Our firm
Strong governance
Our business strategy, decision-making processes and policies are guided by our purpose and our values.
Our new governance structure is progressive for our profession. By separating the roles of Chair and Chief Executive we are adopting best-practice principles of governance.
As at 15 December 2021, our UK Board is made up of 9 members:
The Elected and Nominated Board Members, including the Senior Elected Board Member, are drawn from the partnership with a sufficient mix of competency, experience and independence of the day-to-day running of the firm.
The Board is attended on a regular basis by the independent non-executives who form the Public Interest Committee, and the independent audit non-executive who is Chair of the Audit Board. Together, they bring valuable external insight and challenge to the discussions at the Board and its committees.
Our Board members have a broad range of skills and experience, spanning finance, accounting, audit and technology. They are individually, and collectively passionate about promoting inclusion, diversity and equity and many are involved with charitable foundations, mentoring initiatives and education programmes to help support our people and our communities on this agenda. Further details about our the members of our UK Board can be found on our UK website and within our Transparency Report, which is hosted on Our report hub.
The Board oversees the long-term stewardship of the firm and the accountability of management, approving a strategy aligned to our purpose and Our Values.
They seek to balance the interests of various stakeholders in order for the firm to have a successful and sustainable future. The Board’s key stakeholders are: clients and investors (in audited entities); partners; alumni; colleagues and new recruits; regulators and government; our global KPMG network; the Executive Committee; the Public Interest Committee; the Audit Board; and the wider community.
Information on the role (including responsibilities in relation to these stakeholders), composition and appointment terms of the Board, can be found in Our Board Charter and Board Terms of Reference.
Our priorities for 2022
In 2022 our UK Board will continue to oversee and monitor:
Our UK Board shall also act on relevant recommendations of our triennial independent Board effectiveness review.
We manage the risk we take, ensuring we act responsibly, in the public interest and in the interest of the entities we audit, our clients, our people, our regulators, and the markets and communities we work in.
The identification, evaluation, management and monitoring of the most significant risks that face our firm and could threaten the achievement of our strategic objectives, or our business model, future performance or solvency, are the responsibility of our Board. The principal risks and uncertainties that the UK firm faces are: Growth; Clients and audited entities; Execution – Quality; Execution – Delivery; People, Talent and Culture; Technology and information management; Business operations, resilience and controls; Financial management; Trust; Regulation; and Legal.
There are numerous policies and procedures in place to help the UK firm, and members of KPMG International, comply with professional standards. Employees are responsible for complying with these policies, and there are controls and processes in place to help them.
Further information be found in our Transparency Report, hosted on Our report hub.
KPMG has a zero-tolerance stance on modern slavery.
While the professional services industry is not typically considered a high-risk sector for labour-related breaches, we are acutely aware that risks can arise across our operations and supply chain. We have a critical role to play in managing potential harm to people through a risk-based approach to human rights due diligence.
Our latest Modern Slavery Statement provides an update on the progress we’ve made over the course of FY21 to strengthen our approach to the detection and prevention of modern slavery within our business and supply chains. We do this through:
We recognise the importance of engaging with politicians, policy makers and our regulators on issues of relevance to business and society, such as regional growth, Net Zero and the future of work. Whilst at all times maintaining a position of political neutrality, our insights and experience help to strengthen public policy.
Our engagement takes place across a range of forums – from participation in think tank roundtables to holding events at political party conferences – and is focused on areas where we feel that we can make a valuable contribution to the debate. We also help to improve public policy through our involvement in industry-led government forums and trade body committees.
We are committed to ensuring that our political engagement is based on principles of transparency, integrity and accountability and we aim to demonstrate best-practice in conducting political engagement at all levels of government.
As part of this commitment, we have a formal policy in place, which applies to all UK partners and colleagues, to ensure that our engagement is conducted in a manner that demonstrates our firm's commitment to: be a responsible employer; have a positive societal impact; and to support our communities to prosper. This includes guidance on both formal political engagement, as well as voluntary political activity. It’s underpinned by the principles set out in Our Code of Conduct, to act responsibly and in the public interest.