At KPMG we are guided by our values and doing great work that matters. We’re building a culture that is open, safe and inclusive, and operates to the highest ethical and quality standards. A culture and environment that is continually listening, learning and evolving.
Jon Holt / Group Chief Executive and UK Senior Partner, KPMG
Our Code of Conductopens in a new tab, which has been reviewed by the Institute of Business Ethics, provides guidance on how we bring our culture ambition to life through living our values, navigating ethical decisions, and speaking up if our employees witness anything of concern.
The steps we’ve taken to build our culture
We’re committed to creating a culture that enables our people and firm to thrive. We listen to feedback and continually monitor our progress against key areas to identify what’s working and where we need to take further steps to improve. There are five important elements to building our culture:
Our values guide everything we do
Our success and reputation depend on our people doing the right thing. Our Code of Conduct helps them understand how we do this and underpins everything we do. Built on the foundation of our values, Our Code is our guide to how we build trust through the way that we work and by doing the right thing. It also sets out the professional and personal standards expected of everyone who works at KPMG; this includes our profession’s core conduct standards, as set out by the ICAEW’s Code of Ethics.
Our values help us make ethical decisions, showing our clients, audited entities and stakeholders what we believe in and what matters to us.
Our values in action
Our series of ‘Our Values in Action’ sessions see leaders across the firm facilitate an hour-long session with their teams to bring our values to life. We launched these sessions two years ago to help build pride in, deepen widespread understanding of, and encourage conversations around our values.
In 2023, all colleagues and Partners were given the opportunity to attend ‘Values Immersion’ sessions. These sessions enable teams to have meaningful discussions about our values and share practical ways in which they can live them day-to-day. In 2024, all colleagues and Partners were given the opportunity to attend Our Values in Action sessions focused on our values of Integrity and Courage and were given resources on how to have a courageous feedback conversation.
We’re continuing meaningful discussion around our values with another series of sessions for all colleagues and partners in 2025, exploring how we put our value of Together into action.
In 2023, all colleagues and Partners were given the opportunity to attend ‘Values Immersion’ sessions. These sessions enable teams to have meaningful discussions about our values and share practical ways in which they can live them day-to-day. In 2024, all colleagues and Partners were given the opportunity to attend Our Values in Action sessions focused on our values of Integrity and Courage and were given resources on how to have a courageous feedback conversation.
We’re continuing meaningful discussion around our values with another series of sessions for all colleagues and partners in 2025, exploring how we put our value of Together into action.
89% / of our colleagues feel they know what they need to do to live Our Values in their day-to-day work
2024 Global People Survey1
(2023: 90%)
Colleagues who attended Our Values in Action sessions in 2024 gave an average
8 out of 10 rating for deepening their understanding of our values of Integrity and Courage, and for empowering them to have courageous conversations.
2024 Our Values in Action session feedback
Integrity
We do what is right
Excellence
We never stop learning and improving
Courage
We think and act boldly
Together
We respect each other and draw strength from our differences
For Better
We do what matters
Creating an open, safe and inclusive environment
We are committed to creating an environment where our people feel they can speak up without fear of retaliation. Where our people feel they will be listened to, and their concerns acted on. Where colleagues can thrive and reach their full potential, whatever their identity or background.
An open environment
We have a number of programmes in place where our people have the opportunity to share their thoughts and ideas, both with our Leadership team and fellow colleagues.
To support our values-led culture, all colleagues had the opportunity to attend an Our Values in Action Session facilitated by their Leader.
During Global Values Week in November 2023, we celebrated and reinforced our commitment to living our values. 150 UK colleagues joined an in-person interview between Jon Holt and Louis Theroux on the topic of Excellence, with 26,000 watching it live or on demand around the world.
We run an annual Global People Survey, and regular pulse surveys, so that our people can share their thoughts on a range of topics related to working at KPMG.
89% / 15,288 colleagues attended Our Values in Action session between November 23 and March 24
March 2024
89% of the live audience at the Global Values Week event said they felt KPMG is committed to building a culture that is guided by our values.
November 2023
Firmwide engagement score / 71%
2024 Global People Survey1
(2023: 70%)
A safe environment for our people to speak up
We encourage our people to speak up where they have issues or concerns about unethical working practices or where someone isn’t living Our Values. We have a number of ways in which our people can speak up, including through our network of Ethics Champions and via our Speak Up Hotline.
Of equal importance is our responsibility, as a firm, to listen. We take this responsibility seriously and provide our people with several mechanisms to support our commitment to listening.
Alongside this, we have processes and controls to ensure that we support our people when they have raised issues, without the fear of retaliation. We have zero-tolerance of retaliation which we have enshrined in policy and clearly communicate this fact to colleagues. We’ve invested in a bespoke tool which allows us to monitor for signs of it and disciplinary action will be taken against anyone who has retaliated in any way against someone who has raised a concern.
We’ve also commissioned independent reviews into our Speak Up processes and how we take action when concerns are raised. This includes a six-monthly report from our independent ombudsman and an independent benchmark of our Speak Up processes by Protect, the leading authority on whistleblowing in the UK, which compared us to industry best-practice in multiple areas.
Ethics Champions
We have over 100 Ethics Champions across the UK firm. Anyone can approach any Ethics Champion, no matter their location or role. As well as helping our people to report or discuss any ethical issues or concerns, they will also help to identify and address any examples of poor ethical practices.
Speak Up Hotline
Our Speak Up Hotline is a secure and confidential channel for our colleagues to share what’s on their mind. It is overseen by an independent ombudsman who monitors the operation of the hotline and reports formally to our board on the effectiveness of the firm’s investigations into the reports received. Colleagues can check-in to see the progress of their report at any time.
Other routes to speaking up
To guide our colleagues on the best route for raising their concerns, we provide information on all speak up routes on our internal website, regular reminders, and annual training.
We recognise that speaking up takes courage. We remind our colleagues of the wellbeing support available to them to support them in this process, for example, our independent Employee Assistance Programme.
Number of Ethics Champions / 100+
FY24
(FY23: 100+)
Reports to Speak Up hotline / 66
FY24
(FY23: 50)
Reports to Ethics Champions / 194
FY24
(FY23: 202)
I remain of the opinion that investigations are taken seriously and approached thoughtfully. The healthy dynamic within the team, which encourages discussion and appropriate challenge, continues.
Independent ombudsman report to our UK Board, November 2024.
81% / of colleagues felt they could report unethical practices without fear of being negatively impacted.
2024 Global People Survey1
(2023: 77%)
85% / of colleagues told us they feel comfortable seeking advice on ethical dilemmas from a colleague.
KPMG 2024 Global People Survey
(2023: 77%)
An inclusive environment
We’re committed to creating a culture where all colleagues thrive and reach their full potential, whatever their identity or background. We are upskilling our colleagues to be active allies in building an inclusive culture and sense of belonging across the firm.
How we’re building an inclusive environment:
- In February 2022, we launched our Inclusion, Diversity and Equity plan, ‘Our KPMG: A fairer future for all’, which sets out our bold ambitions and long-term targets to 2030.
- Black Lives Action Plan – we surpassed the targets set for 2022 to at least double our Black heritage population in leadership positions and set ambitious 2030 targets for Partner and Director representation as part of ‘KPMG: A fairer future for all.’
- In 2024, we refreshed our firmwide mandatory Inclusion, Diversity and Equity training for colleagues and Partners. We also continue our values in action workshops which have been set up to help colleagues demonstrate our values in their day-to-day lives.
- There have now been four cohorts of our Cross-Company Allyship Programme, with over 800 people across 55 organisations taking part in our latest programme launching in January 2025, including colleagues from KPMG UK and Ireland and spanning a wide range of sectors including government, retail and energy. The programme creates opportunities for KPMG and client mentors and mentees of Black and/or Minority Ethnic heritage to gain experiences and access networks from outside of their own organisations.
- Our Inclusive Leadership Board includes external representatives who help to challenge our progress against our commitments, ensuring we create an inclusive environment.
- In October 2024 we set up our Inclusion, Diversity and Equity council, bringing together a representative group of partners from across the business who are dedicated to moving the dial internally, working together for better.
- Our 16 Employee Networks are open to all, providing a sense of community and learning experiences for those who want to increase their own diversity awareness or become an ally.
87% / I am treated with dignity and respect at work
2024 Global People Survey1
(2023: 87%)
81% / I can be myself at work without concern for how I will be accepted
2024 Global People Survey1
(2023: 78%)
82% / Average % of our colleagues who have disclosed one or more of their protected characteristics
1 Oct 24
(1 Oct 23: 80%)
Highest ethical and quality standards
At KPMG we are committed to acting responsibly and taking accountability for the way we do business, which includes ensuring that the work we carry out is of the highest ethical and quality standards. We have taken a series of steps to transform the way we govern our business to build trust. We’ve also increased Partner accountability.
How we’re transforming the way we govern our business
- The money that Partners have invested in the business is at risk if they don’t meet our ethical and conduct standards.
- Our Chair and Global Chief Executive’s performance and remuneration is based on a balance of trust and growth metrics. Their goals are shared with the partnership for transparency.
- Our new Partner Balanced Scorecard measures partner performance across four pillars, the first of which is Building Trust, ensuring ethics, quality and conduct is a cornerstone of performance appraisal.
- Our Code of Conduct was reviewed by the Institute of Business Ethics (IBE).
- We continue to operate a rolling ethics programme, taking input from the IBE, including basing it around their framework.
- We’re continuing to invest in our programme to deliver a ‘high challenge, high support’ culture in Audit.
85% / of our colleagues felt the people they work for demonstrate honest and ethical behaviour
2024 Global People Survey1
(2023: 85%)
82% / of our colleagues felt KPMG’s commitment to quality is apparent in what we do on a day-to-day basis
2024 Global People Survey1
(2023: 83%)
Doing work that matters
Our work matters to our clients, to our people and to the communities in which we operate. We are committed to working with the right clients and to making a positive impact on society. And we want everyone at KPMG to feel inspired and engaged by the work they are doing.
Our employee proposition, Our KPMG, sets out what it means to be part of our firm and the sort of organisation we are aspiring to build together. It’s how we want everyone to experience and contribute to life at KPMG.
Do work that matters
You’ll make a meaningful difference for the businesses, people and communities we serve.
Come as you are
Your unique experiences and perspectives belong here and make us stronger.
Thrive with us
You’ll have the KPMG community at your side, providing the support you need to be at our best
Learn for a lifetime
You’ll be continuously learning and working with the best – gaining advantage for life.
Make your mark
You’ll be recognised for the impact you make, the leadership you show, and the success you create with others.
Listening, learning and evolving
Our Executive Committee are accountable for ensuring that our culture continues to evolve and that our culture ambition is being met, however all of our Partners and colleagues have a part to play in shaping our culture. We listen to all our stakeholders to learn about what we do well and identify areas we need to address.
To understand our people’s views we hold an annual Global People Survey, regular pulse surveys and Open Forum sessions with Executive Committee members throughout the year. Our leadership also regularly engage with our Employee Business Forum, Employee Networks and Ethics Champions to listen to the lived experiences of our colleagues.
Our Culture Steering Group, comprised of Board and Executive Committee Members, meet on a quarterly basis to discuss culture metrics aligned to our culture ambition. Our Chair and Chief Executive’s performance and remuneration is based on a balance of trust and growth metrics. Their goals are shared with the partnership for transparency.
As well as our Board measuring our progress against our culture plan, we’ve continued to work with the Institute of Business Ethics who have reviewed how we have executed and can evolve our firm’s ethics programme. Our Public Interest Committee, chaired by Lord Evans of Weardale, provides independent challenge and reviews our progress against our culture ambition, as part of their remit.
12024 Global People Survey data is based on 10.805 colleague responses. 2023 Global People Survey data is based on 13,434 responses.