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.

Governance structure as at 1 Oct 2023

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 2024 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 2023, and their ESG priorities for 2024:

Example of Board and Board Committee ESG activities during 2023

The Board approved the firm’s ESG ambition level and strengthened approach to governance of ESG matters through the Board committees.
The Board oversaw the firm’s Inclusion, Diversity and Equity (IDE) strategy.
The Audit Committee oversaw the independent assurance process over, and approval of, ESG disclosures in the Annual Report, including those within the Planet Impact Report, Partner Diversity Report and Community Impact Report.
The People Committee monitored the diversity and inclusion targets for both partners and staff.
The Public Interest Committee considered the firm’s compliance with the firm’s Code of Conduct. This includes regular private updates from the Head of Ethics and Independence, including the number of cases reported to the firm’s independently run Speak Up whistleblowing hotline.
The Risk Committee monitored the firm’s Ethics and independence including the Ombudsman’s reports on Speak Up.

Examples of Board and Board Committee ESG priorities for 2024

The Board will oversee the firm’s ESG initiatives to achieve agreed targets.
The Board will oversee the firm’s Inclusion, Diversity & Equity initiatives to achieve agreed targets.
The Audit Committee will promote ESG practices, disclosure and reporting to meet sustainability goals and stakeholder expectations.
The People Committee will continue to oversee progress on the firm’s diversity and inclusion targets for 2030.
The Public Interest Committee will monitor the firm’s developments in relation to ESG and artificial intelligence.
The Risk Committee will continue to receive updates from the Ombudsman on Speak Up and reports on whistleblowing where considered appropriate by the Head of Ethics and Independence or the Board.

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