PwC Australia will overhaul its corporate structure, adding three non-executive directors to its governance board and a non-executive chair, as well as committing to publishing audited financial statements.
The announcement comes ahead of the release of an investigation into the firm’s misuse of confidential government information, which triggered a reputation crisis and widespread condemnation.
Partners at the firm were due be briefed on the report by former Telstra boss Ziggy Switkowski on Wednesday morning before the full report was expected to be released in full later in the day. The report will also be shared with regulators.
Switkowski’s report is expected to reveal how many people knew that confidential government information about proposed tax changes had been shared with the firm’s private clients and why this wasn’t stopped.
PwC Australia’s reputation was left in tatters after the misuse of confidential information was first reported by the Australian Financial Review. The fallout of the scandal has already led to PwC Australia divesting its entire government services division for just $1
The matter has also been referred to the Australian federal police by the Treasury for investigation, which is one reason why the firm was not recalled to an ongoing Senate inquiry into the matter this week.
Switkowski has conducted more than 90 briefings with senior PwC Australia staff and held 18 focus groups across the country.
PwC Australia will in future apply ASX corporate governance principles and recommendations, “to the extent that is feasible”, the company said. PwC Australia is a partnership and structured differently to ASX companies.
The firm will publish audited financial statements by September 2025. PwC Australia will also appoint three non-executive directors to its governance board and a non-executive chair.
The firm’s chief executive, Kevin Burrowes, has released a statement before the report’s release, saying it was an “important day for the firm”.
“It marks a moment from which we, and others, can measure progress against our commitments to enhance the firm’s governance, accountability and culture,” he said.
“From the top down we are committed to rebuilding and re-earning the trust of our stakeholders.
“We are committed to learning, changing and leading. This is our promise to our people, our partners, our clients and our communities.”
