PwC breaks new ground with governance board appointments
PwC breaks new ground with governance board appointments | Insurance Business Australia
Insurance News
PwC breaks new ground with governance board appointments
Independent monitor for company’s plan also unveiled
Insurance News
By
Roxanne Libatique
PwC Australia has revealed the appointment of John M Green as the independent non-executive chair of its governance board, which the company claimed to be the first instance of such a position within an Australian “Big 4” professional services firm.
Additionally, Lisa Chung AM is set to join the board as an independent non-executive member, effective Sept. 1.
These developments are part of PwC Australia’s broader effort to implement its commitments to its Change Action Plan, aimed at reinforcing the governance board’s independence and oversight functions.
PwC Australia’s independent non-executive chair of governance board
Green brings a wealth of experience as a director, having served on numerous boards across various industries both domestically and internationally. He currently holds positions as a director of Challenger Limited and the Cyber Security Cooperative Research Centre and chairs UOW Global Enterprises and Pantera Press.
“John is an exceptional addition to our governance board and will make an outstanding chair,” said Justin Carroll, the outgoing chair of PwC Australia’s governance board. “He will be able to draw from his decades of experience to bring an outside-in perspective, hold management to account, and deliver a new level of oversight.”
PwC Australia governance board’s independent non-executive member
Chung, who will also join the board, has a broad portfolio of non-executive director roles across multiple sectors, including commercial property, financial services, and community services.
She currently serves as the chair of Australian Unity Limited and holds board positions with AVJennings Limited, the Committee for Sydney, and other organisations.
Carroll noted that the addition of Chung and Green would significantly increase the board’s independent oversight capabilities.
“Together, John and Lisa bring enhanced levels of independent thought and governance experience to our governance board, facilitating more robust challenge and oversight of our firm,” he said. “Their contributions should mean decisions impacting the future of the firm are scrutinised with more independent eyes, holding management to a similar level of accountability as top tier ASX-listed companies.”
The firm, which also appointed a new chief people officer early this year, is in the process of appointing a third independent non-executive member to its governance board. With these changes, Carroll will be stepping down from his role as chair later this month.
PwC Australia’s independent monitor for Action Plan
PwC Australia also announced the appointment of Webb Henderson, a boutique independent law firm, as its independent monitor.
The firm will oversee the verification of PwC Australia’s progress on its Action Plan, with support from The Honourable Tom Bathurst AC KC, former chief justice of the Supreme Court of NSW.
Since the launch of its Action Plan in September 2023, PwC Australia has completed 35 of the 47 targeted actions, with the remaining 12 actions proceeding on a phased schedule. These initiatives are designed to enhance the firm’s governance, accountability, and culture, aligning with its three-year strategy that prioritises people, clients, and culture.
PwC Australia CEO Kevin Burrowes highlighted the firm’s ongoing efforts.
“While we still have a lot to do, these are significant and meaningful steps which will ensure we are bringing the best of our multidisciplinary model to our clients and creating a working environment for our people to thrive in,” he said.
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