Howdowe navigate achanging world? · 2015-09-15 · This document does not constitute advice, financial product advice or professional consulting of any kind. It should not be used

Howdowe navigateachanging world?

PricewaterhouseCoopers

CEOPerspective 2

Performancehighlights 4

Markets 6

Howhasbusinesschanged? 8

Whatchallengesarewefacing? 12

Howareweworkingwithclients? 16

StructureandStrategy 18

Whoarewe? 20

Whathaveweachieved? 23

Whoareourleaders? 24

Howdoweensurequality? 26

ResponsibleLeadership 28

Howdowesupportourpeople? 30

Whatdoweofferourclients? 32

Howareweimpactingourcommunities? 34

Howareweengagingwiththemarketplace? 36

FactsandFigures 38

ContactDetails 48

It is in the interest oftransparency that we offer themarket annual insight into ourperformance. This publicationis not intended to be an annualreport. Quotation, citation,attribution, reproduction or useof any portion of this publicationin any format is prohibitedwithout written permissionof PricewaterhouseCoopers.This document does notconstitute advice, financialproduct advice or professionalconsulting of any kind. It shouldnot be used as a substitute forsuch advice. In no event willPricewaterhouseCoopers beliable for any losses arising fromany decision made or actiontaken in reliance onthe information.

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Contents

AnnualReview2009

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In an increasingly uncertain world, asking the right questions can be as important as knowing the answers. Founded on quality and acting with resilience, PricewaterhouseCoopers is working closely with our people, our clients and the community to develop new insights and identify the opportunities that will secure a sustainable future.

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PricewaterhouseCoopers CEO Perspective Opening

To my partners, our staff, clients and friendsWelcome to our Australian AnnualReview for the 2009 financial year.Little did I know when I became CEOon 1 July last year what was in store.What a year it has been!

Our credible performance in FY09could not have been achieved withoutthe stellar efforts and support of ourpeople, who worked admirably to doour best for clients and the firm. I amdeeply grateful for their efforts and thesupport they have shown.

The global financial crisisThough there were signs of a liquidityproblem in parts of the global financialsystem in the latter part of 2007, few, ifany, foresaw the extent of the system’scollapse and the ensuing economicdecline. While actions of governmentand others appear to have stabilisedthe crisis, the world has changed insignificant ways. Witness the extent ofgovernment intervention in businessownership, increased regulation andoversight; the decline of complex,highly geared business models; therestructuring of entire industries; andthe end, for now at least, of the easycredit of the previous decade.

But what an opportunity this presentedfor me and my team, and Australianbusinesses generally, to finesse howbest we can work with our clientsto build truly competitive globalbusinesses.

Australia and our firm – thanks in partto a mining boom, a robust financialsystem and the buffer of a federalbudget surplus – entered the worstglobal recession in 80 years from aposition of strength. During the earlymonths of FY09, PwC’s performancewas outstanding. In the latter partof the year, like many, we began tofeel strongly the impacts of a rapidlysoftening economy. The effects werepartly offset by strong performancein the counter-cyclical parts of ourbusiness, such as our growing andsuccessful corporate restructuringand economics teams. We finishedthe year with modest revenue growthof just over 1 per cent, which was stillan achievement and another recordrevenue year for our firm.

Challenge and opportunityThroughout the year I met with CEOsand senior executives from manyorganisations. I was struck by howmany were in agreement that thesedifficult times were as much aboutopportunity as they were aboutchallenge. These discussions alsoreaffirmed my sense that if we areflexible and listen closely, there areexcellent opportunities for us tocollaborate with clients to achievemutual success using the full powerand – at times under-utilised –breadth of this firm’s resources.

The rapid shifts in the world aroundus have definitely helped create aburning platform for both organisationalchange and a more genuine focus onopportunities that deliver the greatestvalue. Those with the hunger anddetermination to seize the agendaat times like these ensure theirorganisations are agile and able toemerge from tough times strongerthan when they went in. This has been,and remains, our aim for our clientsand ourselves.

Our focusThis year we took care to have a closelook at what business was feeling aboutthe professional services industry. Whilethere were many positives, to be frank,the picture painted was not always asflattering as our industry, and we, wouldhave liked. Those insights are helping usto evolve our business to focus more oncollaborative relationships, to be moreprogressive and questioning, as well asagile and empathetic.

Our aim is to drive sustainable growththrough clear decisions about whowe serve, what we offer and whatwe are like to work with. While it hasrequired some internal restructuringto simplify and target our focus, thesechanges position us well to enhancenetworking across our teams and withinthe marketplace for the benefit of ourclients. We have also aligned our clientrelationship, market, brand and culturalinitiatives. Our new developmentcurriculum will enlighten and reinforcethem all. In professional services, theclient experience is everything and ouraudacious goal over the next few yearsis to perfect it.

We made a number of acquisitions tobetter serve our clients in the areas ofstrategic and operations consulting,economics, estate planning, franchisemanagement and debt and capitaladvisory. Throughout this year,through acquisitions, recruitment andpromotion, we welcomed 37 newpartners to the firm. We also continuedto invest in developing new solutions,and refining and improving ourtraditional offerings. You will see moreprojects, designed to build new andbetter business models and enhanceour brand, unfold over the next year.

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AnnualReview2009

CEO Perspective

PwC Corporate Responsibility

Community Environment

People Marketplace

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A year of achievementAs CEO, one of my top priorities for ourfirm is finding, inspiring, developingand retaining great talent, recognisingthat it is ultimately individual and teambehaviours that shape our firm’s cultureand support the success of our clients.Underpinning this is a philosophy ofcontinuous improvement. Our talentmanagement strategy guides the futuredevelopment, retention and successionplans of our key talent. A Talent Council,comprising senior representativesacross the firm, oversees our strategyand identifies talent initiatives andleadership development opportunities– such as an overseas tour, a clientsecondment, a business school courseor a period working with one of ourleaders. We are proud that we keptour promise to invest $94 million ininitiatives to help our people develop,grow and excel. And we plan to spendmore next year.

We fortified our commitment tocorporate responsibility this year,becoming Australia’s first carbonneutral professional services firm; thefirst professional services firm to enterthe Corporate Responsibility Index;and the only firm to releaseindependently assured data on ourgreenhouse gas emissions.

What about 2010?The Australian Government and theReserve Bank of Australia acted swiftlyand well to minimise the impactsof the global finanicial crisis on theAustralian economy. Some observersare seeing early positive signs, thougha sustained recovery seems some wayoff. Key to Australia’s future prosperitywill be a focus by the governmentand private sectors on, among otherthings, Australia’s education and healthsystems, its resources and servicessectors, foreign investment strategiesand the national infrastructure. Our ownstrategies, plans and capabilities arefocused on supporting these efforts.

Australia’s regulatory systems havegenerally performed well and we believethe government should tread carefullybefore adopting overseas legislativereforms here. While sensible, effectiveregulation is to be encouraged, it isequally important to avoid regulatoryresponses which over-reach andthreaten the entrepreneurial, innovativespirit that is at the heart of economicgrowth and prosperity.

We expect FY10 to continue to bedifficult. Yet, as positive thinkers, weare now firmly focused on the recoveryand the possibilities it brings. We areconfident that PwC can assist Australiato turn economic and environmentalchallenges into opportunities forsustainable growth and social change.

Best wishes for 2010.

Mark JohnsonCEO and Senior Partner

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PwC’s total revenue was $1.42 billion, representing growth of 1 per cent on FY08.

We were named Market Leader in the BRW Client Choice Awards, Audit Firmof the Year in the CFO Awards and one of International Tax Review’sLeading Australian Tax Advisers, among other honours.

Webecame carbon neutral and reduced our carbon emissions beforeoffsetting by 23 per cent (substantially exceeding our target of 10 per cent).

Despite changing economic conditions, we invested $94 million indevelopingourpeople and did not implement hiring or promotion freezes.

Wemade strategic acquisitions to enhance our breadth and depth of clientservice, including Clarendene Estate Planning Lawyers, MainsheetCorporate and Franchise Developments Management Consulting.

Wecontinued our commitment to shaping the debate on importantissuesin the community by, among other activities, making a submission to thegovernment’s Henry Tax Review and hosting a National Health Forum.

We were recognised as an EOWA Employer of Choice for Womenand the Top Company for Global Diversity by DiversityInc.

The firm undertook some $15 million of professional services work in the not-for-profit sector pro bono or at highly discounted rates. We also donated some$3.5 million, thanks primarily to our payroll giving program and firm matching.

Wereceived the BRWANZ Private Business Awards 2008 awardfor Excellence in Community Practices.

Eighty-sixper cent of respondents takingpart in our ECLIPSE clientfeedback surveys and face-to-face interviews rated us at least four out offive for overall satisfaction.

CEO Perspective KeymessagesPricewaterhouseCoopers

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AnnualReview2009

Performance highlights

We held the inaugural PwC Experience Awards to identify and celebratethe teams and individuals leading our firm in delivering distinct experiences.

We launched a $1 million sponsorship of the Centre for Social Impact.

We began refining our environment management system to align with ISO14001, participated in the Corporate Responsibility Index for the first timeand were the only professional services firm to release independently assuredgreenhouse gas emissions accounts for FY08.

PwC joined with Asialink and the Melbourne Institute to launchtheAsialinkIndex,the first ever comprehensiveindex of Australian/Asian engagement.PwC is also a sponsor of Melbourne University’s AsialinkLeaders’ Program.

Australia hosted the global rollout of PwC’snew auditing platform as partofthe Assurance practice’s connectedassurance*commitment to deliveringbest practice processes, greatervalue and insights and an unparalleledclient experience.

We established a Debt and Capital Advisory practice led by specialists with over20 years of banking experience.

PwC’s Purchased Additional Annual Leavetake-up increased by more than75per cent on FY08.

ThePwC Foundation hosted the second annual PwC Transparency Awards,promoting improvement in the quality and transparency of reporting bynot-for-profit organisations.

Astheeffects of the global financialcrisis began to surface, more than3,500of our people elected to take 10–15 days of unpaidleave to helppreserve the fabric of the firm.


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Olivier Marion, Senior ManagerAmanagerby23,OlivierwastheFY09winnerofPwC’snationalPwCExperienceAwardsforindividualexcellenceinclientservice.AsamemberoftheTax&LegalpracticeinPerth,Olivierreceivesconsistentlypositivefeedbackfromhisclientsandteammembers,continuallydemonstratinghowonepersonwiththerightmindsetcanmakeamajorimpact.Markets

Sophie Langshaw, Senior ManagerWithapassionforinnovation,Sophieiscommittedtocapturingandsharinginsightswithherclientsandaccountteams.Leveragingthiscollectiveknowledgehashelpedidentifyareasforimprovedefficienciesandnewrevenuestreams–testamentthatinsighttranslatesintovalue.Sophieisworkingwiththefirm’sinnovationteamtocapturenewideasandinsightsthroughinnovationsessionswithclientsacrossthecountry.

AnnualReview2009

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Paul Bendall, Ian Farmer and Pat McKeon, the leaders of PwC’s Assurance, Tax & Legal and Advisory lines of service, discuss leadership and relationships in the current business environment.

1. In the current market CEOs and boards are facing extreme short-term and long-term challenges. From each of your perspectives, what do you see as the top three things most critical to businesses making it through this period successfully?

Pat McKeonFromAdvisory’s perspective,strong organisations will do twothings. They’ll balance short-term pragmatism, includingaclear focus on cash,risk, etc., while keeping their eye on the longer term.Markets such as these offerreal opportunities, from presentingaplatform for internalchange to creatingbargains that would usually be unaffordable.

Ian FarmerAnd I believe the other criticalissues are staying absolutelyconnected to customers, and engaging in morerobust and rigorousscenario planning and business forecasting.

Paul Bendall Boards and CEOs need reassurance around the stability andsustainability of their business operations and relationships with employees,suppliers, customers and regulators. This is vital to remaining confident in their abilityto emerge from the current market turmoil as dynamic and competitive organisations.

2. Halfway through the year, PwC’s 12th Annual Global CEO Survey found almost half of Australian CEOs considered information about climate change when making long-term decisions about the success and durability of their business. How do you think the global financial crisis has impacted the way leaders approach corporate responsibility?

Paul BendallThe global financial crisishasincreased the focus on corporateresponsibility. Regulators, governments, employees, suppliers, analysts andshareholders are seeking greater transparency and looking for sound riskmanagement and a holistic understanding of what is driving organisationalperformance. Employee reward and recognition structures must be shapedtoensure they drive sustainable business behaviours.

These emerging social and community obligations areincreasing pressureforabroader-based, real-time business reporting model, extending the existingobligations of business beyond mere periodic financial reporting.

Ian Farmer Iagree. If we learn anything from the current situation, it has to be thatafocus on true sustainability and the obligations organisationshaveto the widercommunityis vital. This includes ensuring key players in the local and globalmarkets have robust and sustainable business modelsand greater transparencyaround material issues. The focusof governments around the world has shifteddramatically, and there is little doubt thattighter scrutiny in the areaof corporateresponsibility and sustainability will be the way of the future. We are seeing thisin a global trend to greatertransparency and responsibilityaround tax risks andtax management.

Pat McKeonIalso believe this kind of recessional market often drives a ‘flighttoquality’ from a client and customer perspective.In this respect, clients will beable to see which companies and organisations continue theircommitment tocorporate responsibility initiatives even when budgets are tight. We,for example,remain committed to our corporate responsibility initiatives – they arenot justimportant to the organisations that benefit from them; they are important to thefabric of our culture.

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Markets TheGFCandbeyondPricewaterhouseCoopers

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How has business changed?

3. What changes have you seen in the type of work coming through your line of service in the past 12 months?

Ian FarmerIn the area of tax, businessesacross all industries arenow heavilyfocused on freeing up cash. A back-to-basics trend to enhance cash flowsandoptimise refunds has clearlyemerged. We are also finding the relationshipbetween tax payers and tax authorities has become strained, and we are playingamore significant role in helping clients find certainty intax positions.

Pat McKeonWithin our Advisory business, we’ve seen our work shift tosupporting clients who are suffering from reduced revenues, debt issues,cash liquidity and funding challenges. From our perspective, that means thatourCorporate Advisory & Restructuringteam, our Debt Advisory team and manyofour consulting teams have seen a change in the shape of their work.More than ever, this is a great opportunity forus to collaborate with our clientstofind sustainable solutions.

We’ve also been delighted to work with our government clients in findingsolutions to the many challenges that face Australiaat state and federal levelsin the areas of health, water,education and transport. Our teams feel proud tobeapart of building a better Australia.

Paul BendallIn the current market, I seeboards and management seekingbroad-based business assurance ratherthan a technical opinion on periodicfinancial statements. Organisations strugglingtoaccess and manage credit,debtand equity funding against fallingasset values and consumer demand areseeking an independent and robust view to helpensure they remain viable. Weare finding increased demand for risk, controls, security and forensic assuranceservices as an extension of our core financialstatement assurance services.

More broadly, we are seeing businessesimpacted by suppliers failing and asharp reduction in the need forgoods and services as demand abates in somesectors of the economy. Speed and agility in changing and responding to thenew circumstances are defining success in both a positive and negative contextwithin the current environment.

4. What do you believe Australian business and government leaders should be focusing on as they enter FY10?

Pat McKeonClearly there is a requirement to re-strengthenthefundamentalsin both companies and government. And this bringsus back to good planning,soundfinancial management and strong execution of business plans. There is,however, a huge responsibility to manage confidence levels such that the growingmaturity level of corporate Australia doesn’t suffer. That could hold it back fromparticipating in the growth to come in the Asia Pacific region.

Ian FarmerThere is no doubt that a simplification of the Australian taxationsystem should be an area of ongoing focus – the Henry Review is a uniqueopportunitytoreshape the tax system. With over 56 different business taxescurrently in place, therehas to be change. At the individual company level,there are also greatgains to be made in simplifying processes to reduce thecurrent cost of meeting compliance obligations.

Paul BendallIthink financial and operational risk management will also be topofthe agenda for legislators and regulators. The focus will be on re-instillingconfidence, protecting shareholders and investors from risky business practices,andpreventing a recurrence of the current financial crisis.

AnnualReview2009

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IanFarmerManagingPartner,Tax&[email protected]

PaulBendallManagingPartner,[email protected]

PatMcKeonManagingPartner,[email protected]

5. What do you think will be the lasting impact of the global financial crisis on the Australian business landscape?

Paul Bendall In the coming years, government stimulus will fund infrastructuredevelopment, igniting growth for resources and construction businesses that willbe supported by the financial sector. Some organisations will find the opportunityto strengthen their core business by acquiring the peripheral operations of othercompanies. Others will find a way to better manage productivity and profitability,which in easier times might have been overlooked in the frenzied search for growth.

I believe the post-global financial crisis Australian business landscape will becharacterised by government enjoying a stronger hand as guardian of the publicinterest. Business-to-business transactions and relationships will become moretransparent. Businesses will rely on employees with new skills and competenciesand an eye to financial security borne of community prudence rather thanrampant private opportunism.

Pat McKeon The global financial crisis will also refocus Australian leadershipteams back on the fundamentals of their organisations, and I think this is abroadly positive thing. Relationships will be tested, tried and either strengthenedor abandoned under such conditions.

Ian Farmer It seems that while a recovery in the economy will be relatively slow,it could be unpredictable in where and how it emerges. In light of this, I think therelationships between boards and advisers will be enhanced, and a new level ofconsultation and rigour will emerge in decision making.

Businesses are currently being forced to review the composition of their workforces,with many now opting for more flexibility in their approach. This includes a renewedfocus on moving resources to meet peaks and troughs and offering staff greaterflexibility in the way that they work. This has real benefits for both employers andemployees, and may well set the tone for many organisations moving forward.

6. What do you think is the future of globalisation and how is it playing into your current decision-making processes?

Ian Farmer We are seeing acceleration in the globalisation of tax policy and taxauthority networks. Our global networks are critical to our ability to help clientsdeal with this trend. We are committed to providing clients with a seamless andconsistent service, bringing the very best of our global expertise wherever it isneeded. While this is a key benefit for our clients, it also provides our people witha worldwide network of colleagues to call upon, and the opportunity towork anywhere in the world.

Pat McKeon In the market I’m seeing a real threat to growth through globalisation,as some organisations begin to bunker down and focus more on their own costbase, customers and opportunities rather than more extensive areas of collaboration.From our perspective, we want to make sure that our clients not only have accessto the intellectual property of our Australian firm, but also of other PwC firms aroundthe world. As the Australian Firm Executive, it’s crucial that we work even harder atcollaborating with our counterparts in Asia, Europe and the Americas.


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Markets The GFC and beyond continued

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AnnualReview2009

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Paul BendallThere are a number of fundamental societal shifts – proliferation ofnew media technologies, falling tradebarriers, inbound migrationand importationofforeign regulation through cross-border operations – that are allcontributing toastructural realignment in the Australian economy. These shifts demand that ourfirm is flexible and agile.

We are developing new capabilities to serve the offshore operations of Australianbusinesses. New areas of focus include offshore supply chain assurance; globaloperational and financial risk assurance; governance processes; cross-border dataintegrity, transfer and security assurance; offshore regulatory compliance assurance;global treasury assurance; and support for new offshore market entry strategies.

7. From a professional services standpoint, what do you think is the key to strong client service in the current environment?

Pat McKeonThe key for us is to fully understand the strategy of each organisation aswell as the execution focus of the CEO and his or herexecutive team. Once we haveagrasp of that, our strategy, deals, consultingeconomics and transformation teamscan, in combination, provide a single solution point forthe client. This is unparalleledin the Australian professionalservices environment.

Paul BendallAs we help secure a sustainable futurefor our Australian community,weanticipate having robust conversations; airing alternative views; and challengingmanagement thinking, governance, processes and internal controls.

Ian Farmer This all supports our broader focus on building and maintaining qualityclient relationships. The ability of our diverse firm to work alongside clients, to providevaluable support and insight as they navigate an uncertain future, is essential. No onecan predict for certain what tomorrow will look like, but we can work together to tacklethe issues as they emerge, and to help shape the way forward.

How has business changed?

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Will Australia learn the lessons of lost opportunity from the resources boom?

Theabrupt end to the commoditiesboomlast year presents anopportunitytoreflect on the windfallsandchallenges Australia’sresourcesindustry has undergone. Chineseandglobal demand for resourceswillreturn, which will result in thesector’s resurgence at least in themedium term. But what has Australialearnt from the last rush to ensure it isbetter prepared for the next waveofopportunity?

Australia’s criticalinfrastructure,particularly its port and rail systems,proved inadequate during the boom.Burgeoning global demand sawportschoked beyond capacity, withships waiting in queues. Productionanddelivery had to be slowed due toinfrastructure blockages. Addressingthese fundamental issues will requireacommitment from industry andgovernment to invest for the long termin strategic transport assets. Newinfrastructure will ensure Australia’sresources industry has the capacitytobe more competitive internationally.

Regulation has been a persistent barrierto business, particularly during theboom. Multiple and disjointed regulatoryapproval processes at various levelsof government slowed investmentdecisions. Lack of clarity aroundAustralia’s Foreign Investment ReviewBoard decisions may risk future inflowsof offshore capital.

Australia’s taxation system places acomplex web of imposts on resourceprojects that confuse and frustrateinvestors. However, potential relief onmany of these issues is imminent withthe Henry Tax Review due to reportlater this year. Hopefully this reviewand other measures will bring aboutthe necessary reform needed to seeAustralia’s resources industry prosperin the 21st century and [email protected]

How do we maintain and improve the vitality of our health system?

The past year has seen health systemreform become a major focus of publicdebate. For the last 25 years, Medicarehas provided Australia with a popularand stable national framework for thefinancing of the health system. We haveenjoyed outstanding health outcomes,ranking as one of the global leadersfor long life expectancy.

Why then is there a groundswell ofsupport for significant reform? Thechallenges facing the Australian healthsystem are common to all developedhealth systems around the world. Theageing population, the ever-increasingavailability of new medical technologiesand treatments, and the shift in theburden of disease from acute tochronic mean that health expenditurescontinue to grow at a rate faster thanGDP. At the same time, the traditionalstructure of health care does not offersolutions to the management of chronicillness. The pressure on our publichospital emergency departments issymptomatic of the absence or failureof other forms of care.

Whilehealth systems around theworld are diverse, this decade haswitnessed an enormous convergenceofhealth solutions. Many systems areaddressing sustainability by movingtowards the Australian mixed modelofpublic and private financing anddeveloping new models of caretoaddress the diseases of the 21stcentury. As our leaders prepare forthenext 25 years, they will need torecognise and build on the existingstrengths of our system to design aframework capable of handling thedemands of a rapidly changing [email protected]

Markets Partnerperspectives

Changing conditions are raising a number of challenging questions for the Australian market. Our people are listening to clients’ concerns and working with them to find opportunities for improvement and growth across a range of areas.

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What challenges are we facing?

What role do financial statements play in building a company’s story?

A number of commentators suggestfinancial statements have becomemore difficult to understand, and manystakeholders would agree that it’s notalways easy to decipher the real driversbehind a company’s performance.

The increased volume of legislationand regulation impacting requireddisclosures has heightened the riskthat companies’ annual reports do notconvey a clear and easily understoodpresentation of their performance.Further, the complexity has led to anincreased use of presentation packs inan attempt to distil information, whichmeans the data being relied upon bymany analysts and other stakeholders isoften unaudited.

Although the government is seekingto reduce ‘red tape’, and standard-setters are working to simplify theaccounting framework, it is not their jobalone. The accounting profession hasa significant role to play in addressingthese issues. The ICAA, supported byPwC and others, has recently proposeda broad-based reporting framework toaddress some of the current reportingshortcomings. We should continue tochallenge key stakeholders to developannual reports and financial statementsthat are more candid and user-friendly,while pushing for greater rigour inthe information that is publishedin presentation packs and otheraccompanying documents.

The community is also increasinglyinterested in understanding the broaderstrategy and performance of anorganisation, from its environmentalrecord to the development of its people.Accountants should encourage boardsand management to include thesemetrics and provide stakeholders withthe capability to examine more than justthe financial health of an organisation. Inthe wake of the global financial crisis, wemust meet the increasing demand forthe knowledge and understanding – notjust data – which will ultimately supportthe restoration of faith in our financialgovernance and reporting [email protected]

Is Australia ready to be in a region at the centre of global affairs?

Over the past 18 years, Australia’sengagement with the world has tripled,but its engagement with Asia hasquadrupled. This relationship with Asiais not only likely to continue to grow, butalso become more challenging. Todaywe are entering a new period in whichour nation, and much of the world, willbe increasingly shaped by a shift inglobal economic and strategic powerto Asia. Assessing and navigatingthe opportunities and dangers in thispost-Western Asia will require skill andsensitivity. Australian organisations willnot only need language skills, but anawareness of national rivalries, complexreligious and ethnic undertones anddifferent business dynamics.

PwC, together with the MelbourneInstitute and Asialink, has developedthe first multi-indicator measureof engagement between Asia andAustralia. The index tracks engagementalong seven dimensions, providinginsights into the evolution and natureof Australia’s international relationshipsover the past two decades. Forexample, while it is true that Chinahas become extremely important toAustralia’s economy, the 2008 indexfound the Association of SoutheastAsian Nations (ASEAN) has actuallybecome Australia’s most importanttrading partner, with a higher volumeof two-way trade.

Asia holds half of the world’s populationand is on the verge of what may be thelargest industrial revolution the worldhas ever seen. We believe that thesuccess of Australia in the 21st centuryis inextricably linked to our ability toeffectively engage with this populationacross a broad range of areas, from tradeand investment, to education, tourismand migration. By strengthening bilateraldiscussions and building cross-culturalunderstanding, Australia will be wellplaced in the region to make the mostof opportunities and foster mutuallybeneficial long-term [email protected]

AnnualReview2009


Are new mindsets, behaviours and culture necessary to restore trust in the financial sector?

Many financial services organisationsaround the world are currentlyre-examining their strategic intent andtheir style of operating in responseto what undoubtedly has been afinancial crisis, but is now increasinglybecoming a period of reflection andadaptation. The changes emergingduring this period show a greater focuson risk and uncertainty, for instance,in improving the ongoing sustainabilityof products and services. Decisionmakers are placing even greater weighton corporate responsibility – a mindsetchange around the interconnectednature of the financial system, economyand community stakeholders.

In tackling issues of corporateresponsibility, some soul searchingappears to have transpired in responseto ill-disciplined behaviours centredon growth and profit. There hasbeen significant debate as to howthe financial sector can align desiredbehaviours with outcomes and rewards.

This question is sure to provokeongoing response from manystakeholders in the coming months.Themanner in which the sectorconducts, and responds to, the debatewillinfluence the degree of trustbestowed upon its leaders.

What this seems to be creating – forwhich there are hints but no conclusiveproofas yet – is a quantum shift inthemindset and behaviour of thesector. A culture of innovation andentrepreneurship still needstobecultivated, but not at the expense ofhonesty, transparency and objectivity.Publicpolicy makers should assessif and how any legislative changeswillmake a material difference to therestoration of trust.

The balance between trust and controlis always a delicate one, not least inthe current circumstances. Changesare undoubtedly needed to restorethe community’s confidence in thefinancial services sector, but theimpact of changes will ultimately lie inthe behaviours of the sector’s leadersand their organisations. As always infinancial services, trust will be a keysource of competitive [email protected]

Markets Partnerperspectivescontinued

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Is a downturn the right time to invest in innovation?

Innovation suddenly seems to behigh on the agendas of many toporganisations. In fact, eight out of 10CEOs interviewed in PwC’s AnnualGlobal CEO Survey said change wason their radar and innovation was thekey to that change.

If you look at the companies thatsuccessfully competed in pastrecessions (e.g. Google, Apple,Procter & Gamble), they invested inthe downturn in preparation for anew market. FY09 is no different andleaders are widely quoted on theircommitment to invest in the future,inventing new answers to old questionsas well as creating new questions.

But what is innovation really? Most willsay it is about creating new value, butthe real power is not in the definitionitself. Businesses focused on buildinga culture of innovation are achievingbetter outcomes. Risk taking, removingfear of failure, engaging people innew ways of thinking and designingsystems to support that thinking arethe trademarks of businesses that willstep ahead of their competitors.

Therole of leaders in this scenarioiscritical. They need to provide clearstrategic intent, act as an advocateandprotector of the innovationactivities, and allocate the right levelsofresources to ensure success.Theymust also be relentless incommunicating both failures andsuccess, encouraging [email protected]

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Steven McDonnell, Group Manager for Accountingand Taxation,ActewAGL

“The thing that impresses me about PwC is that they are open; they work collaboratively with us and they understand our business. They’re also not afraid to draw my attention to any areas which I need to correct – and if I do need to correct them, it’s done in a very open, professional environment.”

AnnualReview2009

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What challenges are we facing?

Markets CasestudiesPricewaterhouseCoopers

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From offering insight on improving biscuits to walking the streets with law enforcement, PwC has worked with a broad spectrum of Australian organisations. Below are just a few of the ways we’ve added value for our clients and, ultimately, their consumers and stakeholders. Australian Red CrossPwC’s work to assist the Australian Red Cross throughcapacity-building engagements since 2006 meant theorganisation knew where to turn when it needed assistancehelping the Victorian bushfire victims get back on their feet.

We listened to the Red Cross’s needs and were able to actquickly and effectively with a team that developed a stand-alone collection application used by the telephone volunteersto collect funds. The data generated in this application wasintegrated into the existing receipting system, enabling theRed Cross to process the unprecedented volume oftransactions more quickly and efficiently. The applicationcollected over $4.7 million from 23,000 donors. An additionalPwC team was seconded for three months to assist with theset-up and operation of the Victorian Government’s BushfireRecovery and Reconstruction Authority.

This professional support was supplemented by an immediatestaff appeal by PwC CEO Mark Johnson. In just two weeks,69 per cent of our people contributed a total of $648,638(including firm matching of $250,000). In Melbourne, 180PwC people donated blood and 230 volunteered to provideassistance. Three offices were filled with blankets, clothing,toys, non-perishable goods and toiletries, including some400 suits, shirts, ties and shoes.

Campbell Arnott’sWhen brought in to prepare the Campbell Arnott’s audit,thePwC team realised it was in a position to delivermuch more than a standard financial review. Duringtheengagement, team members beganusing theirunderstanding of the client’s business to internallydiscussanddocument observations about CampbellArnott’sproducts, process and culture.

Astheproject came to a close, the team memberscompiledtheirthoughts into a formal Senior Management Reportandsubmitted it with the audit. Campbell Arnott’s CEOMark Alexander called PwCPartner David Kelly soon after,commenting that he found the contribution added value wellbeyondthe numbers, by providing outstanding insights andproduct innovation suggestions. Alexander proceeded tofollow up a number of the highlighted items with his seniorleadership team.

Infrastructure AustraliaWiththechallenge of investing ininfrastructure to meet thegrowing demands of the Australian economy, the newpeakinfrastructure body Infrastructure Australiawas set up toguideinvestment from the Commonwealth Government’sBuilding Australia Fund.

In light of Infrastructure Australia’s focus on economicevidence to inform its decisions, PwC was engaged to provideexpert advice. This involved the secondment of a PwCdirector to assist with an audit of the condition and capacityof the nation’s existing infrastructure, the design of theorganisation’s investment prioritisation methodology, and thereview of submissions from state and territory governments.

Inaddition, a number of PwC economic specialists providedtechnical cost benefit advice to ensure the InfrastructureAustralia Council had sound evidence upon which to basecrucial investment decisions. Backed by suchevidence,thecouncil was able to identify the best options,maximisingtheimpact of public investment in Australia’s economic,environmental and social goals.

1717

AnnualReview2009

How are we working with clients?

Commonwealth Bank of AustraliaPwC focused on delivering a robust, value-driven andbusiness-relevant statutory audittotheCommonwealthBank.The core team built on the traditional technicalstrength of the audit by embedding a variety of relevantspecialists into the team. Industrialpsychologists andforensic and risk management specialists worked side bysidewith the accountants throughout the engagement.

This diverse team aimed to constantly ‘lift the bar’ ondelivering service excellencein all aspects of its work.Asaresult, the bank received a thorough and wide-reaching auditthat delivered global insight, empathy withoutcompromise and objectivity to support the board andmanagement teams in their ongoing mission to enhancevalue for shareholders.

Victoria PolicePutting ourselves in our clients’ shoes forVictoria Policeliterally meant touring the streets of Melbourne after hourstoobserve police operations in action. In response to anincrease in public disorder and related crime in Melbourne,Victoria Police initiated a special operation, ‘SafeStreets’,tocombat the problem. PwC began workingclosely withVictoria Police to evaluate the effectiveness of Melbourne’sCBD SafeStreets Taskforce, whichinvolved assessing theimpacts of an increased streetpresence and quantifyingthecosts and benefits of such an approach.

Theteam – made up of specialists from PwC’s economics,project management, risk and actuarial service areas – alsoassisted the Victorian Government in considering ways toaddress the multifaceted public order problem through arange of programs and regulatory and policy changes.

Thefinal outcome has been a thorough assessmentofwhat policing strategies work, as well as a forward-lookingstrategy that provides a sustainableapproach to managingpublicorder on Victoria’s streets foryears to come.

Australia PostWhen Australia Post wanted to pursue a payroll exemptionfor owner-drivers in Tasmania, the organisation drew ona long-standing relationship with PwC to find a solution.The Melbourne Employment Taxes team combined a strongreputation, technical expertise and existing knowledge ofthe client’s structure and objectives to carefully managenegotiations with the State Revenue Office. The complexargument required a dedicated and thorough approach fromthe team, as there was no precedent for how the Tasmanianpayroll tax law would apply to Australia Post’s arrangements.

On behalf of the client, the team obtained a favourableprivate ruling supporting the exemption in the last half ofFY09. This resulted in a significant payroll tax refund forthe 2004–07 tax periods, providing Australia Post withmore capital to invest in providing high-quality mail andparcel services to all Australians.

China Shenhua Energy Company LimitedWhen we learnt that China ShenhuaEnergy CompanyLimited (CSEC), the world’s largest publicly listed coalcompany,was undertaking its first overseas investmentin the developed world in Australia, we put ourselves intheclient’s shoes to understand and respect the Chinesecultural way of doing business. A teamrepresenting thebreadth of PwC’s expertise was quicklypulled together toproduce a strong proposal that addressed CSEC’sneeds.

Thecompany was impressed with the level of workput intotheproposal, as well as our focus on finding solutions tomeet all its needs as individuals and as a company. Our taxreputation in the market, our way of doing business and theavailability of senior PwC partners to meetwiththeclient onvery short notice, led to our appointment as theirAustralianbusiness adviser. One of the highlights for the client was thepresentation in Mandarinby the key partner, with the clientcommenting it was the “most authentic Chinese speechgiven by an English-speaking person” they had ever heard.


18

Soter Tiong, Senior ManagerChosentorepresentPwC’sMelbourneofficeintheAsialinkLeadersProgram,SoterisattheforefrontofhelpingChineseandAustralianfirmsdobusiness.Throughanearliertwo-yearsecondmenttoPwCShanghai,SoterwasabletogainexperienceprovidingaccountingsolutionstomanymultinationalcompanieslistedontheHongKong,SingaporeandShanghaistockexchanges.

Paul Barker, Senior AccountantSelected for the Assurance apprenticeshipprogram, Paul enjoyed a three-monthin-depth look at PwC’s business operationsand the opportunity to work closely withmembers of the Assurance leadership team.The experience offered him insights intostrategic client management, responsibleleadership and effective communication.

AnnualReview2009

19

Structure and Strategy

Supporting our private clients Inresponse to the growingneeds of our private clients, wehaveincreased the focus on theknowledge, insight and energyourPrivate Client Services (PCS)team brings to the market.

Theenergy of the private clientmarket and the opportunity tohelp build and grow Australia’sfuture iconic businesses areat the heart of what drives ourPCSteam. With more than 41partners and 400 staff, PCS isasignificant priority for the firm.Theteam enables PwC to provideapersonalised and completebusiness consulting solution toAustralia’s small to middle market,including private and familybusinesses, entrepreneurs andhigh-net-worth individuals.

PCS works in close collaborationwith each client as a trustedbusiness adviser, providing frankand honest advice on areassuch as business restructuring,benchmarking, compliance,strategy advice, personal taxand succession planning. Wehelp private businesses growby providing access to thesame knowledge, networks andopportunities available to ourlarge clients, while at the sametime understanding privateclients’ unique business andpersonal drivers.

Structure and Strategy Serviceoffering

FormerPrice,Holyland&

WaterhouseemployeeJoseph

FlackarrivesinAustraliaandopens

anaccountingpracticeinMelbourne

1874

Flack&FlackisformedwhenJoseph

Flackpartnerswithhisson,Olympian

EdwinFlack

1904

Flack&FlackjoinstheinternationalfirmofPriceWaterhouse

&Co

1946

20

PwC is Australia’s leading professional services firm, bringing the power of our global network to help Australian businesses, charities and governments assess their performance and improve the way they work. Growing from a one-man Melbourne accountancy practice in 1874 to the worldwide merger of Price Waterhouse and Coopers & Lybrand in 1998, PricewaterhouseCoopers Australia now employs over 6,000 people, providing a range of services to 96 per cent of the ASX 200 and98 per cent of the ASX 100.

PwC is brimming with energetic and inspirational people fromall backgrounds – arts, business, engineering, economics,finance, health, law – who ensure our clients receive thedepth and breadth of insight and perspective required tonegotiate an increasingly complex global environment.

Across our Advisory, Assurance and Tax & Legallines ofservice, we offer a broad range of services that combinetoprovide our clients with a range of end-to-end solutions.Fromimproving the structure of the Australian healthsystem, to assuring the integrity of some of Australia’slargest organisations, and helping corporationsprepareabusiness case for sustainableoperations – our teamsbring a unique combination of knowledge and passion toaddressing the risks and opportunities facingourcommunity.

PwC’s aim is to set new standardsin responsibleleadership, working with our clientstocreate value andsustainable solutions. We realise thatit takes more thanrhetoric and good intentions to remainAustralia’s leadingprofessional services firm. It is a mission requiring a dailycommitment to innovation and investment in our people,andto continuing a legacy of collaborationwithourclients and the communities in which we live.


Case Study

21

AnnualReview2009

PwCAustralialaunchesthe

ECLIPSEclientfeedbackprogram

IBMacquiresPwCConsulting,the

globalmanagementconsultingand

technologyservicesunitofPwC

PwCAustraliadevelopsthe

fourcoreservicevaluesofthePwCExperience,which

willlaterbeadoptedglobally

PwCannouncesplantobecarbonneutral

byFY09,acquiresGEMConsulting

andbecomesthecountry’slargestmultidisciplinary

partnership(MDP)

PwCacquiresClarendene

EstatePlanningLawyers,Franchise

DevelopmentsManagement

Consulting,Mainsheet

Corporate,andaDebtandCapital

Advisorypractice

1998 2001 2002 2006 2008 2009

Who are we?

21

WorldwidemergerofPriceWaterhouse

andCoopers&Lybrandcreates


PricewaterhouseCoopers Australia milestones

Resources, Services, Health and Government

Government,Health,Energy&Resources,Services,Construction,Transport&Logistics

Financial Services

Banking&CapitalMarkets,Insurance&InvestmentManagement

Consumer and Industrial Products

Retail&ConsumerGoods,IndustrialProducts

Technology, Information, Communications & Entertainment

Technology,Entertainment&Media

Private Clients

High-Net-WorthIndividuals,FamilyBusinessesandEntrepreneurs

Financial Assurance

FinancialStatements

RegulatoryAssurance

FinancialReportingAdvice

Climate ChangeReporting

Risk & Controls Solutions

Credit,Operational &Market Risk

Controls Design,Implementation&Assurance

ComplianceSolutions

Forensics

TechnologySecurity

ProjectAssurance

Internal Audit

Corporate Tax

ComplianceServices

Consulting

TaxDueDiligence &TransactionSupport

InternationalTaxServices

Specialist Taxes

Indirect Taxes

InternationalAssignmentSolutions

Legal Services

TaxRisk&Controversy

Research &Development

TransferPricing

EmploymentTaxes

PrivateClient Services

PersonalEstatePlanning&WealthManagement

Personal/BusinessTaxation

BusinessFunding&Structuring

SuccessionPlanning

Personal/BusinessMentoring

Deals

BusinessStrategy &Growth

OperationalEffectiveness

FinancialAssurance

Deals

Mergers &Acquisitions

Debt & CapitalAdvisory

Corporate &Project Finance

DueDiligence

PerformanceImprovementOpportunities

CorporateRestructuring

Carve-outs &Divestments

Valuations

Insolvency&Administrations

Consulting

Strategy

FinancialEffectiveness

Actuarial

FinancialTransformation

PerformanceImprovement

Technology &Projects

People &Change

BusinessOperations

Value–BasedManagement

Sustainability&ClimateChangeAdvisory

Sectors we serve

What we offer

Structure and Strategy AwardsandaccoladesPricewaterhouseCoopers

22

155,000PwC people

153 countries

oi*

hi*jambo*

ni hao*

g’day*

kutaa*

mbote*hola*

hola*

buen dia*

ola*

hola*

bonjour*hello*

hi*hi*

comovai*aloha* oi*

buenos dias*bon jou*

wha’hapin*

aksunai* hej*hall*hallo*

hei*

hello*

foyena*

hello*gutentag*

bonjour*muli bwanji*

nilyeria*

sawubona*dumela*

goddag*

goede dag*

wayumbe*

bonjour*

bonjour*

tere*

ciao*gia’sou*

adaab*ahlen*hola*

oi*

dzien dobry*

dzien dobry*

shalom*

hobo*halo*

ayubowan*

sa-wat-dee*

asalaam aleikom*

kon-nichiwa*

maqayu*

baagundara*

dzhiechbur*

an-nyong ha-se-yo*

kiaora*

liho*

suorsdei*

ahalan* namaste*xincho*sengayai*

obusi*

zdravstvuyte*

hegiddira*

teanastellen*

gamardzjobat*

privet*

merhaba*guten tag*vitayu*

sveiki*

23

AnnualReview2009

What have we achieved?

PwC is honoured to have received arange of awards and accolades forour achievements as an employer,business leader and professionalservices provider. These honours arepleasing recognition of our ability torespond to the needs of our clientsand the community.

Market Leader in BRW ClientChoice Awards TheBRWawards are unique in thattheyare based on an independentsurvey of 18,000 clients conducted bythespecialist consulting firm BeatonConsulting. The survey was completedin October/November 2008 andreflects client interactions withPwC over the previous 12 months.This was the fourth consecutiveyear PwC received the ProfessionalServices Market Leader award.

Audit Firm of the Year in theCFO Awards PwC’s winning submission to CFOmagazine’s Audit Firm of the Year Awardhighlighted the firm’s ability to providemarket-leading audit services; educateclients and the broader community onclimate change; collaborate with theInstitute of Chartered Accountants tolaunch the PwC Transparency Awardsfor the not-for-profit sector; influencepublic discussion; and support itspeople not only in their specific roles inPwC, but in their long-term professionaland personal aspirations.

Excellence in Community Practices PwC won the ‘Excellence in CommunityPractices’ category for the inauguralBRW ANZ Private Business Awards,which are aimed at raising the profileof outstanding private businesses,and encouraging the spirit ofentrepreneurship. Nominations forthe awards were open to all privatebusinesses and were judged by a panelof industry and academic experts.

Lead Greenhouse Gas Advisory Group in AustralasiaInrecognition of its outstanding work,PwC’s Australian Sustainability &Climate Change team (S&CC) wasnamed the Lead Greenhouse GasAdvisory Group in Australasia.Itwas the first time any PwC

climate change team receivedthisinternationally renowned accolade.Theaward is the result of theninth annual market survey run byleading environmental and businesspublication Environmental Finance.Thesurvey is the largest of its kind,receiving votes from businessleaders around the globe.

International Tax Review’s Leading Australian Tax Advisers This award reinforces the position ofour 1,000-strong Australian tax practiceas the country’s leading tax adviser.In addition to our unrivalled localresources and industry knowledge,the Australian team draws on the skillsand experience of a network of almost20,000 tax and legal professionals injurisdictions around the world.

EOWA Employer of Choicefor WomenIn 2009 PwC became certified asan Employer of Choice for Women,acknowledging our ongoing supportof women and equal opportunityprograms that recognise and advancethe female workforce.

Global Communities AwardPwC’s Australian Foundation won Bestin Class in the global firm’s 2008 GlobalCommunities Recognition Awards.Now in their second year, the awardsshowcase the breadth of communityengagement taking place across thePwC network globally and acknowledgeoutstanding contributions underthe award categories Best in Class,Development and Innovation.This award recognises theachievements and impact of ourFoundation over the last six years.

Most Outstanding FundraisingProject for 2009The UN Refugee Agency UNHCRreceived the Fundraising Instituteof Australia’s National Award forExcellence in Fundraising for itswork with PwC on the UNHCRPricewaterhouseCoopers Power of10 Initiative. On 11 August 2008, SamDiPiazza, our global CEO, handed aceremonial cheque over to the UNHCRfor US$4 million – the amount thatPwC raised through the generosity of

its people and member firms acrossthe globe. This amount is now fundingthe education of up to 30,000 childrefugees in eastern Chad who have fledthe conflict in Darfur, Sudan.

Top Company for Global Diversity PwC was named Top Companyfor Global Diversity in 2009 byDiversityInc,aleading publicationondiversity in the workplace. Theevaluators commended PwC forthework and achievements of itsglobal Gender Advisory Council, aninternational group of 14 senior maleandfemale leaders from around theworld who actively work to improvetherepresentation of PwC womenin the workplace.

Editors’ Special Tax Contribution AwardAschairman of the Tax Design ReviewPanel, PwC’s Chief Operating OfficerNeilWilson helped form a series oftax policy recommendations, whichwere all accepted and reflected in thegovernment’s FY09–10 budget.IntheInternational Tax Review’s2008AsiaTax Awards, Neil was recognisedbytheeditor for his significantcontribution in this role.

Best use of software in anot-for-profit settingAs part of the firm’s capacity-buildingwork with Mission Australia, PwCadvised the organisation’s CommunityServices Division on developing asoftware system to streamline itsworkflow and become more efficient.The resulting MACSIMS system,developed in association with Sydney-based company FlowConnect, resultedin a 95 per cent reduction in internalreporting time and an 80 per centreduction in time spent producinggovernment-funding reports. It wasselected as the ‘best use of softwarein a non-profit setting’ in the AustralianCommunity Technology Awards.

Mark Johnson CEOandSeniorPartner

Paul BendallManagingPartner,AssuranceServices

Derek Kidley ManagingPartner,ClientsandIndustries

Neil Wilson ChiefOperatingOfficer

Mary Waldron ManagingPartner,Networks

Ian Farmer ManagingPartner,Tax&Legal

Structure and Strategy FirmExecutivePricewaterhouseCoopers

24

25

Sophie Crawford-Jones HumanCapitalLeader

Patrick McKeonManagingPartner,AdvisoryServices

Luke Sayers ManagingPartner,Markets(FY09ManagingPartner,Tax&LegalandMarkets)

Board of Partners

Bruce MorganChairman

Tony ClemensViceChairman

Mark Johnson CEO and Senior Partner

Rob Baker

Sandra Birkensleigh

Nadia Carlin

Nick Chipman

Colin Dunn

Peter Le Huray

Jan McCahey

Rob Ward

Who are our leaders?

AnnualReview2009

25

26

PricewaterhouseCoopers Structure and Strategy Riskandquality

How do we ensure quality?

In a challenging environment, PwC’s Risk and Quality Group aims to inspire best practice governance by responding efficiently to market conditions, taking a proactive approach to monitoring risk and simplifying compliance processes.

Enabling the best serviceTheRisk and Quality Groupconsistently manages the standardofengagements across eachline ofservice by embedding risk and qualitymeasures in day-to-day activities.This allows each practice toconcentrate on providing servicestoclients, while at the same time givingclients the comfort of knowing theyare complying with rigorous standardsandpolicies. Some of our importantinitiatives in this area include:

Responding to market activityThe global financial crisis is arguablythe biggest current challenge toAustralia’s economic prosperity. Ourtimely response to the crisis ensuresthat we deliver innovative client service,while at the same time protecting andmaintaining the firm’s reputation.

Wehave mobilised a team to supportourengagement teams throughongoing consultation. We ensureourpeople do not stand alone whenmaking key decisions. This includesinitiating risk review panels, publishingrelevant guidance and developingtechnology to effectively monitorhigh-risk engagements.

Sharing and collaboration have alsobeen incorporated into our training anddevelopment, and encouraged throughfirm-wide communications. This ensuresour people have the most up-to-dateinformation and guidance to effectivelyserve our clients.

SimplificationThemonitoring and management ofrisk is vital to us, particularlyin thecurrent climate. However,it is alsoimportant to provide clients with anenvironment in which it is easy to dobusiness. One initiative to balancethese objectives has been thetransformation of our standard termsofbusiness. Through collaborationacross the firm, particularly withtheOffice of GeneralCounsel, wesuccessfully reduced the complexityandlength of the terms, while at thesametime ensuring the languagestillprotects the firm’s business.Our new client and engagementacceptance system further simplifiesandaccelerates the compliance andacceptance process.

Firmwide Risk Committee The Firmwide Risk Committee has beenestablished to formalise the oversightof all risks to which the firm could beexposed. The committee, comprisedof key leaders, has developed a RiskRegister to document the managementof these risks.

Global Risk Management and Compliance Standards PwC Global requires all firmstocomplywithGlobal Risk ManagementandCompliance Standards.This means each member firm isrequired to document and explaincompliance, and is subject to anindependent review. This processguarantees all PwC firms arecompliantwithnetwork standards,ensuring a consistent standard ofservice worldwide.

connectedassurance* The connectedassurance* project isdesigned to deliver better client service,improved experiences for our peopleand visible and sustainable quality.The project includes a new global audittechnology platform and more inclusiveand interconnected working practices.

Ensuring the best quality PwC aims to achieve sustainableperformance. The focus is on initiativesand solutions that will benefit the firmand its clients for many years to come;long-term solutions rather than short-term answers.

Quality system and engagement reviewsOur sustainable review programs,consisting of Real Time Reviews,Completion Reviews and QualityReviews, are conducted across thefirm by internal reviewers, externalbodies and PwC Global. The programssupportthesustainability of all PwCservices, ensuring that rigorousreviewing and monitoring is in place.

Reviews have also been conductedbyexternal regulators, includingtheAustralian Securities & InvestmentsCommission(ASIC), the PublicCompanyAccounting OversightBoard (PCAOB) and the Audit QualityReview Board (AQRB). The overalloutcomehas been positive, with theacknowledgement that PwC Australiahasastrong quality control structure.

AnnualReview2009

27

Corporate responsibility in our operations AtPwC we believe that to serveourclients effectively we mustensure that our own internalsystems and firm culture arein good shape. By integratingcorporate responsibility into areassuch as our risk managementframework, supply chain andprocurement policies, we becomebetter positioned to advise ourclients on the practical aspectsofmaking these changes.

Our initiatives to address theissue of climate change have trulyallowed us to put ourselves in ourclients’ shoes. In December 2006,PwC became the first professionalservices firm in Australiatoannounceatimetable to achievecarbon neutrality. We are also thefirst professional services firmtopubliclyreport on our greenhousegasemissions inventory andemission management plan andhavethem independently assured.

These initiatives allow us tounderstand what it means forour clients to implement similarstrategies and initiatives. Engagingour own staff to reduce theirenvironmental footprint throughtravel reduction campaigns andinteractive online tools has helpedus to support our clients’ staff indoing the same.

Throughthese responsiblebusiness practices, we hope toexpandthe breadth of insightwecan offer our clients, whilecultivating high standards ofcorporate responsibility for thebroader business community.

Case Study

Code of Conduct Wehave developed a new eLearningmodule for our Code of Conduct,providing our people with a moreinteractive, scenario-based trainingsystem. To ensure our people areaware of their ethical obligations, wehaveexpanded the firm’s existingAnnual Compliance Confirmationtoinclude ethical matters. We havesuccessfully piloted this programwithpartners and aim to roll it outtoall staff. A new ethics dashboardhasalso been developed that bringstogether results of internal surveys,andmeasures wellbeing, diversityandtraining completion.

Managing conflicts:Independent partnersWhen clients show interest in aparticular transaction, an independentpartner is appointed. Their roleis toconfidentially administer engagementclearances and practices from theoutset. This, together with the firm’sethics procedures, means that we canquickly determine who we are abletoactfor and how any conflict can beappropriately managed with respecttoclient confidentiality.

Partner metrics To promote best practice, partnersare subject to performance metricsthat monitor their approach torisk and quality. The metricsmeasure a partner’s approach toconsultation, training and firm-widerisk management. The metricsalso encompass an independentexamination of engagement files.


28

Responsible Leadership

Alecia Braven, Associate DirectorAsapartofPwC’sYoungLeadershipTeam,Aleciahasenjoyedadynamicpersonalandprofessionaldevelopmentexperience.DesignedtoturnPwC’shighestperformingtalentintoinspirationalleaders,theprograminvolvesfivethree-dayintensivesessionsandprovidesAleciawithongoingmentoringfromoneofthefirm’stopfemaleleaders.

Alun Richards, Senior ManagerDuringfouryearsatPwCLondonandfouryearsatPwCSydney,Alunhasalwaysplacedimportanceongivingbacktothecommunity.AsamentorintheElevatecoachingprogram,thePwCFoundation’sjointventurewithMissionAustralia,AlunmentoredayoungAustraliantohelpbuildherenterpriseskillsandemployability.

AnnualReview2009

2929

PwC’s approach to corporate responsibility ensures that we continue to enhance the development and wellbeing of our people. Our focus is on the whole person, not just their technical expertise, and we provide a diverse range of opportunities to support our people in reaching both their personal and professional potential. Our firm is brimming with energetic and inspirational people who want to buildan enduring career. Strong relationships make this possible; they define ourconnection with each other, our clients and the broader community.

Over the last few years we have progressively developed a deliberate andfocused approach to building relationships, enriching our culture and supportingour people. More than 88 per cent of our people say they are proud to workfor PwC. Our pioneering culture initiative, the PwC Experience, is embeddedin everything we do – from the way we attract and recruit people to developingthem and measuring performance. The PwC Experience originated within PwCAustralia and, due to its success, has been adopted by the firm’s global network.

Development Despite the current economic conditions, PwC is continuing to invest stronglyin learning and development for our people. In FY09, we spent $94 million oninitiatives to help our people grow and excel. In addition to building technicalcompetency, we assist our people to enhance their broader business skills,such as client relationship management, commercial acumen, leadershipand teamwork.

Our talent management strategy guidesthefuture development, retentionandsuccession plans of our key talent. A Talent Council,made up of seniorrepresentatives from acrossthefirm, oversees our strategy and identifiestalent experiences and development opportunities that enable our people tobecome strong leaders.

PwC people development is basedon a 70:20:10 approach. This followsworkplace research findingsthat 70 per cent of development should comefromexperience on the job, 20 per cent through coaching and mentoringand10 per cent through formal education. This strategy has been designedtohelp our people get the most out of their career, with plenty of support andguidancealong the way.

CoachingAs the world grows in complexity, our people and clients are being askedto respond more quickly, learn new skills, use faster and better technologyand interact effectively with a range of diverse cultures – all while balancingbusier personal and community-focused lives. As a result, people are lookingfor deeper and more meaningful connections with their business advisers,employers and colleagues.

30

Hero to the houndsYuki NagashimaManager

Inspired by her participation inFoundation Day activities, Yukiwanted to get more activelyinvolved in volunteer organisations.With the help of her coach, Yukiput together a business case andworked with her team to ensure herworkload could be managed anddelegated appropriately. She wasable to take Fridays off to assist theGreyhound Adoption Program withrescuing dogs and promoting theadoption of greyhounds as pets.

“Working four days a week means I can finally turn my dreams into reality and help the Greyhound Adoption Program.”

Working dadTrevor JohnstonSenior Manager

Trevor joined PwC in Scotland,specialising in the energy sector,and later transferred to Australia.After celebrating the birth of hisfirst child three years ago, Trevorwas able to take advantage ofpaid paternity leave when his wifereturned to work.

This gave Trevor the opportunityto spend three months developinga close bond with his daughterduring that very precious first year.Since returning to the Assurancepractice, Trevor has continuedto manage his work around thechanging needs of his family.

“The way PwC looks after its people, as much as its clients, is what helps make the firm so exceptional.”

Responsible Leadership Ourpeople

Case Studies

31

AnnualReview2009

How do we support our people?

To help our people build strongerrelationships within their teams andwith clients, we have focused inrecent years on building our coachingcapability. Each person at PwC isassigned a coach who is responsiblefor helping foster their professionaldevelopment. A network of skilledcoaching champions supports andmodels our relationship-buildingand conversation-based approach,ensuring every discussion is seen asan opportunity for both parties to learn,challenge, reframe and innovate.

DiversityPwC is committed to achieving a trulydiverse and inclusive organisation,reflective of the community in whichwe live. We know that six people withdifferent ideas are more valuable than60 people who all think the same.

Women currently make up half ofPwC’s graduate recruits and, whilewe still have work to do to improvethe retention rates later in their careers,our efforts are having an impact.The percentage of female partners inour firm has increased by 45 per centsince 2004 and over the last financialyear we have increased the percentageof women across the majority ofgrades. Twenty-five per cent of ourexecutive team is female, up from nineper cent in FY07. We have also beenrecognised as an EOWA Employerof Choice for Women.

“Achieving diversity at PwC is critical to ensuring that we become a firm that is distinctive, innovative and inspiring for our people and our clients.”Mark Johnson, CEO

We are continually striving to improveour gender mix across the firm. InFY08, Women’s Leadership Forumsand Mentoring Circles were established.We recognised that women often havedifficulty finding a female mentor, owingto a lack of role models in leadershippositions. These groups providean avenue for women to share theirexperiences and stories, using theirstrengths to build mentoring skillsand increase confidence.

Weare also investing ininitiativestosupportethnic diversity over thecoming years, providing languageandculture training, as well asrelocation support for our people.

Working flexibly A career at PwC can take people inmany different directions, providingbroad opportunities, challenging workand connections to innovative people.We want to ensure our people areinspired at every stage of their career.

Like most businesses, we are workinghard to support and retain our peoplethrough a challenging economicenvironment. Our ability to be agile asan organisation is more important thanever in achieving sustainable success.

We have long been committed tohelping our people achieve balance byoffering a range of workplace flexibilityoptions to support progressively busylives and careers. For example, ourpeople can choose to work part-time,take up flexible working hours orpurchase additional annual leave. Theseoptions assist our people in pursuingfamily or personal interests, such astravel or study.

We also offer 14 weeks of paid parentalleave. Ninety per cent of our peoplewho go on parental leave return, 10 percent above the industry benchmark. Weoffer these new parents on-site caringfacilities, and a childcare informationand resources service.

Our range of flexible work options arepositive steps that deliver a healthywork-life balance for our people,while at the same time setting us upfor sustainable success.

Getting agile Work experience in a different team,state or country can be a great wayto broaden talents and improvecareer prospects. At PwC, we havewell-established domestic and globalmobility programs, providing our peoplewith a range of local, international andclient secondment opportunities. Thisenables staff to move around in theircareers and builds a highly capablepool of talent for our clients that can bemoved up and around the organisation.

International experience is in demandfrom our clients and is highly valuedin the increasingly global economy.We have offices in more than 100countries and a number of long-termsecondments become available eachyear. Domestically, we saw more than50 staff per month experience newchallenges across our eight Australianoffices through a secondment orpermanent transfer.

Inaddition, the firm encourages andsupportsthosewanting to developtheircareers by workingin differentareas of the business through internalmobilityinitiatives.

What do we offer clients?

PwC has a long-held commitment to delivering excellent client service.From large multinationals through tosole entrepreneurs, we are committedto listening and working with our clients to develop new insights, capture growthand create value. Slower global markets and an unpredictable businessenvironment bring opportunities as well as risks to our diverserange of clients and their industries. Through collaboration,we assist our clients and their customers to navigate currentconditions and prepare for the future. We aim to contribute inways that make a real difference and have a positive impacton major business and social issues.

Distinctive serviceInorder to face issues in the currentmarket, we strive todeploythedepth and breadth of our talent, passion, skillsandperspectives so that internal and external relationshipscan be built and strengthened. We continuallystrive toimprove our internal culture and performance, providingquality service underpinned by the behavioursthat makePwC distinctive in the eyes of our clients.

To help deliver this, we launched the PwC Experience in 2006as our core professional and cultural development program.It is embedded in everything we do and has been used as amodel for PwC offices around the world.


Diverse expertisePwC Australia provides industry-focused Assurance,Tax & Legal and Advisory servicesfor public and privateclients in four areas:

Corporate accountability

Risk management

Structuring and mergers and acquisitions

Performance and process improvement.

Our global network provides access to many leadingbusiness specialists and ensuresquality and consistencywherever our clients access our services in the world.InAustralia, we are also the only Big Four firmtooffer legalservices to assist clients in negotiating the complexitiesofrelevant legislation.

“Did PwC effectively stand in our shoes and take the ride with us? Yes they did; they were fantastic.”John Cann, Project Consultant, Daily Crediting Rate Project, AustralianSuper

Relevant solutions PwC’s Assurance practice further cemented its journey tobring a deeper and broader approach to auditing in FY09by rolling out connectedassurance*. This approach buildsupon the PwC Experience and is framed around PwC’s newglobal auditing platform, integrating solution and serviceinnovation, client service delivery and dynamic resourcingand development. The worldwide launch of the newauditing platform began in Adelaide last year and drives theAssurance practice’s commitment to delivering best practiceprocesses, greater value and insights, and an unparalleledexperience for our people and clients.

Several areas of our firm were restructured in 2009 to betteraddress the changing needs of our clients. For example, asbusinesses became challenged by the continuing scarcityof debt finance and the need to reset to an optimum capitalstructure, PwC established a Debt and Capital Advisorypractice. This group provides independent advice andsupport led by specialists, each with over 20 years ofbanking experience. Our Health practice also stands readyand committed to help health providers and governmentaddress the complex issues facing Australia’s healthsystem. CEO Mark Johnson is especially passionate aboutthis topic and sits on the Healthy Taskforce of the BusinessCouncil of Australia.

Responsible leadership Ourclients

PwC Team Experience PwC Client Experience

Ownership and Accountability

Robust Dialogue

Trust-Based Relationships

Results

We investinclientrelationships

The PwC Experience Framework

We shareandcollaborate

We put ourselvesinourclients’ shoes

We arefocused on client value

We investinteam

relationships

We shareandcollaborate

We put ourselvesineachothers’shoes

We arefocused on enhancingthevalue of our people

32

PwC brings Ram Charan to AustraliaIn an effort to consistently bringthe best service and insights toour clients, PwC brought highlyacclaimed speaker and businessstrategist Dr Ram Charan toSydney and Melbourne tospend a week in dialogue withthe Australian partnership andmore than 115 clients. Ram hascoached some of the world’smost successful CEOs and hasworked behind the scenes atmany leading companies, helpingthem to develop, shape andimplement their strategic direction.He was able to share insightfulperspectives on what executivesare currently facing around theglobe; how they are adapting tothe world economic correction;and how they are findingopportunities and positioningthemselves for the upturn.

Ram began his discussions byframing the causes of the economiccorrection before putting theoutcomes into context for CFOs,CEOs, boards and non-executivedirectors. Ram encouraged CFOs toplay a larger role and educate theirboards and management teamson how the financial system works,explaining trends as they emerge.He emphasised that all boards andCEOs need to understand howfinancial information impacts theirbusiness, their sector and the widereconomy to ensure they can quicklyrespond to changes.

Ram also outlined the bestapproaches to building astrategic plan and highlightedthe traits leaders will need to besuccessful in the new economicclimate. Being able to ask theright questions, identify and usetalent, maintain effective networks,reinforce accountability and stayfocused on the bigger picture weresome of the characteristics thattopped his list of essentials.

While PwC advises some of Australia’stop listed companies, we also investheavily in providing personalisedservices to entrepreneurs andhigh-net-worth individuals throughPrivate Client Services. We offer aMaster of Business program, whichfacilitates networking among peersand provides deeper insight intotopics of strategic importance toprivate business owners. PwC’sPrivate Business Barometer examinesthe sentiment of small to mediumprivate businesses and is usedwidely by the media, industry groupsand government. It is the mostcomprehensive Australian survey of itskind, and Prime Minister Kevin Ruddprovided the Government Overviewfor the 2009 report.

The firm’s ongoing commitment to acomprehensive review and ultimatereform of Australia’s tax systemremained a key focus this year.PwC provided the government andcommunity with effective consultationthrough a number of forums, includingthe third annual Australian Total TaxContribution Survey; specific thoughtleadership pieces on topics such asstamp duty, ESS, GST and FBT; as wellas regular tax reform updates for ourclient CEOs and CFOs.

AccountabilityOur focus on creating and delivering thePwC Experience continues to resonatein the market, with the firm receivingnumerous accolades and awards.

While we are proud of this, werecognise that we cannot becomecomplacent and must continue to striveto improve and listen to our clients. Ourclient feedback program, ECLIPSE,was launched in 2001. In FY09, 86 percent of respondents taking part in ourclient feedback surveys and face-to-face interviews rated us at least fourout of five for overall satisfaction. Moredetail on these results can be found inthe Facts and Figures section of thisAnnual Review.

AnnualReview2009

33

The PwC Experience Awards wereintroduced in FY09 to identify andcelebrate the teams and individualswho are leading the firm in deliveringdistinct experiences to their teams orclients. Over 200 nominations werereceived nationally and narrowed to13 finalists. The four award winnerswere announced at a gala dinner inSeptember 2008, with medals andcash prizes presented by Olympic goldmedallist Leisel Jones.

NetworksWecontinue to expand our focusonhelping non-executive directors(NEDs) access opportunities toengage with Australian and globalleaders in a confidential environment.InFY09, 80 per cent of ASX 50companies were impacted by ourpriority NEDs event program.

This year, the firm responded tofeedback from ASX 100 directorsandCEOs by investing in a nine-monthhighlytailored development andrelationship program for ASX100CFOs. Hosted by PwC and facilitatedbytheMelbourne Business Schoolandavariety of global experts, CFOAscent helps participants broadentheirskills and way of thinking todeliver greater valueand insights totheirleadership teams. This distinctprogram has received terrific feedbackfromanumber of CFOs.

PwC also launched a business-based social networking website,PwC Connect, for our alumni andcurrent employees in manager roles orabove. The site is the first of its kind inAustralia and aims to provide mutuallybeneficial opportunities for ourcurrent people, clients and the alumnicommunity. Within 24 hours of the Junelaunch, an impressive 16 per cent ofthe eligible population had registered.

Case Study

Responsible Leadership OurcommunitiesPricewaterhouseCoopers

34

The importance of payroll givingPayroll giving is perhaps thebest kept secret in Australianfundraising and philanthropy.It is an easy, effective andmeaningful way for business tosupport the not-for-profit sector.PwC listened to concerns fromthe not-for-profit sector on thelimited breadth of organisationsengaged in payroll giving and thedisappointing uptake within eachbusiness. We collaborated with theAustralian Charities Fund, CharitiesAid Foundation, United Way andCentre for Social Impact to furtherinvestigate the issue.

The Giving Business reportinvestigates why the take-upof payroll giving has not beenstronger, both in relation to thenumber of businesses that offerthe facility and the number ofemployees who participate whenit is offered.

The results were launched in ourSydney office on the evening ofTuesday, 4 March. The BusinessCouncil of Australia highlightedthe research with its members,and PwC shared the findings withmore than 100 clients to increaseawareness about the benefits ofthis channel of giving. Followingthe success of the payroll givingresearch, we intend to continueto partner with not-for-profitorganisations to undertakefurther research projects.

Case Study

For us, upholding corporate responsibility in our community means that the people of PwC are committed to playing a leading role in achieving a sustainable future: we hold ourselves accountable for our actions and promote responsible business practices; support the growth and development of our people and communities; and seek to minimise our impact on the environment.

We approach corporate responsibility from four perspectives, which we call theFour Quadrants — Community, Environment, People and Marketplace. Byconsidering the wider impacts of our decisions in these areas, we are able todevelop a comprehensive strategy that embeds corporate responsibility into allour business planning and processes.

Throughout this review you will have seen our corporate responsibility commitmentin practice. Our progress to date reflects the engagement and commitment of ourleaders. Our Corporate Responsibility Advisory Council is chaired by our CEO andhas oversight across all of our corporate responsibility quadrants. The principlesof corporate responsibility are embedded within the firm’s strategy, policies,risk management framework, supply chain management, and recruitment anddevelopment practices.

Some highlights across our quadrants this year included:

1. Capacity buildingWe are best equipped to serve our communities by using our professional expertiseto support participants in the not-for-profit sector – we call this capacity building.This work is undertaken either pro bono or at heavily discounted rates, and for thefirst time in FY09 the total value of such work reached $15 million.

2. Our transparency agenda We became the first professional services firm to participate in the CorporateResponsibility Index and benchmark our practices against 125 high-performingorganisations in the UK, Australia and New Zealand. The findings have given usa starting point for measuring and focusing our efforts in years to come.

We are also the only professional services firm to publicly release independentlyverified greenhouse gas emissions accounts, which include targets for futureemission reductions. The accounts disclose key learnings from the process thatwe hope will encourage and assist other organisations to adopt similar practices.

For the second year, we ran our flagship initiative, the Transparency Awards,with the Institute of Chartered Accountants in Australia and the Centre for SocialImpact. These awards recognise and encourage improvement in the quality andtransparency of reporting within the not-for-profit sector.

This Annual Review contains more of the firm’snon-financial information thanever before.

3. Reducing our carbon footprintWe reduced our carbon emissions before offsets by 23 per cent in FY09,substantially exceeding our public target of a 10 per cent reduction. This wasprimarily achieved through a switch from air travel to video conferencing and amove to 33 per cent renewable energy.

We also achieved strong reductions in paper usage and, with the help ofour building managers, reduced our waste to landfill.

35

AnnualReview2009

How are we impacting our communities?

PwC Corporate Responsibility Partner Rick Millen discusses our changing world with Peter Shergold, CEO of the Centre for Social Impact; Peter Hunt, Executive Chairman of Caliburn Partnership; and Toby Hall, CEO of Mission Australia.

Rick Millen How do you think recent economic developments impact the corporate responsibility agenda in Australia?

Peter ShergoldItwillsort outthecompanies that are genuinelycommitted from those that have onlypicked up the term. What I think wewillsee, within the next five years,are companies that are genuinelycommitted to corporate responsibilityandincorporate it into their internalandexternal strategy, taking it to anew level. The private sectorneedstoget back to the heart of corporateresponsibility to restore its image inourcivil societies. PwC, a leaderhere,is symptomatic of a company thatunderstands that.

Peter HuntIn a recessionaryenvironment, many people become alotmore thoughtful because problemsare more visible and there’shopethoughtfulness will actually translateinto better corporate thinking aboutsocial issues going forward.

Rick Millen So the current environment might actually encourage more engagement?

Peter HuntHopefully chief executivesandboards will understand staffloyalty is something that is incrediblyprized. You can destroyacorporateculture quite easily by making quickdecisions in down times.

Rick Millen Toby, what is the perspective from the not-for-profit sector?

Toby HallAt the coalface we areseeing some organisations thathaveprofessed to be corporately

responsible pulling those budgetscompletely. You’ve got organisationswhere this is embedded and part oftheirstrategy, and some organisationsthat are basically saying this has beenamarketing tool.

Mypersonal perspective on corporateresponsibility is that it actually spansevery behaviour of an organisationand, therefore, has to be embeddedtosucceed.

Rick Millen How do you all feel corporate responsibility contributes to sustainable business success?

Peter HuntYour business, like mybusiness, is a people business.When clients are interfacing with PwCpeople, at whatever level,Ithink itshines through.

Corporate responsibility developsaculture of enormous loyalty withinacompany. Every consumer thatinteracts with a company can seethat internal culture directlythroughthepeople. If people actually believein a company, it is so much morecompelling. But this is intangible andIthink a lot of companies struggle toputadollar value against it.

Toby HallIthink, like Peter has said,thevalue of employees who like thefacttheirorganisation has got a socialheart is phenomenal. When you getanexecutive who’s working in the privatesector to visit a homeless service, itgives them a perspective that thingsare bigger than just their organisation.This makes people think differentlyabout one another. That value issignificant and is something more thanjust financial returns.

Peter Shergold There is no doubt inmy mind that at the heart of the value tocompanies of corporate responsibilityis long-term sustainability andreputational advantage. It undoubtedlymakes it easier to recruit the best, andmore importantly, it makes it easierto retain the best.

Rick Millen Toby, what do you think really makes a relationship between a corporate and a not-for-profit organisation successful?

Toby HallOne of the things businesshastoremember is that it is partofthecommunity, and therefore whenitdoes good in the wider community,it’sactually doing good for itself. It’s avirtuouscycle that needs to continuetobuild.

Ithink the days of getting financialdonations are gone, to be honest.Ifyou can’t maintain a strategicrelationship with a corporation andactually have them add value to youandyou add value to them, thenyou’re not doing what you should be.

Rick Millen From the corporate side of the fence, would you both agree with that?

Peter HuntIf you take the capacity ofleading corporates to constantly adapttobetter meet competition, and youcombine that with the dynamism andsocial understanding of the not-for-profit sector, you’ve got somethingwhich is potentially incrediblystimulating.

Itis not only fascinating, but capableofleading to thought change, andthoughtchange can lead to paradigmshift, and paradigm shift can lead toahuge reduction in social issues.

Peter ShergoldSocial innovation willcomeout when you have an honest,transparent and equitable relationshipbetween not-for-profit organisations,private sector companies andgovernments. And that’s what we’vegottowork towards. That’s where Isee corporate responsibility moving.

Toby HallPeter raises an amazingpoint there, and I think the heart of thisis actually having respect across thegovernment, non-profit and privatesectors for one another’s skills. It’sabout getting the relationships right,andthose relationships start with trust.

To view Rick’s full discussion with Peter Shergold, Peter Hunt and Toby Hall, please visit www.pwcannualreview.com.au

Foralist of PwC’s FY09 corporateresponsibility metrics, please seetheFacts and Figures section.

36


How are we engaging with the marketplace?

Responsible Leadership Ourmarketplace

PricewaterhouseCoopers remains in constant dialogue with our clients and the wider business community about the issues affecting them. We invest a great deal of our time and resources in exploring these challenges and opportunities and bringing them to the attention of organisations, regulators, standard-setting bodies and the community as a whole. Leading the discussionPwC advocated from the beginningof the economic shiftthat businesses resist impulses to freeze investments andinstead focus on making strategic investments. Throughouttheyear, we published a wide varietyof documents to helpinvestors, analysts and industry executives respond to therapidly shifting environment.

InFebruary, PwC’s paper The Day After Tomorrowanalysed emerging themes and modelsas financialservices providers struggled to make sense of the creditissues underlying the global financial crisis.

Thepaper proposed that the distinguishing features of thenew environment would be an accelerated shift of economicpower to Asia; a simpler, more transparent form of banking;increased government involvement; a stricter governancestructure based on national and internationalregulation;andthe need for sustainable business models capable ofmoving financial institutions out of pure survival mode.

Astheglobal financial crisisunfolded, we also rolled out ouronline response, Challenging times call for questions that challenge,which provided clients with a toolkit of webcasts,10fundamental priorities to focuson,industry overviewsandglobal thought leadership. This was the same adviceweused to guide our own internal practises.

In March 2009, PwC teamed with law firm Blake Dawsonto propose that distressed debt could be the lifeline theAustralian services sector needed to navigate non-performingloans and assets. Our joint guide, Distressed Investing in Australia, was the first of its kind and gathered interviewsfrom a number of major financial players domestically andoffshore in a dialogue supporting the development of arobust distressed debt and asset market in Australia.

Forthe first time, Aussie Mine,PwC’s overview of thefinancial performance of the mid-tier mining sector,analysed half-year financial reports for the period up to 31December 2008. This provided an earlyperspective on theimpact of the global financial crisisonourmining sector.ThePwC Melbourne Institute Asialink Indexprovidedspecific insight into Australia’s engagement with Asiaacross a range of industries and economies.

PwC released the seventh annualAustralian Entertainment and Media Outlook,which predicted continued growthin the entertainment and media industry through to 2012despite the global economic instability. The publicationprovided detailed analysis of the unique social,technological, political and regulatory drivers that wouldinfluence consumer spending and advertising across11industry segments in the next fiveyears.

InMay, PwC’s Banking Perspectivesgavecontext andinsight into the half-year earnings of Australia’s fourmajorbanks. And as the federal budgetwas released,PwC responded the next morning with a range of expertcommentaries putting the numbers into contextandaccelerating the debate on employeeshare schemes.

Our carbon survey, which we published inJune 2009 asCarbon ready… or not,asked executives of 151 Australianbusinesses what they were doing to prepare for climatechange, their motivations for acting and their views of theimpact of the Carbon Pollution Reduction Schemeonearnings and investment decisions.

Shaping policyThefirm continues to work alongside governmentand majorAustralian organisations to enhance the quality and integrityofthe country’s business systems.

Aschairman of the Tax Design Review Panel,PwC’sChief Operating Officer Neil Wilson helped form a seriesoftax policy recommendations, which were all acceptedandreflected in the government’sFY09–10 budget. Theincreasing complexity of Australia’s tax system was furtherexamined in a series of PwC’s studies using our Total TaxContribution framework. PartnerTim Cox and the broaderfirm continue to engage in this debate through submissionsandfurther work on compliance costs commissioned tosupporttheSecretary to the Treasury, Dr Ken Henry, inhis review of Australia’s taxsystem.

InJuly, PwC published The Role and Practice of Investor Relations within Australian and New Zealand Listed Entitiesfor the Australasian Investor Relations Association.This survey explored currentinvestor relations practices,preferences and trends.Represented by Partner NickRidehalgh, PwC also contributed to the Institute ofChartered Accountants in Australia’s new Broad Based Business Reportingframework which aimedto stimulatediscussion with the marketplace to achieve moreconsistent reporting of KPIs for industry sectors.

AnnualReview2009

37

PwC’s Assurance National andMarkets Leader Richard Deutschwaselected President of the Institute of Chartered Accountants in Australiain 2009. He is currently working withleaders across the accounting industrytorespond to fluctuating businessneeds in the wake of the globalfinancial crisis.

Other partners who are currentlymembers of industry and standard-setting bodies include: Mark Coughlin,Financial Reporting Council;VictorClarke, Australian Accounting Standards Board (Partner KevinStevenson left PwC to serve aschairman of the board for FY10); andValerie Clifford, Australian Auditing and Assurance Standards Board.

Such representation acknowledgesPwC’s ongoing contribution toinnovation and adherence to regulation,positioning the firm at the forefront ofshaping local and global developments.

Creating changeImproving transparency

Forty-four not-for-profit organisationsentered the second annual PwC Transparency Awards, drawing froma broad cross-section of institutions.An increase in overall scores, coupledwith a 20 per cent increase inparticipant numbers, reflects not onlythe community’s appetite for theseawards but the value it places on them.

Thefirm continues to invest time inproviding some of Australia’s leadinganalysts and key business reporterswithadeeper understanding offinancial reporting. Through facilitatingdiscussions at the Corporate Reporting Users Forumsandindividual organisations, our teamshelp dissect technical issuesandexplain the best approachestoanalytical interpretation.

Acting responsibly

Our firm is committed to monitoring,measuring, reducing and publiclyreporting our environmental impact.InFY09, PwC increased use of videoconferencing by 150 per cent, reducedpaper usage by 24 per cent, beganrefining our environment managementsystem to be in line with ISO 14001,andprovided each PwC employeewithaccess to an online personal carbon footprint calculator.

To become carbon neutral, we havemade the necessary adjustments to ourinfrastructure and operations, investedin renewable energy and counteredour residual emissions by purchasingaccredited offsets. Our achievementsin FY09 reduced our emissions beforeoffsetting by 23 per cent.

Weuse the lessons we havelearnt internally to assist the widerbusiness community in reducing itscarbon footprint. Our SustainabilityandClimate Change practiceadvises a spectrum of clientsontheirenvironmental strategyandmanagement approaches.Thepractice was named the Lead Greenhouse Gas Advisory Group in Australasiaby Environmental Financemagazine in FY09.

The total value of our Foundation’scapacity-building approach in FY09was $15 million, meeting the increaseddemand for support from our charitypartners in the community. This workis undertaken either pro bono or athighly discounted rates. It is designedto support long-term social changethrough improving the ability of ourcharity partners and others to deliver ontheir missions efficiently and effectively.

Leading Australia’s health debateThe urgent need to meet thechanging health requirements ofAustralians over the next 20 yearswas the subject of a NationalHealth Forum, hosted in March byPwC and attended by leading localand international health experts.

Speakers included Dr ChristineBennett, the Chair of the NationalHealth and Hospitals ReformCommission, whose interimreport, A Healthier Future for All Australians, provided an importantplatform for the discussion.

Held in Sydney, the all-day sessionexceeded expectations in termsof challenging and evolvingthe nation’s thinking on health.Attendees considered transferablelessons from international healthsystem reform, with speakersfrom the Netherlands, UK and USsharing their experiencesand perspectives.

The forum fostered active and livelydebate and was a demonstrationof PwC’s ongoing dedication tothe health sector. The firm’s Healthpractice is led by one of Australia’spre-eminent health professionals,Mary Foley, and supported by acore team of more than 80health specialists.

Case Study


38

AnnualReview2009

39

Facts and Figures

Angie McMartin, Manager

Whennotcompetingininternationalathleticeventsinher‘secretweapon’Australianflagrunningshoes,Angieusesherflexibleworkarrangementstotrainforhernextpersonalgoal.Bycomingtoworkat7:30am,leavingat4pmandtakingoffFridays,sheisabletobalanceherprofessionalambitionswithvaluabletimeinthepoolandonthepavement.

Julie Coates, PartnerSincestartingwithCoopers&Lybrandin1988,Juliehastransferredbetweenfourofthefirm’soffices,rangingfromNottinghamtoBermuda,andworkedinalllinesofservice.In2002,sheadvancedtopartnerwhileonparentalleaveforherfirstchild.Sincereturningfromfivemonthsofparentalleave,Juliehasworkedinavarietyofflexiblearrangementsthatsupportherchangingroleasamother.


40

Facts and Figures

In the past year, PwC has set out to increase transparency as part of our corporate responsibility commitment. While we have performed better in some areas than others, we are continuously working to measure and improve performance across all aspects of our internal and external operations.

Our finances Despite the challenging economic conditions, total revenue for FY09 was $1.42 billion, up 1.1 per cent on 2008.

Revenue by industry

$152m$297m

$427m

$548m

$165m$309m

$434m

$500m

2009$1.42b

2008$1.41b

Resources, Services,Health and Government

Consumer andIndustrial Products

Technology, Information,Communication &Entertainment

Financial Services

AnnualReview2009

41

Fiscal year Revenue by industry ($’000)Industry 2009 2008

Consumer and Industrial Products 297,172 309,474

Financial Services 427,403 434,155

Resources, Services, Health and Government 548,028 499,869

Technology, Information, Communication & Entertainment 151,874 164,970

Total 1,424,478 1,408,468

Fiscal year Revenue by line of service ($’000)Line of service 2009 2008

Assurance 618,331 598,104

Advisory 365,442 364,835

Tax & Legal 440,705 445,529

Total 1,424,478 1,408,468

Our client feedbackOur client feedback program, ECLIPSE, gives strong indications that our clients appreciate our culture of continuousimprovement. Between May 2008 and April2009, we conducted 571 face-to-face client-care visitsand received 886online client-care surveys.

Our results were as follows:

19 per centofrespondentsrated us5outof5forbothoverallsatisfactionandlikelihoodtorecommend.

82 per centofrespondentsratedusatleast4outof5onaclientloyaltyindex.

86 per centofrespondentsratedusatleast4outof5foroverallsatisfaction.


42

Facts and Figures

Our people

Total number 6,203

Whilewe still have work to do, PwC continues to fortify our ongoinginvestment in developing our female leaders.Twenty-five per cent of our executiveteam is female, up from 9 per centin FY07, and in FY09 we were recognisedas anEOWAEmployer of Choice for Women. We have increased the percentage of women in the majority of grades this yearandcurrently employ an almost equal portion of females to males acrossthefirm.

Flexibility by the numbersJust over 1,060 of our partners and staff participated ineQuilibrium, our initiative to improve and support the wellbeing ofour employees and their families. More than 1,100 of our peopletook advantage of the ability to purchase additional annual leave.Our people took 3,716 weeks of total paid and unpaid parentalleave, and 90 per cent of our employees returned to workafter parental leave. More than 255 people came to Australiaon secondment, and 157 of our people went overseas for asecondment. More than 3,500 of our people opted to take10-15 days of unpaid leave to help ensure the fabric of the firmwas preserved through the global financial crisis.

By grade

Partners

Directors

Managers

Consultants

SupportStaff

3,265

1,435

540 482

481

Engaging our peopleOur strategy continues to include financial support and volunteering, but increasingly we recognise that we can provide more sustainable value to our charity partners by leveraging our people’s business skills and expertise through capacity building, mentoring and skilled volunteering. The increase to $15 million in our capacity-building efforts is indicative of this shift in focus.

Giving

Annual Review 2009

43

Capacity building, mentoring and volunteering

$ value of capacity building

Number of people mentoring in the community

Percentage of staff participating in volunteering activities

Percentage of staff who participated in at least one giving initiative

Percentage of the firm that is engaged in payroll giving

Funds distributed

TargetF

Y10

FY

09

TargetF

Y09

FY

08

FY

07

70%

81%

45%

79%

TargetF

Y10

FY

09

TargetF

Y09

FY

08

FY

07

27%

28%

27%

25%

25%

TargetF

Y10

FY

09

TargetF

Y09

FY

08

FY

07

$3.0m(exc

l.eme

rge

ncy

ap

pea

ls)

$3.5m

$2.6m

$3.8m

70%

$3.5m

Fluctuations in giving patterns reflect the impact of one-off appeals in response to emergencies (e.g. the Victorian bushfires, the earthquake in China and the cyclone in Myanmar). The underlying trend in giving is upward.

In FY09, we shifted our focus towards enhancing the impact of strategic capacity building and mentoring – this is reflected in the strong increases in activity shown above. We are working to increase quality rather than quantity and therefore reduced our FY09 target for volunteer participation to 40 per cent. We do, however, remain committed to accommodating the demand from our people to volunteer and, as a result, exceeded this target with 46 per cent of our people undertaking a volunteering activity during the year.

TargetF

Y10

FY

09

Target

FY

09

FY

08

FY

07

40%

46%

49%

50% 40%

TargetF

Y10

FY

09

FY

08

220199

TargetF

Y10

FY

09

FY

08

$15m

$15m

$12m

131


44

Feedback from our peopleEvery year our Pulse surveys provide anonymous insightsinto how our people feel we are doing as an employer.These are some of the FY09 findings:

88 per cent ofourpeoplesaytheyareproudtoworkatPwC.

80 per cent feeltheyhavetheopportunitytoworkonchallengingassignmentsthatcontributetotheirdevelopment.

90 per cent ofourpeoplearesatisfiedwiththeactionsthefirmistakingtobesociallyresponsible.

76 per cent ofourpeoplearehappywiththewaysinwhichPwCisaddressingitsimpactontheenvironment.

Engaging our communityOur aim is to make a positive and sustainableimpact on the communities in which we live and work. This approach requiresdeep relationships with our 23 charitypartners, so that we can understand and support them inachieving their goals.

We are working to leverage our skills and position in the business community to impact on social change. The evolution of ourapproach to community engagement over the six years since the PwC Foundation was established is demonstrated below.

Individuuuaaal Al Al Accctttiiiooonnnsss

Recurring givingElevate coaching program

Social VenturesAustralia (SVA)enterprises

Transparency AwardsSector capacitybuilding

AustralianBusiness Community Network

Engagement

FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10

DonationsVolunteering

Corporate community initiatives

Focused Ad Ad Accctttiiiooonnnsss

Charity partner capacity buildingRevised approach tovolunteering

Educating the children of Darfur

Impact on Cn Cn Chhhaaarrriiittty Py Py Paaarrrtttnnneeerrrsss

Impact on Nn Nn Nooottt---fffooorrr---PPPrrrofofofiiit St St Seeeccctttooorrr

Centre forSocial Impact

TheGivingBusiness and Managing

in a Downturn reportsGovernment advisory

panels and submissions

Impact on Sn Sn Sococociiiaaal ChangeFY10+ Initiatives

Time

Facts and Figures

AnnualReview2009

45

Corporate Responsibility Index (CRI)TheCRI is a voluntary tool developed to assist companiesin improving their corporate responsibility practices. It providesasystematic process to identifying non-financial risks, as well as developingand improving corporate responsibility inlinewithbusiness strategy. The CRI sets a benchmark for companies that arecommitted to managing, measuring and reportingtheirimpact on society and the environment.

PwC was the first professional servicesfirm to participate in the CRI and publicly report our results as part of ourcommitment to the transparency agenda. We were ranked 23rd out of the 35 Australian and New Zealand participants,giving us a strong foundation on which to build our continued involvement. It highlighted our strengths – for example,wescored 98 per cent for our Community Investment performance–in addition to confirming that the areaswe werefocusing on within our FY09 corporate responsibility strategy, such as our environmentalpractices, were the right ones.

Environmental footprintAtPwC we are committed to managing our impact on the environment. As evident in the table below, our strategytoreduceourcarbon footprint is to firstreduce our impact, then supplement with renewable energy sources and, finally, purchaseaccredited carbon offsets for any residual emissions.

Wepublicly disclosed targets to reduceour carbon emissions before carbon offsets by 10 per cent in FY09 and by 25 percent over four years. We have substantially exceededour first-year target, reducing our emissions by 23 per cent and almostreaching our four-yeartarget in one year. This partiallyreflects the impact of cost-control initiativesintroduced at mid-year,butalso corresponds to the introduction of newtoolstoencourage behavioural change in our people.

Themost significant changes achieved were an increase of over 150 percent in the use of video conferencing and areduction of 24 per cent in paperusage, primarily through the introduction of defaultdouble-side printing.

Greenhouse gas emissions FY10 target FY09 result FY09 target FY08 result

Greenhouse gas emissions (tonnes CO2-e) ** 28,661* 33,570* 37,300

Greenhouse gas emissions per FTE (tonnes CO2-e) ** 5.46* 5.55 6.43

Internal firm air travel (’000 km) 28,636 30,791 34,144 40,170

PwC portion of base-building waste to landfill (tonnes) 274 288 316 333

Paper consumed in our printersand copy centre (’000 sheets) 37,843 39,835 44,036 51,806

Electricity from renewable sources (%) 66 33 33 0

*These figures include the purchase of renewable energy but do not include purchased accredited carbon offsets.

**Our greenhouse gas emission targetswillbe set once the emerging renewable energy and emissions tradinglegislation and proposed standards have been finalised. The targets will be made publicly availablein the release of ourPwC Greenhouse Gas Emissions Inventory Report.


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PricewaterhouseCoopers Contact Details

AdelaideLevel14,91KingWilliamStreetAdelaideSA5000Australia

Mail addressGPO Box 418DX77AdelaideAdelaide SA 5001Australia

T:+61 8 8218 7000F:+61 8 8218 7999

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Mail addressGPO Box 150DX77BrisbaneBrisbane QLD 4001Australia

T:+61 7 3257 5000F:+61 7 3257 5999

CanberraMinter Ellison BuildingLevel 1, 25 National CircuitForrest ACT 2600Australia

Mail addressGPO Box 447DX77CanberraCanberra City ACT 2601Australia

T:+61 2 6271 3000F:+61 2 6271 3999

MelbourneFreshwater PlaceLevel 19, 2 Southbank BoulevardSouthbank VIC 3006Australia

Mail addressGPO Box 1331DX77MelbourneMelbourne VIC 3001Australia

T:+61 3 8603 1000F:+61 3 8613 5555

NewcastleLevel 6, 26 Honeysuckle DriveNewcastle NSW 2300Australia

Mail addressPO Box 798DX77NewcastleNewcastle NSW 2300Australia

T:+61 2 4925 1100F:+61 2 4925 1199

PerthQV1BuildingLevels 19–21, 250 St George’s TerracePerth WA 6000Australia

Mail addressGPO Box D198DX77PerthPerth WA 6840Australia

T:+61 8 9238 3000F:+61 8 9238 3999

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T:+61 2 8266 0000F:+61 2 8266 9999

Townsville51Sturt StreetTownsvilleQLD 4810Australia

Mail addressPO Box 1047DX77TownsvilleTownsvilleQLD 4810Australia

T:+61 7 4721 8500F:+61 7 4721 8599

Contact Details

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Paul abbey adrian abbott Jane achJian Jason agnoletto tim allman nigel amPherlaw graham andrews wayne andrews Kirsten arblaster maurice argento david armstrong Kirsten armstrong don baartz robert baKer rod balding sue bannatyne andrew barlow angel barrio ewan barron ash bassili stePhen beach meredith beattie brad becK Paul bendall billy bennett chris bennett brian beresford michael bersten corinne best steve billingham graeme billings chris billington sandra birKensleigh wim blom rob blumor steven bosilJevac marK bosnich david bostocK steve bourKe richard bradgate Paul brassil noel brent miKe bridge michael browne Paul brunner nicole bryant scott bryant Peter buchholz luKe bugden chris burt Pete calleJa will camPbell John camPion John cannings david caradus nadia carlin bruce carlstein Paddy carney tony carroll Justin carroll JosePh carrozzi Phil carter Paul carter charmaine chalmers Josh chalmers Kim cheater michelle chiang nicK chiPman rahoul chowdry charles christie dereK clarK Phil clarKe victor clarKe tony clemens valerie clifford andy cloKe Julie coates miKe codling malcolm coldericK Peter collins liam collins della conroy david coogan tony cooK chris cooPer franK cooPer dan cotton marK coughlin stePhen cougle tim cox doug craig Karen crawford ricK crethar miKe croKer andrew cronin vanessa crosland craig cummins clara cutaJar chris cuthbert michael daniel chris daniell Jason daniels miKe davidson adam davis merran dawson niKhil de silva brett delaney mario d’elia trudy delmenico-gray david denny richard deutsch PradiP devalia barry diamond greg diamond warren dicK chris dodd John dovaston marK dow Jonathan doy Pierre dreyer rod dring colin dunn Peter dunn James dunning debra ecKersley bill edge guy edwards alan elliott bruce ellis Jason ellis andrew elsworth brett entwistle murray evans Kate evans Justin eve ian farmer Pat farrell dino farronato John fauvet helen fazzino John feely Ken fehily marco feltrin tom fenton craig fenton scott fergusson anne-marie feyer regina fiKKers dennis finn Kel fitzalan miKe fitzPatricK andrew forman miKe forsdicK michael frazer steve frizzell glen frost neil fuller James garde ross gavin rohan geddes marK gilbraith brian gillesPie marK goddard tim goldsmith andrew gordon matt graham con graPsas simon gray adrian green Kate greenhill sean gregory Kevin griffiths Jon griffiths John grouios James gulbin megan haas Jason habaK marK haberlin scott hadfield glen hadlow greg hall ian hall craig hamer ian hammond lisa hando andrew hanson miKe haPPell lisa harKer stuart harKer tony harrington Jason hayes Ken hayward niall healy colin heath nicK henry cameron henry marK higgins Julian hine amanda hocKing ian hocKings greg hodson christian holle darren honan brian hor sue horlin nicK houseman catherine howard rob hubbard wayne huf charles humPhrey steve humPhries brian hunter alistair hutson marK ingham steve ingram david ireland dereK ivers lyndon James ian Jeffrey sanJiv JeraJ chris Johnson marK Johnson cameron Jones willie Jordaan Kate Julius alice Kase claire Keating victoria Keesing david Kelly miles Kennedy Peter Kennedy greg Keys dereK Kidley chris Kinsella Paul KirK anthony Klein Paul Koenig Peter Konidaris galina Kraeva steve Kranes sammy Kumar marcus laithwaite debbie last chris latham marK laurie craig lawn brian lawrence david lawson andrew lazar Peter le huray scott lennon Paul lewis david lewis chris lewis Jim liJesKi carol lilley steven lim Paul lindstrom anton linschoten martin linz martin locKe marcus loJszczyK stePhen longley anne loveridge robin low chris lowe matthew lunn Jon lunn Jane madden frances maguire shannon maher trevor mahony liza maimone manuel maKas maureen mangion gavin marJoram christa marJoribanKs maria martin sandra mason John masters Peter mastos Jeffrey may brad mcbean Jan mccahey doug mcclusKey ross mccoll roger mccomisKie niall mcconnell miKe mccreadie gary mcdermott bruce mcdonald James mcelvogue david mcevoy shane mcewen miKe mcgrath craig mcilveen dale mcKee david mcKeering Pat mcKeon alastair mclean Justin mclean Paul mcmahen Jim mcmillan Paul mcnab andrew mcPhail andrew mcPherson angela melicK billy meston cassandra michie andrew mill ricK millen leigh minehan richard mirabello david moore bruce morgan chris morris gavin moss stePhen moulton eddy moussa don munro david murPhy Pat murray Jan muysKen Julian myers Paul naglan cathy nance neil naPPer arJun narang allan neilsen sarah nelson andrew nicolaou glen noonan Paul o’brien steve o’brien JocK o’callaghan John o’connor micKo o’donnell John o’donoghue conor o’dowd Phil o’Prey marK o’reilly Kevin o’rourKe matt osmond vish Padmanabhan david Pallier voula PaPageorgiou andrew ParKer tony PeaKe alastair Pearson dante Peel tim Peel eliza Penny roy Peterson michael Playford wayne Plummer roger Port troy Porter andrew PorvazniK Keiron Poulos Jim Power clare Power sumanth PraKash david Pratt ann Previtera James PuchlenKo Pebbles Punia robert radley aJay rawal mono ray marK reading chris reardon cliff rees Kevin reeves Kevin reid Kevin reilly nicK ridehalgh marK ridley zara ritchie Kylie rixon Jon roberts garricK robinson Johanna roche ashley rocKman david romans simon rooKe daniel rosenberg darren ross sean rugers wayne russell suzi russell george sagonas manoJ santiago oliver sargent luKe sayers cesare scalise niamh scanlon will schofield Jan schreuder stuart scoular martin scully willie seaton norah seddon Jonathan seeto tom seymour richard shacKcloth malcolm shacKell Paula shannon Paul shePherd Keith shePPard miKe shewan John shim stuart shinfield chris sievers lisa simPson Jason slade david smith Kim smith debbie smith stePhanie smith darren smith nigel smythe steve snooK graham sorensen marK soulos rob sPring craig stafford grant stewart richard stewart Kristin stubbins John studley John sullivan russell sutton louise sutton alison tait wayne tarrant bill testa craig thomason ross thorPe Jeremy thorPe michelle tremain darren turner marc uPcroft danie uys carl 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