UK: PwC and the Audit Firm Governance Code

Principle C.1. of the UK Audit Firm Governance Code (2010) provides that firms should appoint independent non-executives, the involvement of which is intended, amongst other things, to enhance shareholder confidence in the public interest aspects of firms' decision-making. In this regard, PwC UK has announced this week (see here):

... the appointment of five Non-Executives in response to the new governance code for audit firms ... The appointed Non-Executives are Dame Karen Dunnell, Sir Ian Gibson, Professor Andrew Hamilton, Sir Richard Lapthorne and Paul Skinner and come from the fields of business, academia and the public and professional services sectors. The Non-Executives will sit on PwC’s newly constituted Public Interest Body in the UK, including the senior partner and the Chairman of the supervisory board, where they will be joined by partners of the firm but will have a majority".