Message from our CEO

I am pleased to present our 2020 Annual Review - this year again in a digital format. 2020 has already been a year of unprecedented disruption and we are far from seeing the end as we issue our report.

2021 will necessarily be a year of (hopefully) managing through the end of the pandemic and starting to “Build Back Better” as companies and as society and where Luxembourg has a unique opportunity to position itself as the EU frontrunner in building a truly sustainable economy.

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John Parkhouse

As with many firms in Luxembourg fortunate enough to be able to work remotely, PwC managed to swiftly and smoothly shift to a “new normal”, leveraging fully our tools and technology and working closely with our people, our clients and our communities as we all found a new way of working together supporting both the existing and the new needs. Our business did suffer in the final quarter and, whilst we witness extremely strong double-digit growth in certain areas such as alternatives, in others we see a structural decline and landed at an overall turnover of 463.1* Mio Eur showing a growth of 3.5 %* year on year.

Further, our focus on quality in what we deliver to our clients and to society is evidenced by both our improving client satisfaction scores and the results from our various quality reviews, in all our lines of service.

From a people perspective, we saw a stabilization of our overall workforce which comprised nearly 2,800 people at the end of June, and where we continue to invest significantly not only in the business and technical skills, but especially in the digital skills our people will need to succeed in the world of tomorrow.  Since the start of this crisis, we have placed our people’s welfare at the forefront of our efforts with particular focus on well-being and supporting our people through these difficult times. In addition, we have been clear that we will continue to avoid, as much as possible, any lay-offs due to COVID-19, choosing instead to reskill and redeploy our people to the maximum extent possible. As much as we can, we want to maintain the livelihoods and prospects of all our people as we go through this difficult time.

Finally, now more than ever, it is critical to continue and even accelerate our sustainability journey. In addition to our continued efforts on the Diversity and Inclusion front, which has gained particular prominence globally in recent months, I am also pleased to share more about how we as a network, and locally, do our small part for a better planet. Back in September 2020, our global chairman was proud to share that our network comprising over 275,000 people in 157 territories has made a global science based commitment to reach net zero greenhouse gas emissions by 2030. Having looked at this in Luxembourg we expect to be able to achieve this much sooner with a view to then aiming to get as close as we possibly can to absolute zero in the years following.

Thank you very much and I hope you enjoy reading our report.

*Compared to 2019, excluding PwC TASC, a subsidiary of PwC société Coopérative, which is responsible, on behalf of EMEA PwC territory offices, for the administration and logistics of training offered in multiple territories. 

This material makes reference to GRI disclosure 102-14

Contact us

John Parkhouse

Audit Partner, PwC Luxembourg

Tel: +352 49 48 48 2133

Pauline André

Director, Head of Marketing & Communications, PwC Luxembourg

Tel: +352 49 48 48 3582