Governance

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Our purpose

We inspire confidence and empower change in all that we do
By inspiring confidence in our clients, people and communities, we help empower the change needed to solve the toughest challenges and lead the way forward.

Our Values

Our Values are the foundation of everything we do and every action we take. They are core to who we are as a firm and what it means to work at KPMG. They define the expectations we have of each other and are the first step to helping us achieve our purpose.

We do what is right

We never stop learning and improving

We think and act boldly

We respect each other and draw strength from our differences

We do what matters

Our governance structure

In line with our purpose and values, our approach to governance is focused on transparency, fairness, accountability and responsibility.

Bina Mehta, our Chair, is responsible for leading the Board, ensuring it fulfils its responsibilities to set the tone from the top, oversee strategy and hold leadership to account. The Board is supported in fulfilling its responsibilities by the Risk Committee, People Committee, Audit Committee and Nominations Committee.

Jon Holt, our Chief Executive, is responsible for leading the whole business of the multi-disciplinary firm and is accountable for the executive leadership’s execution of the firm’s Board-approved strategy. The firm’s executive leadership, together, form the Executive Committee. The Executive Committee is supported in fulfilling its responsibilities by the Risk Executive, Operations Executive and Audit Executive.

Independent oversight is sought from the Independent Non-Executives (INEs) and Audit Non-Executives (ANEs). The INE’s and the Chair of the Audit Board (an ANE) are invited to attend all Board meetings. In addition, one INE is invited to each of the Board Committee meetings. The INEs and ANEs are members of the Public Interest Committee and Audit Board.

Governing ESG at KPMG

We believe sustainable growth is the only way to build a successful business and have a lasting impact on the world. So, we’re leading by example. Our commitment to good governance of ESG spans all the way to Board level.

To us, good governance of ESG is much broader than the oversight of data or reporting, it requires a fundamental transformation of all processes involved in running a business, and a significant mindset shift towards sustainability-focused thinking. The activities of our Board and Board Committees this year have demonstrated this in action, and their priorities for 2023 show a continued commitment to this agenda next year too.

Here are some examples of the ESG-related activities our Board and Board Committees have conducted in 2022, and their ESG priorities for 2023:

Examples of Board and Board Committee ESG activities during the year (2022)

The Board oversaw the firm’s ESG strategy, commitments, and initiatives across the business.
The Executive Committee were responsible for developing and implementing strategy, operational plans, policies, procedures and budgets to support the firm’s ESG commitments.
The Public Interest Committee considered the firm’s compliance with our code of conduct (Our Code). This included regular private updates from the Ethics Partner, including the number of cases reported to the firm’s independently run Speak Up whistleblowing hotline.
The Audit board oversaw, monitored, and provided independent challenge to the Audit practice on the appropriateness of the firm’s policies and processes to support audit quality, including the adequacy and quality of resourcing in the Audit practice to deliver high-quality audits in the public interest.
The Audit Committee oversaw and approved the ESG disclosures made in the Financial Statements, Transparency Report, Planet Impact Report and Community Impact Report.
The People committee oversaw the ESG strategy, with a particular focus on the social pillar, to consider how the firm can bring a positive social impact.
The Risk Committee analysed culture and ESG as they relate to risk, including addressing the root causes of legacy quality issues.

Examples of Board and Board Committee ESG priorities for next year (2023)

The Board will direct the firm’s ESG strategy including setting an ESG ambition.
The Executive Committee will develop and recommend the firm’s ESG ambition for approval by the Board, and will demonstrate progress towards it throughout the year.
The Public Interest Committee will monitor the firm’s progress in relation to commitments made to regulators.
The Audit board will monitor the Audit practice’s ability to attract and retain talent, while building a workforce that reflects diversity across a broad range of characteristics at all levels.
The Audit Committee will oversee the firm’s activities and performance related to ESG matters.
The People committee will monitor and consider the implications of the geopolitical landscape relevant to social issues.
The Risk Committee will oversee the development of the firm’s risk appetite and the controls in place to ensure the business is operating within it.
The Nominations Committee will give further consideration to ongoing training for Board members, linked to the Board’s objectives, including on ESG.

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