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  • Capital Markets 2020 report download: PwC
    Diversity and inclusion Analyst relations Alumni Member firms worldwide Live events and discussions Strategy Research insights View featured Browse by issue Browse by industry Browse by service Monthly highlights Spotlight The CEO agenda CEO insights blog Careers About PwC Technology careers Employer of choice Our history PwC Professional Employability Aspire to lead PwC s series on leadership and gender equality Country job search Explore careers with Strategy Press room Facts and figures Press contacts Analyst relations Global International PwC Sites Commonly visited PwC sites Global Australia Brazil Canada China Hong Kong France Germany India Italy Japan Mexico Middle East Netherlands Russia Singapore South Africa South Korea Spain Sweden Switzerland United Kingdom United States Complete list of PwC territory sites Download the Capital Markets 2020 Report PwC Download Capital Markets 2020 The world of 2020 will be more complex for the users of capital markets More fragmented providers fewer products less customisation and higher cost of services will be the order of the day Successfully managing risk liquidity funding and investment returns in this world will require greater focus attention and creativity than before Capital Markets 2020 Home Emerging trends and imperatives Explore the data About the survey Download the report

    Original URL path: http://www.pwc.com/gx/en/industries/financial-services/banking-capital-markets/capital-markets-2020/download.html (2016-02-10)
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  • World Watch , PwC’s women in work index: PwC
    women participating in the workforce is rising there is still a gap between male and female participation with men more likely to be in a job than women The Women in Work index looks at employment and pay data across the 27 countries that are part of the Organisation for Economic Co operation and Development Once again the Nordic countries dominated the index Norway topped the table with only a six percent pay difference between men and women and a four percent labour force participation difference Though some countries have shown improvement like the US and Hungary partly due to a narrowing of the wage gap conditions are still not ideal for women Female unemployment increased across the OECD perhaps reflecting continuing global economic uncertainty in countries such as Spain and Portugal The data show that women seem to be hit harder by economic crises than men they suffer from higher rates of unemployment lower pay and lower full time work force participation Though in some countries where economic recovery is underway such as the United Kingdom women are benefiting from the change in greater numbers than men albeit form a lower starting point Gender pay gap Perhaps most glaring is the significant pay gap across the OECD at an average of 15 with even extremely developed markets such as the United Kingdom posting wage gaps of 17 Where there are improvements in employment rate and pay they are often very slow one or two percentage points Those countries that show radical improvements in some measurements have often enacted laws to help deal with these discrepancies Female boardroom membership for example increased across the OECD by around 4 with the largest increases observed in those countries with specific targets PwC economist Yong Jing Teow said if we want to see

    Original URL path: http://www.pwc.com/gx/en/services/audit-assurance/corporate-reporting/world-watch/pwc-women-in-work-index.html (2016-02-10)
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  • World Watch , Remuneration Clawbacks: PwC
    China Hong Kong France Germany India Italy Japan Mexico Middle East Netherlands Russia Singapore South Africa South Korea Spain Sweden Switzerland United Kingdom United States Complete list of PwC territory sites Clawbacks are top of mind for the C suite 11 Mar 2015 Remuneration clawbacks are getting more airtime in the news and the boardroom Executive compensation clawbacks are nothing new but recent as well as upcoming changes to laws in the United States have seen many companies altering their clawback strategies and reporting clearly on their policies Compensation clawbacks are generally seen as a way to incentivise certain behaviours and to hold employees accountable for their actions It s rare to see them exercised but with the growing number of companies installing additional provisions that may change A PwC survey of Fortune 100 companies and other large established enterprises revealed that 90 have clawback policies The most common 73 require an employee to have caused false or incorrect reporting of financials but 27 require repayment of compensation without personal accountability A further 83 state that misconducts would be another reason to claw back cash or shares There was some difference observable between industries In 71 of energy businesses fraud was a clawback trigger But in only 25 of auto airline and insurance businesses was fraud considered a trigger A clawback trigger is one thing Actually enforcing the policies is another Fully 76 of companies operate discretionary clawback policies meaning over three quarters of triggered clawbacks will actually be decided on a case by case basis Only 14 of clawback policies were totally mandatory And what gets clawed back is also subject to policy decisions Most companies 84 reported that their clawback policies covered both stock and cash but there was a small minority that would only collect cash 7

    Original URL path: http://www.pwc.com/gx/en/services/audit-assurance/corporate-reporting/world-watch/remuneration-clawbacks.html (2016-02-10)
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  • World Watch , Much more on non-executive directors’ plates: PwC
    publicly aired and are attracting no small amount of criticism too The research shows that initiatives like the UN s Principles for Responsible Investment are drawing more attention to areas that are part of many investors long term sustainability agendas beyond just green issues While environmental sustainability and natural capital is still a key part of the sustainability agenda it s now regularly packaged with pressure for responsible remuneration strategies better communication with shareholders increased diversity and more intense discussions of risks such as cyber security and tax treatments In response to additional pressure the average time commitment of boards is increasing and boards are spending more time discussing issues important to shareholders like executive compensation But the PwC research shows that there is certainly more work for non executive directors to be tackling For example many non executive directors are happy with the level of strategic information they receive apart from when it comes to competitor research But there are information gaps they aren t as aware of such as cyber security A full 67 of non executive directors have not discussed for example a company s cyber security failure insurance which in the event of an attack could be business critical But even as shareholders pressure boards to keep up to speed non executive directors are having valuable and effective discussions about behaviour tone from the top with employees lower than executive management level This is something that shareholders have long advocated as crucial for the right behavioural culture to truly work throughout the business Where boards succeed on one issue there is seemingly always ground to be made up on another Diversity is a particularly prominent cause and one that s not likely to go away Board gender diversity is changing but only very slowly and only

    Original URL path: http://www.pwc.com/gx/en/services/audit-assurance/corporate-reporting/world-watch/non-executive-directors-report.html (2016-02-10)
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  • EU audit legislation enhancing audit quality of bank audits: PwC
    institutions in the EU Within the EU legislators regulators and capital market participants have raised concerns regarding the quality of audits of financial institutions and of banks in particular Some of the measures introduced in the recent audit reform legislation such as mandatory audit firm rotation and further restrictions on the provision of non audit services NAS by the auditor to their audit clients were designed to address these concerns Some fo the EU member states are considering introducing shorter rotation terms and additional restrictions on NAS for financial institutions than for other Public Interest Entities PIEs We believe there are better and more effective ways to address these concerns and we set out in the following Point of View our thoughts and ideas on how to enhance the audits of financial institutions More points of view on audit and regulatory affairs Competition and choice in the audit market How do artificial market interventions like mandatory auditor rotation and audit only restrictions impact audit market competition PwC says they increase costs and reduce efficiency Audit independence and integrity At PwC independence objectivity and integrity are at the heart of everything we do Download this PwC Point of View to learn where we stand on new safeguards and measures to maintain or regain public trust Audit independence regulations and business services At PwC objectivity quality and integrity are at the heart of everything we do Download this PwC Point of View to learn where we stand on proposals to limit the scope of services that audit firms can provide Audit the Big Four and proposals for reform Download this PwC Point of View to learn where we stand on European Commission proposals to curb the collective reach of the Big Four accounting firms and on the benefits of scale for a

    Original URL path: http://www.pwc.com/gx/en/services/audit-assurance/publications/regulatory-debate/enhancing-audit-quality.html (2016-02-10)
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  • Metals , Forging ahead 2015 outlook and 2014 review: PwC
    debate Genesis Park Diversity and inclusion Analyst relations Alumni Member firms worldwide Live events and discussions Strategy Research insights View featured Browse by issue Browse by industry Browse by service Monthly highlights Spotlight The CEO agenda CEO insights blog Careers About PwC Technology careers Employer of choice Our history PwC Professional Employability Aspire to lead PwC s series on leadership and gender equality Country job search Explore careers with Strategy Press room Facts and figures Press contacts Analyst relations Global International PwC Sites Commonly visited PwC sites Global Australia Brazil Canada China Hong Kong France Germany India Italy Japan Mexico Middle East Netherlands Russia Singapore South Africa South Korea Spain Sweden Switzerland United Kingdom United States Complete list of PwC territory sites Metals Deals Forging Ahead 2015 outlook and 2014 review Download We open our report with a discussion of some of the main themes we expect to be at work Deal activity remained relatively subdued in 2014 Total deal value fell away to levels last seen in 2009 and 2003 the earliest report in our annual series Indeed 2014 s total deal value was less than half of that recorded in seven of the last 11 years With economic growth forecasts being adjusted downwards and the uncertainty over the direction of commodity prices we don t expect dealmakers to be rushing to the table in 2015 Looking ahead we see dealmaking in the sector being primarily driven by specific country industry or company considerations rather than by the global cycle the direction of which remains uncertain The urge to make deals solely to achieve industry consolidation is gone This report is the latest annual review edition in our Forging Ahead series on dealmaking in the sector It sits alongside our quarterly Forging Ahead reports and is one of a

    Original URL path: http://www.pwc.com/gx/en/industries/metals/publications/forging-ahead-global-metals-deals-2015-outlook-and-2014-review.html (2016-02-10)
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  • World Watch , Oversight accounting changes: PwC
    view of companies financial reporting and that includes accounting changes says Mary Ann Cloyd World Watch You wrote this month in your Audit Committee excellence series that overseeing accounting changes including the new revenue recognition standard is a big responsibility for the audit committee For our non expert readers could you explain why that is Mary Ann Cloyd Sure Accounting changes can have significant ramifications on a company s financial reporting and disclosures and these need to be carefully planned for and communicated to investors and other stakeholders The changes sometimes affect operations systems processes and controls too so companies have to prepare for that It s important for the audit committee to anticipate and understand what s going on the adoption strategy and readiness for the change what the impacts will be and so on WW So when it comes to understanding accounting changes how can audit committees do that to the best of their ability MAC Well it s partly about time focusing on proposed changes early in the process and allowing sufficient time to fully vet and understand them The audit committee will want to discuss key aspects of old and new policies with management and also get the external auditor s perspectives WW And what are some keys as to how the audit committee can exercise effective oversight MAC I think one important thing is that the committee should be aware that it s not just reported net income that might change it s other financial statement line items too Also effective audit committees appreciate the importance of management addressing the effect of the change across the entire company versus a silo approach that just focuses on the financial statements WW So the audit committee has to look at the changes at a company wide and a line by line level MAC That s right I think companies that properly consider the ripple effect of an accounting change often have better execution and avoid surprises New accounting policies can impact business models Maybe an existing strategy practice or policy has a different implication under the new accounting policy But new opportunities may also present themselves Leading audit committees inquire whether management has holistically considered the change including the impact on IT systems This is especially true with the new revenue recognition standard WW Could you elaborate a little more MAC Many companies will experience a significant accounting change when adopting the new standard It could alter the way they recognise revenue which could then affect the way they negotiate with customers or even price their products and services It s possible that some companies may experience greater volatility in reported earnings It s vital that the audit committee is on top of this WW What are just a few of the things that audit committees should consider in their oversight of the new revenue recognition standard MAC Well one is that management will have to use a lot of judgement when implementing the standard It is

    Original URL path: http://www.pwc.com/gx/en/services/audit-assurance/corporate-reporting/world-watch/oversight-accounting-change-audit-committee.html (2016-02-10)
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  • World Watch , What is chief data officer role: PwC
    ground among C suites aiming to manage data and its risks and grasp its opportunities too Financial firms are focused like never before on finding ways to manage and govern data to comply with regulation keep pace with customer demands and create competitive advantage To do this says a paper by PwC s stateside financial services team the C suite is hiring namely a chief data officer CDO Regulatory mandates stemming from the Volcker Rule of the Dodd Frank Act relating to capital planning have complicated the ways in which financial institutions aggregate and manage data During recent stress tests several large US banks had test submissions that failed because the quality of the data was not up to scratch But it s not just regulatory compliance that s at issue Strong data management principles are a key foundation for strong risk management Financial institutions that don t manage risks are fishing for a fine and likely to lose customers Opportunities But though regulatory compliance and risk management are becoming more complex there are other reasons for the elevation of key information management positions to the board room Many institutions are well aware that strong data governance requires excellent data quality and robust architecture and analytics capabilities And they are aware that this kind of information can provide a competitive advantage when it comes to protecting and reaching customers offering innovative products and cutting costs PwC s paper cites a Gartner study of large global enterprises that indicates 25 of large global enterprises will have a CDO by the end of 2015 Though firms are continuing to refine how the role looks three key areas of responsibility have risen to the top data architecture and technology data analytics and data governance Three parts governance to one part everything else At the moment according to the paper s own research 77 of CDOs are governance focused But the other areas of responsibility are growing in stature too Data architecture for example looks at how data is sourced integrated and consumed across organisations In depth consideration of this is likely to lead to efficiencies Data analytics is arguably the area with the most potential Advances there can reduce operational cost and reveal insights into customers not possible before Though these areas seem to occupy most of the CDOs attention at the moment the scope of and expectations for the role are constantly evolving Part of that evolving scope is a change in reporting lines Existing CDOs are becoming more strategically aware on a business level and more is being asked of them in this space too Many organisations are abandoning the idea that data is a technology issue only and incorporating its insights and potential into enterprise level thinking Internal hurdles But while the number of CDOs is growing and their importance to the board is crystallising they still face many internal challenges PwC s paper names funding scepticism and recruitment as initial challenges The CDO function often requires a lot of

    Original URL path: http://www.pwc.com/gx/en/services/audit-assurance/corporate-reporting/world-watch/chief-data-officer-role.html (2016-02-10)
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