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 -