KPMG UK partners vote overwhelmingly for £300million investment for growth
Investment will see the firm double-down on growing its core services and target new opportunities in technology and ESG
Investment will see the firm double-down on growing its core services.
- £300million to drive long-term sustainable growth and audit quality
- Investment will see the firm double-down on growing its core services and target new opportunities in technology and ESG
Partners at KPMG UK have voted overwhelmingly to back plans to retain and then invest the financial proceeds made from the firm’s recent sales of its restructuring and pensions businesses.
The success of the vote provides KPMG UK with an additional £300million fund to invest and is an important step in Chief Executive Jon Holt’s plans to drive long-term sustainable, profitable growth for the firm.
The retention of the sale proceeds will see the firm invest further in its core services such as consulting, tax, deals and audit, and growth areas such as Environmental, Social and Governance (ESG) advice and digital transformation, where it sees significant opportunities to support clients and drive future growth.
In addition, the partners agreed to a new structure that will see the firm retain more of its distributable profits, allowing the firm greater flexibility for future investment.
This extra funding is on top of the significant investment the firm is making in audit quality.
Jon Holt, Chief Executive at KPMG in the UK, said:
“Businesses are experiencing extraordinary levels of change as they adapt to the new market dynamics created by the pandemic. Many need to acquire new skills, new technology and new ways of working as they rebuild and refocus their operations to target new opportunities.
“We can play a crucial role to support them through this process. Our plans will enable us to turbo charge our investment in hot areas of the market like M&A, ESG, tax regulation and digital transformation, where we are seeing surging levels of demand from clients seeking our advice.
“This vote unites KPMG UK around a long-term strategic vision that will enable us to invest for sustainable growth and attract, develop and retain the best talent in the areas which are important to our clients.”
The successful vote follows KPMG UK’s decision to become one of the first UK businesses to set a target for the number of working-class employees.
The firm has also announced a market-leading £100million bonus pot for colleagues to recognise the significant contribution they have made during the pandemic. KPMG UK will publish its full financial results in December.
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Tanya Holden, Deputy Head of Media Relations, KPMG in the UK
About KPMG UK
KPMG LLP, a UK limited liability partnership, operates from 21 offices across the UK with approximately 16,000 partners and staff. The UK firm recorded a revenue of £2.3 billion in the year ended 30 September 2020.
KPMG is a global organization of independent professional services firms providing Audit, Legal, Tax and Advisory services. It operates in 147 countries and territories and has more than 219,000 people working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.