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Securing our future together PwC Annual Report 2014 Singapore

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  • Securing our future togetherPwC Annual Report 2014Singapore

  • 2 PwC Annual Report 2014 Singapore

  • PwC Annual Report 2014 Singapore 3

    1 Executive Chairmans message 4

    2 About PwC 6 2.1 Overview 7 2.2 About PwC Singapore 8 2.3 Recognition & awards 10 2.4 Our strategy 12

    3 Who we are 14 3.1 People key metrics 15 3.2 Our Leadership Team 16 3.3 Getting to know our people 17 3.4 Our investment in people 22 3.5 The PwC Professional 24 3.6 Diversity and Inclusion 25

    4 What we do 28 4.1 Our success stories 29 4.2 Our service offerings 30 4.3 Knowledge management and thought leadership 34 4.4 Risk and Quality 36 4.5 Our ethical framework 37

    5 What we care about 38 5.1 Our Corporate Responsibility approach 39 5.2 Stakeholder engagement 43 5.3 Community 44 5.4 Environmental stewardship 47 5.5 Valuing our people 48

    6 Shaping the future 50

    7 About this report 51


  • 4 PwC Annual Report 2014 Singapore

    Message from Executive Chairman

    I am pleased to present to you the Annual Report for PwC Singapore for Financial Year 2014. In this inaugural annual report, I would like to share with you some of our success stories and invite you to join us to shape our future. With the strong support of our clients and our people, Financial Year 2014 was another successful year for PwC Singapore. This was affirmed by the number of accolades and awards that we had received. We are particularly proud to be declared the winners of four Singapore Accountancy Awards in 2014, comprising the highly prestigious Practice of the Year (large practice) Award, the Technical Excellence Award, the Excellence in People Development Award and the Young Accountant of the Year Award. We are pleased that PwC Singapore continues to be ranked #1 as Singapores leading graduate employer of the Year (for four successive years by GTI Media), #1 in the Brand Health Index, as well as retained the highest quality status under the PCAOB-ACRA quality review programme, and being awarded the Presidents Award for Corporate Volunteerism 2014. PwC Singapore continues to do the right things, demonstrates the right behaviours and actively engages our stakeholders to positively impact our communities.We live in a rapidly changing world where megatrends are forcing businesses and people to evolve and adapt, or else run the risk of being irrelevant and forsaken. Taken together, the megatrends of accelerating urbanisation, demographic shifts, global economic power shifts, technological breakthroughs, climate change and resource scarcity will require our clients and all of us in PwC Singapore to be more globalised, agile, innovative and resilient to succeed.


    Yeoh Oon JinExecutive ChairmanPwC Singapore

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    1. Message from Executive Chairman

    In this Annual Report, you will discover more about who we are and what we do.

    Our clients and people are asking the following questions: For our clients, they want to know how they can survive the manifold challenges

    ahead and build a sustainable high growth practice. They want to partner a successful professional services firm whom they can trust and who will provide them with the right business solutions and advice to solve their important problems.

    For our people, they want to be part of a highly successful firm with an excellent coaching and development culture, where they can build their career and be given opportunities for overseas secondment. At the same time, they also want to have a say and be empowered to make PwC Singapore a cool workplace. Our workforce also wants to positively impact their communities through meaningful and well organised corporate responsibility initiatives.

    I am pleased to say that PwC Singapore can provide the answers to these questions that our clients and people are asking. Amidst the changes, PwC Singapores vision and purpose have remained constant. We are committed to deliver a positive and distinctive PwC Experience to both our clients and our people. We are committed towards building our success based on a strong Quality foundation. We are committed to being good corporate citizens so that our impact is not just on our people, our marketplace but also in the communities that we operate in.In this Annual Report, you will discover more about who we are and what we do. Just as importantly, we will share with you about the megatrends that impact us and how we have been partnering our clients, our people and our communities to address this impact. We hope that you will join us in PwC Singapore to collectively shape a brighter and more successful future for us all.Sincerely,

    Yeoh Oon JinExecutive ChairmanPwC Singapore

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    About PwC

    2.1 Overview

    2.2 About PwC Singapore

    2.3 Recognition & awards


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  • PwC Annual Report 2014 Singapore 7

    2. About PwC


    Legal structure, ownership and network arrangements

    Network arrangements and member firmsIn most parts of the world, the right to practise audit and accountancy is granted only to firms that are majority-owned by locally qualified professionals. PwC is a global network of separate firms, operating locally in countries around the world. PwC firms are members of PricewaterhouseCoopers International Limited and have the right to use the PricewaterhouseCoopers name.

    As members of the PwC network, PwC firms share knowledge, skills and resources. This membership enables PwC firms to work together to provide highquality services on a global scale to international and local clients, while retaining the advantages of being local businesses including being knowledgeable about local laws, regulations, standards and practices.

    PricewaterhouseCoopers International LimitedPricewaterhouseCoopers International Limited (PwCIL) is a UK private company limited by guarantee in which PwC firms are members. PwCIL acts as a coordinating entity for PwC firms and does not practise accountancy or provide services to clients. PwCIL works to develop and implement policies and initiatives to create a common and coordinated approach for PwC firms in key areas such as strategy, brand, and risk and quality.

    PwC firms can use the PwC name and draw on the resources and methodologies of the PwC network. In return, member firms are required to comply with certain common policies and the standards of the PwC network.

    Standards and internal quality control systemsEvery PwC firm is responsible for its own risk and quality performance and, where necessary, for driving improvements. Each PwC firm is also exclusively responsible for the delivery of services to its clients. To support transparency and consistency, each PwC firms Territory Senior Partner signs an annual confirmation of compliance with certain standards. These cover a range of areas, including independence, ethics and business conduct, Assurance, Advisory and Tax risk management, governance, anti-bribery and data protection and privacy.

    The way we do businessPwC firms undertake their business activities within the framework of applicable professional standards, laws, regulations and internal policies. These are supplemented by a PwC Code of Ethics and Business Conduct for their partners and staff. You can find out more about our ethical framework under the section of What we do

    Quality reviewsEach PwC firm is responsible for monitoring the effectiveness of its own quality control systems. This includes performing a self-assessment of its systems and procedures and carrying out, or arranging to have carried out on its behalf, an independent review. In addition, the network monitors PwC firms compliance. This includes monitoring not only whether each PwC firm conducts objective quality control reviews of all of its services, but also includes consideration of a member firms processes to identify and respond to significant risks.

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    2. About PwC

    2.2 PwC Singapore

    PwC Singapore and CaTSHPwC Singapore was formed on 1 July 1999, following the merger of Coopers & Lybrand and Price Waterhouse in Singapore. The Singapore and Associate firms has a headcount of 2,500, which includes our joint ventures of the PwC Worldtrade Management Services, International Assignment Services and the South East Asia Consulting practice which is a joint venture between PwC Consulting practices in South East Asia, New Zealand, Australia and the United States.

    We provide a comprehensive range of professional and support services through our three Lines of Services (LoS), namely Assurance, Tax, and Advisory, as well as through our industry and market segment focus across more than 24 industries.

    On a collaborative basis, PwC China, Hong Kong, Singapore and Taiwan (collectively, these countries are known as CaTSH) work together subject to local applicable laws. Collectively, we have more than 700 partners and a strength of around 17,000 people.

    Our clients and markets

    Our purpose and valuesIt is the Firms ambition to be the leading global professional services organisation, solving complex business problems for top-tier clients in global, national and local markets. The values which staff members are expected to embrace in conducting our relationships with our clients, colleagues and our community are the values Teamwork, Excellence and Leadership.

    We strive to consistently deliver distinctive experience, the PwC Experience, to our clients and people we work with. The PwC Experience encompasses four distinct behaviours which are exhibited in our daily interactions with both our clients and our employees. The PwC behaviours are investing in teams/client relationships, share and collaborate, putting ourselves in our clients and each others shoes and focusing on client value and on enhancing the value of our people.

    PwC 34.3% PwC market share by Singapore

    Top 100 listed company

    Singapore by market capitalisation

  • PwC Annual Report 2014 Singapore 9

    PwC Experience

    Leading Firm Growth Our Purpose Our Aspiration Quality

    2. About PwC

    2.2 PwC Singapore (continued)

    How we do what we doOur strategy process starts with our people. They produce and deliver our services and are our most important capital.

    For our people, the value we create is reflected in the appreciation they receive within our firm and in their collaboration with colleagues. This also finds expression in the opportunities they are offered for personal and professional development and to increase their social involvement, partly through our corporate responsibility programmes.

    We are a Quality firm, with quality people delivering quality services to our clients. We ensure that our people recognise the importance of Quality, Risk Management and Independence and in compliance

    with the Firms policies on these. Each year, there are quality review and inspections conducted on different parts of the Firms practice. PwC Singapore is one of the few firms in the PwC Network to be grouped in Bucket One in recognition of the positive outcomes of the quality reviews conducted on us.

    In this way we aspire to deliver services of distinctive quality that create value for society and our clients. We enable our clients to improve their business processes and to work more efficiently and effectively. We make sure that the quality of the financial and non-financial information improves, thereby increasing the trust in the markets. By expressing our views on a variety of issues and national and global trends, we deepen and widen the public debate. And our pro-bono programme allows charitable institutions and social organisations to benefit from our services.

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    2. About PwC

    2.3 Recognition and awards

    At the inaugural Singapore Accountancy Awards 2014, PwC won four major awards, including the highly prestigious Practice of the Year (large practice) Award. The other awards we clinched include Technical Excellence (large practice), Excellence in People Development (large practice) and Young Accountant of the Year (public practice).

    The Singapore Accountancy Awards (SAA) 2014 is an inaugural event organised by the Institute of Singapore Chartered Accountants (ISCA) in strategic partnership with the Singapore Accountancy Commission (SAC) and the Accounting and Corporate Regulatory Authority (ACRA).

    For the fourth consecutive year, PwC is named Singapores Graduate Employer of the Year as a result of the Singapores 100 Leading Graduate Employers 2014 survey conducted by GTI Media In addition, we also won the following accolades: Top Employer in the Accountancy and Financial Management sector (fourth consecutive year) and Top Employer in the Consulting sector (second consecutive year).

    Voted Best in Audit and Risk Management

    CFO Innovation Awards 2014

    Best Auditor for Funds and Tax

    Advice for the 5th Consecutive year

    Asian Investors 2012

    Number 1 in the Brand Health Index

    Number 1PwC won the Most Popular Graduate Employer in 2014 for the fourth year

    running, and the Most Supportive Authorised

    Training Employer

  • PwC Annual Report 2014 Singapore 11

    2. About PwC

    2.3 Recognition and awards

    PwC was also awarded the Authorised/Accredited Training Organisation (ATO) by various professional bodies such as the Institute of Chartered Accountant in England and Wales (ICAEW), ACCA and more recently, the Singapore Accountancy Commission (SAC). In addition, we were awarded the Most Supportive Authorised Training Employer by ICAEW in 2013.

    PwC Singapore also received the Presidents Award for Corporate Volunteerism 2014 at the Presidents Volunteerism & Philanthropy Awards (PVPA). PwC was amongst 13 nominees to clinch the award in the Corporate category. The PVPA is annually organised by the National Volunteer & Philanthropy Centre (NVPC) and honours those who have set benchmarks of excellence in encouraging the spirit of giving in Singapore.

    We had 1,500 employee volunteers who contributed 10,000 volunteer man-hours giving back to the community last year. This award is a huge encouragement and testament to our commitment to continue to do the right thing behaving responsibly on issues that are central to our business and to society, and being a catalyst for change using our skills, voice and relationships to influence and work with others to make a difference, generate change and create a lasting impact on the world around us.

    Knowledge Management

    Quality Assurance & Control

    #1 in Quality Review by ACRABucket 1 in internal PwC Quality Review

    No troublesome practice matters

    12th time Global Most Admired Knowledge

    Enterprise winnerDedicated knowledge

    management & technical specialists

    Partners in +100 external appointments

    1st mover in the market for thought leadership

    Thought Leadership

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    2. About PwC

    2.4 Our strategy

    Companies will face radical economic and social changes in the coming decades. The geographic strength of the PwC network and the depth and breadth of our services are unparalleled in the professional services marketplace. We are focused on how we can improve the delivery of this expertise to our clients and maximise the opportunities for developing our people.

    Our purpose is clear to build trust in society and solve important problems. It describes the work we do today, and guides our decision-making for tomorrow. To deliver on this purpose, our business is continuously innovating and investing, and also making choices aligned with our values and our vision.

    Our objective is to help clients develop practical strategies to address their biggest challenges and turn ideas into action by focusing on five key components:

    Continuously improving the quality of our services

    Delivering the PwC Experience

    Seizing and taking maximum advantage of growth opportunities in the market

    Transforming our business model

    Developing strategic competencies

    Delivering our ambition We will compete by further strengthening our knowledge-based

    relationships with our clients and responding swiftly to their needs with compelling propositions that solve their problems.

    We will stand apart in the market through our culture of innovation, the distinctive skills and integrity of our people. We will continue to use the strength of our global network to deliver a consistent and high- quality PwC Experience.

    We will attract, develop and engage the best people. We embrace diversity and value difference in our people. We have a common set of values and we believe in taking personal responsibility for doing the right thing.

    PwC Singapore is optimistic about our economy and confident that our firm is well positioned to make a significant contribution to the Singapore business community and society.

    Build trust in society and solve important problems


    Brand Quality

    Our Purpose

    How do we achieve our purpose?

  • PwC Annual Report 2014 Singapore 13

    2. About PwC

    2.4 Our strategy (continued)


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    Who we are

    3.1 People key metrics

    3.2 Our Leadership Team

    3.3 Getting to know our employees

    3.4 Our investment in people learning & development

    3.5 The PwC Professional

    3.6 Diversity and inclusion


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    3. Who we are

    3.1 People key metrics

    Our people are among our most important stakeholders. Were in the business of selling our expertise to the market, and the most critical element to our success is ensuring we attract, retain and develop the best talent as well as continuing to nurture and develop our people.

    Assurance (1,454)

    Tax (357)

    Advisory (160)

    Internal Firm Support (242)

    Joint Ventures (312)

    PwC people by Line of Service





    Employees by gender



    Support Staff

    Employees by people

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    3. Who we are

    3.2 Leadership & Governance

    Structure and GovernanceThe Leadership Team (LT) is responsible for defining and implementing our values and ambitions, and our strategy and our policy.

    The Leadership Team (LT) comprises of eight partners drawn from the three Lines of Services (LoS) Assurance, Tax and Advisory plus an Executive Chairman. Two members of the LT are rotating members who are appointed for a term of one year and are eligible for re-election for not more than one additional term of one year. Each member of the LT has been assigned specific areas of portfolio responsibility. Three LT members each also chair one of the LoS Boards.

    Our Leadership Team:

    Yeoh Oon Jin Sim Hwee Cher Quek Bin Hwee Ong Chao Choon

    Deborah Ong Chris Woo Sam Kok Weng Antony Eldridge Theresa Sim(rotating LT member) (rotating LT member)

  • PwC Annual Report 2014 Singapore 17

    3. Who we are

    3.3 Getting to know our people

    The Global People Survey (GPS)Every year, we set out time for all employees to complete a survey titled Global People Survey. This is a confidential survey covering all aspects of employment in PwC including personal development, remuneration, corporate responsibility etc.

    The GPS is set out to measure the progress that PwC has made in the opinion of our partners and staff in key areas of business. Questions in this survey are grouped under our core values of Teamwork, Excellence and Leadership in the following dimensions:

    People Engagement Index

    Commitment to PwC

    Commitment to Quality

    Responsible Leadership

    Working at PwC

    People Development

    Positive Work Environment

    Management of Complexity

    1 2 34







    Doing the Right Thing

    Team Effectiveness

    Connected Thinking

    Global People Survey

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    3. Who we are

    3.3 Getting to know our people (continued)Key messages that were shared in the GPS


    Encourage everyone to recognise each others work.

    Compensation & Benefits

    Constant review of our salary against industrys benchmarks to make sure we are competitive.


    Keep up the coaching culture of having career coaches.

    Growth & Development

    To continue to foster coaching culture.

    Mobility Assignment/

    Increase number of places for secondments and to more offices.

    GPS Participation, Engagement and PerformanceLast financial year, 84% of our staff completed the GPS. The survey indicates that 67% to 75% of our staff have a favourable view on staff engagement and being in a high performance culture.

    The survey indicates that material areas for our employees are focused on the work itself/work experience, on compensation, and on mobility. Coaching, growth, and recognition also a merged as important themes.

    The three key essential messages from the GPS are: Engage, recognise and celebrate: It is important to treat our people well and show them our appreciation. We should also take time to celebrate and bond with each other.

    Empower: As we move towards being a more performance driven firm, it is important that we empower our people to take ownership of their careers and well-being. With appropriate guidance and coaching, empowerment will help our people develop into better individuals and professionals.

    Show more respect to each other: We often talk about delivering a positive PwC Experience to each other. PwC Experience is also about showing respect to each other.

  • PwC Annual Report 2014 Singapore 19

    3. Who we are

    3.3 Getting to know our people (continued)Hear from our people

    Laura de la Torre, Manager, South East Asia Consulting I joined PwC Barcelona as a consultant in 2008. During the first five years I was involved mainly in SAP projects, most of the time seconded to the clients office and being part of different professional teams.

    Being posted to Singapore is another milestone in my career. I learnt how different companies function and gained good understanding of the international business context which allows me to provide clients with better support and advice.

    Tiffany Wee, Manager, FS TaxSince my university days and during recruitment fairs, PwC has always stood out as a company with strong focus on people development and that attracted me to join the firm. After being with PwC for over 5 years, I can testify to the strong coaching culture. The advice and support of my coaches have helped to shape my career at PwC.The training programmes provided by PwC are not only focused on technical aspects but also incorporate practical skills such as business writing, negotiation, or how to be a better professional.

    Isa Chin, Senior Manager, FS AssuranceHaving been with PwC for slightly over a decade, I have had numerous opportunities to work with large multinational businesses. The global exposure and social circles Ive built from these engagements added vibrancy and value to my professional life.Aside from work, I was also given opportunities to lead department initiatives and organise social activities that foster friendly working relationships and a positive work environment.

    Naveen Sasidaran, Senior Manager, General AssuranceI always feel that we are motivated by either the work that we do, or the people that we work with. Over the years, I have met and worked with many amazing people within and outside the firm. When the work gets tiring, it really is the people who have kept me going.

    I have also been involved in organising events like the PwC Cup and Assurance bash, instructing L&D courses and taking part in Inter-CPA games. I am presently also one of the PwC Experience catalysts. Even though sometimes it is difficult to manage all these on top of a busy audit portfolio, I see these as part of my role as a manager at PwC.

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    3. Who we are

    3.3 Getting to know our people (continued)Hear from our people

    Speaking of his achievement, Jackson Lim (second from right) said, The ACA examinations are tough but not insurmountable. I am very happy to be able to continue onto the next stage of the qualificationwiththecontinuedsupportofthelocalICAEWteam and my PwC colleagues.

    Jackson Lim, a consultant in the Tax practice, was awarded First Place (among 1,838 students) in the March 2014 ACA Professional Stage examination of Financial Accounting.

    Jackson was also awarded the Spicer and Pegler prize for achieving first place in ICAEWs global Financial Accounting examination and went on to set the bar higher by attaining the Little prize for first place in the worldwide Taxation examinations.

    A mentor once said, always bring your soul to work. I believe in putting my heart into everything I do and interactions with everyone I meet. Only then, can I give my clients and team-mates the attention they deserve, provide customised solutions and not lose sight of the bigger picture. Lim Kexin (second from right, receiving the award from Guest-of-Honour, Mrs Josephine Teo, Senior Minister of State for Finance and Transport) on how she strives for work excellence.

    Our success in people has also been recognised externally, with our employees receiving awards for their acheivements. Kexin Lim, Senior Manager, International Tax at PwC, was awarded Young Accountant of the Year (Public Practice segment) from Institute of Singapore Chartered Accountants (ISCA).

    In addition, Kexin was also recognised with an SMU Rising Star award at this years SMU (Singapore Management University)Alumni Awards for making a difference to society and exemplifying how an SMU education changes lives.

  • PwC Annual Report 2014 Singapore 21

    3. Who we are

    3.3 Getting to know our people (continued)Our success in people

    Christopher (second from right), who graduated from Singapore Management University with a Bachelor of Business Management Degree majoring in both Marketing and Finance, was President of the SMU Sailing Club from 2010 to 2011. He was also SMU Sportsman of the Year in 2010 and received the National Colours Award in 2004.

    Christopher Lim, Deals Associate, was part of the five-man crew that garnered a gold medal at the Incheon Asian Games 2014. The team beat South Korea 2-0 in a best-of-three final after winning 15 of their 16 match races in the nine-team round robin preliminary stage. Christopher credits his success to his Coaching Manager and colleagues as well as the firms support towards athletes who participate in national and international level competitions with provision of additional leave.

    PwC Singapore understands that it is a huge privilege to representthenationandgivesSriSyafizah(first from left) full support so that she can dedicate her time to the busy training schedule and perform her national duties.

    If the common perception is that accountants or those in the professional service are all-work-no-play, some of our PwC Singapore staff has defied this cliched perspective and achieved the highest recognition in sports.

    From her athletic build and agile footsteps, most would have guessed that Sri Syafizah Safii, an Associate from Assurance, plays sports. Few would know that she was the captain of the Singapore Womens Floorball team in the 27th Southeast Asia Games, Myanmar, 2013. The team clinched Gold for Floorball which was played as a demonstration sport. She has also led the team during the Asia Pacific Floorball Championship 2013 in Korea where the team finished 4th. Sri first picked up Hockey and Floorball in 1999. She is no stranger to the captain role as she has captained her school teams in her secondary school, polytechnic and university.

    Photo source: Sport Singapore and Singapore National Olympic Council

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    3. Who we are

    3.4 Our investment in people

    The promise to our people is simple: The opportunity of a lifetime. To foster a culture of continuous learning, we encourage individuals to take ownership of their career from day one, which means we have tailored programmes to suit every grade, from the Associate to Partner.

    Continuous learning for our people is at the heart of our 70:20:10 learning framework which we use as the guiding philosophy for developing our people.

    We believe that the best suited approach to learning is to blend in work based challenges and coaching support from colleagues. This is the principle of 70:20:10 which means that on average, 70% of learning comes from on the job experience, 20% from relationships with others, and the remaining 10% from formal development.



    20%Learning from




    70% of learning at the work place occurs

    through everyday tasks, challenges and


    20% of learning at the workplace occurs

    through informal coaching and personal


    10% of learning at the workplace occurs through

    structured courses and programmes

    Winner of Singapore Accountancy Awards 2014

    Excellence in People Development for

    Large Practice

  • PwC Annual Report 2014 Singapore 23

    92%of our training

    programmes are rated 1 to 2 by the participants (a scale of 5 where 1 is


    On average, an associate receives

    145hrs of training in their first year with us.

    In 2013, we invested

    177,000hours of training

    We also have programmes to support graduates who have completed a degree in a non-accounting discipline and want to pursue their professional qualification in accountancy.

    The firm provides full sponsorship to staff pursuing the Singapore Qualification Programme (SQP) or other relevant professional programmes specific to the business units. This includes paid study and exam leaves for the candidates so that they can have a peace of mind while exchanging their professional caps for their study caps.

    PwC launched the Singapore QP within the firm in June 2013. The programme is bolstered by firmwide support from our leaders and management as well as from a dedicated support group known as the SQP Base Camp, led by one of our experienced partners. There are also regular peer group learning sessions, learning resources, designated study areas and sharing sessions by seniors who have gone through similar qualification programmes.

    The SQP recruits not only accounting graduates but non-accounting graduates as well. This recruitment of non-accounting graduates will add diversity to the pool of talent that we have. Besides the professional experience and training aspects, the firm is also focused on ensuring that there are pro-bono opportunities for our SQP candidates to work with external parties.

    We InvestYou Grow

    We offer more than

    750classroom and e-learning

    training courses.

    3. Who we are

    3.4 Our investment in people Our special curriculum for our professionals

    We have a strong coaching culture at PwC, the Performance Coaching and Development approach, where everyone is paired with a career coach to help them enhance their professional and personal development.

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    3. Who we are

    3.5 The PwC Professional

    The PwC Professional reaches outTodays globalised world is one where countries, economies, companies and people are more interconnected and interdependent than ever before with the scale and pace of change increasing. We need authentic and inclusive leaders who inspire others and can lead clients, institutions and each other through this time of change.

    The PwC Professional articulates who we need to be to meet our clients expectations and deliver a consistently outstanding PwC Experience in todays changing global market place. If we do this properly, we will be recognised for authentic and inclusive leaders, helping us to build strong relationships rooted in trust, serve clients and win work.

    The five attributes of the PwC Professional are: Whole Leadership, Technical Capabilities, Business Acumen, Global Acumen and Relationships.

    The PwC Professional plays a significant role in changing the way our people think, learn and develop together at PwC. So it makes sense for us to use the PwC Professional to recruit, develop and access our people - at all grades and in all lines of service.

  • PwC Annual Report 2014 Singapore 25

    3. Who we are

    3.6 Diversity & Inclusion

    Bringing together the perspectives of individuals of all backgrounds, life experiences, preferences and beliefs to create better outcomes for our clients, our people, and our communities.

    To solve important problems we need diverse talent. So at PwC, we employ people with a vast array of backgrounds and experiences meaning they think differently from one another and apply varying approaches to problem-solving. And were committed to helping every one of them build a rewarding career and achieve their full potential.

    A Culture of Inclusion

    An environment where people can be their true selves, sharing their unique perspectives whilst knowing their contributions are valued.

    Some of the languages we speak...EnglishFrenchHokkienGermanMalayThaiDutchRomanianVietnamese

    HindiCantoneseKoreanMandarinSpanishTagalogTamilRussianBahasa Indonesia



    The average age of our client service staff is 30 and over 7% are above 50 years old

    More than 61% of our people are women

    We have over 41 different nationalities

    Individual Identification

    Ethnic Heritage

    Sexual Orientation





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    3. Who we are

    3.6 Diversity & Inclusion (continued)Creating value through diversity

    Our global diversity journeyOur global diversity journey began ten years ago, when the PwC network of firms first began to focus on a globally consistent approach to diversity as a business imperative and enabler to our international business strategy. Initially, gender diversity was the priority, however this focus was later expanded, putting inclusion front of mind and expanding our dimensions of difference beyond just gender. Our diversity journey was further accelerated as we reframed our strategy including our network diversity priorities, governance and leadership structure.

    Our approachWe adopt a 2+1 minimum standard approach to tackling the many different dimensions of diversity. The Singapore firm comprises of over 2,400 people and over 60% of our talent is female. These demographics presented a clear proposition for us to adopt gender and geographical/cultural diversity as our two priority diversity dimensions. Our focus is on creating strategies that focus on these dimensions of diversity, in addition to at least one further dimension of diversity, which is of high local priority.

    Being open to diversity is how businesses can retain talent, and come up with innovative solutions. Each individual is unique, shaped by different backgrounds, life experiences, preferences and beliefs.

    At PwC Singapore, we want to leverage the power of our differences to bring creativity, different perspectives and experiences which will help us to make right decisions for our business.

    Karen LoonPartner, Territory Diversity Leader

  • PwC Annual Report 2014 Singapore 27 PwC Annual Report 2014 Singapore 27

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    What we do

    4.1 Our success stories

    4.2 Our service offerings

    4.3 Knowledge management and thought leadership

    4.4 Risk and Quality

    4.5 Our ethical framework


    28 PwC Annual Report 2014 Singapore

  • PwC Annual Report 2014 Singapore 29

    4. What we do

    4.1 Our success stories

    What our clients say...

    PwC Singapore has been able to leverage its global network to provide us with timely insights on global industry developments in areas such as governance, regulations, accounting, auditor reporting etc. CFO, bank

    Working with was satisfying, highly professional and had the right balance of personal touch. Furthermore, ensuring a high standard of audit quality and meeting regulatory requirements was at the forefront. COO, SGX listed company

    As a team they are effective in communication and proactive in keeping us up to date on the latest emerging risks and thought leadership. Managing Director, financial institution

    Overall, they showed that they understood the business well, were practical in their approaches and were able to bring fresh perspectives and value-add to challenges faced and solutions discussed. Group Financial Controller, SGX listed company

    PwC has always demonstrated independence and objectivity as part of their audit approach and their quality of service was consistently delivered. CFO, insurance company

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    4. What we do

    4.2 Our service offerings

    Source: PwC Singapore: Our services

    Capital Projects & Infrastructure

    Conglomerates & Industrial Products

    Corporate Support Services

    Energy, Utilities & Mining

    Entrepreneurial & Private Clients

    Financial Services


    Healthcare & Pharmaceutical

    Private Equity

    Real Estate & Hospitality

    Retail & Consumer


    Technology, Media, Telecommunication

    Transport & Logistics

    Key industries and segments Advisory

    Capital Markets

    Mergers & Acquisitions


    Corporate Simplification

    Risk Management


    Capability and Training - PwCs Academy


    Assistance on Capital Market Transactions

    Business Controls Advisory

    Business Resilience

    Corporate Treasury & Commodities

    Financial Statements Audit

    Intergrated Reporting

    Internal Audit

    IT Risk Assurance

    Performance Assurance

    Regulatory Advisory

    Regulatory Compliance and Reporting

    Sarbanes-Oxley Compliance


    BEPS (Base Erosion and Profit Shifting)

    Corporate Tax Advisory

    Corporate Compliance Specialism

    Corporate Support Services

    Goods & Services Tax (GST)

    International Tax Services (ITS)

    Mergers & Acquisitions

    Research & Development

    Tax Accounting Services

    Transfer Pricing

    US Tax Consulting

    Value Chain Transformation (VCT)

    Joint ventures

    South East Asia Consulting International Assignment Services Worldtrade Management Services

    Country desks

    India Japan Myanmar

    Service offerings

  • PwC Annual Report 2014 Singapore 31

    Our investment and growth in ConsultingThis year has been a year of investment and growth in Consulting. Our Consulting practice has invested heavily on expanding our capabilities, cementing our ability to help our clients work smarter and to grow and strengthen their businesses. The digital world is right at the top of our clients agenda and continues to shape our conversations. We are focused on helping our clients consider the potential impact and implications for their business models, and how they can reassess and make necessary changes.

    We now have nearly 200 practitioners in our Singapore consulting practice, and almost 800 across South East Asia. Our main focus for the coming year is to continue to grow within South East Asia, working with our clients and supporting them in delivering the transformational outcomes they need to succeed.

    4. What we do

    4.2 Our service offerings Delivering under changing circumstances

    Riding the investment waveWith over 150 people in the Deals Advisory practice supporting clients through mergers and acquisitions (M&A), infrastructure projects and restructuring, we are focused on achieving the best outcome for our clients be that realising the best value from an M&A transaction, a joint venture or an infrastructure project, or turning around a business in distress.

    We have had good success with our Capital Projects & Infrastructure team seeing a growing number of projects in the region, from Indonesia to the Philippines to Myanmar. Our Deals Strategy, Post Deal Services and Corporate Finance teams add to our Due Diligence and Valuation capabilities to allow us to go to market as an integrated M&A service provider, a true one-stop-shop for businesses looking for growth or exit. Since the Global Financial Crisis, our Deals Advisory practice has grown rapidly in tandem with the increasing interest in by investors in the Southeast Asia economies. It is the largest amongst the Big 4 in Singapore.

    Striving to be the best in classOur Assurance practice has been growing with over 1,300 professionals, and we continue to be the number 1 practice in the market, winning the Practice of the Year at the inaugural Singapore Accountancy Awards 2014. Our brand continues to differentiate itself, and we have invested in top of the line Data Auditing tools to keep our methodology best in class and relevant; the market has acknowledged our quality with the CFO Innovation Awards - 2014 Best in Audit Services. We have also had several iconic wins this year including a global telecommunications operator. Moving forward, we have been making investments in areas such as Cyber Security, the Personal Data Protection Act and Food Safety. We continue to attract the best talents, and have continued to win the Graduate Employer of the Year Award for the fourth consecutive year.

    The tax world is changing fastBusinesses are becoming more international. The need for relevant international tax skills is increasingly significant. This is exacerbated by trends such as international pressure to counter base erosion and profit shifting, increased domestic regulation, stricter corporate governance and demand for transparency. Many businesses also have in-house tax expertise and have become increasingly sophisticated. They seek relevant value based on practice and a practical approach.

    We are a team of over 400 tax partners and professionals structured to provide a comprehensive suite of Tax Advisory and Compliance Value to meet these needs and trends by combining deep industry knowledge with strong tax specialist knowledge. Our partners and people hail from around the world and many have also worked in various multi-national enterprises. There are over 10 core teams each focused by industry to develop a concentration of practice knowledge. There are also separate core tax teams who are leaders in Transfer Pricing, Deals, Value Chain Transformation, GST, International Tax, Personal Tax and Customs. We match and combine the teams as needed to provide the necessary value based on the needs.

  • 32 PwC Annual Report 2014 Singapore

    4. What we do

    4.2 Our service offerings (continued) Family office and cybersecurity

    A new vision of the business family professionalising the business and the family

    There is a significant increase of family businesses leveraging Singapore as a regional hub. Family businesses remain a dynamic and resilient sector, and there continues to be pressure in relation to skills shortages, innovation and governance. Singapore family businesses have performed relatively well over the past year are forecasted to grow quickly and aggressively over the next five years.

    Many strive to ensure a long term future for the firm and feel that running the business professionally and injecting greater innovation will help to achieve the goal of going international in the year ahead.

    Cybersecurity is now a persistent business risk

    The recent cyber-security incidents against government sites and local businesses in Singapore have highlighted the need for increased vigilance around technology security controls, especially those that relate to third party service providers. It is evident from these incidents that companies systems and processes are not prepared as the number of information security incidents continues to mount, as do financial losses.

    As shown in the PwCs Global State of Information Security Survey 2015 that was conducted online from March 2014 to May 2014, it reported that the number of detected incidents soared to a total of 42.8 million, a 48% leap over 2013 on a global basis. This increase comes at great cost: total financial losses attributed to security compromises increased 34% over 2013.

    Compared to other regions, Asia Pacific remains a leader in implementing strategic processes and safeguards for information security, setting the pace in numerous practices. Despite elevated concerns, the region reports a 13% decline in information security budgets in 2014.

    Cyber risks will never be completely eliminated. Organisations today must remain vigilant and agile in the face of a continually evolving threat. This is where PwC comes in to help them gain confidence. PwC has been involved in supporting our clients in implementing a risk-based approach to security that prioritises the most valuable assets and proactively addresses the most relevant threats. PwC has also been working closely with the industry in building stronger frameworks and processes to enable not just our clients but the industry as a whole in taking the country forward.

  • PwC Annual Report 2014 Singapore 33

    4. What we do

    4.2 Our service offerings (continued) Delivering the PwC Experience and Three Client Principles


    Client feedback

    Seeking client feedback is an integral part of our PwC values of teamwork, excellence and leadership and how we can deliver a positive PwC Experience to our clients. In PwC, we have a comprehensive and well established Client Feedback programme.

    1Understand and agree with our

    clients what they want to be


    Three Client

    Principles3Start a conversation

    with our clients at the end of the project about the

    value we have delivered

    2Ask our clients

    for on-going feedback

    To deliver and measure the value and the distinctive PwC Experience, we tailor our approach based on our values of Teamwork, Excellence and Leadership to drive our Three Client Principles.

    Planning the best experienceAccount Planning Workshop (APW)

    Communicating the best experience

    Client dialogue Communicate value

    Delivering the best experience Quality interactions with key management

    International relationships High performance team

    Value to the CEO and C-suite

    Measuring the best experience Client satisfaction/feedback process

    Global team feedback SRP relationship


    Client Feedback/ Communica

    tion Global Team Feedback



    ip Workshop Dialogue CPR

    Account Planning Client

  • 34 PwC Annual Report 2014 Singapore

    4. What we do

    4.3 Knowledge management and thought leadership

    At the Knowledge Management front, we are proud to be a winner at the Global Most Admired Knowledge Enterprise (MAKE) 2013 Awards. PwC has been recognised for creating an environment for collaborative knowledge sharing and maximising intellectual capital. In doing so, PwC has retained its place as a winner, for the 12th time, in the MAKE Hall of Fame. PwCs cohesive global structure, combined with the depth of capabilities and knowledge embedded in our experienced technical experts, has enabled us to swiftly mobilise resources and efficiently provide industry-specific solutions to our clients. This can be attributed to our strong foundation that rests on the three key pillars - our People and networks, Content and Delivery models.

    Our People and networks. Our experienced local specialists work collaboratively with the global networks and centres of excellence to support our practice.

    Content. Key technical content is readily available via access to global and local repositories. The content includes industry specific and real life questions and answers, best practice examples and insights on hot topics, comprehensive guidance and reference libraries and publications.

    Delivery models. Our repositories are easily accessible, even via smart phones and devices. PwC Inform is our one stop knowledge centre that has a high readership from our practice. Together with self activated email news alerts and local flash alerts, global information access and sharing is made simple.

    We invest in continual improvement of our communication tools to provide efficient delivery models. SPARK, our newest cutting edge, enterprise social networking and collaboration platform, is an online tool where people can connect to discuss, share ideas and expertise and collaborate to create value. Singapore is one of the first to use Spark globally and launch it on a firm-wide basis. We use SPARK for our monthly jam or online dialogue sessions between the firms leadership and staff. These sessions cover topics that are of concern to our people, such as diversity, business transformation, making PwC a cool working place, etc.



    AtPwC,weconnectwithexpertsandfindthe right experience at the right time 24 hours a day and 7 days a week!

  • PwC Annual Report 2014 Singapore 35

    4. What we do

    4.3 Knowledge management and thought leadership (continued)

    PwC2014APECCEOSurvey:NewvisionforAsiaPacificIn order to bring about change in Asia Pacific, it is essential to continue to engage with business leaders. For that reason, we are very pleased to have PwC as the Knowledge Partner of the APEC CEO Summit 2014. The PwC 2014 APEC CEO Survey is focused on the main themes of this years summit, New Vision for Asia Pacific: Creativity, Connectivity, Integration and Prosperity. It carries insights from top executives into the policy environments that they believe will support investments and trade in Asia Pacific.

    Budget Commentary 2014 - Singapore:NewDirections:InflectionsandReflectionsThis is the annual flagship publication of PwC Singapore which includes detailed analysis of the implications of certain Budget tax proposals on businesses and individuals.

    Cities of OpportunityTaking the pulse of 30 cities at the hear of the worlds economy and cultureCities of Opportunity 6 analyses the trajectory of 30 cities, all capitals of finance, commerce and culture - and through their current performance, seeks to open a window on what makes cities function best. We also investigate both the urbanisation and demographic megatrends that shape our cities.

    PwCs 365365 is an iPhone app that brings PwCs latest insights right to the fingertips of the reader. It keeps our readers informed and connected to thousands of PwC articles, videos, infographics and podcasts which they can customise feeds from 31 topics, 27 industries, and 9 PwC thought leadership collections. It covers a broad range of fields from audit, assurance, tax matters to industry content, on topics ranging from business strategy to risk, operations, talent and more.

    Whether it is facilitating dialogue in the business community, engaging regulators, or producing articles for major publications, our strong commitment to thought leadership is evident in everything that we do.

    PwCs thought leadership are focused on business trends, strategic issues, challenges and opportunities facing companies in various industries from health and pharmaceutical, hospitality, real estate to media and entertainment, technology, automotive, oil and gas etc.

  • 36 PwC Annual Report 2014 Singapore

    4. What we do

    4.4 Risk and Quality

    Each year, there are quality review and inspections conducted on different parts of the Firms practice. PwC Singapore is one of the few firms in the PwC Network to be grouped in Bucket One in recognition of the positive outcomes of the quality reviews conducted on us. We have also been ranked by our regulator, the Accounting and Corporate Regulatory Authority of Singapore as the top quality firm when it conducted its inspection of the Big 4 firms in 2009 and 2012. One of the three Singapore Accountancy Awards 2014 that PwC Singapore won is the Technical Excellence award. Quality Assurance and Control is one of the key judging criteria for this award category and winning this award is a testament to our commitment to risk management and quality.

    Code of Conduct

    PwC strives to demonstrate the highest values and professionalism in serving our clients and in business dealings with all our strategic partners. We conduct our business within the framework of applicable professional standards, laws, and regulations together with PwC policies and standards. However, we also acknowledge that these standards, laws, regulations and policies do not govern all types of behaviour. As a result, we also have a Code of Conduct for all PwC people and firms. This Code is based on our values and provides a frame of reference for PwC firms to establish more specific supplements to address territorial issues.

    Every PwC employee has an obligation to know and understand the guidelines of the Code and the values on which they are based.

    The PwC Code of Conduct stands on the following pillars:

    Considering the ethical

    dimensions of our actions

    Acting in a socially

    responsible manner

    Treating people and the environment with respect

    Upholding our clients reputations

    as well as our own

    Doing business with integrity

    Acting professionally

    Workingtogether and

    thinking about the way we


  • PwC Annual Report 2014 Singapore 37

    4. What we do

    4.5 Our ethical framework

    PwC framework for ethical decision making

    Recognise the event, decision or issue. Are you being asked to do something that you think might be wrong? Are you aware of potentially illegal or unethical conduct on the part of others at PwC or a client?

    Think before you act. Summarise and clarify your issue. Consider the options and consequences. Consider who may be affected. Consult others.

    Decide on a course of action. Determine your responsibility. Review all relevant facts and information. Refer to applicable PwC policies or professional standards. Assess the risks and how you could reduce them.

    Test your decision. Review the ethics questions to consider. Apply PwCs values to your decision. Make sure you have considered PwC policies, laws and professional standards.

    Proceed with confidence. Communicate decision and rationale to stakeholders. Reflect upon what was learned. Share your success stories with others.

    I am responsible for speaking upThe Ethics Hotline and Mailbox are two of these channels available for employees to report any possible infringements of the firms Code of Conduct. Employees are also encouraged to reach out to their business units Code of Conduct Champions to consult on any ethical and/or business conduct issues they may face.

    Ethics trainingEvery year, all employees participate in the obligatory Annual Compliance and Ethics Update Training. This is to confirm the employees understanding of and compliance with the firms Risk Management Standards and Independence Policies.

    In 2013, the focus of this training was on the Personal Data Protection Act which provisions to protecting the confidentiality of our clients.

    Ethical behavioursDuring the annual ethics training, employees are reminded of the available avenues to seek advice on, or to report any unethical, unlawful matters on a confidential and anonymous basis.

    On an annual basis, three to six enquiries are received on average.

    The Code of Conduct team and the Business Conduct Leader have the duty to ensure that all allegations are responded to promptly and appropriately investigated.

  • 38 PwC Annual Report 2014 Singapore

    5.1 Our Corporate Responsibility approach

    5.2 Stakeholder engagement

    5.3 Community

    5.4 Environmental stewardship

    5.5 Valuing our people

    5 What we care about

    38 PwC Annual Report 2014 Singapore

  • PwC Annual Report 2014 Singapore 39

    5. What we care about

    5.1 Our Corporate Responsibility approach

    Corporate Responsibility (CR) is part of PwC Singapores annual planning cycle. The firms CR leader, Deborah Ong, Senior Partner, periodically updates the Leadership Team and our Executive Chairman, Yeoh Oon Jin, on the firms CR initiatives and projects.

    At PwC, we believe everyone in the firm should be an agent of CR. We have a CR committee comprising of professional employees who share the common passion of serving the community. This CR committee consists of employees from different lines of services and most importantly, they participate on a voluntary basis. This is crucial in ensuring creativity and ownership of our CR programmes from all parts of the firm.

    In recognition of the firms commitment and our employees participation in our CR projects, PwC Singapore was awarded the Presidents Award for Corporate Volunteerism 2014. We were amongst the 13 nominees to clinch the award in the Corporate category. Winners are selected by panel judges, comprising representatives from the private, non-profit and public sections, who look for best practices which others can learn from and are of inspirational value. This will definitely fuel our drive to continuously seek out new avenues and projects to partner different stakeholders and communities to be the catalyst for change and to do the right thing.

    Deborah OngCorporate Responsibility LeaderPwC Singapore

    Over 1,500 of our people were involved in employee volunteering programme during working hours, contributing more than

    10,000 hours.

    In 2013, we contributed more than

    to our communities by way of financial support, our volunteers time and the provision of business expertise.

    $2.5 million

  • 40 PwC Annual Report 2014 Singapore

    Our commitment to corporate responsibility goes well beyond embedding social, environmental and economic integrity into the fabric of our business. We aim to leverage our core skills and activities to help our clients address CR issues while acknowledging the need to also address them in our own business. We want to be part of the global conversation and movement towards responsible business practices that create positive change in the world. We want to be part of the solution. We call this being part of it.

    We commit to

    do the right thing in our own business and to

    be a catalyst for change

    in the world around us.

    PwC is part of the solution

    to responsible business changes

    5. What we care about

    5.1 Our Corporate Responsibility approach (continued)


    Be a catalyst for change


    Do theright thing


    Responsible business

    Diversity & inclusion

    Community engagement

    Environmental stewardship


    Our leadership ladders

    part of it:

    PwC is part of the solution to

    responsible business challenges

  • PwC Annual Report 2014 Singapore 41

    Community mattersWere committed to making a positive, lasting impact in our communities by sharing our time, knowledge, resources as well as inspiring and harnessing the dedication and capabilities of our people.

    Environment mattersWere committed to respecting the environment by raising awareness of the footprints we are leaving on the planet and taking measurable steps to reduce the environmental impact of our business operations.

    Diversity and InclusionWere committed to helping our people with all of their varied backgrounds and experiences to build a rewarding career and achieve their full potential.

    Responsible businessWere committed to the highest standards of professional integrity and in promoting sustainable practices.

    Our commitments to Corporate


    be part of it: Make a difference

    5. What we care about

    5.1 Our Corporate Responsibility approach (continued)

  • 42 PwC Annual Report 2014 Singapore

    Weencourageouremployeesto get actively involved in volunteeringtobenefitsocietyand themselves.

    We have created various workstreams so each individual volunteer can choose where best to get involved. Our aim is to live up to our corporate responsibility by giving back to society and to simultaneously improve the skillsets of our employees.

    Each of our workstream has a champion. As a whole, organising such activities help to develop the leadership skills of our champions.

    Our Overseas Community Programmes allow participants to develop their business and global acumen while also gaining an understanding of community issues.

    Similarly, we inspire interest in environmental issues among our employees through our green lunch talks and by promoting earth hour.

    Skills developed through CR involvement

    Whole leadership Business acumen Technical cpabilities Global acumen Relationship building Community issue understanding Environmental issue understanding Education issue understanding



    Banda Street

    Carbon Footprint

    CG Outing

    Charity Run





    Intl Accountants Day

    Overseas Community Projects

    Myanmar Vietnam Laos


    5. What we care about

    5.1 Our Corporate Responsibility approach (continued)

    42 PwC Annual Report 2014 Singapore

  • PwC Annual Report 2014 Singapore 43

    Stakeholder engagement


    PwC People

    Governmental Agencies

    Non-Governmental Organisations

    Business and Industry


    Universities, Schools and Graduates


    Beyond our partners, directors and staff, our stakeholders primarily include our clients, regulators, civil agencies and Non-Governmental Organisations, academic institutions, and professional organisations.

    We constantly engage with our stakeholders through projects, events, community engagements. We actively participate and are member of professional organisations. We organise or host events with policy makers, public, professional, and industry organisations.

    We engage in surveys, media reviews and have feedback processes to engage our internal and external stakeholders. We rely on this information to help us define and implement our strategy, and address key focus areas for our business.

    PwC Singapore plays a tremendous and influential role in helping organisations around the world strengthen their own corporate responsibility agendas through the many services we provide every day.

    We review, advise and transform thousands of businesses around the globe every year.

    We educate thousands of young professionals every year, many of whom leave the firm to become leaders in business.

    We offer services that help enhance trust and transparency between government, business and society.

    We contribute to the development of standards that underpin financial systems and industries.

    We produce a wide range of industry and technical thought leadership widely distributed across the globe.

    We engage with top business leaders on issues of world importance e.g. through our flagship CEO Survey.

    Through these services and activities, we are positioned uniquely to help integrate and foster change around corporate responsibility issues in a way that could have system-wide effects.

    5. What we care about

    5.2 Stakeholder engagement

  • 44 PwC Annual Report 2014 Singapore

    Contributing to the debate on corporate responsibility and promoting sustainable practices and good governance

    Helping our people with their numerous roles outside the office and doing what we can to help them strike a balance

    Inspiring our people, clients and business partners to choose sustainable business practices and environment-friendly lifestyles

    Harnessing the skills, goodwill and compassion of our people to make a positive impact on the community, locally and abroad



    Environment PeopleCR

    Our CR programmes aim to match our employees skills and resources to the needs of local community organisations. We also encourage our employees to develop their life experiences and skills through first-hand volunteering experiences.

    Our annual CR brochure displays our CR vision and focus, programmes available and the success of previous projects. We also send regular emails to encourage our employees to participate in the upcoming CR projects.

    At PwC, we use a four-quadrant model to take a broader view of what it means to be a responsible corporate citizen. Collectively, these four quadrants define the way we operate in themarketplace, treat ourpeople, interact with ourcommunity, and protect theenvironment.

    5.3 Community

    5. What we care about

  • PwC Annual Report 2014 Singapore 45

    Banda Street


    1 blooming community rooftop garden

    639 Volunteers920 mattresses distributed120 electrical plugs120 torches1,040 hampers of daily necessities

    25,000 pledges received

    Blooming, Banda Street

    Banda Street is a mass participation community outreach in which PwC offers assistance and support to the elderly living in one or two room flats in the Chinatown area. Each year, more than 500 PwC staff members are involved in our local community, putting up performances, distributing goodie bags and interacting with these elderly folks.

    Held for the fourth year in July 2013, the project themed Blooming Banda Street saw some 639 volunteer distribute mattresses, electrical plugs, torches, and hampers of daily necessities to the elderly. A blooming community rooftop garden was also planted for the elderly. For the first time, the project also reached out externally to garner the support of our clients, family, and friends, through the microsite, where 25,000 pledges were received in support of this initiative.

    Partner organisation: Kreta Ayer Residents CommitteePeriod: Oct 2014 March 2015Location: Banda Street, Chinatown

    5.3 Community (continued) Our signature events Banda Street

    5. What we care about

  • 46 PwC Annual Report 2014 Singapore

    OCP Dalat, Vietnam

    Partner organisation: YMCATime commitment: 9 days

    Arts & crafts, games and other activities are incorporated to create a platform to interact with the children.

    OCP Laos, Luang Prabang

    Partner organisation: YMCATime commitment: 8 days

    In Laos, the focus is on education. Teams also helped to refurbish the school infrastructure.

    Overseas Community


    Our focus on developing responsible leaders

    In 2005, as part of Developing Responsible Leaders Programmes, Senior Managers and Partners were invited to participate in an overseas community programme. Based on the overwhelming interest in overseas volunteering project, the firm collaborated with YMCA to extend this opportunity to all levels of staff. We started our first OCP to Shanghai in 2007. Over the years we have sent our volunteers to Shanghai, Siem Reap, Phnom Penh, Ho Chi Minh, Koh Rokar, Lua Prabang and Dalat. Now in its 8th year, we are sending teams to Yangon, Dalat and Luang Prabang for construction and teaching projects.

    OCP Yangon, Myanmar

    Partner organisation: YMCATime commitment: 10 days

    This is our first OCP in Myanmar in collaboration with PwC Myanmar. Volunteers conducted English lessons, skill-based workshop and took part in a bridge construction project.

    5.3 Community (continued) Our signature events Overseas Community Programmes (OCP)

    5. What we care about

  • PwC Annual Report 2014 Singapore 47

    Wearecommittedto improving our carbon footprint

    At PwC, were committed to respecting the environment by raising awareness of the footprints we are leaving on the planet and taking measurable steps to reduce the environmental impact of our business operations.

    We are supporting initiatives to reduce our carbon footprint and embracing options to increase public transport reliance and greener commuting options.


    Average car passenger miles (diesel) 735,265.891 4,013,022.000km

    Total electricity consumed (purchased from local grid) 908,771.614 1,819,544.727kWh

    Distance travelled for business work by air travel 97,891.212 299,714.380km

    Distance travelled for business work by air travel (Medium haul 460km 3700km)1,111,749.489 5,776,612.380km

    Distance travelled for business work by air travel (Long haul > 3700km)2,442,498.418 10,782,324.560km

    5.4 Environmental stewardship

    5. What we care about

  • 48 PwC Annual Report 2014 Singapore

    PwC Experience award

    The PwC Experience Award is an instant, year-round reward and recognition programme which is aligned with our goal of creating distinctiveness through our values and quality relationships with our clients and people.

    It recognises and rewards all staff who have excelled at demonstrating the four PwC Experience behaviours consistently, as well as the skills and competencies necessary to bring those behaviours to life.

    Inclusion matters

    Paternity leaveWe realise that both mothers and fathers should be entitled to time-off to care for their child. As of 2012, PwC has introduced paternity leave for fathers regardless of their nationality, employment contract type and adoptive status.

    5.5 Valuing our people

    5. What we care about

  • PwC Annual Report 2014 Singapore 49

  • 50 PwC Annual Report 2014 Singapore

    Shaping the future6

    50 PwC Annual Report 2014 Singapore

    Our future

    Against a competitive landscape, it is imperative that PwC Singapore does not stop innovating and reinventing our business model. Social, technological and economic developments have profound implications for our business model, both in Singapore and internationally. We recognise the responsibility and trust invested in us to do the right thing and for all of us to show the qualities of leadership necessary to help create a sustainable future. PwC Singapore also understands that we cannot be lulled into complacency based on current success, but must keep transforming for the future. The transformation journey needs to be truly continuous, and thus never complete.

    Looking beyond the present, the master planning for PwC Singapores next phase of growth has already started. Our transformation journey is a major, long-term project of unprecedented complexity and scale. We understand that significant refinement of a holistic operating model is necessary to effect transformation across people, process, technology, data management and risk management components. PwC Singapore is committing significant resources, including manpower, to ensure that the various projects and initiatives are planned well and executed smoothly.

    Business transformation needs to anticipate and be aligned with our clients needs. Our clients need solutions, not specific products or services. PwC Singapore has identified three new challenges in todays competitive landscape to further differentiate and to provide new higher value-added services for our clients.

    PwC Singapore offers something clients cannot get elsewhere: expertise and a proven track record of delivery, with unrivalled global scale and experience. We measure our success toward our vision with strategic targets. We aim to have the most loyal customers, be a great place to work, grow faster than the market, have the best financial development in our industry and be a differentiated market leader. While it is business as usual at PwC, with on-going efforts to grow our practice and to deliver our PwC Experience work for the future is happening behind the scenes, our PwCs journey to be future ready has certainly begun.

  • PwC Annual Report 2014 Singapore 51

    PwC Singapore Annual Report 2014

    We recognise the importance of communicating to all our stakeholders - our people, clients, regulators and wider communities. This inaugural annual report is just one of the many ways we seek to reach out, communicate and stay in touch.

    In this report, we illustrate through facts, figures and stories, the highlights of the financial year 2014 (covering the period of 1 July 2013 to 30 June 2014) and the areas where we have had an impact. The report presents the key aspects of the firm, who we are, what we do, as well as our focus on clients and people and the distinctive experience we strive to deliver consistently.

    We also show how we are moving to build a more inclusive culture through our approach to diversity and inclusion. This report also covers the sustainability practices and corporate responsibility initiatives specific to PwC Singapore. All the data, statistics and information are in relation to the Singapore operations unless otherwise stated.

    At PwC, our purpose is to build trust in society and solve important problems. As a firm, we believe in fulfilling our corporate responsibilities and in giving back to the society and helping the community and environment at large. This is part of our endeavour to build trust in society in a broader sense. Looking after the communities and environments in which we work in isnt just good manners, its good business.

    We would like you to take a read at what we are doing and we welcome your feedback at

    About this report7

    PwC Annual Report 2014 Singapore 51

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