PwC Australia exited eight partners, including its former chief risk and reputation officer, following an investigation into the sharing of confidential government tax policy information at the firm.
Sean Gregory was removed for his failure to exercise “expected leadership or governance responsibilities to prevent these actions or to address the deficiencies in culture at the firm or hold others accountable for their behaviors,” PwC Australia said in a press release Monday. In total, the firm has named 12 individuals disciplined for their roles in the scandal, including former Chief Executive Tom Seymour.
Seymour will be recommended to be removed prior to his previously announced September retirement date, the firm said.
“Accountability is critical to improving our culture, and based on our investigation to date, it is clear that the conduct of a number of partners fell short of what was expected of them,” said acting CEO Kristin Stubbins in the release. “They are now being held accountable for their misconduct.”
PwC Australia in May announced enhancements to its governance and accountability procedures in response to the scandal, in which a former partner at the firm misused and shared with others confidential government tax plans as part of pitches to potential clients. The firm said it identified 76 current and former partners linked to the scheme.
PwC Australia last month announced it entered into an exclusivity agreement to divest its federal and state government business to Allegro Funds for $1. The business divested represented 20 percent of PwC Australia’s fiscal year 2023 revenue.
The firm will move forward with Kevin Burrowes as its new CEO. Burrowes will work with the firm’s new chief risk and ethics leader, Tony O’Malley, to implement changes recommended following an independent review of the firm’s culture and standards, PwC Australia said.