The firm’s principal leadership and governance bodies are the Strategic Leadership Team (SLT), which runs the firm as an executive function, and the Partnership Governance Board (PGB), which provides oversight of the SLT on behalf of the members (normally referred to as the “partners” *).
You can find out more about how these bodies work together to lead and support the firm below.
Three INEs are positioned as part the PGB, and attend its meetings as well as being invited to partners’ meetings and meetings with the CEO, and other leadership as appropriate.
The INEs who sit on the PGB are responsible for moderating the overall governance of the firm, enhancing its performance in meeting the purpose of the Audit Firm Governance Code (AFGC), and ensuring that the firm’s operations are aligned to its public interest role and that it maintains and improves the quality of its audits.
INE appointments are subject to FCA conduct rules. Appointment to Chair of the PGB is subject to formal FCA approval.
There is also one INE positioned on our Audit Quality Board.
In addition to the SLT and the PGB, the firm has several other governance bodies in place who work to ensure that the firm maintains and improves the quality of its operations, particularly its function as a licensed auditor acting in the public interest.
On behalf of the PGB, the Risk and Audit Committee oversees the firm’s risk management and external audit processes.
Risk and audit committee’s terms of reference (PDF) [ 128 kb ]
On behalf of the PGB, the Remuneration Committee reviews our partner profit-share process, the remuneration of the leadership team, associated diversity indicators and partner exits.
On behalf of the PGB, the Investments Committee considers specific circumstances relating to matters including capital and investment expenditure, disposals and property.
The Public Interest Committee, which consists of those INEs who are positioned on the PGB, oversees the firm’s procedures for ensuring audit quality and serves to enhance stakeholder confidence in the public interest aspects of the firm’s activities.
Public interest committee's terms of reference (PDF) [ 93 kb ]
The Audit Quality Board advises the SLT on maintaining and improving the quality of its audit processes.
The Nominations Committee is primarily responsible for the recruitment, induction and performance evaluation of our INEs. They are also involved in facilitating and reviewing the process to appoint partner- members onto the PGB.
* Not all partners are members of Grant Thornton UK LLP. The term “partner” is also used by the firm to represent some of its most senior people who are employees.