Accountability

Partners are remunerated based on their level of responsibility, the firm and their business unit’s performance, and individual performance. Our audit partners are not evaluated or compensated for selling non-audit services to their clients. Partners are evaluated based on their contributions to people, quality and profitable growth. Partner accomplishments are measured based on the partner’s relative performance against established goals, taking their responsibility level into account. Partners are also held accountable in accordance with our accountability framework,  which imposes financial sanctions on partners who do not meet our high standards of quality. This accountability framework aims to address failures in quality identified by our own internal risk and quality review processes, by the inspection of external regulators, or by other means. The framework also addresses the responsibility of leadership in promoting quality, including the quality of its response to regions, offices and partners that perform below acceptable standards.

• Average age of partners: 44.9
• Average tenure of partners: 6.82

Our distributable profit per partner is calculated on a pre-tax basis and the taxes borne individually by our partners include both income and corporation tax on subsidiary profits.

Partner development and wellness programmes 

During the 2020/2021 financial year a number of partner development programmes were presented in addition to technical skills development and other professional continuous development programmes. These focused on developing partners’ business skills, and were presented by local business schools and specialists as well as internationally through the PwC network.

During the financial year, partners spent 13 060 hours on professional and personal development – an average of 46.6 hours per partner for the 2021 financial year.

Sixteen partners took a two-month sabbatical during the financial year. All partners who have a tenure of more than five years are encouraged to apply for a sabbatical, which is approved in accordance with our sabbatical policy.

Investment

The total amount invested in our partners’ development for the financial year is estimated to be R5 412 000. This amount includes only payments to external service providers and not the actual or opportunity costs of using mainly internal resources to deliver technical training.