PwC Australia 
Transparency Report FY23

The Independent Review found a distinction between past leadership failures and the high quality of the work our people continue to provide for our clients every day. It is this internal capability we will draw from, as we seek to become the leading professional services firm, built on the highest ethical and professional standards with integrity at our core, a firm that delivers purposeful and sustained outcomes in everything we do.

PwC Australia is putting transparency at its core as we seek to re-earn trust with our clients and stakeholders. We have shown this already with the public release of the Review, our Management Response and Action Plan as well as our Statement of Facts. Our Transparency Report is yet another example, as it publicly details our performance in FY23 across four key areas; Principles of Governance, People, Prosperity and Planet. In some instances, we have provided more current information, to reflect the important findings of the Independent Review.

Our actions over the past several months reflect our desire to right the wrongs of the past and set ourselves up for the standards and expectations we must meet. These include the appointment of new leadership, the exiting of partners who were found to have been involved in confidentiality breaches, or who failed in their professional, ethical or leadership responsibilities, and the divestment of our government advisory business.

On 1 September we also released our financial results, which are covered in this report. Despite the challenging final quarter of the year, the firm continued to invest in our hard-working people. In addition to making incentive payments and increasing fixed total remuneration, we delivered learning and development opportunities and maintained a focus on diversity, inclusion and wellbeing.

Of these people, I wish to recognise the 1,496 partners and staff who as at 8th November transferred to Scyne Advisory, following the divestment of our government advisory business to Allegro Funds. As a firm, we thank each of them for their commitment, dedication and contribution during their time at PwC Australia and wish them all the best in this next chapter.

Following the Independent Review and the commitments made in our Management Response and Action Plan, we are reviewing our firm's governance and risk management. We reference this in our Principles of Governance Chapter in this Report and further information will be shared as we progress.

Throughout FY23 we continued to progress on a range of other metrics and initiatives related to our environmental and social commitments, including our transition to net zero, progress on modern slavery, work in the community, driving reconciliation and investing in responsible technology. These are an important part of ensuring our purpose and values are at the core of everything we do.

While the past months have been enormously challenging, I am immensely proud of the dedication and resilience shown by our people. We are moving as quickly as possible towards our goals, however, we recognise that meaningful change will take time, and we are committed to getting this right.

On behalf of everyone at PwC Australia, we extend our deep thanks to our clients for sticking with us through this challenging period.

From the top down, we are committed to rebuilding and re-earning the trust of our stakeholders.

This is our promise to our people, our clients and our communities.