PwC Luxembourg Annual Review 2022
Progressing on our ambitions to build trust and deliver on sustained outcomes
Message from our CEO
A year ago, we were finally emerging from the world-changing impact of COVID with a renewed sense of optimism and hope as to what the future could bring. Yet in only 12 short months, we have seen the invasion of Ukraine—with all the human and economic implications such egregious actions bring—spiraling inflation, supply chain shocks, a looming energy crisis and the growing likelihood of recession across Europe and beyond. The phrase “Perma-crisis” certainly speaks to the sense of continuous challenge and uncertainty we all face, although it arguably underplays the sheer scale of what we see today. The importance of working together—business, policy makers and society at large—has rarely been so obvious nor so critical as we all strive to provide the stability and certainty we need in our tumultuous world. [...]
John Parkhouse
Prosperity
Prosperity is embedded in all dimensions of our firm, but for us it not only means financial success, but also, ensuring our ecosystem and stakeholders are experiencing a positive contribution. It goes without saying that without a successful and sustainable business nothing would be possible and one of the key elements to make that happen is a sustainable workforce. This is why our People remain a core focus and why we work on building a meaningful journey for them allowing for pro-bono work, professional associations membership and community engagements. Also, we make significant philanthropic contributions with an increasing focus on Luxembourg programmes. Our financial investments focus on quality, delivering sustainable outcomes for everyone and innovation and intrapreneurship to promote value creation and business opportunities for our clients.
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People
Our People are a key success factor in building a prosperous future at PwC Luxembourg.
With over 3,000 employees from 85 countries, we are the largest professional services firm in the country. A strong workforce that is thriving and healthy is important for our growth. By contributing our energy and resources to enable a more diverse and thriving workforce, we provide our clients with the best service outcomes and continue to create long-term value.
As we adapt to a new normal, the pandemic continues to impact the health of our People. Furthermore, maintaining pay equality while strengthening our diversity and inclusion efforts continues to take centre stage. We have set new ambitions specifically focused on monitoring our bias, closing the gender pay gap, supporting the LGBT+ community and providing training for our People to enable prosperous outcomes. The firm’s ambition is to create a diverse and inclusive environment that encourages career advancement and engagement for all our People.
Planet
Climate change is undeniably the biggest business and social challenge of the current century. The last year has made the effects of the changing climate even more apparent with extreme drought, forest fires and flooding, impacting communities around the Planet.
The business community has a pivotal role to play in making positive change. The PwC global network’s ambitious Net Zero 2030 Commitment requires us to transform our firm’s business model by decarbonising our operations and value chain while also engaging with clients and suppliers to meet these ambitions.
Governance
Trust is built through authentic, transparent and credible actions that are aligned with our corporate purpose. Governance is the foundation of how we build that trust and continued long-term value with our stakeholders.
We believe accountability, responsibility and stewardship principles are important governing values. They ensure that we execute our ambitions for the business, our clients, stakeholders, the planet and society. In today’s environment, we must remain transparent about our strategy and report on it — both formally in the Annual Review, and also to our People and clients.
We achieve this through good governance. It enables us to set, monitor and integrate our firm’s economic, social and environmental ambitions into action, and to navigate future risks and opportunities with resilient behaviour.
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