PwC Announces First Appointments and Governance Reforms in 2023

PwC, the global professional services firm, has announced the appointment of 22 new partners in its latest round of promotions. This marks the first set of appointments since the firm’s governance and accountability commitments were put in place in 2023.

The appointments come in the wake of a scandal involving the leaking of government tax information to clients, which surfaced at the beginning of the year. Among the new partners is chief executive Kevin Burrowes, whose partnership was transferred from the UK last year.

Burrowes stated that the new partners would be instrumental in leading their teams to deliver on PwC’s commitments to change, which include governance reforms aimed at prioritizing ethics over profit. The firm has already taken significant actions, such as endorsing an industry-leading governance reform package and enhancing its risk management processes.

With only two lateral hires out of the 22 new partners, PwC now stands as the smallest of the big four firms in Australia. This is a stark contrast to the 67 partners announced in the previous intake, which was touted as the largest in the firm’s history.

The new partners, 55% of whom are female and 23% from diverse cultural backgrounds, will play a crucial role in helping clients navigate challenges such as technological disruptions, economic uncertainty, and changing societal expectations. PwC’s vision is to become the professional services firm built on the highest ethical and professional standards, with integrity at its core.

The firm’s total partner count now stands at 650, while competitors like Deloitte, EY, and KPMG have also made recent partner appointments. PwC’s commitment to governance and accountability is evident in these new appointments, as the firm continues its journey towards comprehensive and lasting transformation.