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  • Corporate performance: what do investors want to know?
    explained Notes can be organised in different ways but must be easy to find Management teams should clearly show how the financial results relate to the business model identified risks and the company s strategy Many investment professionals find it hard to see how a company s income statement balance sheet and cash flow statement fit together It is worth making the effort to explain this Moving management commentary into the financial statements or providing better links could help investment professionals in analysing company performance More integrated reporting could enhance investment professionals analysis Management teams that provide high quality integrated reports that tell a clear story not only help investment professionals but also enhance their own reputations and capital raising potential With the growing momentum towards more future orientated integrated reporting we asked investment professionals around the world for their views on what constitutes useful corporate reporting and where they see opportunities for management teams to improve on today s reporting The quality of a company s reporting impacts their perception of management quality Reporting quality could even have a direct financial impact for companies only 11 of survey participants disagree with the idea that annual report disclosures about strategy risks opportunities and other value drivers can have a direct impact on a company s cost of capital Explaining the business model clearly is an important part of high quality reporting Most investment professionals primarily want business model explanations to focus on how a company generates cash and generates value that will become cash in the future In order to be meaningful an explanation of a company s business model needs to link to its overall strategy There are a number of effectiveness gaps in the reporting of key risks to the business model Investment professionals want to know how these risks are managed or mitigated However although understanding management s view of potential risks and their mitigation strategies is important too much boilerplate disclosure is impeding that understanding They like to see linkage between different elements of company reporting Among those we surveyed 87 say that clear links between a company s strategic goals risks KPIs and financial statements is helpful for their analysis The annual report remains a valuable source document not only for financial information but also in relation to governance matters and environmental social and human capital topics It is also important for explaining strategy risks and opportunities The reliability and comprehensiveness of the annual report are its key strengths Reporting adjusted performance measures When investment professionals analyse a company their goal is to understand the quality and sustainability of its underlying or core performance They want insight into what drives profits year on year and the measures that management teams consider to be market moving They want to understand the impact on company performance of management actions relative to general market conditions Adjusted performance measures APMs are widely reported by companies alongside GAAP based results Based on interviews with investment professionals around the world it

    Original URL path: http://www.pwc.com/gx/en/services/audit-assurance/corporate-reporting/investor-view/investor-survey-edition.html (2016-02-10)
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  • World Watch: Risk resilience leadership in focus: PwC
    all the while dousing the flames The paper says that to begin building a resilient organisation leaders should ask themselves four questions what are the top five risks facing my organisation Which of our assets are exposed and how vulnerable are they What actions can address these risks relative to what is being done currently What support is needed and from whom As a starting point coming up with the top five risks that your company faces is likely to leave you with a list of specific events that could wreak havoc cyber attacks floods fiscal crises But the effects of one overarching risk will linger long after the others have run their course reputational risk What happens to a company s reputation when risks become reality And what can companies do to protect themselves A company s reputation is built on trust An undermining of that trust that can destroy your business model Customers might flock to other providers suppliers suddenly don t want to be seen standing next to you no one trusts you with their data or their money Reputation goes right to the heart of the organisation The ability to deliver on promises to customers employees investors regulators and the media is the foundation of that trust and consequently of the organisation It s hugely important for the board to make sure that the company s purpose vision and values align with current societal values and are carried out by their employees It s no good having a corporate purpose that isn t aligned with cultural norms even if it is followed by your employees And the opposite is true too It s admirable to have an ethical vision for your company but useless if your employees don t get it or aren t invested in implementing it But these are less concrete things that we re talking about here Some would argue that it s hard to know exactly what society believes is within the bounds of decency until you cross the line And how can you set clear behavioural expectations so that your people can espouse your purpose and values More and more organisations especially banks are opting for cultural assessments Diving into the cultural reality of the day to day operations of a company allows you to build address areas of concern Behavioural change programmes will have a stronger impact if you know your audience For example a common concern is leadership visibility so reinforcing to leadership the need for their presence both face to face and on social media is important And one size won t fit all obviously you need to focus on the behaviours that most resonate with the organisation Having a look at history can tell you how values have changed and might offer a few lessons as to how they might shift in the future A yesterday today and tomorrow lens can help companies remain aligned to their own and society s values But it isn t all

    Original URL path: http://www.pwc.com/gx/en/services/audit-assurance/corporate-reporting/world-watch/risk-resilience-leadership.html (2016-02-10)
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  • World Watch: CEOs need to hire, but can they find the right skills? : PwC
    sites CEOs need to hire but can they find the right skills 17 Jul 2014 A survey Adapt to survive commissioned by LinkedIn and carried out by PwC shows a strong correlation between the adaptability of talent in a particular country and the performance of its companies The survey sampling LinkedIn s 277 million members and using PwC s Saratoga database of more than 2 600 employers suggests that markets with the most adaptable talent are more efficient and productive Estimates in the survey show that a better talent fit in the 11 countries surveyed could unlock a total of 130 billion in additional productivity Recruiting and retaining adaptable talent therefore is not just about organisational upward mobility but about wider economic health But seismic shocks to the global economy have according to CEOs disrupted typical workforce practices Research suggests that demographic shifts are conspiring to make talent management and even basic recruitment a huge challenge for businesses at a time when they need the talent most and when many around 50 are looking to expand their headcount An ageing population a drop in the working age population educated nationals returning home and the elimination of jobs by technology all threaten to leave businesses high and dry Survival say experts will rest on CEOs ability to manage these powerful global trends by making their businesses as risk resilient as possible But around 63 of executives are worried about the availability of key skills and more have greater confidence that the global economy will improve than that their own business will grow The commissioned survey suggests some actions that various stakeholders including educators employers and the government can take to mitigate or harness the effects of demographic economic and technological trends For individuals it s recommended that they future proof their

    Original URL path: http://www.pwc.com/gx/en/services/audit-assurance/corporate-reporting/world-watch/ceos-skills-hire.html (2016-02-10)
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  • RiskMinds 2014: PwC
    from RiskMinds will equip you with the latest updates on new regulatory proposals to help you to lead your risk management function through the upturn in light of recent regulatory political and economic change PwC has been the lead sponsor of this conference for two decades Our theme for the 2014 event is Managing for success within binding constraints Our Speakers Monday December 8th Mike Alix Global banking at a crossroads Tuesday December 9th Dominic Nixon Chairman s Opening Address Bhushan Sethi Establishing Risk Culture Defining The Right Leadership And Employee Behaviours Incentives And Rewards Chris Matten Working Lunch Presentation That Shrinking Feeling Tracing The Changing Shape Of The European Banking Industry Wednesday December 10th Chris Matten Stream Chairmanship The Future for Finance and Risk Management Julien Courbe Cyber risk George Stylianides Champagne Roundtable Thursday December 11th Matthew Tod Social media risk RiskMinds 2014 Conference Programme Click here to go to the ICBI Risk Minds website to download the programme and for further information Conference Materials At RiskMinds 2014 PwC launched Points of View to support the Global FS Risk practice and the year s theme of Managing for success within binding constraints Each of these Points of View highlight a key area of FS Risk that is important to consider Operational risk appetite Turning regulatory stress testing into competitive advantage The Role of model review Model Risk Management and Continuous Model Monitoring In focus Blurring the lines between risk and finance to achieve clarity That shrinking feeling Tracing the changing shape of the European banking industry Contacts We help our clients to align their risk and business strategies so they re more successful Because putting risk at the centre of your business is now more important than ever before To find out more visit www pwc com banking Dominic

    Original URL path: http://www.pwc.com/gx/en/industries/financial-services/banking-capital-markets/publications/risk-minds-2014.html (2016-02-10)
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  • Audit & assurance: Auditor reporting - An overview of global developments: PwC
    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 Auditor reporting Momentum builds towards more informative reports Download The debates that will shape the auditor s report of the future are moving forward and the look and feel of the new enhanced reports are starting to crystallise One thing is clear the audit reporting model is going to change at least for listed companies While many preparers have reservations investors welcome what they recognise is a sea change and auditors are on a learning curve This booklet provides an overview of the developments the reactions so far and some of the questions that are still being debated Audit and assurance services Financial statement audit Corporate reporting Integrated reporting Good practices Governance reporting Investor view Survey Webcasts Remuneration people and tax reporting Management and board reporting World Watch magazine Governance Corporate reporting Financial reporting Assurance Library of articles Talk to us IFRS reporting Regulatory compliance Sustainability reporting Capital markets Equity Advisory Execute an IPO Execute a debt offering Capital markets research and insight Capital markets contacts Accounting advisory Meet the Experts 2015 Accounting advisory services Risk assurance Gamechangers for the enlightened board Building digital

    Original URL path: http://www.pwc.com/gx/en/services/audit-assurance/publications/auditor-reporting-an-overview-of-global-developments.html (2016-02-10)
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  • World Watch: EU data protection cyber: PwC
    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 Cyber EU steps up on data security and privacy 27 May 2014 Cyber security experts are telling companies operating in Europe that they need to prepare their businesses for the impacts of upcoming changes to EU data protection laws EU data protection is set for an overhaul On 12 March the European Parliament supported by a large majority proposals for a new EU wide General Data Protection Regulation expected to be launched and enforced by 2016 The proposed changes aim to put people in control of how their personal data is collected stored used and transmitted The laws on data protection have not been updated since the advent of social media and widespread e commerce the proposals aim to provide a single set of rules that will replace the national laws currently governing data protection Underlining the seriousness with which matters of privacy and security are taken there is some discussion of penalty caps for serious breaches of up to 100m or 5 of global turnover under the updated EU data protection regulations For comparison in the UK the Information Commissioners Office is currently able to impose fines of only 500 000 for serious breaches Financial loss and cost to recover post breach are both rising said Mark Hendry a Cyber specialist at PwC But businesses also need to consider the impact to

    Original URL path: http://www.pwc.com/gx/en/services/audit-assurance/corporate-reporting/world-watch/eu-data-protection.html (2016-02-10)
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  • World Watch:Europe-shareholder-directive-transparency: PwC
    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 Europe proposes greater transparency again The European Commission has proposed a Directive to increase transparency for shareholders The Directive is part of the 2012 Corporate Governance Action Plan The Directive addresses Increasing the level and quality of engagement of asset owners and asset managers with their investee companies Creating a better link between the pay and performance of company directors Enhancing the transparency and shareholder oversight of related party transactions Ensuring the reliability and quality of advice of proxy advisors Facilitating the transmission of cross border information including voting across the investment chain Of these remuneration will cause a big splash for corporates in Member States where transparency and voting arrangements are lagging behind Alongside some challenging disclosure requirements including for instance the ratio between the average pay of the directors and the average pay of employees there is a new say on pay voting regime which requires the future remuneration policy to be put to a shareholder vote at least every three years The Directive also includes some very specific requirements around the activities and transparency of institutional investors and asset managers And in a move that may surprise some the Directive addresses proxy advisers when that industry was relatively recently the subject of a probe by the European Securities and Markets Authority which resulted in a recommendation for a code of conduct that is still a work in progress The wider Corporate Governance Action Plan was focused on enhancing transparency in areas important to shareholders and encouraging greater engagement between them and their investee

    Original URL path: http://www.pwc.com/gx/en/services/audit-assurance/corporate-reporting/world-watch/europe-shareholder-directive-transparency.html (2016-02-10)
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  • World Watch:UK-corporate-governance-code-revisions: PwC
    Korea Spain Sweden Switzerland United Kingdom United States Complete list of PwC territory sites UK Corporate Governance Code Revisions take the long term view 19 May 2014 The UK Financial Reporting Council FRC s consultation on amendments to the Corporate Governance Code the Code focuses on sustainability including having robust defences against risk aligning executive pay with sustained good performance and making a specific confirmation about the longer term viability of the business More specifically the current consultation document published as part of the usual two year cycle for update the Code proposes that among other things Companies should confirm that they have robustly assessed their principal risks and explain how they are being managed and mitigated Remuneration policies should be designed with the long term success of the company in mind There should be arrangements that will enable variable pay to be recovered or withheld when appropriate and directors should have to hold shares for a period after they have left the company before cashing them in As well as making the traditional going concern statement companies should state whether they believe they will be able to continue in operation and meet their liabilities for a period that they determine but which is expected to be significantly longer than a year disclosing the underlying qualifications and assumptions So after much deliberation in two previous rounds of consultation on implementing the principles set out by the Sharman Inquiry after the financial crisis and a lot of conflicting pushback from corporates and investors the FRC is now asking companies to make two separate statements relating to going concern in the annual report The first is a financial accounting based assessment that company will be a going concern for the twelve months following the approval of the financial statements and the second

    Original URL path: http://www.pwc.com/gx/en/services/audit-assurance/corporate-reporting/world-watch/uk-corporate-governance-code-revisions.html (2016-02-10)
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