Global Annual Review 2009 PWC

Global Annual Review 2009
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Facts and figures in brief 26.2 163,545
billion USD revenues in FY 2009 PwC people around the world
757 151
cities countries
PricewaterhouseCoopers provides industry-focused assurance, tax and advisory services to

build public trust and enhance value for our clients and their stakeholders. More than 163,000
people in 151 countries across our network share their thinking, experience and solutions
to develop fresh perspectives and practical advice.
In this Global Annual Review we look at issues that impact our clients and our people around
the world, and we examine our performance, our key network policies and standards, and our
work in the global community during FY 2009.
In this Global Annual Review, the terms PricewaterhouseCoopers, PwC, our and we are used to refer to the network of member firms of
PricewaterhouseCoopers International Limited (PwCIL). Each member firm is a separate legal entity and does not act as 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 2009 runs from 1 July 2008 to 30 June 2009.
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Contents Confidence 02
PwC Global Chairman Dennis Nally discusses the global economic downturn,
Fair Value accounting, our performance in FY 2009 and our key goals going forward
Resilience 10
What makes a resilient company – including examples of how we are helping
businesses around the world deal with crises
Growth 16
The importance of continuing to invest in people during difficult economic
times – including the perspectives of three of our own people on working, learning,
and growing with PwC
Commitment 24
The real value of corporate responsibility (CR) for business – including what CR
means to PwC and examples of how we are impacting our local communities
Transparency 34
An overview of the PwC Global Network – our structure, standards and processes
Facts and figures 42

Key facts and figures on our revenues, clients, people and leadership
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Global Annual Review 2009 1
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Confidence
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Confidence
The past year has been tough for the world the critical balance between control and
economy. Although we are now seeing the free markets. The goal must be to develop
first signs of a rebound, the recovery has regulation that minimises future problems
yet to fully take off and there are still without hampering entrepreneurial spirit.
potential troubles ahead, such as the threat Businesses, by their nature, must take risks
of faltering growth and inflation. Until the in order to succeed. Finding the right level
recovery seems secure, the challenge of risk, and understanding what that risk
of dealing with the effects of a lingering really entails, is the key challenge for both
recession will continue to dominate every entrepreneurs and investors.
‘Our goal is to encourage aspect of business and commerce.
There couldn’t be a more exciting time to
and foster closer Governments around the world played their lead a professional services network such
cooperation across our part in restoring confidence by taking as PwC, given the uncertainty ahead for the
dramatic steps to stimulate growth. These global economy and the challenges and
global network...’ stimulus programmes have started to show opportunities it will present for us and our
Dennis M. Nally some positive results, aided by the closer clients. I’m honoured by the confidence that
Chairman, PricewaterhouseCoopers coordination that has emerged among the PwC network has shown in electing me
International countries around the world in their responses as Global Chairman. In this role, I work
Dennis M. Nally was elected Global to the downturn. closely with the other members of our
Chairman of the PricewaterhouseCoopers Network Leadership Team (NLT): Bob Moritz,
network for a four-year term beginning on At the same time, national regulators have senior partner of the United States firm;
1 July 2009. He joined PwC’s Network begun to implement schemes to prevent a Ian Powell, senior partner of the United
Leadership Team in 2008. From 2002-2009, recurrence of the financial meltdown. It is Kingdom firm; Hans Wagener, senior
he was Senior Partner of PwC US. necessary, however, to take a careful and partner of the Germany firm; and Silas
He joined PwC in 1974 and became considered approach to such changes to Yang, senior partner of the China firm.
a partner in the US firm in 1985. the regulatory environment in order to strike The responsibility of the NLT is to
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encourage and foster closer cooperation
across our network, and to become Our strategy to exchange fluctuations, however, our gross
revenues fell, due primarily to the strength
more nimble, responsive and effective in
everything we do. To protect and enhance
prepare for recovery of the US dollar.
our market-leading brand, we will work has also seen Overall, the PwC network had total gross
to embed throughout the PwC network
a culture of quality and excellent service
PwC firms across revenues for FY09 of 26.2 billion USD.
Our performance was led by the strength
that makes clients eager to work with
us. In pursuing these aims, we all owe
the world work of our core Assurance business, where
revenues rose by two percent to 13.1 billion
a debt of gratitude to my predecessor, hard through the USD. Our Tax revenues also held up well,
Samuel A. DiPiazza, Jr., for his years of
visionary leadership and for carrying on
downturn to sustain remaining steady at 6.9 billion USD. Given
the cyclical nature of its business, Advisory
the long tradition of entrepreneurial both our business revenues were down by 3% to 6.1 billion
excellence at PwC.
and our employees. USD – a strong performance in the
circumstances. Advisory revenues were
impacted by the sharp decline in transactions
A resilient performance and deal-related work, as well as cutbacks
in tough conditions in discretionary spending by our clients.
As for so many of our clients, FY 2009 was
a challenging business period for PwC, and Despite the economic downturn,
it is heartening to report that many of our PwC member firms in places as diverse
firms and business sectors performed well as Spain, the Middle East, Russia and
in difficult circumstances. Globally PwC’s Japan all performed strongly and posted
revenues in local currency terms were impressive revenue growth. This resilient
slightly up from the previous year, even as performance provides us with a robust
the formerly steady growth in demand for platform from which to serve clients in
our services slowed. Adjusted for foreign the recovery and the continued ability to
invest in our network for the future.
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4 PricewaterhouseCoopers
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Confidence
For organisations, including our own, to majority of BearingPoint’s North American to sustain both our business and our
emerge successfully from the downturn, Commercial Services practice, assuming employees. While ever-conscious of
business leaders across the world will need selected contracts and increasing the US the need to keep a tight rein on costs,
confidence in their vision and the courage to firm’s Advisory client service staff by 800 we were determined to remain committed
take action. The ability to anticipate market professionals, providing additional consulting to our people and only make large-scale
changes, and particularly to manage risk expertise across multiple industries. PwC US reductions in our workforce an action of
effectively and responsively, will characterise also acquired two Global Delivery Centres last resort. So, despite the downturn,
the best performers as the upturn gathers in Shanghai, China and Bangalore, India PwC member firms continued to recruit
pace. Now is not the time for faint-hearted that will enable us to provide our clients and retain the best talent in FY 2009.
management, but for conviction and the with expanded global sourcing capabilities
agility to meet change head-on. and cost advantages.
Fostering our people
For PwC, this means maintaining an Meanwhile, PwC Japan acquired all of During the year, PwC member firms hired
unwavering focus on our proven long-term BearingPoint’s Japan consulting and around 30,000 new people, increasing our
strategy – to excel in the marketplace, by technology business, adding some 1,500 total workforce to over 163,000. While local
delivering the distinctive PwC Experience professionals and positioning PwC Japan as circumstances resulted in layoffs in a few
to our clients and our people – even amid the country’s clear leader in Advisory services. countries, our member firms, by and large,
the difficulties posed by the current In combination, these strategic acquisitions retained their high-performing people, using
economic environment. will accelerate the growth of our Advisory innovative strategies such as sabbaticals
business, increase our market share in two and reduced hours where necessary.
of the world’s largest markets, and expand By continuing to invest in our people,
Investing for recovery the ability of the PwC network to meet the we are positioning PwC to handle a global
One example of PwC’s strategic focus on needs of complex global organisations. pickup in demand for our services as the
the future was the acquisition of substantial eventual recovery gains momentum.
parts of BearingPoint’s business in the US As part of our strategy to prepare for
and Japan to make our Advisory business recovery, PwC member firms across the
more competitive. PwC US acquired the world worked hard through the downturn
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Talented professionals are our number one and mobility in sustaining a productive, to us, and throughout the year we have
asset at PwC and attracting top talent from loyal workforce gain a clear competitive engaged in dialogue with them, both locally
around the globe is a key priority for us. To advantage over those that do not. and globally.
help us keep attracting top talent we strive
to be known as a network that cultivates Again, in FY09, PwC’s innovative human
and develops individuals by fostering a resource initiatives were recognised by Corporate responsibility
culture of coaching and development that numerous external organisations. Among Similarly, PwC remains fully engaged in
provides all our people with the opportunity other honours, PwC was ranked as the corporate responsibility programmes around
to achieve their potential. leading organisation for Global Diversity the globe. In partnership with the United
by DiversityInc, ranked among the 100 Best Nations High Commissioner for Refugees,
Companies to Work for by Fortune magazine, we have made progress toward our goal of
Diversity and was among the top 10 companies on providing schooling, and in many cases a
In recent years, advancing globalisation Working Mother’s best workplace list. life-sustaining haven, through our Educating
has intensified the importance of having the Children of Darfur project in the refugee
a diverse and inclusive workforce, while Rather than rest on these achievements, we camps of Chad. The programme exemplifies
also accelerating the pace at which continually seek to improve and to increase our view of corporate responsibility, which
businesses must adapt to change. diversity at all levels within PwC member firms. encompasses our actions to sustain the
environment, our donations of professional
We recognise that we will only enjoy services and financial contributions to our
success in the long term if we consistently Stakeholder dialogue communities, our commitment to foster
share the tremendous skills and experiences The views of a wide range of stakeholders our people, and our unwavering dedication
of our people by providing them with who have an interest in what we do – to integrity, respect and fairness in our
opportunities outside their home countries. governments, regulators, investors, and behaviour in the marketplace.
Without doubt, those organisations that truly others who think and care about capital
recognise the critical role played by diversity markets and wealth creation – are important
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Confidence
Rather than rest on Dealing with challenges Taking a stand

these achievements, FY09 also presented us with difficult issues
aside from the tough business conditions.
For the accounting profession in general,
the recession has not only impacted
we continually seek The widely-publicised issues at former
audit client Satyam Computer Services
growth, but has also triggered criticism of
accounting standards. Some commentators
to improve and to in India have presented a significant have claimed that financial reporting by
increase diversity challenge. With the assistance of expertise
from across the PwC network, the PwC
banks and other institutions made the credit
crunch much worse than it need have been.
at all levels within member firms in India are doing all they can
to rebuild their reputation and reward the
These critics blame the credit freeze on the
use of Fair Value accounting, which requires
PwC member firms. confidence clients there have shown in financial institutions to carry, at market value,
us. Among the steps taken by the Indian financial assets such as mortgage-backed
member firms are the appointment of an securities. In PwC’s view, such criticism is
outside board of advisors and appropriate misplaced, as it confuses the cause of the
management changes. financial meltdown with the methodology
used to report it. Fair Value reporting did
not cause the problem; rather, it made
transparent to investors the extent of the
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weakness in a system overburdened by
risk. Fair Value remains the best means Looking across the adoption of International Financial Reporting
Standards since their conception. Over 100
available to inform investors and provide
accurate, transparent information in highly
entire professional nations now use these global standards.
The US has adopted a sensible, measured
volatile markets. We agree that the current services marketplace, timetable for considering IFRS, leading to
Fair Value standards are not perfect, and
we support initiatives by the standard
we believe PwC has potential full-scale adoption. Large US
companies increasingly are using the global
setters to clarify some aspects of Fair Value
reporting. But Fair Value reporting is far
the best and strongest standards in their dealings with global
customers, suppliers, and subsidiaries
from being the problem; it is part of the global network to help overseas. We believe adoption of IFRS by
solution to avoiding another credit crisis in
the future.
our clients succeed. the US is in the interests both of the US
itself and the global economy. In contrast, a
failure by the US to adopt the global
The debate over Fair Value also underlines standard could leave it isolated and reduce
the need for global accounting standards the competitiveness of its markets.
for the profession. PwC has supported the
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Confidence
Looking forward to engage in this way with clients – and There are better times ahead. What is clear
indeed with all our stakeholders – will set to me is that organisations that choose to
FY 2010 is likely to be another challenging
the stage for long-term relationships and invest in their futures and manage through
year, both for PwC and our clients. We
shared success. these difficult times with optimism, will
expect demand for our services to remain
be the ones best placed to thrive. I look
steady, growth to be somewhat below
Looking across the entire professional forward to leading the PwC network through
levels of the recent past and the current
services marketplace, we believe PwC has the future challenges and to helping both
hyper-competitive environment to continue.
the best and strongest network to help our us and our clients to succeed.
And while most economists predict that a
clients succeed. We see opportunities
recovery either has begun, or will begin soon,
emerging in the recovery, in industry sectors
they also say it will be slow to gain speed.
such as healthcare, financial services and
infrastructure, and we are primed to help
Our focus throughout the downturn has
our clients capitalise on them. We’re
been on helping our clients manage their
positioned to anticipate our clients’ needs Dennis M. Nally
way through these difficult times and
and respond with a quality of service that
emerge stronger. Our clients continue to
sets us apart. To deliver this service, we’ve
value our insights and services as an
built a great workforce whose capabilities
advisor who can help them understand the
and commitment to clients continue to
risks and capitalise on the opportunities
astound me every day.
of the next economic cycle. Our ability
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Resilience
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Resilience
While no company invites disruption, a When crisis hits

crisis does have a way of concentrating Resilience is still an emerging business
the mind of the enterprise and energising concept, but its relevance for most
its people. In the end, the most resilient organisations is already clear. As a concept,
companies are those that have squarely resilience touches on areas such as risk
confronted a crisis, survived it, and taken management and safety engineering.
to heart its hard-won lessons. But it also looks beyond the immediate
efforts to mitigate a disaster, and towards
Picture the scene. A major organisation the responses that need to arise inside an
‘A business crisis like has its operations closed down by a
fast-spreading pandemic. Another sees
organisation in the wake of a major shock.
the one we’ve recently its cash flows reduced to a trickle by panic
These responses include seeking answers
to critical questions. Can we identify the
experienced puts a conditions in the financial markets. A third source of the disruption? Do we have
finds its carefully-considered corporate
premium on listening strategy is rendered obsolete by a global
people who can contain it? How will we
return to normal operations?
to our clients, bringing credit crunch.
them our best thinking So resilience includes an acceptance that
Fiction? Not at all. In fact, these are some
and solutions to help of the real-life crises that organisations
– despite our best efforts – disasters and
crises cannot simply be ‘designed away’
address their issues have faced during the past year. And when through processes and protocols. There are
and challenges.’ a crisis arises, the previously unrecognised several reasons for this. Most obviously,
weaknesses of an enterprise can suddenly so long as organisations depend on people,
Bob Moritz become disturbingly apparent. In response, there is the potential for human error.
US Senior Partner and member some companies freeze or break. Others
of the Network Leadership Team demonstrate an ability to absorb the Systemic factors are a further consideration.
shock, correct their course and regain As well as helping to raise living standards in
their momentum. many countries, the world’s growing economic
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connectedness and interdependence have company is a flexible company – easy to arise spontaneously from self-organising
also increased the likelihood of ‘crisis bend, but hard to break. This means a teams whose members interact easily and
contagion’ spreading from country to country, company can adjust its organisational pay deference to ingenuity rather than rank.
as we saw with the global banking crisis of structures quickly to match the predicament This means that in the midst of a crisis, with
2008. Similarly, the use of just-in-time at hand, temporarily dissolving existing little time to debate and much pressure to
inventory and lean manufacturing systems power structures while lines of authority act, improvised ideas can be rapidly
has made many businesses vulnerable to are reconfigured. A sense of urgency suggested, tried and discarded until a
even small disturbances in their supply and individual initiative is unleashed, workable solution is found.
chains. Such close dependencies heighten with those best-suited to contain the
the risk that a failure in one place will crisis given the authority to do what is Leadership also plays a critical role in
cascade through an entire industry. needed. As the contours of the crisis shaping organisational resilience. In the
change, the company’s organisational resilient company, leaders make their
From the outside it is difficult to gauge a response changes with them. organisations face up honestly to the
company’s ability to absorb a shock and reality and task at hand – no matter
spring back. But what is clear is that The resilient organisation is also characterised how challenging. Leaders who duck this
commercial success is not necessarily an by a corporate culture in which people at all responsibility will actually reduce their
indicator of resilience. Too often, companies levels feel secure in pointing out problems companies’ capacity to cope with crisis.
lulled into a false sense of security by their and raising alarms. This helps resilient
own success end up overestimating their companies to identify and contain looming All these qualities mean that resilient
ability to control events or falling short disruptions, thanks to the high degree of companies are better at sizing up situations
when a crisis erupts. situational awareness, openness and quickly, formulating coping strategies in
communication across the organisation. the face of incomplete information,
and working in the absence of controlling
Easy to bend, hard to break Resilient companies also demonstrate a and filtering structures. And when a crisis
So, what traits tend to characterise high capacity for improvisation. In times hits, individuals at all levels accept the
companies that have proven themselves of crisis, improvisation and creative thinking responsibility – and authority – to act.
resilient? First and foremost, a resilient are often what is needed – and these can
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Resilience
Ready for the rebound Readying for crisis

In times of crisis, the way forward often
Confident companies
The past 12 months have tested the ability
of organisations to deal with unexpected involves quickly discarding standard understand that they
events that were not even imagined in most
contingency plans. Many of the world’s
operating procedures and switching to
new modes of behaviour, interaction and
can be rocked by
leading companies turned to PwC for help in decision-making. However, in abandoning unexpected events
dealing with the effects of the worst economic
downturn since the Great Depression. Some
familiar routines, an organisation’s people
may become disoriented and unsettled. – but also believe
clients were in the grip of an immediate
crisis, while others were preparing for future
In the healthcare sector, this sort of
confusion during a crisis could have
that through hard
shocks. Some saw their organisations disastrous consequences. work and creative
overwhelmed by events and needed help
in winding down their operations and That’s why state officials in California ideas, a crisis can
maintaining or creating maximum value
for stakeholders.
recently worked with PwC US to develop
the first comprehensive guidance in the
be overcome.
US for how hospitals, other healthcare
Those companies that make it through the facilities and local health departments
current downturn know that the winners should respond to a sudden increase in
will be organisations that make the tough demand for services following a catastrophic
decisions now: those that remove event. The aim of the project was to
unnecessary costs, protect their liquidity, identify gaps in the preparedness of
manage risk, retain key talent and continue California’s healthcare sector for such
to invest in their future growth areas. a crisis, and then to create a procedural
Resilient organisations will be best framework that would support a rapid and
positioned to succeed. coordinated response across the spectrum
of healthcare providers.
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‘During a major disaster, the healthcare ‘For the healthcare sector, crisis preparedness with which it did business. In September
community will have to switch from an isn’t just about stockpiling beds or medicine,’ 2008, those organisations were simply not
individual care orientation to one that’s comments Levy. ‘It’s also about getting a very convinced that Lehman could survive its
focused on population care – that is, saving clear consensus on aims, methods, and own liquidity crisis, and so they stopped
as many lives as possible,’ explains Dr obligations, so that during a crisis there’s no trading with it. Trust was gone, and with
David Levy, PwC’s Global Leader for confusion about what needs to happen and it the business’s ability to operate.
Healthcare. ‘For healthcare providers, that how it’s going to get done.’
switch challenges some deeply embedded In mid-September, as Lehman tottered
professional paradigms. Resolving those on the brink of collapse, Lehman’s general
contradictions before a disaster strikes was Picking up the pieces counsel in the UK put in a call to PwC
one of the fundamental aims of this project.’ The key ingredient – the ‘oxygen’ that UK’s head of insolvency, Tony Lomas.
causes markets and organisations to either Within 24 hours Lomas had assembled
The guidance provided by the project thrive or die – is trust. When trust runs out, an experienced team to respond to
covered a wide array of issues – including failure is usually not far behind. In the case perhaps the biggest and most complex
how to allocate limited medical resources of Lehman Brothers, the global investment administration in history. Three of those
in an ethical way; standards for the delivery banking firm, the resilience to withstand a team members share their experiences.
of medical care outside of normal settings, sudden, unexpected downturn did not lie
including hallways, parking lots, gymnasiums, principally with experienced management,
or other alternative care sites; and the or sophisticated risk management processes,
effective use of medical professionals and or even the intrinsic value of its portfolio.
volunteers to maximise life-saving efforts In fact, its resilience lay in its trusting
during a catastrophic event. relationships with the other organisations
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Resilience
Paul Copley is a Business Recovery Ellie Lishman is a Forensics associate, Trang Trinh is a manager on secondment
Services partner in PwC UK’s London based in PwC UK’s Leeds office: to PwC UK from PwC Australia: ‘My role
office: ‘On Sunday 14 September ‘I volunteered to join the project during on Lehman is to work with front office
I received a message telling me to go a team meeting, and a week later I was traders and legal advisors and external
into Lehman right away. We worked through at Lehman. I oversee a team of people in parties to unwind live derivative positions
the night as the bank collapsed, and I then Trust Property who are processing and and securities, working on about three to
got completely immersed in the job. investigating client asset claims. In my first four transactions simultaneously, all with
[Twelve] months later here I am. On the month here I worked with colleagues from the objective of realising cash for the
Sunday, we had six people on site. Less Forensics, Business Recovery, Consulting, Lehman estate. Our work at Lehman brings
than 24 hours later we had 150, and within Regulatory, Audit, Banking & Capital ‘doing the right thing’ to life for me, as we
a few weeks over 300. First and foremost, Markets, and Insurance & Investment are working as one team for the benefit of
either insolvency or banking and capital Management. I don’t think any other firm our creditors and those affected by the
markets experience are important. After could have pulled together that combination collapse. Our people have benefitted from
that, we’re looking for a commercial of talent at such short notice. There are this, too, through the invaluable experience
outlook, tenacity, project management so many stakeholders in Lehman that it’s that they are gaining, given that a job of
skills, diplomacy and sheer stamina. a careful balancing act. By providing the this magnitude and complexity has never
Over the period, there has been a core of administrators with all the information been done before.’
people who have remained here throughout, and facts before making a decision, the
supplemented as needed by other PwC interests of all those involved are being
people who have provided us with particular protected wherever possible.’
insights and technical skills.’
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Growth
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Growth
Job and people-cost cuts may save cash To say the least, the past 12 months have
in the short term, but do not necessarily been challenging for our clients and for PwC.
create a winning platform for the future. We have done our share of cost-cutting and
Organisations succeed when they are belt-tightening. We have delayed or scaled
known for creating a workplace that back several human capital programmes.
attracts highly-skilled professionals, Some member firms have made the painful
supports their development and places decision to shrink their workforces. Put
them in pivotal roles. simply, it has been tough.
We would not claim to have a crystal ball

‘Every crisis creates When times are good and the economy
is buoyant, it is easy for organisations to for predicting the future, but one thing
its own challenges and talk about the importance of their people we do know is that every recession does
opportunities. Companies and their commitment to professional ultimately come to an end. Then business
development. However, when the business picks up, confidence returns and
that are able to grow and cycle turns downwards and the economic opportunities arise for those who are
develop their talent now temperature drops sharply, it is a different ready and able to seize them. One of the
will have a competitive story. The people agenda that once lessons we have learned from past business
seemed so important seems to lose a lot downturns is the importance of keeping
edge when the business of its significance when sales are in freefall, the pipeline of new talent flowing, and of
climate improves.’ the flow of credit has slowed to a trickle maintaining growth and development
and the future of the organisation itself opportunities for top performers. Our main
Silas Yang
is in doubt. piece of advice to clients – and one that we
Senior Partner of the China firm and
member of the Network Leadership Team
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also try to keep in mind for ourselves – is perspective, investing in professional in the future and the high value it places
that organisations should think twice about development is a lot less expensive than on employee engagement and growth.
cutting back on their professional replacing A-list performers. As we have pointed out, recessions do not
development programmes. The calculation last forever. But the choices an organisation
here is a simple one: a workforce cannot But the reasons for keeping a robust makes during a rough patch leave a
be kept in suspended animation. If it is professional development programme in lasting impression on the minds of its
not continuously renewed, then it will place do not begin and end with your best employees and other stakeholders.
inevitably enter a slow but steady state of employees. Economic downturns often
decline. That is why in good times – and, demand a more flexible workforce and a At PwC, we operate a broad range of
perhaps more importantly, in bad ones – more flexible approach to managing people. technical training, industry knowledge,
the professional growth of a company’s During the past year, we at PwC have and leadership development programmes
people should be one of management’s introduced a number of sabbatical and for our people at every stage of their
highest priorities. furlough programmes, providing our people careers. Also, because we believe that
with opportunities to pursue other personal learning is inextricably linked with doing,
Admittedly, professional development developmental interests – whether these we offer our people ample opportunities
programmes do not come cheap. But be educational, vocational, or recreational – to live and work outside their home
neither do top performers. Whether the while maintaining their employment at PwC. country. These overseas assignments
economic conditions are good or bad, provide our people with an unrivalled
these talented individuals expect their By sustaining its professional development means of gaining professional experience,
employers to provide them with attractive programmes in the headwinds of a while simultaneously enabling them to
development opportunities – and have the recession, an organisation also says a lot build personal relationships that can
will and means to go elsewhere if these about itself. In particular, it transmits a last a lifetime.
opportunities do not materialise. From that powerful message about its confidence
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Growth
PwC has a deeply-held belief that an based firm like PwC, the cost of losing –
important determinant of an organisation’s and trying to replace – this wealth of female
corporate responsibility lies in its commitment talent is incalculable.
to helping its people achieve their
full potential. On the following pages, All firms in the PwC network are fully
three of our people offer their aware of this issue, and most have taken
own perspectives on working, learning aggressive steps during the past five
and growing with PwC. years to improve the retention of women
at various stages in their careers. PwC UK
has helped to lead the way in these efforts.
Women at PwC: a top priority In 2009, we began to see the benefits
A significant challenge facing professional flowing through from a specific programme
services firms is retaining female talent. established by PwC UK a few years earlier.
Historically, the attrition rate for women One of the biggest Sponsored by the UK’s Advisory business
across the profession has been higher than
for men, partly because many women challenges facing unit, the Advisory Women’s Leadership
Programme aims to further increase the
decide to leave to start a family. PwC’s
experience has been no different. In virtually
professional services number of women partners and leaders
by boosting the opportunities for women’s
every country in which we operate, we find firms is retaining advancement in Advisory.
that women are leaving voluntarily at a faster
rate than our men, and this level of attrition
female talent. The programme’s core focus is on increasing
typically continues as women progress the awareness of factors across the UK’s
through their careers. For a knowledge- Advisory practice, which may inadvertently
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prevent women from being considered
for inclusion in management teams or for This year the UK support in career planning and promotion
discussions. Throughout, the hope is that
leading roles on big client engagements.
It also seeks to reinforce the message that
firm’s Advisory the relationship between participant and
sponsor will create important spin-off
diversity is not about treating everyone the Women’s Leadership benefits for the sponsor as well as the
same, but is really a matter of maintaining
an open mind about the talents and
Programme won the programme participant. Seeing PwC from
a woman’s perspective can be eye-opening
capabilities of others. Advancing Women – and it is expected that this experience
will prove invaluable to most sponsors.
The other area of focus for the UK firm’s in Business award
Advisory Women’s Leadership Programme
is building productive relationships between
given by Opportunity The programme is now delivering results,
with women representing 25% of the most
female Advisory staff and Advisory partners Now, a UK-based, recent class of new Advisory partners in the
and leaders. To do this, the programme
starts by identifying high-performing non-profit organisation. UK. In April 2009, the Advisory Women’s
Leadership Programme won the Advancing
women who might benefit from ongoing Women in Business award given by
support and counselling. These women are Opportunity Now, a UK-based non-profit
then included in an outreach scheme, organisation that provides thought leadership
where each participant is assigned a senior, on gender issues in the workplace. In July,
male partner to act as her principal sponsor. the success of the programme in Advisory
The sponsor takes a coaching and saw it rolled out across all three of the UK
counselling role, including providing firm’s business units.
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Growth
Laura Manson-Smith, a recent participant, the senior partners and provides tangible Silke Mattern, a PwC director originally
talks about her experience on the business benefits as well. Our experience from Germany, but now working in the Tax
programme: ‘One of the most memorable in the UK has been so positive that we practice in Johannesburg, is one of the
moments was hearing the sponsoring are looking to introduce the programme many PwC people who have been able
partners share their views on the benefits throughout the PwC network.’ to take advantage of everything that an
of having more women in the partnership – international assignment has to offer.
from both a personal and firm perspective. Previously, Silke has worked in PwC firms
For me, this programme has highlighted On assignment: personal and in Germany, Russia, Poland and Romania,
the commercial benefits of having a diverse professional growth as well as spending time in Belgium,
workforce and how this will enable us to Each member of the PwC network serves where she worked in industry for five
engage better with our people and clients. global clients alongside major national years. Here she shares some of her
Attending this programme has really helped clients. But no matter where they are in the experiences while on assignment for PwC,
me broaden my network – it always amazes world, our clients are increasingly affected and describes how these have contributed
me what a mix of people we have in PwC, by trends such as the globalisation of to her personal and professional growth.
with some fantastic experiences and sources of capital, lengthening supply and
different perspectives on life.’ distribution chains, new emerging markets ‘I believe that working abroad and leaving
and changing political dynamics. your regular environment is enriching,
Moira Elms, Chair of PwC’s Gender because you get insight into environments,
Advisory Council, comments: ‘The As a consequence, our clients increasingly people and cultures that take very different
programme has been very successful demand international experience, making approaches from those you are used to in
in opening up doors to allow more women exciting opportunities ever more available in your home country.
to advance in their careers. We’ve found the 151 countries where PwC member firms
that it benefits both the participants and have offices – including our fastest-growing
priority markets.
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‘It’s exciting to be working for PwC South
Africa. Living in Africa has always been a Exciting opportunities new people. I now have friends all over the
world. Of course, moving can be lonely
dream of mine, and when the opportunity
to move here arose, I jumped at the chance.
are increasingly sometimes, but every move brings a change
– and change also brings excitement.
We’re one of the largest professional available in the 151
services firms in Africa and part of one of
the fastest growing regions in the PwC
countries where PwC ‘One of the major changes to me personally
from working abroad is that I’ve gained a
network. Here I feel part of the future. It’s
more than just coming here to implement
member firms have lot of patience. In fact, my mother said she
doesn’t recognise me anymore. In Germany,
programmes that work in other countries, offices – including where I come from, everyone expects
or looking for gaps in the system that we
can fill with what we’ve done elsewhere. It’s
our fastest-growing everything to work well and be on time.
In other parts of the world, you often have
about introducing entirely new approaches priority markets to deal with a lot of bureaucracy which
to the market that businesses haven’t seen holds up processes, so people are used
here before. to improvising in their lives and are more
relaxed in approaching day-to-day things
‘One of the challenges of an international that happen to them.
assignment is building a social network.
As I move around from country to country, ‘My career at PwC has been a bit of an
I have to build up a new social life. It’s adventure. The first move I made to Eastern
probably a bit more difficult for me than Europe was around the time of the merger
for those with a spouse and children, but on between Price Waterhouse and Coopers
the other hand it’s always exciting meeting & Lybrand in 1998. Moving to Moscow was
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Growth
a big career step for me, the first of many ‘Companies hire PwC for two reasons. ‘From my own experience, I would say
along the way. By taking advantage of the First, the client thinks PwC has the right GEM is highly effective. Shortly after
opportunities to work around the world skill sets. Secondly, the client feels a I attended the first GEM event, PwC Dubai
with PwC you can have a great career rapport with us. That second factor – was asked to submit a proposal to provide
and realise your dreams.’ creating a rapport and establishing a audit and related services for the new
relationship – is tremendously important to Dubai airport, which will be the world’s
the way PwC does business. But I think it’s largest. As a starting point we decided
GEM: developing leaders in particularly true in the emerging economies. to focus on the conceptual model used
emerging markets by GEM to build deeper relationships with
PwC’s Global Relationship Partner ‘GEM works on two dimensions. The clients on the commercial, professional,
Programme for the Emerging Markets internal dimension is aimed at developing social and personal levels, while also
(GEM) is designed to meet the development the partners themselves. That means demonstrating our industry expertise
needs of future and existing Global working on the partner’s skills and and ability to build and lead a high-
Relationship Partners on selected priority confidence. The external dimension is performing team.
accounts in emerging markets. Its aims are geared toward finding very tangible ways
to equip participants with the skills and to put all the capabilities across PwC’s ‘The result of this approach was that even
confidence needed to lead such accounts, global network to work for the client. though PwC Dubai submitted the highest
and to support them in preparing a strategic The first dimension helps us to become bid, we were able to have a frank and open
account plan. Viren Lodhia, a Global better-rounded professionals. The second conversation on price and were appointed.
Relationship Partner based in the United helps us to deliver more immediate value The feedback from the client was that our
Arab Emirates, describes what he gained to the client. approach clearly differentiated us from the
from the GEM programme. competition, and meant the choice of
advisors for them was obvious.’
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Commitment
19635_GAR_2009_v30_SB0710.indd 24 7/10/2009 13:39:02

Commitment
The practice of corporate responsibility CR in context

is not a compromise in wealth creation, Corporate responsibility for many
but rather an increasingly vital component organisations typically grows out of
in the long-term sustainability of an community activities that focus on
organisation’s bottom line. engaging staff with their local communities.
These efforts can certainly accomplish
Today, the important social and good things, and many organisations –
environmental benefits of embracing ours included – do their fair share of
corporate responsibility (CR) are no longer a cleaning up local parks, painting schools,
‘PwC’s relationship with the matter of debate for most major businesses
across the world. Instead, management’s
donating food and so forth. But from our
UNHCR began in 2004. As focus has turned to more tactical questions:
experience, the full value of CR can only
be realised when it is part of an integrated
a result of our work helping How should we practise CR? And what process that takes CR into consideration
level of commitment should we dedicate to
to educate the children of it? In making this shift, most organisations
in every business decision.
the Darfur refugees, PwC’s have accepted that embedding corporate
At PwC, we use a ‘four quadrant’ model,
bonds with the UNHCR responsibility in all aspects of how they
which helps us take a holistic view of what
operate adds value to their business as
have grown even stronger.’ well as to the broader community.
it really means to be a responsible corporate
citizen. We use this model to foster an
Ian Powell approach that promotes responsible
UK Senior Partner and member of The difficult question that remains is how business practices in the way we operate
the Network Leadership Team this value can be measured. Certainly, the in the marketplace, treat our people,
practice of CR can have measurable interact with our local communities, and
spin-off benefits in terms of public image, protect the environment. In combination,
retention and recruitment. But can the all our CR efforts are part of the ‘PwC
value of CR go deeper? We believe it can. Experience’ that we create for our people
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and clients every day. And when this But to return to the original question: Does
experience is delivered consistently around CR add value to our business? In our view,
the world, it can have a positive impact it is easier for a commercial organisation
in each quadrant: supporting economic to put an explicit economic value on the
stability and promoting trust in the capital benefits it derives from some aspects of
markets; helping our people grow and CR than it is from others. Nevertheless,
develop both personally and professionally we are absolutely certain that the value of
as responsible leaders; sustaining the local embedding CR across all our business
communities where we have a presence; practices is recognised and implicitly felt
and protecting the planet for future throughout and beyond PwC. CR serves
generations. both as a powerful reminder and a continuing
challenge for everyone in PwC across the
PwC’s approach to CR operates at both world. It constantly reinforces our shared © Copyright: ZALMAÏ/UNHCR
global and local levels. Our education awareness of the commitments we must
work in Chad for the Darfur refugees is a make, the behaviours we must demonstrate
good example of how PwC member firms and the standards we must uphold if we are
around the world pool funds and expertise to succeed in our aims as a business.
to tackle large and complex problems.
Individually, firms in the PwC network also
create their own local CR approaches and Bringing hope to Darfur
programmes reflecting local needs, cultures In the desert nation of Chad, PwC is
and customs. And across the network, collaborating with the United Nations High
our member firms share best practices Commissioner for Refugees to build a fully
and celebrate the difference we’re making functioning primary educational programme
in our communities. for refugee children living on the edge of a
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Commitment
combat zone. The project – Educating the That began to change in earnest when ‘Educating the Children of
Children of Darfur – has tested the abilities PwC joined forces with the UNHCR in a
of both organisations to understand not multi-year project to bring the essentials of Darfur is a perfect example
only the educational requirements of a primary school education on a sustainable of how a private organisation
displaced children, but also the security basis to 30,000 refugees between the
needs of a refugee population, and the ages of six and 14. The project – which
and its staff worldwide can
refugees’ impact on the resources and got under way with a 10-day fundraising help change for the better
politics of their host nation. To meet these campaign that attracted more than the lives of thousands of
challenges, PwC and the UNHCR have US$4 million in contributions from PwC
forged an unusual alliance. people and member firms – will eventually
the most vulnerable people
build or refurbish four schools (and 32 on earth. The PwC/UNHCR
Educating the Children of Darfur is a classrooms) in the four refugee camps relationship is a model for
response to the grim events that have been that fall within the project’s scope.
unfolding since 2003 when, as a result of
UNHCR’s public-private
armed attacks against them by local militia, Building a bricks-and-mortar school partnerships.’
many of the people of Sudan’s Darfur infrastructure is not the project’s sole aim.
António Guterres
region fled their homeland and sought An equally central objective is improving
United Nations High Commissioner
refuge in the neighbouring country of Chad. the quality and relevance of the education
for Refugees
Today, Chad has found itself harbouring by enhancing the skills of the teachers in
over 320,000 refugees, 250,000 alone from the new schools through training and
the Darfur region of Sudan. While the supervision. A third project aim is to provide
refugees’ subsistence needs have largely a way forward for the refugee children who
been met, the children in the refugee are about to leave primary school with
population have until recently had limited guidance in seeking either employment
access to primary school education.
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or opportunities to further their education.
And while the scope of the project is limited
Rebuilding New Orleans Following an
Summers in New Orleans are notoriously
to four camps, the policies and standards
that have been established there serve as
hot and humid. But summer weather did not environmental
a model for refugee education not only
discourage 150 PwC people and college
students from across the United States,
awareness campaign
in the 12 camps overseen by the UNHCR
in Eastern Chad, but every place where
when they converged on the city to help conducted by PwC
refugee children need to be educated.
Of critical importance has been the shift in
with its recovery efforts following the
devastation caused by Hurricane Katrina. US on college
focus from the typical 12-month planning
As well as providing New Orleans with
enthusiastic volunteers, the two-day
campuses and on
cycle to a more long-term perspective with
sustainability as the end goal.
event was also a tangible expression of Facebook, more than
the Make Responsibility Count initiative –
an innovative approach by PwC US to 100 college students
While of immense value in its own right, the
educational infrastructure being built in the
make a sustainable impact on all facets of
the communities where they live and work.
were selected to aid
camps also plays a vital role in safeguarding
children and promoting their well-being.
Local coordination for the initiative was the ongoing recovery
By offering structure and stability and by
provided by Hands On New Orleans, a
resource centre focusing on grass-roots
efforts in New Orleans.
spreading messages of assurance and service projects.
support, these schools provide the children
with a safe haven from the violence and
Students participating in the project were
desolation that otherwise surround them.
selected through a nationwide environmental
awareness campaign conducted by PwC
US on college campuses and on Facebook.
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Commitment
The students – representing 100 different US across the country who came together to
colleges and universities – teamed up with accomplish something great that will have
PwC US partners and staff on four projects an impact on New Orleans for years to come.’
across New Orleans: revitalising Oretha
Castle Haley Boulevard (a major thoroughfare Painting and landscaping was on the
that has lately fallen on hard times) to agenda for the team assigned to Warren
help revive the local economy; renovating Easton High School. Warren Easton – the
several homes in the flood-ravaged Ninth oldest secondary school in New Orleans –
Ward district to give residents renewed is renowned both for its academic
hope for the future; repairing the exterior achievements and the fierce loyalty of
of Warren Easton High School, to match its students. That devotion to the school
the work carried out by PwC US inside to also seemed to rub off on members of the
make the building more energy efficient; PwC team. ‘The school spirit and sense
and restoring George Washington Carver of community I felt there was astounding,’
Park to create a local green space for a recalls Rachel Rutledge, who attends
healthier environment. Ohio University. ‘The school was filled
with students and faculty members, which
Amanda Rack, a student at Hofstra seemed normal – until someone pointed out
University, was a member of the team given that school was out for the summer.’ Alison
the mission of sprucing up Oretha Castle Kim, an accounting major at Binghamton
Haley Boulevard. ‘I have performed plenty University, was also impressed by Warren
of community service projects before, Easton’s school spirit. ‘Warren Easton is
but nothing has compared to this,’ notes more than a school for these students,’
Amanda. ‘One of the most rewarding parts Alison observed. ‘It is their home.’
of the trip was meeting new people from
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Shannon Schuyler, Managing Director for future climate change policy framework, The key message that emerged from the
Corporate Responsibility for PwC US, notes and provide practical proposals for an Summit was that the current economic
that a desire to make a broader contribution ambitious global deal on climate change downturn should not be allowed to temper
to society – not just making money – at COP15, the meeting of the United governments’ ambition for a robust climate
shapes the way in which members of the Nations Framework Convention on treaty. Indeed, the consensus among the
up-and-coming generation of students view Climate Change in December 2009. attendees was that economic recovery and
their job opportunities. ‘College students urgent action to tackle climate change can
today are actively looking for an employer PwC leaders played a pivotal role in helping be complementary. If businesses are fully
whose brand and reputation is synonymous to shape the recommendations from the engaged in the framework as the result of
with being a responsible corporate citizen,’ Summit, including chairing sessions on the right incentives having been put in place
she explains. ‘Projects like this show that the rapid transformation to a low-carbon by governments, then private sector
being a responsible leader and good economy and methods for financing clean investment in new infrastructure to reduce
corporate citizen is all part of how PwC energy. During the Summit, PwC also carbon emissions can act as a powerful
does business.’ presented a detailed carbon emissions economic stimulus. And overall, the Summit
reporting model for businesses. voiced an unequivocal commitment by
business leaders around the world to work
Leading on climate change The Summit was convened by the hand-in-hand with policymakers on all
In May 2009, representatives of PwC – Copenhagen Climate Council in collaboration aspects of the climate change challenge.
together with more than 500 other business with The Climate Group, the 3C Initiative,
leaders from some 40 countries – met the United Nations Global Compact, the At its conclusion, the conveners of the
with leading experts, government officials World Business Council for Sustainable Summit issued a statement calling for:
and NGOs at the World Business Summit Development and the World Economic
• Agreement on a science-based
on Climate Change in Copenhagen. Forum’s Climate Change Initiative. The
greenhouse gas stabilisation path,
The Summit was held to mobilise private Summit also had the full support of the
with emissions reduction targets for
sector engagement in developing a Danish Government.
2020 and 2050
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Commitment
• Effective measurement, reporting, for stimulating a faster flow of green

and verification of emissions technology and investment into developing
countries will be delivered to the UN
• Incentives for a dramatic increase in
Secretary-General.
financing of low-emissions technologies
• Deployment of existing low-emissions
technologies and the development of Tackling climate change
new ones around the world
• Funds to make communities more Colombia: inventing new ways
resilient and better able to adapt to the to be sustainable
effects of climate change PwC Colombia has launched an internal
campaign to encourage people to find new,
• Innovative means to protect forests and
more sustainable ways of working that will
balance the carbon cycle.
reduce costs and save resources. Called
‘You can be an inventor’, the campaign
PwC is also demonstrating its support for stresses the importance of behaving
efforts to establish a low-carbon economy sustainably to preserve people’s jobs.
in other ways. As a member of the World Staff around the country have responded
Economic Forum’s low-carbon prosperity enthusiastically by participating and
task force, PwC is heading a study group submitting ideas, including designing a
to identify ways to create millions of green Microsoft Excel application that cut the
jobs in the short term and, in the longer time spent digitising a client’s accounting
term, redirect economic growth onto a records from 40 minutes to 10 minutes.
more sustainable, low-carbon path.
Recommendations for ready-to-implement
‘low-carbon projects’ and methods
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Netherlands: driving down the carbon a bonus at the end of the year, because United States: going for the
footprint of our leased car fleet they drove more economically than gold in green
PwC Netherlands is driving change from expected on the basis of their car’s PwC US has been ranked as the top Green
the inside outwards, supporting a broad standard fuel consumption. IT organisation by Computerworld,
array of corporate responsibility activities to the authoritative news and information
engage people and encourage responsible Australia: slashing carbon magazine for the technology industry.
behaviour. Examples include introducing emissions in 2009 Beginning in 2004, the US firm centralised
a carbon-neutral car leasing scheme under PwC Australia has a three-step strategy for hundreds of computer servers from remote
which staff receive a higher allowance if reducing carbon emissions. First, the firm offices and ‘virtualised’ a thousand more,
they lease a fuel-efficient car. If they use takes steps to cut its impact. Second, it resulting in annual savings of 2.75 million
fuel-efficient driving techniques, staff can supplements these savings with renewable kilowatt hours. Currently, PwC US is
earn an additional bonus. As a result, both energy. And finally, it purchases offsets for building a data center and applying for
standard fuel consumption and actual fuel any remaining emissions. Last year the the gold LEED (Leadership in Energy and
consumption have fallen, year on year. Australian firm publicly disclosed its targets Environmental Design) certification from
Last year the leased car fleet was 2.9% to reduce carbon emissions before offsets the US Green Building Council.
more fuel-efficient than in 2007, and since by 10% in FY09, and by 25% over four
the start of this leasing scheme, overall years. It substantially exceeded this
fuel consumption fell by an impressive first-year target, reducing emissions by
10.5%. A total of 463 employees received 23% and almost reaching the four-year
target in one year.
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Commitment
Global Communities Recognition Awards Development Award – Czech Republic,

Each year PwC recognises its member firms for outstanding Strategic Community Engagement Programme
leadership, development and innovation in the field of community The Czech firm focuses on providing volunteer and pro bono
engagement. The awards reflect the richness and diversity of services to groups of people who have been identified as having
thinking that PwC brings to responsible leadership across the PwC the greatest need. These target groups include abandoned
network. Thirty-one member firms submitted nominations this year, children, mentally and physically disabled people, elderly people
and three took home the top honours. and immigrants. The Czech firm has formed strategic partnerships
with various relevant community organisations so they can benefit
Innovation Award – South Africa, fully from their relationship with PwC.
Rural Women’s Training Programme
In addition to its ongoing donations of money, food and clothing Best in Class Award – Canada, PwC Foundation
to those in need, PwC South Africa decided to improve the lives Established in 2004, the PwC Foundation in Canada has a mission
of rural women by establishing the Business Skills for South Africa to make positive, lasting change in local communities by sharing
(BSSA) foundation. The initiative provides business and the firm’s time, expertise and resources. To deliver on this mission,
entrepreneurial skills to disadvantaged communities, with the the Foundation supports a wide range of volunteer programmes
specific aim of empowering women in isolated rural communities and leadership grants that benefit communities and help build
to generate their own income and ultimately make a meaningful engagement. Since the launch of the Foundation, the percentage
contribution to South Africa’s economy. This unique approach to a of PwC people in Canada volunteering in their communities has
community issue has been recognised by the South African Black risen from 25% to 45%. At the same time, the Foundation has
Management Forum for skills development and capacity building. become a corporate leader in the area of employer-supported
volunteerism, and is often sought out by other organisations
looking to learn from its best practice programmes.
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Transparency
19635_GAR_2009_v30_SB0710.indd 34 7/10/2009 13:39:09

Transparency
We are proud of the PwC network. In the PwC member firms agree to follow this
following section we share some detail of wide range of standards (including quality
our structure, standards and processes. reviews) in exchange for the right to use
the PwC name. The use of the PwC name
It is the strength of our network that is very carefully monitored.
makes PwC the distinctive and leading
professional services organisation in the We should be judged, not just on the
world. A new organisational model for the quality and extent of the standards that are
PwC network was introduced in the last applied to all PwC member firms, but on
the actions that are taken to maintain these
‘Transparency is important 12 months which has enabled PwC
member firms to align more closely their standards and the consequences for
to us and that is why we strategy around the world and improve member firms that do not live up to them.
have introduced a global the integrated service offered to clients.
We are proud of the work that has been
transparency report to As part of that new network structure done to build the PwC network and
help our key stakeholders we have introduced a set of standards wanted to share with our stakeholders
understand how the PwC and policies with which all PwC member information about both the key structures
firms are expected to comply. These of the PwC network and the high standards
network is structured and standards cover existing key areas such as expected of all PwC member firms.
what is expected of PwC independence and risk management as well
member firms around as wider areas such as people management
and brand and communications.
the world.’
Hans Wagener
Germany Senior Partner and member
of the Network Leadership Team
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Legal structure, ownership
and network arrangements
This network simultaneously as local businesses, but
on a global scale, creating a platform on
Network arrangements structure provides which member firms share knowledge,

skills and resources and deliver services
and member firms
In most parts of the world, the right to
PwC member of consistently high quality to international
practise accountancy is granted only to firms with the and local clients.
national firms that are majority-owned

by locally qualified professionals.
flexibility to operate PricewaterhouseCoopers
International Limited
simultaneously as PricewaterhouseCoopers International
Consequently, PwC member firms are
locally-owned and managed, thereby local businesses, Limited (PwCIL) is a UK private company
limited by guarantee in which the various
fostering a deep understanding of local
markets.
but on a global PwC firms are members. PwCIL does not
scale, creating provide services to clients. Its primary

activities are to: identify broad market
PwC is structured as a network of separate
member firms, owned and operating locally in a platform on which opportunities and develop associated
strategies; strengthen PwC’s internal
countries around the world, connected through
membership in PricewaterhouseCoopers
member firms share product, skill and knowledge networks;
International Limited. knowledge, skills promote the PwC brand; and develop
and work for the consistent application
This network structure provides PwC

and resources. of common risk and quality standards by
PwC member firms, including compliance
member firms with the flexibility to operate with independence policies.
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Transparency
PwCIL governance structures Network Executive Team Sustainable culture

This team, which reports to the Network To promote the continuing success of
Global Board
Leadership Team, coordinates key service our business, we nurture a culture that
The Board is the body responsible for
line and functional areas such as Risk supports and encourages all PwC people
the governance of the PwC network and
and Quality, Human Capital, Operations, to do the right thing, especially when they
oversight of the Network Leadership
and Brand and Communications across have to make tough decisions. PwC people
Team. The Board is accountable to the
the PwC network. have ready access to a wide array of
PwC member firms and does not have an
networks – both formal and informal –
external role. Board members are elected
and technical panels to help them reach
by all partners in all PwC member firms Description of internal quality appropriate solutions.
every four years, with the current board
control systems
taking up office in April 2009.
The way we do business Quality procedures
PwC member firms conduct their businesses PwC has a number of common
Network Leadership Team
within the framework of applicable methodologies and work programmes for
This team sets the overall strategy for the
professional standards, laws, regulations many of its services. These are designed
PwC network and the standards and policies
and internal policies. However, because to assist member firm partners and staff
to which member firms must adhere.
these rules do not govern all types of in delivering high-quality work. Each client
behaviour, PwC has a Code of Conduct engagement partner is responsible for
Strategy Council
for all PwC people and member firms. selecting partners and staff for an
The Strategy Council, which is made up
engagement, who have the appropriate
of some of the largest PwC member firms,
PwC people have an obligation to know, professional competence and experience.
agrees the strategic direction of the network
and facilitates alignment in the execution understand and comply with the guidelines
of strategy. contained in the Code as well as the values
– Excellence, Teamwork and Leadership –
on which the guidelines are based.
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To promote the Managing risk and quality
A firm’s membership in the PwC network
Assurance quality review process
PwC member firms conduct an annual
continuing success depends on its compliance with common
risk and quality standards. Underlying
programme of quality reviews intended to:
of our business, PwC’s risk management and compliance • Evaluate each member firm’s
we nurture a culture programme is the fundamental principle
that every PwC member firm is fully
performance of its overall control and
management of quality
that supports and responsible for its own risk and quality
performance and, where necessary, for
• Evaluate whether on selected individual
encourages all driving improvements. Territory Senior
engagements:
PwC people to do Partners sign an annual confirmation of

compliance with a set of risk management
–– Audit examinations are performed in
accordance with generally accepted
the right thing, standards covering a range of risk areas, auditing standards, financial statements
especially when including independence, ethics and

business conduct, Assurance, Advisory
are prepared in conformity with
generally accepted accounting
they have to make and Tax risk management, governance and
data protection and privacy. The annual
principles, and reports issued are
appropriate in the circumstances
tough decisions. compliance confirmations follow an annual
–– Other Assurance services are
compliance assessment process.
performed to appropriate standards
and documented in accordance with
PwC policies and procedures.
• Identify the possible root causes of
failings where deficiencies are identified
or where performance needs improvement
I
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Transparency
• Identify and assess any factors that may – sets out the minimum standards and training have also been developed.
increase the member firm’s risk requirements that should be observed by Individual member firms supplement these
PwC member firms and their people and with training materials tailored to reflect
• Assess compliance with global Assurance
the processes that are to be followed to any local requirements. Our Assurance,
risk management policies and procedures
maintain independence from PwC Tax and Advisory practices also deliver
• Provide constructive recommendations Assurance clients. PwC member firms may local training programmes and materials
for correcting any deficiencies noted impose supplementary independence dealing with independence considerations
during the review. restrictions and processes by reference to related to the provision of services to
local regulatory and ethical requirements. Assurance clients.
As part of the quality review process, each Details of any such requirements having
PwC member firm reviews the work of each cross-border effect are promulgated within Compliance
of its partners and its overall quality control the network. Compliance processes rely on a
processes at least once every three years, combination of business activities and
or more frequently should circumstances The requirements of the PwC Independence monitoring systems. All partners, directors
warrant. PwC member firms develop Policy are embodied in a number of and client-facing managers in all member
remediation plans to address deficiencies Independence Standards against which firms are required to record the details
or areas for improvement noted during the all PwC member firms are required to of their investment portfolios on a
review process. assess their compliance annually. confidential database that provides
real-time monitoring of investments held
Training against an independence list of prohibited
Independence practices Computer-based training modules on the securities. All joint business relationships
Policy PwC Independence Policy and related are required to be approved, recorded
PwC’s Independence Policy – based on topics have been made available to all and regularly monitored.
the International Federation of Accountants PwC member firms. Similar training
Code of Ethics for Professional Accountants materials that can be used for face-to-face
I
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The requirements In addition to these and other compliance
monitoring systems, all PwC member firms
that all PwC member firms’ partner
remuneration systems should include
of the PwC have certain confirmation and verification
processes, including:
three core elements for which partners
are rewarded: first, the role they are
Independence • Annual compliance confirmations
asked to play in the partnership;
Policy are embodied • Inspection and compliance
second, how well they carry out their
responsibilities; and third, how well
in a number of testing programmes. their individual firm performs as a whole.
The underlying premise of the partner
Independence Violations income philosophy at PwC is designed
Standards against All PwC member firms have disciplinary
policies and mechanisms to promote
to encourage, recognise and reward
partners, both as individuals and as
which all PwC compliance with policies and processes members of teams, based on their
member firms are and to report and address any violations

of independence requirements. In addition,
contribution to their respective firms.
required to assess all member firms report any violations of

cross-border independence regulations
The successful execution of member
firms’ partner income arrangements,
their compliance affecting audit appointments of other including delivery of actual rewards,
annually. member firms. hinges on a balanced scorecard evaluation
against individual and team objectives.
The PwC performance-rewards structure
Partner remuneration respects the regulatory environment in
An essential element of PwC’s ethos which PwC member firms operate and
is a common global framework for each member firm maintains and operates
partner remuneration, based on partner a separate compensation system for both
performance and quality of work. partners and staff.
This global framework suggests
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Transparency
Continuing education We are committed We also provide highly focused programmes

for those with special roles or who serve
The PwC approach to learning and
education (L&E) at the global level provides to delivering clients with unique characteristics. These
include Quality Review Partners, those
our people with access to a wide curriculum
of courses developed to global standards,
consistently high leading multilocation audits, those leading
while also providing support for local L&E levels of audit quality audits of non-financial information, and
those serving clients in selected industries
leadership and fostering personal
accountability for continuous education. around the world. with unique business models, regulation,
or audit risks.
We are committed to delivering consistently
With some 163,000 people across
high levels of audit quality around the world.
PwC’s member firms, providing
To help us do this, our globally developed
continuous education throughout each
curriculum gives Assurance practitioners,
professional’s career is a major challenge.
and specialists in Advisory and Tax who
Mechanisms have been put in place
provide audit support, access to courses
at all levels – individual, national and
covering our audit approach and the tools
global – to help achieve this goal.
we use, updates on new standards and
their implications, and areas of audit risk
Member firm L&E leaders are responsible
and engagement quality. These courses
for reporting their training plans for the
give all practitioners the opportunity to
year and, at year-end, their actual delivery
sharpen their professional judgement by
of training to the target audience for
sharing insights and experiences with their
each programme.
instructors and peers.
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Facts and figures
19635_GAR_2009_v30_SB0710.indd 42 7/10/2009 13:39:16

Facts and figures
Information is power. In the following Figure 1: Aggregated revenues of PwC member firms by region (USD millions)
section we share key facts and
FY09 FY08 % change % change
figures on our revenues, clients,
at FY09 at FY08 at constant
people and leadership. ex. rates ex. rates ex. rate
Asia 2,627 2,601 1% 5.4%
Revenues Australasia and Pacific Islands 1,176 1,366 -13.9% 1.4%
As for many other businesses around the Central and Eastern Europe 778 861 -9.7% -3.8%
world, the 12 months to 30 June 2009 were
Western Europe 11,155 12,619 -11.6% -0.8%
challenging for our network with most
PwC member firms facing tough economic Middle East and Africa 704 715 -1.5% 9.1%
conditions. As a result, our global revenues North America and the Caribbean 9,032 9,332 -3.2% -1.2%
were up marginally at constant exchange South and Central America 699 691 1.3% 13.3%
rates, by 0.2% to 26.2 billion USD.
At variable rates of exchange, revenue Total gross revenues 26,171 28,185 -7.1% 0.2%
growth was significantly impacted by the FY09 revenues are expressed in US dollars at average FY09 exchange rates. FY08 revenues are shown at average FY08 exchange rates
strengthening of the US dollar; as a result for continuing operations. Gross revenues are inclusive of expenses billed to clients.
revenues fell by 7.1%. Fiscal year ends 30 June.
Although these results are not as good as we

would have liked and certainly not as strong
as we have seen in recent years, they are
reasonable in the current difficult economic
climate, reflecting our strong mix of business
and PwC’s position as the premium brand in
many of our markets.
Assurance, which remains the centrepiece

of our business and our brand-defining
service, continued to grow despite the
difficult economic conditions, reflecting both
the well-established nature of this business
Global Annual Review 2009 43 I
19635_GAR_2009_v30_SB0710.indd 43 7/10/2009 13:39:16

and its continued focus on improved Figure 2: Aggregated revenues of PwC member firms by service line (USD millions)
customer service and very competitive
pricing. In FY 2009 our Assurance practice FY09 FY08 % change % change
at FY09 at FY08 at constant
earned revenues of 13.1 billion USD, up 2%. ex. rates ex. rates ex. rate
Tax revenues held steady at 6.9 billion USD, Assurance 13,143 13,808 -4.8% 2.0%
the lack of growth reflecting the decline in Advisory 6,110 6,899 -11.4% -2.9%
corporate deals and restructuring. Tax 6,918 7,478 -7.5% -0.3%
Total gross revenues 26,171 28,185 -7.1% 0.2%
Given the economic circumstances,
revenues from our Advisory practice FY09 revenues are expressed in US dollars at average FY09 exchange rates. FY08 revenues are shown at average FY08 exchange rates
continued to hold up well at 6.1 billion for continuing operations. Gross revenues are inclusive of expenses billed to clients.
Fiscal year ends 30 June.
USD, down by just 2.9%. This fall in
revenues was driven by a downturn
Figure 3: PwC’s service line mix (2004-2009) at constant exchange rates
in deals and initial public offerings.
This was offset somewhat by a boost
in restructuring work. Looking ahead,
the acquisition in 2009 of the BearingPoint 6,918 6,936
6,166
advisory businesses in the US and Japan 5,360
will help to position our Advisory practice 4,783
6,110 6,293
very well for future growth. 5,540
4,817
4,036
In some regions around the world, PwC
member firms were less affected by the
13,143 12,880 12,511 11,641 10,820
global economic downturn than others.
There were continuing strong results from
South and Central America, which saw
FY09 FY08 FY07 FY06 FY05
revenues increase by 13.3%, while the Revenues at FY09 rates Revenues Revenues Revenues
Middle East and Africa enjoyed revenue
Assurance Advisory Tax
growth of 9.1%. Asia saw a modest increase
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Facts and figures
in revenue growth of 5.4%, lower growth Figure 4: Aggregated revenues by industry sector (percentage of revenue)
than last year, but still a creditable
performance in the current climate and Industrial products 21.7
a continuing indication of the growing
contribution that PwC’s member firms in Banking & capital markets 12.5
Asia will make to the PwC network. Asset management 11.6
Our member firms in Central and Eastern Retail & consumer 10.2
Europe were impacted by the recession this
year, with revenues down by 3.8%, while Energy, utilities & mining 8.4
our member firms in North America saw
Technology 6.4
revenues fall by 1.2%. PwC member firms
in Western Europe also had a difficult time Insurance 5.1
this year, with revenues down by 0.8%.
Entertainment & media 4.4
Revenue growth was high in a number of
Government 4.3
our member firms around the world, with
particularly good growth from some key Professional services 4.1
markets such as Japan (11.8%), Spain
(6.4%), Sweden (6.4%) and Canada (4.4%). Pharmaceuticals 3.4
By delivering our services through a Automotive 3.0

number of industry sectors, our clients
Information & communications 2.6
benefit from our latest thinking, research
and expertise. Looking at our revenues Healthcare 2.3
on an industry basis, there were particularly
good results from colleagues working
with clients in the government, energy
and banking and capital markets sectors.
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Figure 5: Global and regional client bases Clients
FT Global 500 Fortune Global 500 FT Europe 500 Around the world, our clients rely on
PwC to help them explore opportunities
and deal with complex business challenges.
18% 15%
26% We work closely with our clients to deliver
31% 30% 29%
sustainable solutions, tapping into the
breadth of our global network and our
51% 55% in-depth industry expertise.
45%
The clients of PwC member firms around

the world range from the largest and
most complex organisations to innovative
Fortune 500 (US) S&P Asia 50 S&P Latin America 40 entrepreneurs. Our services are tailored
to match the needs and requirements of
all of our clients, depending on their size,
26% 26%
location and specific needs.
29% 32% 38% 38%
In FY 2009, PwC member firms provided
45% services for 422 of the companies in the
30% 36%
Fortune Global 500 and 408 of the companies
in the FT Global 500. In addition, PwC
member firms served significantly more
than half of the largest companies in each
PwC audit client companies in index/list PwC non-audit client companies in index/list All other companies in index/list of our regional markets during the year.
Audit clients include both sole and joint audit appointments. Other clients disclosed as companies where PwC revenues exceeded
500,000 USD in FY09. PwC member firms around the world
have a broad mix of clients. The share
of revenues from smaller clients, private
entities, not-for-profit organisations and
the public sector was 50% of our total
revenues in FY 2009, compared with
25% for mid-sized companies and 25%
for large companies.
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Facts and figures
Figure 6: PwC aggregated revenues by size of client Figure 7: PwC clients as a percentage of the Fortune Global 500
36
Automotive
82
Banking, capital mkts, 32
25% asset management
91
Client company revenues greater & private equity
than or equal to 10 billion USD
50% Energy, utilities 24
Client company revenues less
than 10 billion USD and greater & mining 70
than or equal to 250 million USD
25% Entertainment 29
Client revenues less than
250 million USD, including & media 100
not-for-profit, government
and public sectors
Healthcare & 41
pharmaceuticals 95
Estimates based on market data representing 98% of aggregated revenues of PwC firms in FY09.
Client company revenues as reported by public record.
Industrial 24
products 81
Information & 21
communications 95
41
Insurance
92
Retail & 30
consumer 83
32
Technology
97
Audit clients Total clients

Audit clients include both sole and joint audits. Other clients defined as companies where PwC
revenues exceeded 500,000 USD in FY09.
Global Annual Review 2009 47 I
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Figure 8: PwC people, June 2009 People
PwC people 2009 2008 2007 At PwC, we are committed to our people.
They are behind our every success.
Partners 8,552 8,603 8,578
We are proud to have many of the best
Client service staff 123,548 116,935 108,926 and brightest people working for our
Practice support staff 31,445 30,155 29,263 organisation, from diverse backgrounds
and with rich experience and a broad
Total 163,545 155,693 146,767
range of skills. Once they join PwC,
we develop, guide and motivate them
to give their best. If they decide to leave,
Figure 9: Growth by region, June 2009/2008
we support them in finding a new role,
PwC people 2009 2008 Growth and then we stay in touch.
Asia 32,756 27,646 18%
The combined headcount of PwC member
Australasia and Pacific Islands 6,829 7,739 -12%* firms is more than 163,000, an increase of
Central and Eastern Europe 6,860 6,634 3% 5% during FY 2009 and up from about
Western Europe 58,457 57,523 2%
118,000 at the time of the formation of
PwC in 1998. The changes in headcount
Middle East and Africa 9,427 8,293 14% this year varied considerably across the
North America and the Caribbean 39,142 38,160 3% network, reflecting the differing local
South and Central America 10,074 9,698 4% economic conditions.
Total 163,545 155,693 5%
We have a truly global reach, with offices
*2009 figures have been rebased to exclude temporary staff. in 757 cities across 151 countries.
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Facts and figures
Figure 10: PwC people by lines of service, June 2009 Figure 11: PwC people by region, June 2009
4% 4% Western Europe
12% Middle East and Africa
20% 36% North America and the Caribbean

21% 48% Assurance
South and Central America
Advisory
6% Asia
Tax
19% 24% 6% Australasia and Pacific Islands
National costs
Central and Eastern Europe
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Figure 12: PwC ranking in student surveys To offer the best possible service for our
clients, we need to be a magnet for
Rank in Big Four Rank among all employers outstanding people. According to recent
FY09 FY08 FY09 FY08 student surveys we continue to be the top
China 1 1 10 10 employer in our profession in many key
markets around the world (Figure 12).
Czech Republic 1 1 1 5
Poland 1 1 1 1 We also saw an improvement in the average
Sweden 2 2 4 5 partner and staff turnover rates in our
largest member firms (Figure 13), due in
Switzerland 1 1 6 6
part to the uncertain economic climate,
UK 1 1 1 1 but also reflecting our commitment over
US 2 2 3 3 the years to get better at keeping our best
Pan-European 1 1 6 7
and brightest people.
Sources: China (Universum Graduate Survey (Business and Commerce students only)), Czech Republic (AIESEC Survey), Poland
(AIESEC survey), Sweden (Universum Graduate Survey), Switzerland (Universum Graduate Survey), United Kingdom (The Times
Student Survey of top Graduate Employers), United States (Universum Graduate Survey), Pan-European (Universum Graduate Survey)
Figure 13: Average turnover rates of PwC people in major firms
Client service Practice support Partners

FY09 FY08 FY09 FY08 FY09 FY08
Assurance 17% 18% 11% 11% 4% 6%
Advisory 16% 17% 15% 12% 6% 10%
Tax 15% 15% 15% 13% 5% 8%
Total 16% 17% 11% 12% 5% 7%
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Facts and figures
Women at PwC Figure 14: PwC people by gender, June 2009

Women represent half of our global Percentage of women 2009 2008
workforce at the recruitment level, and
Client service and practice support staff 50% 49%
15% of the Partnership. Gender diversity
remains a goal for the PwC network, as New partners* 16% 23%
evidenced by the 2006 formation of the All partners 15% 15%
Global Gender Advisory Council (GAC).
Details of the GAC’s work can be found *Admitted on 1 July 2009
at www.pwc.com/women.
PwC has recently won two major global • Best Global Diversity Initiative – the Economy and Society and the World Bank
diversity awards: Gender Advisory Council has won the on programmes to support, develop and
inaugural 2009 Opportunity Now ‘Global retain our people. Around our network,
• Best Company for Global Diversity –
Award’. The award recognises an we continue to invest in mentoring
PwC has been named the 2009
outstanding global diversity initiative that schemes, role modelling and networking
‘Top Company for Global Diversity’
extends across at least three countries. groups, and coaching and awareness
by DiversityInc, a leading publication on
training programmes.
diversity in the workplace. DiversityInc
selected PwC for its ‘deep-rooted Additionally, we partner with companies
commitment to inclusiveness in all its such as Catalyst, Diversity Best Practices,
operations worldwide’. Working Mother, the Women’s Forum for the
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Global mobility We have maintained our commitment to Development programmes
our mobility programme, despite the global
PwC’s Global Mobility Programme allows My Way
economic downturn. In FY 2009, some
us to offer our clients, wherever they are This 15-month leadership development
1,400 people went to live and work abroad
in the world, the right expertise at the programme for talented senior managers
on short or long-term assignments. As the
right time. It also develops the skills and and directors in PwC’s European and
economy recovers and we continue to
international perspective of our people. Middle Eastern firms helps participants to
invest in our mobility programme, we
During the year, some 2,866 partners and become distinctive leaders in a distinctive
anticipate that the number of secondment
staff (2008: 3,228) from PwC member firms firm and to build a clear picture of the
opportunities for our people will increase.
in 100 countries (2008: 103) were posted impact they want to have and the contribution
internationally on short-term and long-term they want to make to their clients, teams,
transfers or assignments. peers and PwC. Since 2005, 538 participants
have completed the My Way programme,
with 115 PwC people from 16 countries
Figure 15: Global mobility programme – number of new assignments starting the course in FY 2009. Former
participant Martin Kennard of the Swiss
FY09 FY08 FY07 firm said: ‘My Way has given me an insight
Long-term assignments 713 930 961 into the responsibilities I have as a leader
within the firm.’
Short-term assignments 713 949 1,361
Total 1,426 1,879 2,322 Assurance Core Curriculum
As part of the roll-out of Aura – PwC’s new
audit tool launched in FY 2009 – the
Assurance core curriculum was rewritten
for new audit joiners up to fourth year
associates. These new programmes were
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Facts and figures
piloted in Sydney, Toronto, San Jose and

London, and have since been released for
US (2,400 participants), Canada (300
participants), China (250 participants), As the economy
use around the world. The courses teach
audit theory and practice in the context of
Europe (1,300 participants) and Africa
(590 participants). One participant summed
recovers and we
Aura, which contains more refined audit risk it up: ‘This is a unique and fantastic continue to invest
identification and assessment capabilities,
providing further assistance to auditors as
opportunity to mix, learn and be impressed
by the power of our global network.’
in our mobility
they exercise professional judgement. The
new course for fourth year associates was
programme,
Genesis Park
based on NextSTEP, the predecessor Genesis Park is an intensive, four-month,
we anticipate
course for that same level. NextSTEP was
highly commended in Training Magazine’s
residential leadership development that the number
programme for high performers across
2009 Top 125 Training Companies awards. the PwC network. It was delivered to of secondment
At those awards, PwC was selected as the
top training organisation for the second
94 participants from over 25 countries
this year, amassing nearly 450 alumni
opportunities for
year in a row. since its inception in 2001. Via its heavy our people will
Advisory University
focus on business and personal
development curriculum and its unique, increase.
PwC’s Advisory Universities brought multicultural team environment, Genesis
thousands of Advisory partners and staff Park participants develop truly global
from around the world together in different business perspectives and leadership
locations to: expand their skills and skills for today’s and tomorrow’s global
capabilities; understand our strategic world. It’s more than a learning experience;
priorities; and collaborate and share ideas it transforms the lives of the participants
on how to enhance the value we bring to and has a positive impact on the local and
clients. FY 2009 events were held in the global teams with which they work.
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Figure 16: Global People Survey
I am proud results
to work (% agreeing)
at PwC 80 Global People Survey
80
Every year, we survey our people around
I would recommend PwC as a great 71 the world to find out how they feel about
place to work 71 working at PwC. This exercise is key to
helping us address issues and create a
I expect (plan) to be working at PwC 75
work environment that makes people
12 months from now 72
want to remain with PwC. The results of
65 this year’s Global People Survey, which
When I do a good job I know that it is appreciated
64 delivered impressive response rates,
were again very good.
The people I work for are considerate 60
of my life outside of work 59
The vast majority of our people are proud
I have the opportunity to work on challenging 74 to work at PwC, would recommend it as
assignments that contribute to my development 73 a great place to work and expect to be
I am satisfied with the actions PwC is taking working at PwC 12 months from now.
72
to be socially responsible (e.g., supporting 70 We saw a particularly good result in the
community events, organisations and charities)
area of corporate responsibility, with 65%
I am satisfied that PwC is responding appropriately 65 of our people saying they are satisfied that
to address the impact of our business activities 60
on the environment PwC is responding appropriately to address
FY09 FY08
the impact of our business activities on
the environment.
But we know there is always more we

can do. Work-life balance, for example,
is an area we will continue to focus on
in FY 2010. Although we saw a slight
improvement this year, we believe we
can do better.
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Facts and figures
Corporate responsibility in numbers Figure 17

PwC member firms around the world
engage with their local communities in Giving ($USD)
many different ways, working passionately FY09 54 million
to make a difference. Every year we have FY08 51 million
seen an increase in the level of donations FY07 36 million
we make to charitable organisations,
the number of hours of free or heavily
discounted professional services we Provision of professional services/corporate community leadership
provide to community organisations, FY09 350,000
and the amount of time our people spend
FY08 253,000
volunteering in the community. We are
FY07 150,000
particularly proud of our achievements
in FY 2009, which reflect our strong
commitment to playing a leading role Volunteering hours
in achieving a sustainable future.
FY09 226,000
FY08 208,576
FY07 201,788
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Global Board
Current members of the Global Board are:
Brad Oltmanns, Chair Gerry Lagerberg Rich Sharko

Los Angeles London Moscow
Noël Albertus Murray Legg Peter Tieleman

Paris London Utrecht
Susan Allen Tim Lui Matthew Wyborn

Toronto Hong Kong Tokyo
Mark Boyer John Maxwell Other partners who

Washington New Jersey have served on the
Global Board during
Marco Castro Bruce Morgan fiscal year 2009 were
São Paulo Sydney John Barry, Paul Brasher,
Samuel DiPiazza,
Peter Clemedtson Mike Morrow Jonathan Davies,
Suresh Kana, Jan Konerding,
Stockholm Atlanta Keith Levingston,
Israel Mida,
Mary Ann Cloyd Didier Mouget Donal O’Connor,
Los Angeles Luxembourg Tim Ryan, Jeremy Scott,
Robert Sullivan,
Christoph Schreiber Serge Villepelet
Frankfurt and Carrie Yu.
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Facts and figures
Network Leadership Team Network Executive Team

Network Leadership Team members are: Network Executive Team members are:
Dennis M. Nally Donald Almeida Christopher Kelkar

Chairman Clients and Markets Strategy
Bob Moritz Paul Boorman Donald McGovern

United States Operations Assurance
Ian Powell Pierre Coll Juan Pujadas

United Kingdom Risk and Quality Advisory
Hans Wagener Richard Collier-Keywood Javier Rubinstein

Germany Tax General Counsel
Silas Yang Moira Elms Peter Wyman

China Brand, Communications Public Policy and
and PwC Experience Regulatory Matters
Dennis Finn
People
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Strategy Council
Strategy Council members are:
Dennis M. Nally Mark Johnson Javier Soní

Chair Australia Mexico
Kyung-Tae Ahn Suresh Kana Henrik Steinbrecher

Korea Southern Africa Sweden
Gautam Banerjee Mike Kubena Robert Swaak

Singapore Central and Eastern Europe The Netherlands
Ezio Bassi Carlos Mas Serge Villepelet

Italy Spain France
Chris Clark Bob Moritz Hans Wagener

Canada United States Germany
Luis Frisoni Jr Markus Neuhaus Silas Yang

South and Central America Switzerland China Hong Kong
Koji Hatsukawa Ian Powell

Japan United Kingdom
Warwick Hunt Ramesh Rajan

Middle East India
I
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Facts and figures
In FY 2009, PwC member firms provided services for 422 of the

companies in the Fortune Global 500 and 408 of the companies
in the FT Global 500. In addition, PwC member firms served
significantly more than half of the largest companies in each of
our regional markets during the year.
I
19635_GAR_2009_v30_SB0710.indd 59 7/10/2009 13:39:22

To view the web version of this report, visit:
www.pwc.com/annualreview
PricewaterhouseCoopers provides industry-focused assurance, tax and advisory services to build public trust and enhance value for our clients and their stakeholders. More than 163,000
people in 151 countries across our network share their thinking, experience and solutions to develop fresh perspectives and practical advice.
© 2009 PricewaterhouseCoopers. All rights reserved. PricewaterhouseCoopers and PwC refer to the network of member firms of PricewaterhouseCoopers International Limited (PwCIL).
Each member firm is a separate legal entity and does not act as 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.
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paper stock. The cover is made from 25% recycled post consumer fibre and 75% FSC virgin fibre only for FSC Recycled grades and the text pages have been printed on paper
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19635_GAR_2009_v30_SB0710.indd 60 7/10/2009 13:39:22

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19635_GAR_2009_v30_SB0710.indd 1 7/10/2009 13:38:38

PricewaterhouseCoopers provides industry-focused assurance, tax and advisory services to

FY 2009 runs from 1 July 2008 to 30 June 2009.

19635_GAR_2009_v30_SB0710.indd 2 7/10/2009 13:38:38

Facts and figures 42

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Rather than rest on Dealing with challenges Taking a stand

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While no company invites disruption, a When crisis hits

19635_GAR_2009_v30_SB0710.indd 11 7/10/2009 13:38:50

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Ready for the rebound Readying for crisis

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We would not claim to have a crystal ball

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The practice of corporate responsibility CR in context

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• Effective measurement, reporting, for stimulating a faster flow of green

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Global Communities Recognition Awards Development Award – Czech Republic,

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Network arrangements structure provides which member firms share knowledge,

national firms that are majority-owned

scale, creating provide services to clients. Its primary

This network structure provides PwC

19635_GAR_2009_v30_SB0710.indd 36 7/10/2009 13:39:10

PwCIL governance structures Network Executive Team Sustainable culture

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PwC people to do Partners sign an annual confirmation of

especially when including independence, ethics and

19635_GAR_2009_v30_SB0710.indd 38 7/10/2009 13:39:10

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member firms are and to report and address any violations

required to assess all member firms report any violations of

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Continuing education We are committed We also provide highly focused programmes