About this Annual Review

We are proud to announce that our 2021 Annual Review is aligned with the latest reporting disclosures and metrics proposed by the World Economic Forum (WEF) and the International Business Council (IBC), “Towards Common Metrics and Consistent Reporting of Sustainable Value Creation”. The layout of our report mirrors that of the four pillars suggested by the WEB/IBC - Principles of Governance, People, Prosperity and Planet - and we have matched our corporate responsibility and sustainability topics with the metrics and disclosures proposed. 

This past year, we conducted a materiality assessment of the 21 core metrics of the WEF-IBC framework to identify which ones are a priority for us currently. At the end of the exercise, 13 metrics were highlighted as material (these are marked below by an asterisk). These are the 13 topics that are at the core of our re-designed sustainability strategy and will drive our agenda forward. While we have already adopted - to various degrees - the majority of the core metrics, it is our goal to fully align with the remaining metrics that are material to us.

WEF Core Metrics and Disclosures



Metric and Disclosure

Links to more information

Adoption status

Additional details

Principles of 



Governing Purpose

Setting purpose

The company’s stated purpose, as the expression of the means by which a business proposes solutions to economic, environmental and social issues. Corporate purpose should create value for all stakeholders, including shareholders.


PwC's code of conduct


Our Purpose and Values are the foundation of our success. We exist to build trust and solve important problems, and our values help us deliver on that Purpose.

Quality of governing body

Governance body composition*

Composition of the highest governance body and its committees by: competencies relating to economic, environmental and social topics; executive or non- executive; independence; tenure on the governance body; number of each individual’s other significant positions and commitments, and the nature of the commitments; gender; membership of under- represented social groups; stakeholder representation.



Quality of Governing body is a material sustainability topic for us. 

Our firm is led by our CEO, John Parkhouse with the support of our Executive Committee.

In 2021, we introduced the Sustain@PwC Steer Committee which is run under the direct leadership of our CEO John Parkhouse and supported by our Corporate Responsibility leader, Valérie Arnold. Their main aim is to identify priority sustainability topics in line with the WEF-IBC and ensure they are integrated into our core strategy to drive change.


Stakeholder engagement

Material issues impacting stakeholders*

A list of the topics that are material to key stakeholders and the company, how the topics were identified and how the stakeholders were engaged.


Stakeholder engagements is a material sustainability topic for us. 

In 2021 we identified 13 priority topics from the WEF-IBC core metrics that form the basis of our new sustainability strategy. We plan to conduct a stakeholder engagement in the next year. 

Planned to conduct a full stakeholder engagement in 2022.


Ethical Behaviour


1. Total percentage of governance body members, employees and business partners who have received training on the organisation’s anti-corruption policies and procedures, broken down by region. a) Total number and nature of incidents of corruption confirmed during the current year, but related to previous years; and b) Total number and nature of incidents of corruption confirmed during the current year, related to this year.

2. Discussion of initiatives and stakeholder engagement to improve the broader operating environment and culture, in order to combat corruption.



As auditors of financial statements and providers of other types of professional services, PwC member firms and their partners and staff are expected to comply with the fundamental principles of objectivity, integrity and professional behaviour. In relation to assurance clients, independence underpins these requirements. Compliance with these principles is fundamental to serving the capital markets and our clients.

Not a material sustainability topic at this time. Planned to align with it in the near future.


Ethical Behaviour

Protected ethics advice and reporting mechanisms*

A description of internal and external mechanisms for:

1. Seeking advice about ethical and lawful behaviour and organisational integrity; and

2. Reporting concerns about unethical or unlawful behaviour and lack of organisational integrity.

Protected ethics advice and reporting mechanisms


Ethical behaviour is a material sustainability topic for us. Ethical behaviour, values and purpose are fundamental for our business, and for the trust our clients, communities and people place in us. 

This year we focused on the importance of our Speak-Up, Listen-Up and Follow-Up culture.


Risk and opportunity oversight

Integrating risk and opportunity into business process

Company risk factor and opportunity disclosures that clearly identify the principal material risks and opportunities facing the company specifically (as opposed to generic sector risks), the company appetite in respect of these risks, how these risks and opportunities have moved over time and the response to those changes. These opportunities and risks should integrate material economic, environmental and social issues, including climate change and data stewardship.

Message from our CEO


Identifying, managing and planning for the mitigation of risk is an essential part of running any business. The PwC New Equation is based on analyses of global trends and conversations with clients and Stakeholders and focuses on two interconnected needs that clients face in the coming years. The first is to build trust, which has never been more important, nor more difficult. The second is to deliver sustained outcomes in an environment where competition and the risk of disruption are more intense than ever and societal expectations have never been greater.




Climate Change

Greenhouse gas (GHG) emissions*

For all relevant greenhouse gases (e.g. carbon dioxide, methane, nitrous oxide, F-gases etc.), report in metric tonnes of carbon dioxide equivalent (tCO2e) GHG Protocol Scope 1 and Scope 2 emissions. Estimate and report material upstream and downstream (GHG Protocol Scope 3) emissions where appropriate.


Greenhouse gas emissions is a material sustainability topic for us. 

This year we introduced our Net Zero Ambition and have highlighted what we have achieved this past year. 

We also published for the first time an extensive list of our GHG emissions for our scopes 1, 2 and air travel emissions for scope 3. However, going forward in our Net Zero journey, we are exploring ways to increase our scope 3 and to provide additional data in future reports.


Climate Change

TCFD implementation*

Fully implement the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). If necessary, disclose a timeline of at most three years for full implementation.Disclose whether you have set, or have committed to set GHG emissions targets that are in line with the goals of the Paris Agreement – to limit global warming to well below 2°C above pre industrial levels and pursue efforts to limit warming to 1.5°C – and to achieve net-zero emissions before 2050.


In progress

TCFD implementation is a material sustainability topic for us. It is an ambition that we will only implement as of 2023.

Nature Loss

Land use and ecological sensitivity

Report the number and area (in hectares) of sites owned, leased or managed in or adjacent to protected areas and/or key biodiversity areas (KBA).


This disclosure is not relevant for us because the sites we own are not located in or adjacent to protected areas and/or key biodiversity areas. 


Freshwater Availability

Water consumption and withdrawal in water-stressed areas

Report for operations where material: megalitres of water withdrawn, megalitres of water consumed and the percentage of each in regions with high or extremely high baseline water stress, according to WRI Aqueduct water risk atlas tool. Estimate and report the same information for the full value chain (upstream and downstream) where appropriate.



This disclosure is not relevant for us because we are not located in a water-stressed area.



Dignity and Equality

Diversity and inclusion (%)*

Percentage of employees per employee category, by age group, gender and other indicators of diversity (e.g. ethnicity)

Diversity and Inclusion


Diversity and Inclusion is a material sustainability topic for us. 

This year we primarily focused on our promotion cycle and how we are tackling related obstacles. We also highlight how we engage with our staff on D&I, how we welcome back new parents and introduce the Shine action plan that aims to ensure a safe working environment for our LGBTQI+ community.

For this metric we are exploring how to provide additional data in future reports.


Dignity and Equality

Pay equality (%)*

Ratio of the basic salary and remuneration for each employee category by significant locations of operation for priority areas of equality: women to men, minor to major ethnic groups, and other relevant equality areas.

Pay Equality


Pay equality is a material sustainability topic for us. 

The latest analysis shows that we have a gender pay gap of 0.3%.


Dignity and Equality

Wage level (%)*

Ratios of standard entry level wage by gender compared to local minimum wage. Ratio of the annual total compensation of the CEO to the median of the annual total compensation of all its employees, except the CEO.



PwC Luxembourg is in compliance with the minimum social wage in Luxembourg. Therefore, this metric is not material for us.


Dignity and Equality

Risk for incidents of child, forced or compulsory labour

An explanation of the operations and suppliers considered to have significant risk for incidents of child labour, forced or compulsory labour. Such risks could emerge in relation to: a) type of operation (such as manufacturing plant) and type of supplier; and b) countries or geographic areas with operations and suppliers considered at risk.

Omission We ask all of our suppliers to sign our Charter of Responsible Purchases. By signing this Charter, our suppliers have agreed to respect the Universal Declaration of Human Rights (UDHR) and follow social, ethical and environmental requirements.

Health and Wellbeing

Health and safety (%)*

The number and rate of fatalities as a result of work-related injury; high-consequence work-related injuries (excluding fatalities); recordable work-related injuries; main types of work-related injury; and the number of hours worked. An explanation of how the organisation facilitates workers’ access to non- occupational medical and healthcare services, and the scope of access provided for employees and workers.


Health, Safety and Wellbeing


Health and Wellbeing is a material sustainability topic for us. 

We monitor the health and wellbeing of our staff through our burnout rate (11 cases in FY21) and through the Wellbeing and Flexibility index (score of 51% in FY21).

We are continuously finding ways to address issues of mental health and we are exploring how to provide additional data in future reports


Skills for the Future

Training provided (#, $)*

Average hours of training per person that the organisation’s employees have undertaken during the reporting period, by gender and employee category (total number of hours of training provided to employees divided by the number of employees). Average training and development expenditure per full time employee (total cost of training provided to employees divided by the number of employees).

Training provided


Training Provided is a material sustainability topic for us. 

Our total training hours for the Firm amount to 165,303. This averages to 58 hours per employee per year. This year we specifically emphasise digitising our network by upskilling all our employees to become a ‘digital citizen’.

For this metric we are exploring how to provide additional data in future reports.



Employment and wealth generation

Absolute number and rate of employment*

1. Total number and rate of new employee hires during the reporting period, by age group, gender, other indicators of diversity and region.

2. Total number and rate of employee turnover during the reporting period, by age group, gender, other indicators of diversity and region.

Building a sustainable workforce for a prosperous future


Absolute number and rate of employment is a material sustainability topic for us. 

This year we focused on our firm’s attractiveness and the number of new hires. We hired 726 employees in 2021, which is 13% less than 2020.

We are constantly working to improve our attraction and retention strategies and we are exploring ways to provide additional data in future reports.


Employment and wealth generation

Economic contribution*

1. Direct economic value generated and distributed (EVG&D), on an accruals basis, covering the basic components for the organisation’s global operations, ideally split out by:

  • Revenues
  • Operating costs
  • Employee wages and benefits
  • Payments to providers of capital
  • Payments to government
  • Community investment

2. Financial assistance received from the government: total monetary value of financial assistance received by the organisation from any government during the reporting period.

Our economic contributions


Economic contribution is a material sustainability topic for us.

This year we focus on the impact we had in our ecosystem in Luxembourg through 1) our economic contribution to the Public Sector and 2) through our Philanthropic contributions. 

For further information on our financial figures, please click here

We are exploring ways to provide additional data in future reports.



Employment and Wealth Generation

Financial investment contribution*

1. Total capital expenditures (CapEx) minus depreciation, supported by narrative to describe the company’s investment strategy.

2. Share buybacks plus dividend payments, supported by narrative to describe the company’s strategy for returns of capital to shareholders.


In progress

Financial investment contribution is a material sustainability topic for us. It is an ambition that we will only implement as of 2022

Innovation of better products and services

Total R&D expenses ($)*


Total costs related to research and development.

Innovating for a sustainable future, our Research & Development (R&D) strategy In progress

Total R&D expenses is a material sustainability topic for us. 

This is the first year we report on this metric and we highlight two focus areas in our current R&D strategy. They include, 1) Audit Transformation: Tomorrow’s Audit, Today and 2) Asset Management Digital Solutions.

We are exploring ways to further develop initiatives for this metric and to provide additional data in future reports

  Community and social vitality

Total tax paid

The total global tax borne by the company, including corporate income taxes, property taxes, non-creditable VAT and other sales taxes, employer-paid payroll taxes, and other taxes that constitute costs to the company, by category of taxes.

  Omission We do not disclose this information.

Contact us

John Parkhouse

Audit Partner, PwC Luxembourg

Tel: +352 49 48 48 2133

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