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 (the “partners”).
You can find out more about how these bodies work together to lead and support the firm below.
Strategic Leadership Team
The CEO is empowered to appoint the SLT. This team ensures that the firm develops and maintains the high standards of quality, responsibility and innovation that ensures our status as a profitable and sustainable firm with an excellent reputation for regulatory compliance.
The SLT communicates frequently with the partners and employees on a wide range of issues, including current developments, to ensure that the firm’s values are constantly in action.
Partnership Governance Board
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.
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.
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.
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.
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.
Audit Quality Board
The Audit Quality Board advises the SLT on maintaining and improving the quality of its audit processes.
Our Ethics Board aids, through oversight and support, the firm’s leadership in meeting the firm’s responsibilities under the UK Ethical Standard.