No Match Found
We support the ongoing reform to the corporate governance, reporting and audit system, and believe that it remains central to maintaining and strengthening the UK's reputation as a trusted and leading place to do business.
The firm also welcomes the FRC’s review of the UK Corporate Governance Code and its efforts to continue driving up standards, and is engaged with the consultation that was launched in May 2023.
Our purpose - to build trust in society and solve important problems - remains at the heart of our approach to firm governance and is central to our decision-making processes and our risk appetite. It also informs how we manage our business in the interests of our people, partners, and stakeholders. In FY23 the number of staff who said they understood how our work contributes to our Purpose in our firmwide staff Youmatter survey was 82%.
We’ve also spent time reflecting with our leaders on the importance of good governance and how it drives positive behaviours and culture, and the Board remains committed to holding that continual dialogue and striving for improvement.
We helped Belron, the company behind Autoglass, to develop a controls framework, reassuring their stakeholders and providing confidence that customers are back on the road as soon as possible.
Companies are dealing with more diverse, fast-moving and unpredictable risks than ever before. When faced with uncertainty and risk, the organisations that are most successful are those with robust systems of governance, risk management and control. And as companies prepare for new rules requiring a directors’ statement about the effectiveness of their internal controls, some are taking the opportunity to fundamentally upgrade their control environment.
As part of Belron’s network-wide technology and system upgrade, we helped design a new controls framework that not only supported their ability to assess the effectiveness of their financial, operational and compliance systems, but to respond to growing demand from a range of stakeholders.
This includes insurance companies, whose primary focus is getting customers who have suffered damage to their car windows back on the road as quickly as possible. New controls built in around the location of inventory, for example, have become essential in demonstrating how Belron is able to get the right pieces of glass to the right store in plenty of time.
By taking the opportunity of the network-wide upgrade to redesign Belron’s control environment from the ground up, we were able to help them build the flexibility to respond to both current and future compliance requirements.
Belron’s goal was to achieve a ‘best in class’ setup, which improved board level overview of risk and control across nearly 20 separate businesses that need to continue to operate independently.
We helped by baselining Belron against other organisations of similar size and complexity, which provided an understanding of the current state of play versus peers, and helped management to establish a consensus on where they wanted to be.
Working in partnership with Belron, we also supported the development of a roadmap that set out the required change points. We helped them create a controls framework, policy standardisation and incorporated automated controls to help monitor compliance.
Our specialists continue to help execute this roadmap across the Belron group, such as through control design work in system transformation programmes, and other strategic priorities. These include the development of control self assessments, and implementation of governance risk and control technology.
A key to success was the time spent articulating to senior stakeholders and control owners the importance of risk and controls and their role in enabling the transformation, and delivering the ultimate vision. Clear accountability and creating a culture of risk and control was an important success drive of our work.
We supported Belron to achieve this through:
Our work upskilling the team means they understand their roles and what is expected of them, ensuring the people operating Belron’s controls know exactly what they need to do.
During FY23 we significantly refreshed our materiality matrix, which included extensive consultation with stakeholders, through surveys and interviews with our people, alumni, the investor community, as well as ongoing feedback from clients and some additional desk-based analysis. The results were discussed with members of our Executive Board and now underpin our purpose-led framework. A wide range of stakeholders, including regulators, policymakers, clients and our people, shape our thinking as a business, and benefit from our products and services. We engage with these stakeholders to gain a greater understanding of their challenges and experiences, as well as collaborate with them for deeper insight and mutual benefit.
To help fulfil our purpose, we also aim to make a constructive contribution to public policy debates, while maintaining a strict policy of political neutrality. For example, through our submission to the Government’s Net Zero review led by Chris Skidmore MP. Meanwhile, our tax strategy sets out our approach to managing risk and developing good governance in relation to taxation.
Our risk register breaks down the principal risks facing the firm, including those that are externally influenced such as geopolitical issues, and operational issues including cybersecurity. In response, we work collaboratively with our Risk Governance bodies to ensure our approach to assessing risk is agile, and that we can evolve our risk culture to adapt to the changing landscape, implementing mitigants that protect our firm, our clients and deliver on our purpose.
For example, in FY23 we’ve added in risks related to the climate and environment, and our responsibilities to the firm and our clients on the transition to net zero.
We are a large partnership managed and governed by four main bodies each with a different role and responsibility. The key matters, and how the firm managed risk, considered in the year by our governance bodies included culture, people, quality, performance, regulation and reputation.
Management board Our executive body responsible for the policies, strategy, direction and management of the UK firm. Read more about the management board.
Supervisory Board Our elected governance body with responsibility for the interests and wellbeing of the wider partnership and the UK firm. Read more about the supervisory board
Public Interest Body Our majority independent governance body responsible for discharging PwC UK’s duties under the Audit Firm Governance Code. Read more about the public interest body
Audit Oversight Body Our Audit Oversight Body is a committee of the Public Interest Body whose purpose it is to oversee the UK firm’s obligations with respect to the pursuit of the Financial Reporting Council’s objectives, outcomes and principles for operational separation of audit practices insofar as they are within the control of the audit practice. Read more about the oversight body
You can hear more from members of our governing bodies in our Transparency Report.
Annual Report enquiries
Corporate Affairs, PwC United Kingdom