Stakeholder engagement

In order to drive lasting, meaningful value, we need a deep understanding of what our stakeholders perceive to be the most significant problems facing the world today and how they expect our business to address them. We work with our stakeholders to continually improve both our approaches and our contributions to issues that affect the firm, our clients, and our communities.

Our stakeholders

We have identified a group of primary stakeholders with whom we interact regularly to understand their evolving areas of concern and focus, as well as their views on the effectiveness of PwC’s approach to issues of concern.

    Investment community

Through PwC’s Governance Insights Center, we are able to enhance the governance and financial reporting acumen of members of the investment community. Through our interactions with members of the investment community, we share with, listen to, and learn from a broad cross section of market participants, including asset managers, pension funds, mutual funds, buy-side analysts, sell-side analysts, credit rating agencies, hedge funds, stewardship professionals and others. Our mission is to add value by sharing PwC’s insights and educational materials.

Select engagement methods we employ include:

  • Hosting investor/analyst meetings, focusing on industry-specific financial reporting issues, emerging trends and standards.

  • Hosting a conference for investors and analysts to provide insights from our annual CEO survey and enhance participants’ understanding of emerging industry, economic, and regulatory issues.

  • Conducting surveys among members of the investment community to learn more about the corporate reporting and governance topics that are top-of-mind from an investor standpoint.

  • Engaging in dialogue with many organizations and individuals representing investors and analysts, including the Council of Institutional Investors (CII), Corporate Reporting Users’ Forum (CRUF), and Chartered Financial Analyst (CFA) Institute, among others.

Value and outcomes achieved:

  • We shared our insights with the investment community on some of the most complex and pressing issues of the day, including cybersecurity, macroeconomic megatrends, corporate governance, revenue recognition, financial reporting, other emerging accounting standards, and disclosure reform.

  • We gained an understanding of participants’ perceptions on financial reporting, and utilized their insights to help inform our points of view on a range of issues impacting financial reporting.

  • We published investor-specific thought leadership to highlight insights and issues of concern to the investment community.

  • We utilized our relationships with the investment community to enhance their participation in the accounting standard-setting process and with other groups dedicated to enhancing investor confidence and public trust in the global capital markets.

  • We enhanced the investment community’s understanding of the role of the auditor.

    US firm clients

Select engagement methods we employ include:

  • Interacting frequently with our clients throughout our engagements.

  • Conducting surveys and other outreach regarding PwC’s delivery of service.

  • Participating in regular meetings with audit committees during the course of our audit work.

  • Hosting periodic audit committee forums and roundtable discussions to engage in active dialogue around issues relevant to the client.

  • Continuing a voluntary pilot program to discuss potential engagement-specific metrics to obtain feedback in fulfilling their audit oversight responsibilities.

  • Issuing our focus on audit quality annually, to provide stakeholders with a transparent look at the foundation of quality in our assurance practice, including the actions we have taken, and will continue to take, to sustain and build upon audit quality.

Value and outcomes achieved:

  • We engaged in valuable dialogues during the course of our audit work with our clients and audit committees, where we shared our independent perspective on auditing, accounting, financial reporting, and regulatory developments.

  • We provided relevant insights to clients on how they can improve operations, controls, and other aspects of their business.

  • We developed thought leadership to inform audit committees and leaders of companies of matters important to their roles, including corporate governance.

  • We enhanced our client service delivery using feedback received.

  • We informed our views as articulated in our response letter to the Public Company Accounting Oversight Board’s (PCAOB) recent concept release on audit quality indicators.

    Regulators, standard setters, professional bodies, and trade associations

Select engagement methods we employ include:

  • Engaging in dialogue with regulators, standard setters, and trade associations, such as the US Securities and Exchange Commission (SEC), Public Company Accounting Oversight Board (PCAOB), Financial Accounting Standards Board (FASB), Emerging Issues Task Force (EITF), US Chamber of Commerce, Council of Institutional Investors (CII), and Business Roundtable (BRT), through meetings, seminars, and advisory groups.

  • Contributing to various professional organizations, such as the American Institute of Certified Public Accountants (AICPA) and the Center for Audit Quality (CAQ), through leadership and membership roles in committees and subcommittees.

Value and outcomes achieved:

  • We obtained insights that help the firm continuously improve audit quality.

  • We provided perspectives on the various views and positions taken by these professional bodies with the objective of helping to improve financial reporting and audit quality.

    US Congress, and federal, state, and local governments

Select engagement methods we employ include:

  • Engage in regular dialogue with US Congress, as well as with government officials at the federal, state, and local levels, both to understand key challenges and to provide our informed perspectives based on what we see in the marketplace.

  • Engage in dialogue and outreach with US Congress, and state and local governments through meetings, political events, and professional activities.

  • Respond to legislative proposals and congressional inquiries regarding the profession and our firm.

  • Participate in trade associations such as the American Institute of Certified Public Accountants (AICPA) and professional organizations such as the Center for Audit Quality (CAQ) to share intelligence and PwC’s views on issues of interest to the firm and the profession.

  • Encourage and support diversity through political strategy and policy outreach.

  • Review and develop thought leadership to inform firm partners and staff in the areas of legislation, regulations, and politics.

Value and outcomes achieved:

  • Provided information and firm perspectives on areas of concern and focus by US Congress and federal, state, and local governments.

  • Enhanced stakeholders’ understanding of the firm’s views on a variety of legislative and regulatory proposals.

  • Gained insights that help the firm stay abreast of political and legislative risks and opportunities.

  • Provided the firm’s perspective on various legislative and regulatory proposals.

  • Increased overall awareness and understanding of the firm and the profession in US Congress, and federal, state, and local governments.

    Partners and staff, current and prospective

Select engagement methods we employ include:

  • Issue leadership communications on our firm’s values and other messages, which actively solicit feedback.

  • Conduct our annual Global People Survey, which provides an opportunity for our staff to share their perspectives on the firm’s performance in various practice areas.

  • Encourage and support diversity by engaging partners and staff through involvement in inclusion groups and external organizations such as National Association of Black Accountants (NABA), Association of Latino Professionals in Finance and Accounting (ALPFA) and Ascend.

  • Interact with students and faculty on campus and through various development programs.

  • Promote an active dialogue during the interview process for both campus and experienced hires.

Value and outcomes achieved:

  • Retained a high-performing employee population consistently focused on the values and goals of the firm, in particular with respect to quality in the performance of all professional services we provide.

  • Improved scores on our Global People Survey.

  • Improved attraction and retention, including diverse partners and staff.

  • Enhanced understanding by leadership of our staff’s views.

  • Increased overall awareness of PwC on campus and acceptance rates of top candidates.

    Retired partners

Select engagement methods we employ include:

  • Engage in dialogue with a representative group of retired partners through our Retired Partner Committee.

  • Deliver periodic communications from our senior partner to our retired partner community.

  • Provide access to information and updates through a dedicated Retired Partner Portal.

  • Promote connectivity between active partners and retired partners in local markets.

Value and outcomes achieved:

  • Received formal and informal input from retired partners on matters affecting them as a constituency.

  • Leveraged retired partners’ experience and skill sets on matters such as recruiting, business development, client relationship matters, and corporate responsibility activities.

  • Informed retired partners of firmwide matters.

    Alumni

Select engagement methods we employ include:

  • Deliver targeted communications to subscribed alumni on a monthly basis.

  • Conduct engaging discussions with alumni around issues relevant to the group, and obtain feedback on the alumni program.

  • Connect with alumni through the PwC US Alumni and Strategy& LinkedIn groups.

  • Provide continuing professional education (CPE) webcasts at no cost.

  • Host periodic alumni networking events and industry roundtable discussions across the US.

  • Deliver distinct Strategy& alumni program to strategy consulting network.

Value and outcomes achieved:

  • Provided firm updates and relevant news to alumni regularly.

  • Enhanced PwC’s understanding of alumni views and expertise on a variety of topics.

  • Engaged alumni on social media, while giving them an opportunity to expand their network.

  • Helped alumni maintain professional credentials free of charge.

  • Increased networking and knowledge exchange opportunities for alumni among one another, and with current PwC employees and partners.

    Suppliers

Select engagement methods we employ include:

  • Engage with diverse suppliers at key conferences and events sponsored by organizations, such as the National Minority Supplier Development Council (NMSDC), Women’s Business Enterprise National Council (WBENC), National Gay & Lesbian Chamber of Commerce (NGLCC), and US Business Leadership Network (USBLN).

  • Conduct our annual supplier sustainability survey to better understand our suppliers’ corporate responsibility performance and priorities.

Value and outcomes achieved:

  • Built relationships with diverse owned business enterprises and increased the number of businesses we do business with.

  • Assessed compliance with PwC‘s vendor code of conduct and the United Nations Global Compact principles.

    Communities

Select engagement methods we employ include:

  • Skills-based volunteering in our local communities through firm-sponsored programs, such as Earn Your Future® (EYF®).

  • Deliver pro bono services to select nonprofit organizations.

  • Engage with key organizations aligned with our areas of focus of youth education, diversity and inclusion, and climate change.

  • Encourage partners and staff to participate on nonprofit boards.

Value and outcomes achieved:

  • Established stronger relationships with key nonprofit organizations, schools, and community leaders.

  • Helped strengthen the mission of nonprofit organizations.

  • Engaged millions of students and educators through EYF efforts.

  • Increased engagement of our partners and staff in volunteer, charitable, and other corporate responsibility activities.