Global Annual Review 2020

Working together to build a better tomorrow

Introduction

The COVID-19 pandemic has been a human and economic tragedy that has deeply affected the lives of many people including members of our PwC family, their relatives and friends. Our heartfelt condolences go out to all those who have lost loved ones.

When the pandemic struck, we adapted quickly across our network to support all of our stakeholders during this unprecedented time. Protecting the safety and security of our people and preserving jobs. Working with clients to deal with the immediate impacts of the pandemic. Using technology to seamlessly deliver quality audits. And helping the communities in which we live and work, from supporting healthcare systems, to distributing food and medical supplies, to providing humanitarian relief efforts in emergencies.

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As the global economy has slowed, so too has demand for some of our services and, like for many other businesses, the next 12 months are going to be difficult. But, we are well placed to preserve jobs, support our stakeholders and continue to evolve.

Looking ahead, the breadth and depth of the knowledge that we have at PwC and our ability to provide a comprehensive range of services have never been more important. There has never been a more pressing need to deliver wider assurance and rebuild trust. To help our stakeholders navigate tax and legal systems and to develop the workforces of the future. And to help our clients rethink and reconfigure their businesses for a changed world.

The pandemic has amplified some of the biggest challenges in our society, demonstrating the urgent need for systemic change. Social inclusion, the need for reskilling and the pressing challenge of climate change. All symptoms of a deeper problem: our economies are not delivering sustainable, inclusive outcomes for society. We’re committed to playing our part in helping to address these challenges. We are working hard to build the PwC of tomorrow for the benefit of all our stakeholders and to help build trust and solve some of society's most pressing problems.

Chairman's message

"At our core, PwC is in the business of building trust and solving important problems. It’s this central purpose that has guided our actions during these unprecedented times."

Bob Moritz, Global Chairman of the PwC Network

Chairman's letter

Show video transcript Duration: 00:02:38

Our COVID-19 response

From London to Chennai to Toronto and beyond, our people share their experiences from the past tumultuous year.

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Increasing transparency

We're committed to reporting how we create value for a broad range of stakeholders and are on a journey to expand the metrics and disclosures we cover in this Review. Below are a few highlights.

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284,258

PwC firms’ headcount, globally, at 30 June 2020

276,005 at 30 June 2019

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2030

The year we commit to achieving our new net zero target

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US$43bn

PwC firms’ gross revenues in FY20

US$42.4bn in FY19

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84%

Fortune Global 500 companies which are PwC clients

85% in FY19

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Protecting and developing our people

Over the past year, our priority has been our people: keeping them safe, protecting jobs, looking after their wellbeing, providing opportunities to learn and grow, and continuing to build a diverse and inclusive workforce.

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The profile of our clients

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Supporting our clients every step of the way

From helping clients address supply chain challenges, to supporting them as they rethink their strategy for the post-COVID-19 world, to providing independent assurance on financial statements. We work with stakeholders to help them build trust and address their most important challenges.

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A clear focus on quality

We know that our work has a big impact not only on the clients we serve, but on society. We use our purpose as our North Star to guide our decisions, and we continue to invest heavily in enhancing the quality of all of our services.

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Beneficiaries reached

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Making a positive impact on society and our planet

We’ve made a commitment to achieve net zero emissions by 2030 and we have helped to maximise the potential of 13.7 million people. Since the launch of our New world. New skills. initiative, we have helped to upskill nearly three million people. Our foundations around the world worked with local organisations to support communities affected by the pandemic and other crises.

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Solid performance in a challenging year

For the 12 months ending 30 June 2020, PwC firms around the world had gross revenues of US$43 billion (FY19: US$42.4 billion).

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Aggregated revenues of PwC firms (US$ millions)

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How we approach risk and governance

We are proud of the high standards we hold ourselves to. But we also believe that it's important we are transparent about our structure, governance and how we approach our work.

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Mike Davies

Mike Davies

Director, Global Corporate Affairs and Communications, PwC UK

Tel: +44 7803 974136

Email

Andrea Plasschaert

Andrea Plasschaert

Senior manager, Global Corporate Affairs and Communications, PwC Switzerland

Tel: +41 58 79 29 123

Email

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Mike Davies

Director, Global Corporate Affairs and Communications, PwC United Kingdom

Tel: +44 7803 974136

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