on our commitment
experience with most clients confirms to act responsibly in the four areas in
that management takes CR extremely which we operate - namely Marketplace,
seriously. Indeed, we’re seeing a People, Community and Environment.
step-change in the way business
leaders view their CR responsibilities. All of PwC’s CR-related initiatives are
The traditional ‘compliance mindset’, guided by our commitment as a member
focused on meeting CR obligations of the United Nations Global Compact
at bare minimum levels, is being (UNGC). The stories that follow provide
supplanted by a ‘conviction mindset’ an overview of how PwC is helping to
– one that proactively embraces CR improve the lives of people today by
both as the right thing to do and also applying the UNGC’s principles.
as key to future success. We believe
CR has now reached the point of potent
maturity, which is encouraging news
both for society and business.
Figure A: PwC Global CR Framework
Youth education
Climate change
Social inclusion
Market Place People Community Environment
Doing Good Inspiring Developing Contributing
Business Responsible Future to a Healthier
Leadership Leaders Environment
20 PwC

27. Taking a leadership role
PwC is acutely aware of its obligation
to take a leadership role in promoting
the concept and practice of corporate
responsibility. One very visible example
is our participation in the United
Nations Global Compact (UNGC),
the world’s largest corporate citizenship
and sustainability initiative, which
brings together more than 5,100
corporate participants and stakeholders
from over 130 countries. The UNGC
provides a policy platform and framework
for firms committed to responsible
business practices. We participate in
it through a written commitment to
uphold the 10 principles it has defined
in the areas of human rights, labour,
the environment and anti-corruption.
PwC firms actively support these
principles in their respective geographies.
In addition to this direct participation
in the UNGC, PwC has also collaborated
with a number of UN agencies to assist and the UN to investigate the
in activities and programmes that role of responsible business and
further support the UNGC’s principles. investment in bringing about the
As a signatory to the UNGC, PwC also much-needed transformation to
participates in the Communication on more sustainable markets.
Progress (COP) process, which requires
signatories to provide reports annually As the greening sponsor, we applied
on their progress in implementing our expertise in climate change and
the UNGC’s principles. This process sustainability on a pro bono basis
helps to instil accountability and drive to map the carbon footprint of the
continuous improvement among Summit and mitigate its environmental
participants, while simultaneously impact. The UN then offset the Summit’s
building a useful set of responsible impact by buying Certified Emissions
corporate practices. Reductions generated at a geothermal
project in Guatemala. Dennis Nally,
As part of our ongoing involvement, Chairman of PricewaterhouseCoopers
PwC recently served as the greening International, spoke at the event about
sponsor of the 2010 annual UN Global PwC’s role in greening the conference,
Compact Leaders Summit. This event as well as its wider commitment to
brought together 1,500 leaders from sustainability both internally and
business, civil society, labour organisations, with clients.
the investment community and academia
with representatives from government
Global Annual Review 2010 21

28. Climate change in fast-growing businesses to turn off their lights and
“Entire new industries are economies non-essential appliances for one hour
likely to emerge in which PwC China/Hong Kong is committed to promote conservation. PwC China/
to playing an active and responsible Hong Kong also seconded two colleagues
the central business model role in improving our impact on the to assist WWF China in providing
will be based on innovative environment. In pursuit of this goal, project management support, and
– and perhaps radical – a Climate Change Steering Group has also reached out to 13,000 of our
been driving pro-environment policies business partners encouraging them
approaches to improving and practices such as reduced lighting to engage in Earth Hour.
social or environmental and automatic timers, double-sided
conditions. Call it printing, a car pooling database in Furthermore, PwC firms provide a
Beijing and Shanghai, and the use of range of sustainability and climate
‘sustainable capitalism’.” video conferencing as an alternative change services. These help clients
to business travel. This Steering identify the relevance of sustainability
Silas Yang
Committee was appointed as an arm and integrate it into their strategies and
PwC China senior partner
of the Corporate Responsibility team operations, seize opportunities to grow
and member of the Network
Leadership Team to help coordinate PwC China/Hong revenues and reduce costs, and manage
Kong’s various green engagements, sustainability-related risks. Leveraging
direct efforts in measuring and reducing this expertise, PwC China/Hong Kong
its carbon footprint, and develop an is a founding sponsor of the China
environmental sustainability policy. Greentech Initiative, an open-source
commercial collaboration of over 80
We as a network strive to be an of the world’s leading green technology
environmentally responsible organisation firms, entrepreneurs, investors, NGOs
that inspires people and clients to engage and policy advisors. PwC China/Hong
in sustainable business practices and Kong made crucial contributions to
drives positive change in the the China Greentech Report 2009,
community. In keeping with this seconding a full-time project manager,
commitment, PwC China/Hong Kong developing several sections of the report
partnered with WWF on Earth Hour and hosting most of its working sessions.
2009, a global call to households and
22 PwC

29. Corporate
responsibility:
A look ahead
Silas Yang
PwC China senior partner and member
of the Network Leadership Team

30. It’s official. Corporate responsibility has Second, companies will move from
gone ‘mainstream’ in the most important simply managing societal expectations
domain of all: the public consciousness. to maintaining open channels of
communication with interested
Whether you look at your customers, stakeholders. In this sense, stakeholders
your shareholders, or your employees, will be brought inside the enterprise
virtually everyone now has a new set of as agenda-setters and problem-solvers
assumptions and expectations regarding in important CR-related issues.
your business’s level of accountability
and transparency. So if you’ve been Lastly, further down the road many
searching for a ‘business case’ to justify large, established companies will rethink
jumping into CR, look no further. their business models, with a view to
Ignoring the assumptions that are establishing new sorts of social contracts
prevalent across society could put your between their enterprises and the larger
business at risk. society. Similarly, entire new industries
are likely to emerge in which the central
So, where does CR go from here? business model will be based on
In the years ahead, I foresee three innovative – and perhaps radical –
likely developments. approaches to improving social or
environmental conditions.
First, instead of being viewed as a Call it ‘sustainable capitalism’.
secondary function bolted onto the
corporate machinery, business norms and In the meantime, however, CR does
systems will become much more aligned add another layer of complexity to the
with CR principles. Expect CR to: become already tough job of running a profit-
a primary input in all corporate planning making enterprise. But as CR is woven
activities; inform employee behaviours ever deeper into the corporate fabric,
and decision-making; and be reinforced business will also have greater scope for
constantly through performance more frequent and meaningful
standards and reward mechanisms. interactions with society at large.
These will create opportunities for
building relationships with citizens and
organisations that were previously off
the corporate radar. Where the number
of relationships is increasing, so too is
the potential for creating value for an
ever-expanding number of people.

31. Ms Fikile Zikhali, a trainee of the Ujima
Bakwena Co-operative, is one of the many
women to have benefitted from the Faranani
Rural Women Training Initiative.
Fighting corruption Faranani: A rural women
“PwC helped these women The need to reduce the risk of corrupt training initiative
acquire the skills they practices taking place has resulted in PwC South Africa is continuously
an increasing number of companies working towards social and economic
need to generate their taking initiatives to improve internal development in the rural areas of
own income and become integrity, transparency and accountability. South Africa. In 1992, PwC South
meaningful contributors The quest for corporate social Africa – in collaboration with the
responsibility received further impetus National Industrial Chamber –
to their communities and in 2004, when, at the first United established the Business Skills for
the country.” Nations Global Compact Leaders South Africa Foundation (BSSA).
Summit, the Secretary-General of the To date, BSSA has successfully trained
Thabani Jali
UN called for the adoption of the 10th more than 20,000 entrepreneurs.
Executive Chairman of
Principle of the UN Global Compact, In 2006, PwC South Africa extended
PwC Southern Africa
which states: “Business should work the initiative to include rural women
against corruption in all its forms, in business through the Faranani
including bribery and extortion”. Rural Women Training Initiative.
To support this agenda, PwC Austria Small businesses form the backbone
collaborated with the United Nations of the South African economy,
Office on Drugs and Crime (UNODC) and women own a growing number
to produce a report into what companies of these enterprises. Faranani
in the Fortune Global 500 are doing to supports women who want to become
fight corruption. The report provides business-owners, by providing them
an overview of the direct and indirect with the knowledge to start and
measures that companies have adopted actively manage their own businesses.
to combat corruption and economic This year, to promote the empowerment
crime, including extortion, bribery of all women, PwC South Africa invited
and other forms of fraud. Rather than various organisations to nominate
commenting on companies’ anti- suitable candidates to undertake the
corruption performance, this report training course.
is designed to act as an inspirational
tool for companies that wish to adopt Thabani Jali, Executive Chairman of
and enforce effective anti-corruption PwC Southern Africa, says: “PwC helped
policies but lack the necessary these women acquire the skills they
‘know-how’, or that wish to review need to generate their own income
and enhance their existing practices. and become meaningful contributors
to their communities and the country.
The report is expected to stimulate We extend sincere and prosperous
further debate and analysis, leading good wishes to these women as they
to the identification of minimum use these skills to create a better life
standards and good practices for for themselves and their communities.”
corporate anti-corruption policies and
measures. UNODC has acknowledged
the contribution made by PwC Austria,
on a pro bono basis, for the benefit
of the private sector.
Global Annual Review 2010 23

32. The journey to sustainability Hour campaign. Engagement with
PwC Australia has moved to In Australia, PwC continued its environmental initiatives continues
using 66% renewable energy, environmental sustainability journey to grow among its people. This was
during FY 2010. PwC Australia has demonstrated by an internal campaign
and has again offset all its moved to using 66% renewable energy, entitled ‘How Low Can You Go?’ in
residual carbon emissions to and has again offset all its residual which service teams across Assurance
maintain carbon neutrality. carbon emissions to maintain carbon in Australia competed in reducing
neutrality. During the year, PwC the environmental footprint of their
Australia continued to improve its engagements.
processes for collecting and reporting
environmental data, and achieved The Australian firm was also a platinum
reductions in electricity usage, paper sponsor of the Australasian Cleantech
consumption and waste to landfill. Forum for the sixth successive year.
The Corporate Responsibility Index Held over three days, the forum was
score for Environmental Management attended by more than 500 delegates
increased dramatically, from 46% to including industry pioneers, local and
88%, illustrating the many improvements international Cleantech companies and
to its environmental objectives, targets, members of the local and international
reporting, employee engagement capital markets community. A number
and communication. of PwC Australia partners and Cleantech
specialists participated.
Support for PwC Australia’s two
environmental charity partners in
FY 2010 included more than 480
volunteer days provided to Landcare
for Revegetation programmes, and
participation in the WWF Earth
24 PwC

33. We have moved to using
66%
renewable energy
PwC Australia
Our people have spent
7,058 hours
volunteering in their communities
during FY 2010
PwC China/Hong Kong
To date, more than
20,000
entrepreneurs successfully trained
PwC South Africa
Global Annual Review 2010 25

34. Transparency
Committed to sharing information
26 PwC

35. It is the breadth and consistency Legal structure, ownership and
of our network that differentiates network arrangements
PwC among the world’s leading Network arrangements and
professional services organisations. member firms
In most parts of the world, the right
The PwC network has a set of standards to practise audit and accountancy is
with which all PwC member firms agree granted only to national firms that are
to comply. These standards cover key majority-owned by locally qualified
areas such as independence and risk professionals. PwC is a global network
management, people management, of separate member firms, owned and
It is the breadth and brand and communications. operating locally in countries around the
world. PwC member firms are members
consistency of our network In order to use the PwC name, PwC of PricewaterhouseCoopers International
that differentiates PwC member firms agree to follow network Limited and have the right to use the
among the world’s leading standards and be subject to periodic PricewaterhouseCoopers name.
reviews. PwC member firms’ compliance
professional services with the standards of the network is The network provides a platform
organisations. monitored regularly. on which member firms can share
knowledge, skills and resources,
We believe in the principle of enabling PwC member firms to
transparency. In this chapter we work together to provide high-
share some detail of the PwC network’s quality services on a global scale to
organisation, standards and processes, international and local clients while
including specifics in relation to still operating as local businesses.
independence, remuneration and
continuing education. PricewaterhouseCoopers
International Limited
PricewaterhouseCoopers International
Limited (PwCIL) is a UK private company
limited by guarantee in which PwC
firms are members. PwCIL does not
provide services to clients. It also neither
manages nor controls PwC member firms.
Its primary activities are to: identify
broad market opportunitiesand develop
associated strategies; strengthen
internal services, skill and knowledge
networks; promote the PwC brand;
and develop and support application of
common risk, quality and independence
standards by PwC member firms.
Global Annual Review 2010 27

36. PwCIL governance bodies
Global Board
The Board is responsible for the PwC member firms
nurture a culture
governance of PwCIL and the PwC
network and oversight of the Network
Leadership Team. The Board does
not have an external role. Board
members are elected by partners
that supports and
from all PwC member firms every
four years, with the current board encourages all PwC
people to do the
taking up office in April 2009.
Network Leadership Team
The Network Leadership Team sets
the overall strategy for the PwC
right thing
network and the standards to which
member firms agree to adhere.
Strategy Council
The Strategy Council, which is made
up of the leaders of the largest PwC
member firms, agrees changes in the
Standards and internal quality The way we do business
strategic direction of the network and
control systems PwC member firms conduct their
facilitates alignment in the execution
A member firm’s membership in the PwC businesses within the framework of
of strategy.
network depends on its implementation applicable professional standards,
of common standards. Every PwC laws, regulations and internal policies.
Network Executive Team
member firm is fully responsible for These are supplemented by a Code of
The Network Executive Team reports
its own risk and quality performance Conduct for their partners and staff.
to the Network Leadership Team and
and, where necessary, for driving
coordinates key service line and
improvements. To support transparency PwC people have an obligation to
functional areas such as Risk and
and consistency, each member firm’s know, understand and comply with
Quality, Human Capital, Operations,
Territory Senior Partner signs an annual the guidelines contained in the Code
and Brand and Communications
confirmation of compliance with certain as well as the values – Excellence,
across the PwC network.
standards. As stated above, these cover Teamwork and Leadership – on which
a range of areas, including independence, the guidelines are based.
ethics and business conduct, Assurance,
Advisory and Tax risk management, Sustainable culture
governance and data protection To promote continuing business success,
and privacy. PwC member firms nurture a culture
that supports and encourages all PwC
There are some common processes people to do the right thing, especially
to help member firms apply the when they have to make tough decisions.
standards. Key elements include: PwC people have ready access to a wide
array of support networks within their
• the way we do business
respective member firms – both formal
• sustainable culture and informal – and technical panels to
help them reach appropriate solutions.
• quality policies and processes
There is also a culture of cooperation
• quality reviews between member firms, and consultation
supports this culture.
28 PwC