PracticeAccounting FirmsPwC’s Powell takes home £3.6m

PwC's Powell takes home £3.6m

Firm's senior partner sees increase in remuneration - Ian Powell says the firm has 'stayed on course'

PwC’s Powell takes home £3.6m

PwC’s SENIOR PARTNER took home £3.6m last year, a £300,000 increase on the previous 12 months, according to the Big Four firm’s annual report.

Ian Powell, chairman and senior partner, saw profits attributed to him climb for the year ending 30 June 2013. The profits attriubtable to Powell, before annuity deductions and equity adjustments, was £4.2m. The 13 members of PwC’s executive board scooped a total of £25m, of which £21.5m was distributable.

The firm saw revenues climb 3% to £2.7bn, while total profits rose to £740m from £727m. Funds to divide among its partners was £680m, up from £672m.

The distributable profit per partner increased 4% to £705,000, from £679,000.

The percentage of fees for non-audit services to audit client fell to £372m, representing 14% of fees as a whole – from 21% in 2007. Services to non-audit clients is now 62% of fees (£1.7bn), from 51% in 2007.

Powell, in his notes, said the firm had “stayed on course in challenging market conditions”.

“Despite continuing economic uncertainty across Europe, we’ve achieved responsible, profitable growth,” said Powell in the report.

He also spoke of more progress needed to increase diversity among its partnership. “Despite having implemented a number of mentoring, sponsorship and development programmes, I don’t believe it’s good enough that only 16% of recent partner promotions were women,” said Powell.

“The diversity debate is wider than gender and that’s why we’re holding open discussions across the firm about why the rate of progress is slower than we’d like.”

While saying the firm “can’t be complacent” about future performance, Powell believes the firm is in a strong position to grow again.

“Our strategy is robust and is working, both in the UK and internationally.”

The firm’s defined benefit pension deficit is £33m, compared with £79m in 2012. However, this is likely to increase with a full actuarial review due in March 2014.

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