Legal structure, leadership and As members of the PwC network, PwC ifrms share governance knowledge, skills and resources. This membership facilitates member ifrms to work together to provide Network structure and member ifrms quality services on a global scale to international and In many parts of the world, the right to practise audit local clients, while retaining the advantages of being and accountancy is granted only to ifrms that are local businesses – including being knowledgeable majority-owned by locally qualiifed professionals. about local laws, regulations, standards and practices. PwC is a global network of separate ifrms, operating locally in 156 (FY20: 155) countries around the world. Network Leadership Team As of 30 June 2021, the PwC network has 637 active The Network Leadership Team (NLT) sets the overall and client-facing entities. The partners in each ifrm strategy for the PwC network and the standards to elect a Territory Senior Partner to lead that ifrm for a which member ifrms agree to adhere. In FY21 PwC’s ifxed term. The length of this term, and the maximum latest strategy - The New Equation - was launched “Consistent high standards across number of terms for which any Territory Senior Partner and its roll-out began across the PwC network. The everything we do are fundamental to the can be elected, are set by each member ifrm. NLT is made up of the Global Chairman of the PwC success of PwC. Our global governance network - currently Bob Moritz; the Territory Senior board plays a key role in overseeing the PricewaterhouseCoopers International Limited Partners of the member ifrms in China - Raymund rigorous standards that every PwC ifrms are members of PricewaterhouseCoopers Chao, the UK - Kevin Ellis, and the US - Tim Ryan; PwC member ifrm agrees to comply International Limited (PwCIL), a UK private company and a iffth member appointed by the Global Board, with and the monitoring of compliance.” limited by guarantee that facilitates coordination currently the Chairman of PwC Europe - Harald between member ifrms. PwCIL does not practise Kayser. The Global Chairman of the PwC network Lisa Sawicki, accountancy or provide services to clients. It works and the iffth member may serve for a maximum of Governance Chair of PwCIL to develop and implement policies and initiatives two terms of no more than four years each in their to create a common and coordinated approach for respective capacities. The terms of the other NLT member ifrms in key areas such as strategy, brand, members are limited by the arrangements in their risk, and quality. respective ifrms. The NLT met 32 times in FY21 (FY20: 32). In FY21 all NLT meetings were held virtually. Member ifrms have the right to use the PwC name and to request the resources and methodologies Strategy Council of the PwC network. In return, member ifrms agree The Strategy Council, which is made up of the to abide by common policies and standards. Each Territory Senior Partners of the 21 largest member member ifrm agrees to pay its allocated share of ifrms and regions, agrees on the strategic direction network costs. of the network and facilitates alignment for the