TSP video transcript

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Annual Review 2025 TSP photo

The below is a transcript of the interview with past Territory Senior Partner David Valenzia and newly appointed Territory Senior Partner Lucienne Pace Ross, as part of the Annual Review for FY25.

David Valenzia: Clients want solutions, and every solution today, very nearly every solution today, has an element or a large element of technology.

Lucienne Pace Ross: They’re continuing to build and nurture trust-based relationships. Trust is critical in our business.

David Valenzia: People. Clients. Firm. Those three pillars, no matter what happens in technology, they will always remain.

Lucienne Pace Ross: Together, we can come up with more innovative solutions.

Elizabeth Camilleri: Lucienne. David. Thank you for joining me. As we prepare to release the annual review for the year, it's quite a unique opportunity to have you both sharing your perspectives on what has led us to this point and the vision moving forward. Starting with you, David. Every year brings new challenges, changes, and opportunities. However, the rise in AI we have seen in technology was quite extraordinary. How has the firm adapted and evolved in order to continue supporting its clients?

David Valenzia: The most important thing that I think the firm has done and must continue to do, is to understand client needs and to continue to act as a trusted business advisor. This year was no different.

Obviously, the advent of AI, new technologies, etc. has meant that understanding is probably even more important, particularly as our clients and us go through all this transformation. What we’ve done, I think successfully, is that we have invested in a technology, a digital offering. We’re now a group of about 70, with a variety of skills in AI, as well as other digital skills. Always trying to understand, however, what the client needs.

I think that is what we've managed to achieve, this year. I think the other important aspect in terms of AI and other technologies is how they have impacted the way we offer services. Big impact in assurance in terms of how we do our work, in terms of how we deliver, advisory valuations, even tax. That is definitely going to continue evolving and probably accelerating, in how we offer those type of services.

Elizabeth Camilleri: Lucienne. Typically, new leadership, means new and fresh perspectives. Can you share with us what would be your priorities moving forward?

Lucienne Pace Ross: My priorities build very much onto what David has just said. So, investing more and leveraging more in technology in tandem with the skill sets of our people. I think when we combine those resources together, we can come up with more innovative solutions. David mentioned our, relationships with clients. So, building, continuing to build and nurture trust-based relationships. Trust is critical in our business, and if we have trust, I think only then can we understand more, be closer to our clients who understand more their needs, and help them navigate through the challenges.

Elizabeth Camilleri: And with the move in technology trust has gained even more importance.

Lucienne Pace Ross: Yes, and this is why I’m saying using technology in tandem with our people. So then even when it comes to our people, we’d be investing in the development of our people, the skill sets of our people. We have a lot of skill, different skills in our firm. So, if we had to use more of those skills together, using skills from different functions, different service lines, the impact of that can be very powerful.

David Valenzia: I think just to latch on a bit to both questions, clients want solutions. Every solution today, very nearly every solution today has an element or a large element of technology. So, what I think and where I believe we've been relatively successful, is combining our traditional skills in the business world, and understanding business with technology skills. And I think what we need to do and continue to do is work really hard to get those skills, together to give the best, offering the best solution, for our client needs.

Elizabeth Camilleri: David, as you conclude your journey at PwC, would you be able to share with us what you think is the secret ingredient that has made the firm successful over the years?

David Valenzia: It’s been an amazing journey, and our success has been built over many, many, many years with all our predecessors. We are so fortunate, so privileged that the foundation of this firm is, is so strong. I think the one common theme in our success has been the quality of our people, the quality of the partners, and our relationships with clients. I think we need to be very jealous, protective, and understanding of our relationships, with our clients. We have a very strong relationship with the network as well, and I think that is another very important aspect that has perhaps helped us define our success. People, clients, firm, those three pillars, no matter what happens in technology and AI, those three pillars will always remain. I think we've been successful in looking after those three pillars. And my advice to Lucienne is to be very, very, protective and jealous and look after those three pillars. One isn't more important than the other.

Elizabeth Camilleri: Lucienne, as you step into this new role, what would you say are the core values and legacy of the firm you are proud to be taking forward with you?

Lucienne Pace Ross: I think first and foremost what comes to mind is, the legacy of uncompromising commitment to quality. That is what has contributed a lot to our reputation. So, the commitment to quality and linked with that, the culture of integrity. That is what comes to mind first. And then obviously the people and the teams that we have. We have so many different teams with different skills, and we need to keep on broadening those and continue pushing a culture of, brainstorming, creativity, and innovation. I think that is what has shaped our firm. So, making sure that our teams have the right skills to continue coming up with innovative solutions. Pushing the firm forward and coming up with more ideas.

Elizabeth Camilleri: Lucienne, David, thank you very much for your time and I wish you both the best of success in your respective roles.

Celebrating legacy and driving our brand forward

Annual Review 2025 TSP photo

David Valenzia: Clients want solutions, and every solution today, very nearly every solution today, has an element or a large element of technology.

Lucienne Pace Ross: They’re continuing to build and nurture trust-based relationships. Trust is critical in our business.

David Valenzia: People. Clients. Firm. Those three pillars, no matter what happens in technology, they will always remain.

Lucienne Pace Ross: Together, we can come up with more innovative solutions.

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