PwC Building Trust Awards

Each FTSE 350 report was assessed by how well it demonstrates security metrics. For each metric, it shall be assigned a maturity score, either:

• 0 (not mentioned);
• 1 (mentioned); or
• 2 (meets expectations)
• 3 (exceeds expectations)

The report was given an aggregate score equal to the sum of each of these maturity scores. The top three reports were shortlisted for the final stage of the process, which involves holistically analysing them to determine how well they communicate their message to their audience.

Additionally, up to 10 points were awarded for how well each report demonstrated, from an information security perspective, its corresponding organisation’s response to current global trends and geopolitical issues. These points were awarded based on the presence of the following items:

• Relevant organisational efforts to continue business operations during current geopolitical issues (e.g. Russia-Ukraine war) and related economic effects/trends (e.g. cost of living crisis / changes in consumer behaviour) (1 point);
  • anticipation of new security threats emerging as a result of current geopolitical issues / trends (building upon the Criteria for Global Awareness) (1 point);
    • new security controls proposed in response to these threats (2 points);
    • strategy or roadmap for implementing these controls (building upon Security strategy criteria) (3 points); and
    • metrics outlining the effectiveness of these controls (1 point).
• Processes are in place to highlight tier 1 incidents/equivalent encountered across the past 12 months (2 points);
  • Processes exist to capture “lessons learnt” from the tier 1 incidents / equivalent (1 point)

Award announcement coming soon.

Impact in Social Enterprise (in association with the School for Social Entrepreneurs)

This award celebrates UK-based social enterprises that excel in impact reporting. We recognise those who demonstrate outstanding social and environmental contributions, showcasing their achievements through both qualitative and quantitative evidence.

Applications are open to all UK-based social enterprises. To enter the awards, applicants must state how they demonstrate a positive social and/or environmental impact, as well as submitting qualitative and quantitative evidence to support their application. Submissions should include a statement of no more than 500 words, along with additional evidence such as annual accounts, impact reports, and testimonials.

Our 2026 Awards will open for online applications in May and close at the end of June, details of dates and how to apply will be published at this link in the spring.

Find out more

The Public Sector award focused on all public sector entities, many of which are consolidated into the Whole of Government Accounts (“WGA”), up to the reporting period ended 31 March 2025, which were audited and published by the Summer Parliament recess date of 22 July 2025. These entities are at the heart of public affairs and the provision of public services, and effective reporting of the use of taxpayers’ monies is fundamental to our democracy and our ability to hold bodies to account for what they do. We look for annual reports and accounts that engage with key stakeholders by telling their story in a clear and accessible way, outline how they have achieved their objectives and the challenges they faced, and how they have used public money.

Underpinning our assessment of excellence in reporting in the Public Sector is the concept of innovation – entities who lead the way with a fresh approach to meeting the varied needs of their key stakeholders. Our award continues to give credit to those making real inroads in adopting these concepts and in driving forward fresh thinking and innovation. Transparent and insightful reporting is not necessarily about more information being included but about decluttering existing structures, taking a new and more effective approach to traditional disclosures.

Specific areas we focus on include:

• A clear and balanced explanation of the impact (both positive and negative) of trends and factors shaping the entity’s current and future operating environment.
• A description of the long-term strategic direction of the entity, supported by short-term priorities, actions and resources needed to keep it on track, with clear use of specific targets and resulting impact on society.
• An insight into the entity’s business model and the key resources and relationships managed by the entity in order to achieve its strategic objectives.
• A clear, honest and balanced analysis of the profile and dynamics of the principal risks the entity faces, including how these are managed and mitigated.
• Clear and accessible disclosures of key financial measures that drive underlying performance.
• Governance reporting that focuses on substance over form – balancing compliance with insight into the culture and values of the entity and how these drive its governance and "tone from the top". 

Companies in the FTSE 350 as at September 2024 were automatically reviewed. There is no need to self-nominate.

Reporting was reviewed for financial years ending in the period 1 April 2024 to 31 March 2025. For this award, we reviewed the directors’ remuneration report and other parts of the annual report or linked website content as relevant.

The award assesses the extent to which companies explain and justify the remuneration of executive directors in the context of the experience of the company’s stakeholders, including the company’s employees, shareholders, customers and suppliers.

Underpinning the award will be a focus on fairness and good governance: we’ll look for transparent disclosures which demonstrate how the remuneration of the executive directors is appropriate. Our criteria will also focus on how well companies explain the alignment of executive director remuneration with the company’s corporate strategy, including ESG priorities, and performance.

We reviewed those companies with year ends from 1 April 2024 to 31 March 2024 that were constituents of FTSE 350 at 31 March 2025. Our review focuses on the richness of content within the annual report, with a particular focus on the strategic report, the sustainability report, and governance report. We also take into consideration key information explicitly linked from the annual report, for example an extended TCFD document or separate sustainability report. There is no need to self-nominate.

It’s clear that investors, regulators and wider society want more, and better, information about how companies are balancing the needs of stakeholders as they tackle inequality and supply chain disruption, and address the growing urgency of climate change. Against a backdrop of increasing regulation, the challenge for companies is to focus on reporting what is material to their business and relevant to their strategy rather than such issues at large and to do so in a way that engages the reader.

This award celebrates those companies that report well on these areas and present a clear, coherent and integrated strategic narrative across their channels of communication. Our review process looks for companies that use strategy as the backbone for the narrative; acknowledge their wider impact, risks and opportunities; explain the role of good governance; and show how their short-term actions and longer-term priorities create value for their key stakeholders and promote the resilience of their business model.  

The FTSE 350 and Public Interest Entities as at 31 March 2025 were reviewed.

The period under review covered reports with year ends from 1 April 2024 to 31 March 2025, and we reviewed Annual Reports, as well as corporate ESG or sustainability reports (or micro-sites), corporate responsibility websites as well any supplementary reports such as those covering climate-related financial disclosures.

This year’s review continued to focus on both a broad assessment of ESG reporting, as well as a more focused analysis on climate risk related reporting. The award aims to assess the depth and relevance of the reporting offered throughout the publicly available information provided to stakeholders. In particular we will focus on how well companies demonstrate the connection between their financial performance with a clear environmental impact assessment (including the transition to a low carbon society) as well as delivering societal contribution and impact, that this is recognised in their purpose and delivered in a sustainable manner.

The award will continue to consider reporting alignment with TCFD as well as how standards and reporting frameworks created by or in development with the ISSB, the EU and others such as the TNFD are being incorporated into current and/or future reporting.

We are also considering how AI and technology are changing the reporting agenda and how both companies and PwC embrace this.

Award announcement coming soon.

The FTSE 350 and Public Interest Entities as at 31 March 2025 were reviewed.

The period under review covered reports with year ends from 1 April 2024 to 31 March 2025, and we reviewed Annual Reports, as well as corporate ESG or sustainability reports (or micro-sites), corporate responsibility websites as well any supplementary reports such as those covering climate-related financial disclosures.

This year’s review continued to focus on both a broad assessment of ESG reporting, as well as a more focused analysis on climate risk related reporting. The award aims to assess the depth and relevance of the reporting offered throughout the publicly available information provided to stakeholders. In particular we will focus on how well companies demonstrate the connection between their financial performance with a clear environmental impact assessment (including the transition to a low carbon society) as well as delivering societal contribution and impact, that this is recognised in their purpose and delivered in a sustainable manner.

The award will continue to consider reporting alignment with TCFD as well as how standards and reporting frameworks created by or in development with the ISSB, the EU and others such as the TNFD are being incorporated into current and/or future reporting.

We are also considering how AI and technology are changing the reporting agenda and how both companies and PwC embrace this.

The FTSE 350 as at 31 March 2025 were automatically reviewed, assessing voluntary tax disclosures in annual reports, published tax strategies, sustainability or corporate-responsibility reports, and standalone tax reports.

The integration of tax within broader sustainability frameworks continues to accelerate. Although the EU’s Corporate Sustainability Reporting Directive (CSRD) and first European Sustainability Reporting Standards (ESRS) still lack a dedicated tax standard, early EU-headquartered reporters are already treating tax as a material topic and aligning ESG disclosures with their tax affairs.

For the first time, many groups have disclosed Pillar Two top-up tax estimates following the IAS 12 amendments, signalling the growing importance of clear, consistent tax narrative alongside the numbers.

Public country-by-country reporting (pCbCR) remains high on the agenda. Romania’s 2024 filings provided the EU’s first glimpse of mandatory pCbCR, with full EU implementation and Australia’s regime approaching. The release of potentially sensitive profit-and-tax data is expected to heighten scrutiny from NGOs and other stakeholders.

The awards recognise clear explanations in the following areas:

• Tax strategy: an explanation of the company’s approach to tax, providing a greater level of detail than the UK legislative requirements;
• Tax governance and risk management: details of governance over a company’s tax affairs and evidence of governance in practice. This includes whether there is a focus on the tax implications associated with the risks of climate change on the business;
• Tax numbers and performance: an explanation of key tax numbers which are of interest to investors, including details as to why the tax paid may not be at the expected statutory rate and any uncertainties in tax positions;
• Total Tax Contribution and the wider impact of tax: a link between tax and broader sustainability reporting, highlighting tax as part of a company’s contribution to the society where it operates.

We look for companies that have developed their voluntary tax disclosures over the last year, responding to stakeholder interest and taking an innovative approach to tax reporting.

Award announcement coming soon.