Bermuda leader’s role in PwC’s New Equation
PwC, the network of professional services firms in 155 countries, has announced a new strategy and commitment to invest in digital, diversity and ESG with a $12-billion investment over the next five years.
It will create more than 100,000 new jobs globally across the PwC network, including at PwC firms in the Caribbean.
Arthur Wightman, PwC Bermuda territory leader and ESG leader for PwC in the Caribbean, will play a key role in this endeavour.
He has been chosen to lead Bermuda and the Caribbean’s efforts in one of the three areas of focus, ESG (environmental, social and governance).
PwC will deploy immersive training opportunities for partners and other staff to better understand the immediate pressures that clients, governments and others will be under from shareholders and other stakeholders, to perform and deliver in ESG and support organisations to govern responsibly and inclusively to build long-term resilience.
Mr Wightman said: “Our new strategy, The New Equation, will define PwC’s vision for serving clients in a world that is irrevocably changed. It’s a new approach in how we see opportunities to serve businesses as they work to build trust and deliver sustained outcomes to their stakeholders.
“This refreshed strategy speaks to the two most fundamental needs organisations are dealing with today.
“First is the urgency to find new ways to solve problems in the face of fundamental changes in the world. The challenges and opportunities of the future — defined by climate change, technological disruption and shifting geopolitics — will need new, unconventional, surprising combinations of skills to solve.
“Second is the need to build trust at a time when it is both more fragile and more complicated to earn. Our new strategy will enable us and our clients to further Bermuda’s economic development and create more opportunities for society at large.
“As a firm we are investing heavily in technology and digital upskilling of our people especially in the areas of cloud, cyber, analytics, tech alliances and products and emerging technologies.
“As we look towards a future that is human-led and tech-powered, our teams are focused on helping organisations deliver in the areas of sustainability, transactions, risk management and transformation.
“In terms of our own ESG journey, PwC Bermuda has made a number of commitments to advance diversity and inclusion, including a target set for 50 per cent of the partners of PwC firms operating in the Caribbean to be women by 2030.
“Our firm has also committed to achieve net-zero greenhouse gas emissions by 2030.
“These commitments are grounded in PwC’s purpose: to build trust in society and solve important problems. By doing this we aim to make a meaningful difference in our world.”
The ESG focus will not just be in the Caribbean.
PwC will expand Centres of Excellence for specialists on key ESG topics, including climate risk and supply chain.
A global ESG Academy is being created to enable all PwC partners and staff to integrate the fundamentals of ESG into their work.
One thousand partners from sixty territories across the network have already completed an in-depth six-week programme focused on business issues resulting from critical global trends.
Apart from ESG, the network of firms is committed to achieving net-zero greenhouse gas emissions by 2030.
PwC in the Caribbean has appointed Gerry Mahon, a partner in the East Caribbean firm, as its regional net zero leader.
The aim is to enable faster progress based on local plans including initiatives to more accurately define carbon emissions and set targets for emissions reduction, such as air travel; conduct internal energy audits; and move towards electric or hybrid vehicles, where available.
PwC said that it will “build trust and progress around inclusion and diversity by further enabling our inclusion and diversity [I&D] councils across the region to drive action”.
It added: “Under the stewardship of Leighton McKnight, territory leader, PwC Jamaica, and building on our past successes, firms in the region will further refine I&D goals, including a target to have 50 per cent of the partners of PwC firms operating in the Caribbean represented by women by 2030.
“We incorporate accountability to realise those goals and build an inclusive culture at PwC that will attract and retain the best diverse teams.“
PwC also said that Caribbean plans include a commitment to “invest $1.4 million in upskilling our people and additional significant investments in technology and digital solutions to rapidly build capabilities in areas of value to our clients and stakeholders.
“Trishia Ogilvie, a partner in the Cayman Islands firm, is the regional leader with oversight for digital upskilling.”
Bob Moritz, global chairman of PwC, said: “The profound changes in the world mean that to succeed, organisations need to create a virtuous circle between earning trust and delivering sustained outcomes.
“By bringing our unique combination of capabilities together, and matching it with serious investment and our commitment to quality, we can help them do that.
“In doing so, we will help clients unlock value for shareholders, stakeholders and wider society."
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