PwC Luxembourg Annual Review 2020
Creating sustainable growth in the "new normal"
Message from our CEO
"Four years ago, we began our journey to understand from our various stakeholders what is critical to our sustainable future and to integrate this into our strategy and hold ourselves accountable through our reporting using the Global Reporting Initiative (GRI) framework. At a time when the question of sustainability in its broadest sense becomes even more critical, as we as a society not only struggle through the pandemic but also seek to address fundamental issues around climate, inequality and an increasing absence of trust, we were excited to see the introduction of the World Economic Forum reporting standards"Toward Common Metrics and Consistent reporting of Sustainable Value Creation"and have used this to enrich our annual report for this year. Our metrics and disclosures have thus been organised under the four pillars that are aligned with the UN Sustainable Development Goals (SDGs) and principal ESG domains: Principles of governance, People, Prosperity, Planet. It is a challenge for all businesses to demonstrate long term value creation for all stakeholders. For four years now, we have worked and reported on what we believe are our key drivers of sustainable value creation for our clients, people and society. The WEF/IBC project has helped us align and expand our reporting on topics that are, in our view, key to creating sustainable growth in the ”new normal.”"
John Parkhouse
Who we are and what we do
PwC Luxembourg is the largest professional services firm in Luxembourg. We provide audit, tax and advisory services. Our firm advises a wide variety of clients from local and middle market entrepreneurs to large multinational companies. Although we mainly serve clients with operations in the Grand Duchy of Luxembourg, their reach is often international and, therefore, the impact of our business (especially in terms of legitimacy and ethics, as well as societal impact) goes beyond national borders.
Our main revenues come from the following five industries: Alternatives, Asset and Wealth Management (AWM), Banking, Industry & Public Sector (IPS) and Insurance. The services we provide to these industries are bundled across three Lines of Service: Assurance, Tax and Advisory, which are supported by our Internal Firm Services (Infrastructure, IT, Compliance, Marketing & Communications, Client Relationships & Sales, Market Research, Knowledge Management, to name a few of these support services).
This material references GRI disclosures 102-1 ; 102-2 ; 102-6
Principles of Governance
To realign trust between corporate enterprises and society, businesses need to shift from short-term profit-orientated focus to long-term value creation all while including economic, environmental and social factors into their purpose and core strategy. Evolving a firm’s governance accordingly, will help navigate risks and embrace economic, environmental and social opportunities, which ensures the interests of all stakeholders are protected.
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People
Our People are and will remain our main asset. We continue to invest in our digital upskilling programmes to be ahead of the curve and to develop our talents. As a socially responsible and inclusive firm, it is our duty to protect employment as much as possible in a complex and uncertain economic environment and to think about our People's engagement in the long term. We also need to ensure that we create a healthy and positive work environment for our Employees to thrive in Health. Our strong workforce is the critical success factor allowing us to provide our clients with the best services, creating financial and non-financial value that are essential for us and our clients.
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Prosperity
Our businesses have impacts on, and benefit from, economic and social prosperity in myriad ways - we can’t succeed in a failing society. How can we create sustainable growth in the New Normal?
We see the combination of a long term view and a client-centric business strategy to be a sustainable approach in times of trouble. Long-term value creation is critical for business performance, competitive advantage, mitigating risk and strengthening stakeholder relationships. See our firm’s response to this year’s challenges, how we keep serving our clients, and what’s our community engagement in these unprecedented times.
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Planet
As the impact that business has in the environment grows, the world is turning to companies demanding for more corporate responsibility. At PwC Luxembourg we’ve been working over the past few years to understand our own impact while acting on it, we care about the value chain of our products and services, but also for our clients and suppliers, about our carbon footprint and how to diminish it and now compromising to a net zero commitment. We do this not only because It is the right thing to do, but because we can’t thrive without the environment and we need to do our part to achieve the Sustainable Development Goals.
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