PwC Australia will appoint outsiders to its board and publish audited financial statements as part of a governance review to bring the partnership closer to public company standards following a scandal over the leak of confidential tax documents.
The “big four” professional services firm has been embroiled in a national scandal following revelations in January that a former partner leaked confidential government tax plans to colleagues, which were then used to rig work with clients worldwide.
Months of outrage forced out 12 partners, including the chief executive, prompted public and private sector clients to freeze ties and implicated clients Google, Uber and Facebook.
PwC Australia will announce plans on Wednesday to implement some Australian Stock Exchange governance principles, including appointing two non-executive directors and a non-executive chairman to its board, according to extracts of plans provided by PwC.
The company will also publish audited financial statements from September 2025.
TEXAS GOV ABBOTT TO AUSTRALIA WOMAN COMPLAINING ABOUT ‘TOO MANY AMERICAN FLAGS’: ‘GET BACK TO AUSTRALIA’
The logo of accounting firm PricewaterhouseCoopers (PwC) is seen on top of an office of the company in Brussels, in Diegem, Belgium, September 21, 2023. (REUTERS/Yves Herman)
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“From the top down, we are committed to rebuilding and regaining the trust of our shareholders,” CEO Kevin Burrowes is expected to say.
The changes are part of PwC Australia’s response to a months-long independent review of its governance and culture, which will be published in full on Wednesday.
The assessment by former Telstra chief executive Ziggy Switkowski was announced in May by the company. The mandate terms released in July excluded historical actions.
Investigations by outside law firms into leaks and the conduct of PwC employees have also been commissioned, but the firm has not committed to making them public.
Australia said last month it would drastically tighten penalties against those promoting aggressive tax schemes and strengthen regulators in response to the scandal. A separate police investigation is still ongoing.
