PwC appoints first independent chairman
The company has made its mark with the announcement of the independent chair to the governance board, the first position of its kind across the big four.
PwC announced John M. Green has been named as the company’s first-ever independent non-executive chair of the governance board.
In addition to this, PwC announced Lisa Chung AM will join the governance board as an independent non-executive board member from 1 September 2024.
PwC said the appointment of the positions represents a significant “next step” in the actions the company is taking to deliver on its commitments to change.
“This follows the implementation of milestone reforms which strengthened the board’s independence, oversight powers and duties, setting a new standard for professional services firms in Australia.”
Green is expected to bring significant director experience across a range of domestic and international organisations in the role of the company’s first independent chair.
Green is currently a director of Challenger and Cyber Security Cooperative Research Centre. He also chairs UOW Global Enterprises and Pantera Press, an independent book publisher.
PwC said Green will use his extensive professional knowledge and experience to strengthen the governance board.
“Having served on multiple boards, across a multitude of industry sectors and having advised many boards during his executive career, he will draw from his decades of business experience to strengthen the independence and oversight powers of PwC Australia’s governance board.”
Incumbent chair of PwC Australia’s governance board, Justin Carroll, said Green is an “exceptional addition” to the governance board.
“John is an exceptional addition to our governance board and will make an outstanding chair,” Carroll said.
“He will be able to draw from his decades of experience to bring an outside-in perspective, hold management to account and deliver a new level of oversight.”
Chung AM’s appointment to the governance board as a non-executive member comes with a diverse background in board positions across a variety of industries.
Chung AM is currently the chair of Australian Unity Limited as well as a board member of AVJennings Limited, the Committee for Sydney, the Foundation of the Art Gallery of NSW, The Front Project, the Sydney Community Foundation and Artspace.
Carroll said the appointment of Green and Chung AM to the board will provide a broader range of experience and skills across multiple sectors and industries.
“Together, John and Lisa bring enhanced levels of independent thought and governance experience to our governance board, facilitating more robust challenge and oversight of our firm,” he said.
“Their contributions should mean decisions impacting the future of the firm are scrutinised with more independent eyes, holding management to a similar level of accountability as top tier ASX-listed companies.”
In addition to the appointment announcements, PwC said Carroll will step down from the governance board this month along with the company’s appointment of independent law firm Webb Henderson.
Webb Henderson will act as PwC’s independent monitor to verify the company’s progress on its action plan.
The review of the action plan is set to begin immediately and will be supported by the former chief justice of the NSW Supreme Court, the Honourable Tom Bathurst AC KC.
Since the release of the action plan in September 2023, PwC Australia said 35 out of 47 actions have been addressed and are being prepared for independent verification, and the additional 12 are set to be completed.
PwC Australia CEO Kevin Burrowes said the company is taking “meaningful steps” towards improving the company for its clients and staff.
“While we still have a lot to do, these are significant and meaningful steps which will ensure we are bringing the best of our multidisciplinary model to our clients and creating a working environment for our people to thrive in.”
