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PwC bans political donations

PwC has announced hundreds of jobs will go as the consultancy firm looks to "simplify" its business.

PwC has announced hundreds of jobs will go as the consultancy firm looks to "simplify" its business. Photo: AAP

PwC has banned donations to political parties, following the tax leak scandal that damaged its reputation and relationship with the federal government.

In a note to the firm’s partners on Monday, the consultancy firm’s acting CEO Kristin Stubbins announced the decision that includes payments to attend fundraising events and event hosting or catering.

“PwC Australia will no longer make political donations, with none to be made in FY24,” the note said.

“While we cannot change the past, we can control our actions today and in the future. 

“Although we have always taken the utmost care to ensure our political donations do not create any real or perceived conflicts of interest, we recognise that doing away with political donations is the best way of ensuring the highest standards of governance.”

Senior partners at the firm used confidential government information to help companies pay less tax.

A parliamentary committee’s interim report blasted PwC for engaging in a calculated breach of trust by using confidential information for tax avoidance.

The embattled firm has since offloaded its government consultancy arm in a $1 sale to private equity firm Allegro Funds.

Greens Senator Barbara Pocock said the announcement was an “important step forward in cleaning up the murky world of consulting”.

“Anyone doing business with the government should not be allowed to make political donations,” she said.

–AAP

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