Increasingly, we understand the impact that our work can have on our stakeholders, the capital markets, and the communities in which we operate. Therefore, it’s also important you understand our legal structure, the global PwC network in which we operate and our governance and supervisory structure.
Ownership
PricewaterhouseCoopers Luxembourg, operating as a Société coopérative since 1 July 2012, is a limited liability company incorporated under Luxembourg law. It is registered with the Luxembourg Trade and Companies Register under number B 65477 with a subscribed capital of EUR 936,350 and a total of capital and reserves of EUR 25,791,492.31 at 30 June 2019, as an approved audit firm (“cabinet de révision agréé”) as per the Law of 18 December 2009 on the audit profession.
Our firm is owned by individuals providing audit, tax or advisory services in Luxembourg. A majority of voting rights are in the hands of shareholders who are registered approved statutory auditors (“réviseurs d’entreprises agréés”) and members of the IRE (Institut des réviseurs d’entreprises). A majority of voting rights are in the hands of shareholders who are also registered accountants (“expertscomptables”) and members of the OEC (Ordre des Experts Comptables).
Our Firm is registered with the PCAOB (the US Public Company Accounting Oversight Board), the JFSA (the Japan Financial Services Authority) and with the BVI (British Virgin Islands) Financial Services Commission.
PwC Luxembourg has three fully owned operating subsidiaries which are PwC Academy S.à r.l., PwC TASC S.à r.l. and PwC Tax Information Reporting S.à r.l which qualifies as a PSF ("Professional of the Financial Sector") regulated entity.
This material references Disclosures 102-5 and 102-45.
Part of the global network
PwC is a global network of separate firms, operating locally in countries around the world. PwC firms are members of PricewaterhouseCoopers International Limited and have the right to use the PricewaterhouseCoopers name. As members of the PwC network, PwC firms share knowledge, skills and resources. This membership facilitates PwC firms to work together to provide high-quality services on a global scale to international and local clients, while retaining the advantages of being local businesses – including being knowledgeable about local laws, regulations, standards and practices.
Being a member of the PwC network means firms also agree to abide by certain common policies and maintain the standards of the PwC network. Each firm engages in quality control and compliance monitoring activities, covering the provision of services, ethics and business conduct, and the compliance with specific, strict standards for independence monitoring and protection. (You can read more about our Firm’s policies in terms of independence, conflict of interest, as well as legitimacy and ethics in the sections dedicated to these material topics.)
The Network is moving increasingly fast as it drives common standards, technology, data platforms and is increasingly intrusive on business decisions, especially as it relates to developing client solutions or ways of working with our clients. This year, for example, the network is engaged by a growing importance of technology in our business and in that respect it is important to share relative alignment. It facilitates investments that matters for us and seeks to ensure technology which was developed globally but at the same time also considering our needs the way we want to better connect to, and communicate with, our clients. Within this year, we became fully cloud-enabled using Workday, Google and Salesforce to enhance our people experience, their tools and their capabilities to ready them to serve our clients’ needs of the future.
Our continued success and growing strength and relevance to the network is how we ensure we are the best positioned to positively influence the development of our Network. In this way, we can contribute effectively both through deployment of distinctive solutions and expertise and by ensuring an effective voice at the table.
Governance
First of all, PwC in Luxembourg is a Partnership, meaning that Partners carry out their activities with certain autonomy and an entrepreneurial mindset. It is a group of professionals and entrepreneurs that share common views and business objectives and combine their efforts to the benefit of the firm, its People and its clients.
The Firm and each of its Partners intend to promote at all times a one-firm approach which will be applicable to all its activities and to all affiliates in Luxembourg notwithstanding the fact that they are each a separate legal entity.
Partnership means also that the Partners are paid on the Firm’s results. It is a profit sharing regime designed in order to measure the contribution of Partners to strategies, policies and plans of the Firm and to determine, by reference to their performance and evaluations and to the Firm performance, their Profit Share annual allowance.
Partners have delegated the overall responsibility for strategic, business, operational and financial management of the Firm to a Country Leadership Team (CLT). The CLT is composed of the CEO, who is elected for four years by the Partners, and the CEO appoints the other members: the Deputy to the CEO, the Assurance leader, the Advisory leader, the Tax leader, Markets and Strategy leaders (2), and Operations leader.
- John Parkhouse - Territory Senior Partner, CEO
- Rima Adas - Deputy Territory Senior Partner
- Marie-Elisa Roussel-Alenda - Audit & Assurance Leader
- Gérard Cops - Tax Leader
- François Génaux - Advisory Leader
- François Mousel - Markets and Strategy - Clients and Markets Leader
- Olivier Carré - Markets and Strategy - Financial Services Leader
- Anne-Sophie Preud'homme - Operations Leader
After this year's election, the CLT became smaller and was formed with a view to build the next generation of leaders and avoiding double-hatting of roles as much as possible to enable them to focus on the firm's objectives. The Chief Risk Officer, Chief Financial Officer, People Leader and Technology experts are also key to the success of our firm. They are responsible for supporting the Partnership in the execution of our firm strategy and working with the respective member of the Country Leadership Team. In this way, people and technology are holistically embedded across the firm and ensure a consistent approach.
This material references Disclosures 102-18, 102-22, 102-23, 102-24, 102-35 and 102-36.
- Supervisory Board
- Ethics Committee
- Audit Committee
- Risk & Compliance Committee
- Corporate Responsibility Committee
- Staff Delegation
Supervisory Board
Supervisory Board: has an advisory and oversight role and is responsible for considering, reviewing and giving guidance to the CLT on those matters that the Supervisory Board considers to be a concern or potential concern to the Partners in general or to the Firm. Supervisory Board is composed of a Chairman and other board members.
Ethics Committee
Ethics Committee: is in charge of controlling and ensuring that all conflicts of interest, confidentiality, anti-bribery issues/claims are handled in a proper manner. The Ethics Committee is led by the Ethics Officer and the Business Conduct Leader (for more information see also ‘Legitimacy and Ethics’ part)
Audit Committee
Audit Committee: is composed of four Management Board members and the Chief Internal Auditor. Its mission is to support the Leadership Team in the assessment of the firm control environment and in the coverage of potential key risks. They also ensure that actions are done to respond to the recommendations. The audit committee reports the conclusion of its work to the Management Board on a periodic basis.
Risk & Compliance Committee
Risk & Compliance Committee: is in charge of managing the risks of the Firm and ensuring our compliance with laws and regulations. Its main focus areas are around Client Acceptance and Continuance including anti-money laundering, independence, anti-corruption, and sanctions matters and the monitoring of ongoing risks linked to the performance of our services pertaining to the quality of services and the compliance with international professional standards. It is also in charge of preparing the Firm for all new regulations on a timely basis (see also ‘Client acceptance’ textbox in ‘Legitimacy & Ethics’
Corporate Responsibility Committee
Corporate Responsibility Committee: is in charge of embedding our core sustainability priorities into our business model and the way we deliver services and everything we do in all our service lines.
Staff Delegation
Staff Delegation: is in charge of protecting and defending our employees’ interests as regards working conditions, job security and social status.