The Partnership Governance Board (PGB) is the highest governance body of the firm and is responsible for the protection of members’ interests and oversight of the management board. Its main duties are developing the firm’s Statement of Principles, overseeing profit-sharing, and approving the firm’s leadership structure, including appointment of the CEO. In all this, the PGB also ensures that the firm looks beyond the short-term interest of the partners and fulfils its public responsibilities.
The PGB consists of members elected by the partners, three independent non-executive members (INEs), and up to three ex-officio non-voting members (this varies from time to time). The partner-elected members are appointed for a three year term, and may be re-elected for one further consecutive term.
You can find out more about the PGB’s structure and specific responsibilities in our terms of reference (PDF) [ 273 kb ]
Independent non-executives (INEs)
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.
In 2020, we also appointed INEs to Chair our Audit Quality and Ethics Boards.
You can find out more about the INE’s specific responsibilities in our terms of reference (PDF) [ 198 kb ]
Other governance bodies
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.
Risk and Audit Committee
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) [ 117 kb ]
Remuneration and Profit Share Committee
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.
Remuneration committee’s terms of reference (PDF) [ 97 kb ]
Investments Committee
On behalf of the PGB, the Investments Committee considers specific circumstances relating to matters including capital and investment expenditure, disposals and property.
Investments Committee's terms of reference (PDF) [ 93 kb ]
Public Interest Committee
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) [ 94 kb ]
Audit Quality Board
The Audit Quality Board advises the SLT on maintaining and improving the quality of its audit processes.
Audit Quality Board's terms of reference (PDF) [ 104 kb ]
Ethics Board
Our Ethics Board aids, through oversight and support, the firm’s leadership in meeting the firm’s responsibilities under the UK Ethical Standard.
Ethics Board's terms of reference (PDF) [ 324 kb ]
