From 3h agoKey events3h agoTesla fined by Australian consumer watchdog3h ago‘Terrible’ business practices: senators criticise PwC Australia during inquiry4h agoAEC warns against wearing ’yes’ or ‘no’ T-shirts while voting5h agoLidia Thorpe backs legislating a voice ‘as long as we’re not in that constitution’6h agoGovernment expects ‘large demand over time’ for Israel repatriation flights, O’Neil says7h agoDutton suggests Albanese government has been too ambiguous about support for Israel7h agoAlbanese reaches out to Jewish community as Israel supporters rally in Sydney7h agoJulian Leeser calls on Australians to approach voice with hope not fear7h agoWelcomeFilters BETAKey events (9)Australia (17)NSW (7)ABC News Breakfast (6)PwC Australia (6)US (5)27s ago22.23 EDTHenry Belot
Continuing on from our prior post:
PwC Australia’s former chief executive, Luke Sayers, then revealed, after seeking advice on his non-disclosure agreement with PwC Australia, that the recommendation was discussed by the Australian executive team and its governance board, as well as “the global network leadership team”.
There was a project with a codename that I kicked off at PwC Australia because of the breadth and depth and the size [of the firm] and trying to manage all of the various conflicts, while seeing the workings of the banking royal commission. It was a concern to me and it was a concern to the executive board at the time.
We spent about 12 months working through that project and for a number of different reasons, one of the recommendations that came out of that specific project was to divest the consulting business, not just the public sector consulting business, but the entire consulting business.
The decision was taken by global, that whilst understanding the complexity and the risks and so on and so forth, it was not pragmatic to sell a piece of global consulting here in Australia and not divest that elsewhere in other jurisdictions around the world.
PwC Australia’s government consulting business was ultimately divested for $1 earlier this year, but only after a reputation crisis led to many federal government departments refusing to give it new work.
32s ago22.23 EDT
Henry Belot
Former PwC Australia CEO says plan to break up the firm due to conflicts of interest was blocked by global management
PwC Australia’s former chief executive, Luke Sayers, has revealed the firm recommended breaking up the organisation in 2018 to manage a concerning level of conflicts of interest, but was blocked by the firm’s global management.
Sayers has told a Senate inquiry that the Australian firm spent 12 months considering whether to separate its entire consultancy business from its audit division. The consideration was influenced by the banking royal commission at the time.
Here’s what Sayers said in his opening statement to the inquiry:
As the chief executive officer of PwC, Australia, I had significant concerns about the conflicts of interest inherent…
2023-10-11 21:09:55
Article from www.theguardian.com
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