Firm values mean nothing without personal integrity

A year or so back, PwC in Australia suffered brand damage after some inappropriate and racially insensitive behaviour by senior staff. See here.

Well, that’s not quite accurate. They suffered brand damage once news of the inappropriate behaviour got out. Until it became known, it was business as usual within PwC. Indeed, action against the senior staff was only taken once the “shxt hit the fan” publicly.

More recently an Australian PwC partner who had advance access to new tax legislation (he was a member of a government advisory panel) used that privileged information to assist his clients proactively organise to escape the impact of the new laws. Moreover, the partner shared that information with colleagues to win new business and so they could help their clients avoid tax, too.

One of those partners was the firm’s CEO. But he didn’t fall on his sword immediately, he only stepped down once it became known he had received information that should otherwise have been confidential.

Notice a pattern?

Values are breached when the breach occurs, not when news of the breach becomes public. Morals and integrity are what guide us to do the right thing, even if no one is watching. They give the values meaning. PwC claims to have certain values, but values are meaningless without high integrity and morals at the level of individuals.

Recent events suggest PwC may be lacking.

Read up here.