Annual Report 2013/2014

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1 Annual Report 2013/2014

2 Contents Foreword Key statistics Report of the LOB Report of the Board of Management Financial statements Information about PwC Contents Foreword from our Chairman 3 Key statistics 7 Interview: What megatrends can mean in practice 9 Report of the Local Oversight Board 11 Interview: Creative ideas all around us 15 Report of the Board of Management 17 PwC in the Netherlands 18 About the Report of the Board of Management 19 How we create value 20 Stakeholders and materiality 21 Our strategy and achievements 26 Risk factors 44 Governance and remuneration 47 Expectations for the future 51 Interview: We never contract in external expertise 53 PwC the Netherlands has more than 4,200 people operating from twelve offices and from three different perspectives: Assurance, Tax & HRS and Advisory. We deliver sector-specific services and we seek innovative solutions, not only for national and international companies but also for public sector and civil society organisations. PwC is the brand name under which member firms of PricewaterhouseCoopers International Limited (PwCIL) operate and deliver services. Together these firms make up the global PwC network, within which some 195,000 people in 157 countries share their ideas, experience and solutions in developing new perspectives and meaningful advice In this report, the terms PricewaterhouseCoopers and PwC also refer to PricewaterhouseCoopers B.V. and, depending on the context, its consolidated Dutch group companies. Together, these are also referred to as PwC the Netherlands, PwC NL or the Group. Financial statements of PricewaterhouseCoopers B.V Consolidated financial statements Company financial statements Other information 86 Interview: We have discovered what tremendous expertise we really have within this company 92 Information about PwC 94 Our legal structure 95 Corporate Governance 97 The Board of Management 100 Code of Conduct and complaints procedure 102 Our framework for quality and risk management 103 Our sustainability policies 106 Breakdown of our organisation (in number of people) 108 Article: Sharing expertise in matters relevant to society Five-year summary of financial results 112 Scope of this Annual Report 113 GRI table Glossary 123 Acknowledgements 124 PwC Annual Report Contents GRI 2

3 Contents Foreword Key statistics Report of the LOB Report of the Board of Management Financial statements Information about PwC Foreword from our Chairman PwC Annual Report 2013/2014 Foreword from our Chairman GRI 3

4 Contents Foreword Key statistics Report of the LOB Report of the Board of Management Financial statements Information about PwC Foreword from our Chairman It has been a year since we took office as the new management team. Together with the partners and our people, we have re-focussed the ambition of our Dutch organisation: working to restore trust in society and contributing to solving the specific issues that our clients face and to do this with an organisation that is agile and resilient, the employer that our people deserve and can be proud of. Looking back, our first year of management has been a volatile one. The increasing societal dissatisfaction with our sector, in particular with auditors, resulted in an urgent call to the sector from the Second Chamber of Parliament and the Minister of Finance to come up with a robust set of measures to restore trust. Four months later, the Future Accountancy Profession ( Toekomst accountantsberoep ) Working Group presented those measures. We welcome the proposals and we are well aware that these must be vigorously and fully implemented as a first step on the road to the restoration of trust. At the same time, we must also recognise that we are valued by our clients and our people. The results of the People Survey were, with one single exception, the best ever. Our people value us as an employer and they are proud to be working at PwC. Never before did we do so well as now in the Brand Health Index, an independent survey that demonstrated that we are also valued in our key markets and by our clients. We do realise that the picture is overshadowed by the string of mistakes that have been made in our profession and by our inability to make clear, publicly, transparently and coherently, what may be expected of us and what role we need to fill and live up to. Sadly, this has overshadowed the excellent work that our people are delivering on a daily basis. This Foreword is, therefore, also the right and proper place for us to express the great appreciation we have for our people, for their contribution and for their loyalty. A challenging financial year The past year has gone down in our history as one of the most challenging financial years ever. We have been under the microscope more than ever before. We have been hit hard by a number of serious incidents and by a critical report from our regulator, the AFM (the Netherlands Authority for the Financial Markets), regarding the quality of statutory audits. Add to this, increasing regulation, mandatory rotation of audit firms, the trend towards consolidation in the advisory market, global megatrends and a much tougher discussion about fair share as regards taxation and the role of the tax adviser, and one can but conclude that our operating environment has changed dramatically. It is this new reality that is leading the transformation we are currently pushing through. It is also placing great pressure on our people and on the agility and resilience of our organisation. Society is entitled to expect that our people live a culture in which quality, independence, integrity and societal relevance are paramount. They must lead by example, be more prepared to lay themselves open to critical input and not to be led by the short-term sentiments of the day. Implementation of the sector proposals The AFM reports referred to previously and the report of the Future Accountancy Profession Working Group have made it clear that robust, sector-wide reform is inevitable. We will be applying the proposed measures rigorously throughout our entire organisation. Amongst other things we will be: adapting our organisational structure by setting up a supervisory board with external members at the level of the Dutch network entity; making the remuneration of the Dutch network entity s Board of Management and Compliance officer profit-independent; implementing a deferred remuneration scheme, with claw back, for external auditors; and implementing an accelerated quality improvement programme. PwC Annual Report Foreword from our Chairman GRI 4

5 Contents Foreword Key statistics Report of the LOB Report of the Board of Management Financial statements Information about PwC PwC is committed to engendering trust in society. While we realize that incidents cannot be avoided entirely, we are convinced that implementation of this set of measures is an important first step in regaining trust. The ball is not only in the auditor s court In addition to the auditor, boards of management, supervisory boards, the legislature, supervisory bodies and shareholders also have a key role to play. Company management must shed the fear of sharing a greater level of information with stakeholders, information that is necessary for them to have a good understanding of the business being audited. As the body responsible for making the statutory audit appointment, supervisory directors must step up to their responsibilities much more so than in the past. We call upon Parliament to update the financial reporting legislation to require businesses to report more about their strategy, value creation processes, strategic and operational risks and going concern analyses. We expect the regulators to be clear about supervisory strategies and standards and that the discussion is not carried out in the public arena. And, finally, shareholders should be clearer as to what information they need for their decision making processes. The Netherlands is not an island We trust that the audit profession will be afforded the time to adjust to this new reality. Any incident that arises is often followed immediately by a call for more regulation, without clarity as to whether or not this would contribute to a reduction in incidents. And, sadly, incidents can never be avoided entirely. When implementing or amending legislation, it is also important not to lose sight of the international context in which organisations are operating. Calls are regularly made in the Netherlands to implement legislation and regulation when this is contrary to what is happening internationally. The debate about tax avoidance is a painful example of this. While there is generally a broad global consensus as to the need for honest and transparent payment of tax by multinational corporations and the OECD has already submitted far-reaching proposals in this area, there are those that think (even if only to avoid a negative image of the Netherlands) that the Netherlands should take action unilaterally. There is little to be gained from passing legislation unilaterally, because governments always find ways to make their business climates attractive to help balance their budgets. A good example is the United Kingdom taking a good look into how it might introduce, in simpler form, some of the arrangements we have here in the Netherlands, for instance the innovation box. It is for good reason that the OECD has stressed the urgency for countries to conform their tax rules and procedures to be better in line with each other, precisely to avoid large companies making use of loopholes in the law. The Netherlands is not an island. We must continue look outside our borders and work internationally. Hats off to our people The past year has put great pressure on our people, both in their work and in their private lives. They are doing their work in an environment in which the demand for our services and products is increasing, while the regulatory framework in which they work is getting tighter, for instance the new independence requirements ( ViO, the Regulation regarding the Independence of Auditors in Assurance Engagements). Now more than ever before, our people are being taken to task in their private lives about the string of incidents occurring in the sector. We understand how difficult it is to speak proudly of your profession when you are constantly on the defensive. Our people deserve better. They have stood firm in the storm that has engulfed them, and we are proud of them. Compliments to our colleagues from both Tax & HRS and Advisory, who have not been distracted and have simply got on with delivering their existing services and developing new ones. Strategy& has joined our global network and that opens up great opportunity. Both Tax & HRS and Advisory have increased their revenues this year and, precisely because they have stayed focussed on client issues, their success continues unabated. PwC Annual Report Foreword from our Chairman GRI 5

6 Contents Foreword Key statistics Report of the LOB Report of the Board of Management Financial statements Information about PwC Compliments to our Assurance colleagues, who remain continuously focussed on quality. They are making great steps forward with our automated systems, they were successful in converting many of their proposals into wins and, above all else, they have not allowed themselves to be distracted by all the views, justified or unjustified, being bandied around about our fine profession. And compliments also to our Firm Services colleagues. They make it possible for us to deliver the outstanding level of quality to our clients that we do deliver. They are the ones who keep our PwC organisation well oiled. Our results The efforts of our people have been fruitful. Despite a reduced headcount, we were able to book a slight increase in total revenue, with Tax & HRS and Advisory up and Assurance slightly down, and the effectiveness and efficiency improvements we have achieved have generated an increase in profitability, helped also by the greater focus we have had on adding value to clients and the cautiously improving economy. All this has laid a solid foundation for us to deal with the challenges we face. A healthy increase in profitability is not an end in itself. Profitable growth is essential to for us to be able to invest in quality, innovation, technology and talent. We set out in detail in this Annual Report how we are investing significantly in, amongst other things, the quality of our audits and in systems and technologies that support and improve our work. Looking ahead Despite, or indeed because of, all the challenges we have faced, the management team has enjoyed working to better the organisation and working with our people and our stakeholders and we will be continuing to do this during the coming year. The challenges we face are many and we will be taking them head on. We are at the start of the final two years of audit firm rotation in the PIE sector. We will be implementing the sector measures. We will be pushing ahead with our quality improvement programme, to which we have committed 20 million. We will be achieving further synergies between Strategy& and our Dutch organisation, and we will be moving ahead with streamlining our international network. We will make our contribution to the reform of the tax regime and also to the debate about our international fiscal competitiveness position. And, finally, we will bring our expertise and enthusiasm to bear in making social enterprises a societally important sector. About this report This report covers the past financial year. Important drivers have been the messages and dilemmas that our stakeholders that is, our people, our clients and society in general have given us. We have set out the five objectives that we focus on (talent, quality, brand, revenue and profitability) and the achievements that we have made in these areas. We, of course, also provide details of our financial results and how we have performed in our various markets. Our ambition to make PwC more efficient, more agile and more resilient will require not only organisational transformation but also investment in strategic competencies, and these are in progress. Our Annual Report includes a number of interviews that illustrate the strategic choices we have made. Our Chief Economist sets out his eight key societal themes. Consulting leaders tell how the arrival of Strategy& to our worldwide network now enables us to offer the full spectrum of services, from strategy right through to through execution. A social enterprise tells us how our advice has been put to good use. And two PwC people tell how they went about developing a very innovative product. We hope you will find our Annual Report of interest, and we very much welcome any input you may have. Amsterdam, 13 October 2014 Peter van Mierlo, Chair, Board of Management PricewaterhouseCoopers B.V. PwC Annual Report Foreword from our Chairman GRI 6

7 Contents Foreword Key statistics Report of the LOB Report of the Board of Management Financial statements Information about PwC Key statistics Starters Uitstroom Mannen Vrouwen Results are up following a modest increase in revenue* Starters / /2013 Higher revenue per staff member as a result of more time being spent with clients Uitstroom Mannen 2013/2014 Strategy and growth 2012/ Talent (x 1.000) Vrouwen Financial reporting Financial reporting Strategy and growth Talent See page 37 Net revenue ( millions) Operating profit ( millions) * The five-year summary of our financial results is on page 112. More feedback from clients - level of appreciation remains stable Assurance Tax & HRS Advisory 0-3 jaar 3-6 jaar >6 jaar jaar 3-6 jaar >6 jaar Jaren ervaring Ratio Male : Female Jaren ervaring 30 June % 30 June % Client satisfaction 2013/ / / 2012/ / / 30 June % 663,8 663,8 30 June % Salary costs higher as a result of an increase in the average level of experience 2013/ ,7 90,7 693, , Netto omzet Netto (in omzet mln) (in mln) See page 35 Recommendation 2013/ / / /2013 (x 1.000) 2012/ / / See page ,6 79, Bedrijfsresultaat Bedrijfsresultaat Tax Tax Tijd Tijd PwC Annual Report Key statistics GRI 7

8 Contents Foreword Key statistics Report of the LOB Report of the Board of Management Financial statements Information about PwC Fewer training hours as a result of the reduced number of starters and revisions to the Summer school structure in Assurance , , / /2013 Per FTE 2013/ Per FTE 2012/ See page 34 More new people Leavers 2013/ / See page 30 and 35 Joiners 2013/ / Excellent results of the people satisfaction survey See page 32 Lower CR hours as we move to a new focus on social enterprises See page 36 PwC recommended as an attractive 74% employer 70% 84% Proud to at PwC 81% 82% PwC offers good 80% opportunities for personal growth 2013/ / / / Number of staff directly involved in CR (per 100 FTEs) 2013/ , / ,803 Number of hours spent on CR projects PwC Annual Report Key statistics GRI 8

9 Contents Foreword Key statistics Report of the LOB Report of the Board of Management Financial statements Information about PwC What megatrends can mean in practice Advisory partner, Professor Jan Willem Velthuijsen, was appointed as our Chief Economist in early He will be feeding our people and clients with research into the major trends that are irreversibly changing the world we live in: increasing urbanisation, demographic change, technology advances, climate change, raw material shortages and the shifting balance of economic power. Access to the right economic insights and the most pertinent data enables Jan Willem to link these global developments to the practical needs of companies and organisations. I really do now have the best job there is in PwC, says Jan Willem Velthuijsen, and maybe also outside PwC. Jan Willem Velthuijsen PwC Annual Report 2013/2014 Interview Megatrends GRI 9

10 Contents Foreword Key statistics Report of the LOB Report of the Board of Management Financial statements Information about PwC I really do now have the best job there is in PwC, says Jan Willem Velthuijsen, and maybe also outside PwC. We find the position of Chief Economist amongst other places in the banking sector, where the job focusses primarily on macroeconomic developments. Jan Willem is aiming to condense the global issues down to the microeconomic level: As an economist and a generalist, I can jump in anywhere and translate the megatrend contexts into the practical needs of our clients. Numbers and data tell the full story These megatrends cry out for detailed research to identify the practical consequences for companies and organisations. This takes its lead from the definition, says Jan Willem. For instance, when we talk about the shifting balance of economic power, what do we mean by this? Consumption, exports, prosperity, well-being? Only when you drill down deeply enough and underpin this with hard data, can our clients draw the right conclusions. Catalonia has a completely different dynamic from Spain as a whole and the region of Eindhoven is growing faster than the Dutch national average. We know what the megatrends are, but often we don t know what follows. Jan Willem: We don t need to tell the CEO of an energy company that there is a raw material shortage. What we can do is contribute to the thought processes around how energy transition can best be achieved. What role does the business world play, and what role is there the public sector? And what are the implications of transition for the energy company s business model? To come up with the right conclusions on these megatrends, Jan Willem has formulated eight societal themes and these will be the focus of his initial research (see inset). One of the first deliverables from the Chief Economist office is an overview report on the agri-food sector, which will then feed into further sub-studies. Another societal theme that is coming up is the growing influence of regions at the expense of nations. Jan Willem: Catalonia has a completely different dynamic from Spain as a whole and the region of Eindhoven is growing faster than the Dutch national average. One consequence of urbanisation is that political power also shifts from central to local government. We support our propositions with numbers, data and detailed information, all of which tell the full story. The smartest brains What can a company or an organisation do with this sort of knowledge? Jan Willem: When you get down into the detail, you can draw strategic, tactical and practical conclusions. As an example, if you want to get something done in Great Britain, you may be better off lobbying the Mayor of London than the country s Prime Minister more than half the nation s GNP is earned in that capital city. It s heading that way also in the Netherlands. CEOs and supervisory directors need to be asking themselves: Am I moving in the right circles? How can I get into the discussion about the Amsterdam Zuidas business Addressing eight societal themes Chief Economist Jan Willem Velthuijsen has worked the five megatrends into eight societal themes which PwC will be developing further in the coming years. The Netherlands as an attractive nation for the next generation: What does the youth of today think of issues such as social welfare, the role of government, education and urban planning? The financial system: What role is there for bankers and others in the coming decade? Pensions and healthcare: How are we going to deal with the significant consequences of the baby boom on housing, healthcare, our personal finances? district as a top location? Can I influence the developments at Schiphol? What can the Brainport business district of Eindhoven mean for us? And how can I become more involved in the future of universities and hospitals? All these issues fall more within the ambit of mayors than of the cabinet. Other studies we re working on at the moment deal with crypto-currencies (such as the bitcoin) and corruption. We currently have a team of fifteen people, and I m recruiting the smartest brains from within our organisation for research secondments. The dynamism that this releases within a knowledge-based organisation like ours is immensely inspiring. We also work together with research analysts from Marketing, strategy consultants and industry experts, and we want to get input from the more Agri-food: What can we do to keep the Netherlands on the world stage as regards food security? The rise of the regions: What are the internal national consequences of the increasing economic divide? Education, innovation and productivity in the labour market: How do we ensure that people are educated to be an entrepreneur or researcher as well as to be an employee? Energy transition: How can we achieve sustainable energy policies and how do we lead the world in clean energy? Digitisation: How can we use big data to help solve societal problems? influential Dutch professors all of which creates some powerful knowledge networks. The research data generated can then be translated into meaningful insights for direct input into clients strategic agendas and business models in support of their business teams out in the field. Jan Willem: This enables us to increase our relevance to clients. Our people can use this solid knowledge base to determine how risks can be reduced and opportunities increased. In a word, science, concludes Jan Willem, which we can all benefit from. PwC Annual Report 2013/2014 Interview Megatrends GRI 10

11 Contents Foreword Key statistics Report of the LOB Report of the Board of Management Financial statements Information about PwC Report of the Local Oversight Board PwC Annual Report 2013/2014 Report of the Local Oversight Board GRI 11

12 Contents Foreword Key statistics Report of the LOB Report of the Board of Management Financial statements Information about PwC Report of the Local Oversight Board As we write this report, the media is full of articles about the audit profession. The AFM s findings from the review they carried out at the Big 4 audit firms and the report from the Future Accountancy Profession Working Group have both just been published. The image of the auditor that emerges from the AFM findings and the Working Group is a negative one indeed, and we need to take this to heart not only because trust in society has been damaged, but all the more because the AFM also found shortcomings in PwC files. Clearly, we need to get back as soon as possible to where we want to be and where society expects us to be: with zero shortcomings! The auditor has an important role to play in the business world. This is codified in law, but we need to live up to it better. Society must be able to rely on the accuracy of an auditor s report and must be able to assume that the auditor has done his work properly. The LOB believes that the recommendations of the Working Group will contribute positively to winning back society s trust in the audit profession. PwC s activities for the coming time will be dominated to a large extent by the implementation of the structural measures in the areas of our quality control system, our remuneration structure and our governance and in getting these embedded into our culture and organisation. The LOB will monitor the BoM s implementation of these measures and the balance of vigour and care with which they do it not only in fairness to PwC s other Lines of Service but primarily because this is what society deserves. This past financial year was the new BoM s first year in office, so the first half of the year was spent working themselves in as a group and agreeing expectations of and with each other. That led quickly to a positive, constructive and open culture, well balanced between working together as a team while not losing sight of individual roles and responsibilities. Communication is swift and transparent, and the LOB is engaged on a timely basis. The past year The recurring matters that came up regularly during the LOB s meetings and discussions during the past year included the following: Quality, compliance and risk management within PwC The public debate about the audit profession and PwC s response to this Strategy execution and the investments needed therefor Human Capital policies and the annual People Survey Remuneration of the members of the Board of Management and of partners The Public Interest Committee and the implementation of its recommendations The ongoing integration of PwC Europe Integration of Strategy& into the global PwC network Rotation and the separation of audit and advisory Preparation of resolutions for the General Meeting Partner admissions Financial results, budgets, forecasts and business planning Approval of specific decisions exceeding a predetermined monetary value. We go into some of these in further detail below. Quality KQuality has perhaps been the most important issue on the agenda and it is always the subject of robust discussion with the BoM at virtually every meeting. Quality reflects directly on our reputation and therefore plays a significant role in the perception society has of PwC. Quality needs to be broadly defined and consists of more than simply technical quality. We have invested time this past year in the implementation of the new Regulation regarding the Independence of Auditors in Assurance Engagements ( de Verordening inzake Onafhankelijkheid ), collective investments, channel choices and the AFM reviews. We have had extensive discussion with the BoM on their response to the provisional AFM findings and how these differ from the results of our own internal reviews, the effect on the remuneration of the partners involved (including members of the BoM) and the effectiveness of the measures proposed. Also discussed were the content and tone of the Transparency Report. There was also, for example, regular discussion of the ethical aspects in the provision of tax advice, including PwC s views on this, and our Tax Code of Conduct. PwC Annual Report Report of the Local Oversight Board GRI 12

13 Contents Foreword Key statistics Report of the LOB Report of the Board of Management Financial statements Information about PwC Remuneration of the members of the Board of Management and of partners The LOB determines the remuneration of the Chair of the BoM (using mapping based on role and responsibility and a performance rating - see page 48) and, together with the Chair of the BoM, the LOB also determines the remuneration of the members of the Board of Management. The LOB reviews the BoM s finalisation of the outcome of the partner evaluation process, and the LOB plays a role in the appeals procedures when a partner disagrees with the outcome of the evaluation process. A special aspect in this regard last year was the evaluation of the previous members of the BoM and the mapping of the new 1 July 2013 members. Quality was given greater weighting in the evaluation process for all partners this past year, in particular as to how the results of the AFM report were to be handled. There were no appeals arising during the 2013/2014 financial year. The Public Interest Committee The LOB has sight of the minutes of the Public Interest Committee s meetings, and two LOB members are on the Public Interest Committee. The LOB concurs with the Public Interest Committee s conclusions as included in <naam> PricewaterhouseCoopers Accountants N.V. s Transparency Report. The firm needs to focus more on the outside world, our social compass needs to be re-set and the way in which auditors can expand their reporting role needs particular attention. Strategy& Given the monetary amount of the investment, the acquisition of Strategy& (formerly Booz & Company) into the global PwC network needed prior approval of the LOB. The LOB also provided advice to the BoM on the contractual arrangements between the PwC member firms involved in the acquisition. This acquisition is part of our global Advisory strategy and provides us with access to expertise and competencies that we did not previously have in house. Together with the BoM, we have stayed close to developments surrounding the integration. Rotation and the separation of audit and advisory Because of the mandatory separation of audit and advisory services, choices need to be made as to what services PwC can and will provide to Public Interest Entities (PIEs). Naturally, this is a choice made in the first instance by the client itself, but it does require a good level of internal governance as these choices also affect other Lines of Service. This selection process is complicated by the mandatory rotation obligation. This requirement to change audit firm at least every eight years is effective as from 1 January 2016, but PIEs are already starting to implement it. A discussion of PIE proposals with the Chair of the BoM has been on the agenda at almost every meeting. We review proposals won and lost, lessons learned from them and the balance between audit and advisory services. It is too early to draw firm conclusions because each situation is unique and the rotation process has only recently started. We are, therefore, not yet in a position to make a conclusive assessment of the mandatory rotation process and its effects on PwC. Looking to the future The plan to install a supervisory board in the very near future will significantly affect the raison d être and future role of the LOB. For the coming period, the LOB sees a key role for itself in monitoring the BoM s implementation of the measures referred to earlier and the balance of vigour and care with which they do this. Quality improvement will require significant investment on the part of our organisation and also on the part of our people. More time will be spent by partners, directors and staff on the audits, and our people must be given the time and resources to deliver the right level of quality. The workload will need to be carefully monitored as will the size and composition of our workforce, including partners and directors, to determine whether these need to be reinforced and, indeed, whether the number of clients needs to be reduced. Many other factors also affect our remuneration model, but it is clear that there needs to be structural change to the model. In addition to our Assurance activities there are also a number of other matters that warrant attention in the coming period. A few examples of these are the following: the ongoing developments regarding PwC Europe; the regionalisation within the PwC network; the effects of megatrends on our clients and also on our own organisation (and requiring a structurally higher level of investment); and developments in our international service delivery such as digitalisation and the ongoing roll out of our strategy (which in some cases means that we need to bring in direct-entry partners from outside who have competencies that we do not have in house). PwC Europe/Regionalisation As decided during prior year, PwC Belgium joined the PwC Europe SE structure this year. PwC Europe is an organisational collaboration between the Belgian, German, Dutch and Austrian PwC firms. Further integration will be worked on in the coming period, particularly in terms of more centralised direction and further profit sharing. This integration links in with current plans for regionalisation within the global PwC Van links naar rechts: Ruud Dekkers, Pieter Veuger, Janet Visbeen, Maarten van Ginkel, organisation. Jan Maarten van der Meulen, George de Soeten en Hans Bod. In addition to these issues, the LOB (at least until the installation of the supervisory board) will continue to monitor all matters germane to the activities of a supervisory board. The regularly recurring agenda items set out above will continue to be on the agenda for the foreseeable future. PwC Annual Report Report of the Local Oversight Board GRI 13

14 Contents Foreword Key statistics Report of the LOB Report of the Board of Management Financial statements Information about PwC Organisational matters What does the LOB do? The Local Oversight Board (LOB) is the supervisory body of PwC the Netherlands. The status of the LOB is comparable to that of a supervisory board. It monitors and provides advice to the Board of Management (BoM) and is responsible for approving certain decisions taken by the BoM for instance those above a certain pre-determined monetary value. The LOB is also specifically tasked to supervise the appraisal and remuneration of partners. Composition The Board consists of representatives from PwC s three Lines of Service plus an independent chair. It has seven members, all PwC partners, each appointed for a period of three years. None of the members reaches the end of their period in office this coming year. Committees The LOB has three committees: an Audit Committee, a Compliance Committee and a Remuneration Committee. The activities of the committees are set out below. How do we keep informed? The LOB naturally receives the various periodic reports covering financial matters, quality, Human Capital and compliance. The LOB also receives the agendas and minutes of the meetings of the BoM and the Chair of the LOB has a fortnightly meeting with the Chair of the BoM. Individual members of the LOB hold so-called portfolio meetings with individual members of the BoM. The LOB and the BoM meet together three or four times a year and, every spring and autumn, the LOB organises a series of three meetings with the partners to ascertain the issues that are concerning them. There are good contacts regarding information from the network as four of the LOB members are also members of the Supervisory Board of PwC Europe SE. Furthermore, the Chairman of the LOB is a member of the Global Board, which from supervisory perspective therefore brings us in alignment with the PwC network. Where specific issues arise, individual partners are invited to contribute in consultation with the BoM. The decision making process regarding the annual partnership admissions is always attended by the Chair of the CAD, the committee that manages the candidates through to partnership admission. And, finally, each member of the LOB is part of one of PwC s three Lines of Service, and the information coming from the practice and from the daily contacts with partners and staff is also an important ongoing source of information. Self-assessment The LOB implemented a self-evaluation process in early In an away-day environment, we were first schooled in the roles and responsibilities of a supervisory body. We then went on to discuss the performance of the LOB, and our conclusion was that we needed to improve our timeliness in dealing with strategic themes. We identified key areas of focus for the coming year. Not unexpectedly, these are consistent with the themes set out earlier. Statistics The LOB met fifteen times during the past financial year, five of them by conference call. In addition, we met three times with the BoM. The turnout at meetings averaged in excess of 80%, and in all cases absence was due to short-notice meetings with clients, illness or vacation. In addition to these meetings, the LOB also set up six meetings across the country for direct dialogue with the partners. Annual Report After due consideration of the Annual Report and the financial statements, the LOB has concluded that these present the situation fairly and consistently with prior year. We look back on a financial year in which some fine results have been overshadowed by the AFM s findings and the falling level of trust that society has in the audit profession. The LOB would like to thank all PwC people who, through their support, expertise and commitment, have contributed to where we are now. The year ahead of us will be a year of challenge. Our ambition remains undiminished, and that is to be the number 1 service provider in the areas of audit, tax & legal advice and consultancy. Amsterdam, 13 October 2014 Local Oversight Board, Ruud Dekkers, Chair Janet Visbeen (Tax & HRS) Hans Bod (Assurance) Maarten van Ginkel (Assurance) Jan Maarten van der Meulen (Advisory) George de Soeten (Tax & HRS) Pieter Veuger (Assurance) PwC Annual Report Report of the Local Oversight Board GRI 14

15 Contents Foreword Key statistics Report of the LOB Report of the Board of Management Financial statements Information about PwC Creative ideas all around us Moving forward side by side with the founding fathers of strategy consulting? That s fantastic, of course, says Martin Blokland, Consulting leader of PwC Advisory. It is not surprising that he was immediately enthusiastic about the global merger with Strategy&. The American company, formerly Booz & Company, has grown since 1914 to be one of the top leading strategy firms in the world. Together with PwC, we are a Category of One, says Hein van Beuningen, member of the Dutch management team of Strategy&. Martin Blokland and Hein van Beuningen PwC Annual Report 2013/2014 Interview Strategy& GRI 15

16 Contents Foreword Key statistics Report of the LOB Report of the Board of Management Financial statements Information about PwC Together, we can now offer the entire spectrum of services from strategy through execution. Not having to hand over the responsibility for the implementation of strategy to a third party will significantly increase the likelihood that our advice will be successfully implemented. Never before has such a leading strategy house come together with a big professional services provider. What will clients think of this? Martin: Together, we can now offer the entire spectrum of services from strategy through execution. Not having to hand over the responsibility for the implementation of strategy to a third party will significantly increase the likelihood that our advice will be successfully implemented. Hein: We are also seeing that the quality of strategic planning improves when we get PwC people involved who understand implementation. Clients really do need this. After years of cost cutting and process improvement, now is the time for many organisations to marry a clear vision of the future with results-driven execution. Stronger together, therefore. But why then keep dual branding, a partnership in which the two brands, PwC and Strategy&, remain intact? Hein: Because each brand has a strong identity of its own. Clients make conscious decisions to go for the strong implementation skills of PwC or for the analytical power of Strategy&. We very rarely compete in this space. So it wouldn t be wise to sweep away these differences we have in our DNA. Martin: And the complementary nature of our offerings means that we can always join forces when asked. But remember, we re not pushing clients into a one-stop-shop. We are not integrating our businesses, but we want to offer integrated, well thought out solutions wherever possible. Formerly Booz & Company You have mentioned the differences that fit well together. What about your similarities? Martin: Although our target segment of the market is a different one, we re all very keen to get our expertise working at clients. Ours is a people s business. Professional services rely on good relationships between people, and so it is also between Strategy& and PwC colleagues. Hein: Even in these first few months, we are seeing that, despite the inherent differences in emphasis, we have more areas of agreement than difference. At first, I did feel the fear of the unknown, and my colleagues did too. It s no mean step to join forces with 3,500 new colleagues employing more than 195,000 people. But, the worry melted away as soon as we made the contact with the PwC people. They re just regular people, these PwC folks. Hein: Yes, they are indeed. It was clear at our first joint social gathering that we were going to get along. How did we know? Groups of people mixed together and laughed at each other s jokes, for instance. The atmosphere is very positive, and we re all looking forward to this great adventure. Martin: And, while this is a global merger, Hein and I and the partners and staff involved are looking forward to taking the helm in the Netherlands. It really is a great pleasure to be getting together and discovering what expertise and contacts we have between us. Together in the market, with creative ideas all around us! The energy released by this partnership is tremendous. PwC Annual Report 2013/2014 Interview Strategy& GRI 16

17 Contents Foreword Key statistics Report of the LOB Report of the Board of Management Financial statements Information about PwC Report of the Board of Management PwC Annual Report 2013/2014 Report of the Board of Management GRI 17

18 Contents Foreword Key statistics Report of the Board of Management Report of the LOB Financial statements Information about PwC PwC in the Netherlands Joining forces in Europe PwC the Netherlands Assurance Assurance focusses on the audit of information and processes, and provides assurance thereon. The audit of annual financial statements is by far the largest part of our Assurance practice. We also provide assurance on processes and numerical (non-financial) information and we provide advice on accounting issues. Tax & HRS Tax & HRS assists companies, individuals and organisations with their tax strategies, planning and compliance, and provides a wide variety of specialist advisory services in the areas of remuneration structures, pension plans, cross-border staff exchanges and legal services. Advisory Advisory focuses mainly on transformation processes arising, for instance, from strategic change or from improvement in business processes and systems. Advisory also provides services in the area of mergers and acquisitions, from strategy determination through to assistance with business (unit) integration or carve out, and also provides crisis management services to clients affected by fraud, disputes or inadequate cyber security. Within PwC Europe (see also page 95), we work very closely with the member firms in Germany, Austria and Belgium. The driving force behind this consolidation within Europe is improved client service. It also leads to more effective knowledge sharing and increased investment and innovative power. Gemiddelde bezetting (FTE) Knowledge sharing within eight industry groups Industrial Products Technology, Media and Telecom Composition of PwC the Netherlands 4,500 Retail & Consumer Transport & Logistics 3,000 Financial Services Private Equity 1,500 Energy, Utilities & Mining Public Sector PwC Annual Report Partners 253 PwC worldwide 195,433 people PwC The Nederlands 4,240 people The Netherlands Professional staff 3, Support staff /2014 Offices PwC in the Netherlands GRI 18

19 Contents Foreword Key statistics Report of the LOB Report of the Board of Management Financial statements Information about PwC About the Report of the Board of Management This Annual Report addresses the aspects of our strategy that are of most interest to our stakeholders. The strategy has been determined in consultation with our stakeholders. We have opted to base this Annual Report on the framework developed by the International Integrated Reporting Council. To create value for our stakeholders it is essential to know what is important to them and, to ascertain that, we have carried out a so-called materiality analysis (see page 22). In this report, we focus on the matters that are of the greatest relevance to our strategy and to our stakeholders. The GRI table in the appendix (page 115) sets out the matters that, based on this materiality analysis, we have determined are relevant to our stakeholders. The table follows the G4 version of the Global Reporting Initiative (GRI) guidelines, and it lists the pages where information concerning each indicator can be found. G4 requires that an analysis of the impact per indicator be performed in order to determine the scope of the report. We make it clear that the scope of this report is PwC in the Netherlands. In other words, all information about our policy, strategy, procedures and systems, and about the associated indicators, relates to our own organisation (see page 113). G4 distinguishes between two application levels of reporting that meet the requirements of the guidelines: the core level and the comprehensive level. This report is a comprehensive-level report. The GRI table shows which G4 information has been verified by our external auditor. Both the qualitative and quantitative data relate to the past financial year (1 July June 2014). There have been no significant changes in terms of size, structure, ownership or supply chain of PricewaterhouseCoopers B.V. or its subsidiaries. Most of the quantitative information in this report has been measured. Any information that has been obtained by other means (for instance by extrapolation) is identified as such. To the extent possible, all quantitative information in this report is accompanied by comparative information for the prior year. The brief to our external auditor was to provide a reasonable level of assurance on the Report of the Board of Management (excluding Future expectations ), the Information about PwC and the appendices. The external auditor s assurance report, including details of the work carried out, is presented on pages Integrated reporting Integrated reporting is a form of reporting that links the entity s strategy, governance and financial performance with the societal, sustainability and economic context in which it operates. Our aim is to provide stakeholders with better insight into how we implement our strategy and how this impacts society. The reporting elements of the IIRC framework (www.iirc.org) are the guiding principles underlying this Annual Report, as follows: How we create value: How we are of value and relevance to our stakeholders Our stakeholders: Who our stakeholders are and how we dialogue with them Our strategy and achievements: What our strategic ambition is, how we plan to achieve it and what we have achieved this past year Risk factors: The risks which we believe could hamper our achievement of our strategic ambition and how we deal with these Governance and remuneration: How our areas of key strategic focus are embedded within our organisation Expectations for the future: Our ambitions for the longer term and the opportunities and uncertainties we see in the market Measuring impact Measuring impact is a relatively new field, and it is attracting more and more attention within PwC, and elsewhere, in the context of integrated reporting and the Green Deal we signed recently, an agreement which we and a number of other parties have concluded with the government regarding transparency about the impact that doing business has on the environment. Measuring our impact helps us to better reflect that impact in our management processes and to increase the impact where possible (or reduce it, where it is negative). As this is the first year of measurement and we do not yet have an overall view on the measurement of our impact, we have decided not to report on this yet. In some instances, we do not yet have all the relevant information and, in others, the measurement processes still need further methodology to be developed. We see this as an ongoing process, which we intend to continue in the coming years. PwC Annual Report About the Report of the Board of Management GRI 19

20 Contents Foreword Key statistics Report of the LOB Report of the Board of Management Financial statements Information about PwC How we create value PwC s purpose is to contribute to a greater level of trust in society and to solve important problems. It is essential that we demonstrate this in our daily practice and that we talk regularly with stakeholders about it. They will be the ones who will ultimately determine whether we live up to it. We regularly assess what we do so that we can determine that we are still in line with this stated purpose. Our purpose (why) Our mission (what) Our strategy (how) Our impact Our clients and society Issues/themes Expectations (Global) trends Our people Talent and skills Training and experience (Personal) networks Build trust & in society Solve important problems Our people Our clients Create value for Society Society Clients People Greater trust in financial markets Contribution to the public debate Contribution to development Social Enterprise sector Reliable financial and non-financial information Better insight for internal and external stakeholders Higher efficiency and effectiveness Development Appreciation Social involvement PwC Annual Report How we create value GRI 20

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