Ownership
PricewaterhouseCoopers Luxembourg, operating as a Société coopérative since 1 July 2012 (“PwC Luxembourg” or “our Firm”), is a company with limited liability incorporated under Luxembourg law. It is registered with the Luxembourg Business Registers under number B 65477 with a subscribed capital of EUR 942,900 and a total of capital and reserves of EUR 26,367,736 at 30 June 2020 and is registered as an approved audit Firm (“cabinet de révision agréé”) as per the Law of 23 July 2016 on the audit profession as amended. It 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) and in the hands of shareholders who are Chartered Accountants (members of the 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), the Hong-Kong FRC and the BVI (British Virgin Islands) Financial Services Commission. PwC Luxembourg has three fully owned operating subsidiaries which are PricewaterhouseCoopers Academy S.à r.l., PricewaterhouseCoopers Training Administration Service Centre S.à r.l. and PwC Tax Information Reporting S.à r.l..
This material makes reference to GRI disclosures 102-5 ; 102-45
Part of a Global Network
We are a member of a network composed of independent Firms in 157 countries with more than 284,000 people who are committed to delivering quality in Assurance, Advisory and Tax services.
PwC is the brand under which the member firms of PricewaterhouseCoopers International Limited (PwCIL) operate and provide professional services. Together, these firms form the PwC network. ‘PwC’ is often used to refer either to individual firms within the PwC network or to several or all of them collectively.
In many parts of the world, accounting firms are required by law to be locally owned and independent. The PwC network is not a global partnership, a single firm, or a multinational corporation. The PwC network consists of firms which are separate legal entities.
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.
Governance
PwC Luxembourg is governed by a Management Board (“Conseil de Gérance”) having the overall responsibility for the strategic, business, operational and financial management of our firm. The Management Board members are appointed by the shareholders meeting and the Board is composed of a majority of approved statutory auditors. It sets and communicates its strategic priorities, which cascade into our firm’s business planning process. The contribution of Assurance, Tax, Advisory and support services is monitored by the Management Board, which also takes overall responsibility for the systems of internal control (which include controls relating to quality) and for reviewing and evaluating their effectiveness.
Our firm is led by a CEO, assisted by a Deputy Managing Partner, who is, like the other members of the Board, elected for four years by the shareholders. Currently, the members of the Management Board are: John Parkhouse (Territory Senior Partner, CEO), Rima Adas (Deputy Territory Senior Partner), Olivier Carré, Gérard Cops, François Génaux, François Mousel, Anne-Sophie Preud’homme and Marie-Elisa Roussel-Alenda. The audit of the firm’s financial statements is carried out by an independent local audit firm. View more
The firm also has an oversight body (the Supervisory Board). This board is presently composed of seven members elected among and by the Partners, for a term of four years. It is not under the authority of another body.
The Supervisory Board has overall responsibility for governance of the firm and oversight of the Management Board. It has an advisory and oversight role and is responsible for considering, reviewing and providing guidance on those matters that are, or may potentially be, of concern to the Partners or our firm. These matters include, but are not limited to, the implementation of, or compliance with, global or firm policies and rules and the arrangements for effective communication between the firm’s management and the Partners.
This material makes reference to GRI disclosure 102-18 ; 102-22 ; 102-23 ; 102-24
This material makes reference to WEF core disclosure - Principles of Governance - Quality of Governing Body - Governance body composition
Process for determining remuneration
At PwC Luxembourg, our Partners have a remuneration package which is made up of a fixed income amount (salary) and a variable bonus. Each Partner is responsible for his or her own pension arrangements. The final amount to be allocated to the individual Partners is proposed by the Evaluation Committee (emanation of the Country Leadership Team) and subject to the oversight of the Remuneration Oversight Committee (ROC) composed of the chair of the Supervisory Board and two additional members of the Supervisory Board.
The Partners’ performance is assessed based on two components: a firm component depending on the results at firm’s level, and an individual component depending on the responsibilities and contribution of each Partner. Each Partner’s income is determined by assessing achievements against an individually tailored scorecard of objectives.
These objectives include ensuring our firm delivers quality services and maintains independence. Under no circumstances are audit Partners rewarded for selling non-audit services to audit clients.
This material makes reference to GRI disclosures 102-35 ; 102-36
This material makes reference to WEF expanded metrics - Quality of Governing Body - Remuneration
