Chairman's letter

This review looks back on a year of successes and challenges — a year in which we’ve supported our clients and made meaningful contributions in the regions and communities where we live and work.

Some of the achievements this year that have defined our success, and will shape our path forward, include:

• Increased our revenue by 4.3% in US dollars and 3.7% in local currency to US$55.4 billion in a challenging macro-economic environment. Revenue grew in all our lines of business. We believe this growth is a result of our ability to help our clients achieve sustained outcomes and earn the trust of their stakeholders.
• Earned top star ratings in all 27 categories in Forbes 2024 ranking of 'World's Best Management Consulting Firms’ based on a global survey of clients and consultants on all continents.
• Continued a multi-year investment of US$1 billion to leverage technology to transform our audit ecosystem and set a new benchmark for next generation assurance.
• Invested US$3.6 billion across the network including 8 acquisitions and 7 strategic investments to expand our ability to deliver value for clients.
• Our 370,000+ people in 149 countries helped 86% of Fortune Global 500 companies to build trust and achieve sustained outcomes.
• Today 95% of our electricity comes from renewable sources, and we have reduced our scope 1 & 2 emissions by 71% when compared to FY19.
• More than 198,000 active PwC employees have completed sustainability upskilling.

While our Global Annual Review is a look back on the past year, we’re excited for what is to come. We are committed to a bold vision for the future that prioritises excellence, innovation and reinvention.

The need for reinvention has never been more urgent. As technological disruption, climate change, and changing customer expectations reshape industries, our Business Model Reinvention framework helps companies to rethink how they create, deliver and capture value. Our leadership team is focused on driving this transformative spirit, creating continual innovation and strengthening how we work together across the global network.

Supporting this focus are our investments in AI which are unlocking new opportunities of value creation for our clients. Our investment of nearly US$1.5 billion in AI globally is not only transforming the way we work, but is delivering new opportunities for efficiency, innovation and value, positioning the PwC network as a leader in the digital age.

Equally important is our commitment to sustainability. PwC’s purpose is to build trust in society and solve important problems. Addressing climate change and building long-term sustainable prosperity are critically important problems to solve, so we are dedicated to helping our clients — and society as a whole — achieve sustainability. As the move to sustainability reshapes the economy and the competitive environment, we support our clients to transform their business models so they can navigate the risks and leverage the opportunities of the transition.

In today’s volatile and complex world, trust is the new currency. Trust is more than just a value; it’s the foundation upon which successful businesses and societies are built. Companies today must earn trust with stakeholders — customers, suppliers, employees, lenders, investors, regulators, and others — on a broad spectrum of issues. From financial statement audits to sustainability reporting to data security, we bring our multidisciplinary expertise to bear as our clients seek to build trust and deliver sustained outcomes for their stakeholders.

As we work through the challenges and opportunities ahead, our commitment to trust through transparency, integrity and responsible practices remains firm. By focusing on these principles, we can reinforce the trust our clients, stakeholders and society place in us. We know that in order to earn and maintain the trust of our stakeholders we need to take a hard look at ourselves and be transparent when we don’t get it right, as we did in September this year after our audit firm in China was sanctioned for its work on Evergrande, a large Chinese property company. At PwC, our more than 370,000 people around the world are busy every day producing high quality work with purpose and integrity. The findings on the Evergrande audit are in stark contrast to that high quality work and are not representative of what we stand for. We hope that our actions relating to the matter, including leadership accountability, conveyed the seriousness of our commitment to quality and integrity in all that we do.

We look forward to continuing to work together to achieve our shared goals and aspirations, building a sustainable and prosperous future for all.

Mohamed Kande
Global Chairman