PwC Adds Two Independent Directors to its Board

JUNE 22, 2017  RECENT DEVELOPMENTS

According to the Wall Street Journal, PwC recently added two (2) independent directors to the partnership's governing board, a move that has been encouraged in regulatory circles but is not required in the US.  PwC, which indicated they are adding outside directors as a means to improve governance of the firm (for example, by providing additional perspectives and diversity to the Board), is the first Big 4 accounting firm to do so. 

The article indicated, 'In 2008, a Treasury Department advisory committee on auditing said such a move “could improve investor protection through enhanced audit quality and firm transparency”' and also noted that Steve Harris, a member of the Public Company Accounting Oversight Board, advocated the idea in a speech last month, saying independent directors represent “basic sound governance practice.” 

I applaud the move and am sure others will as well -