pricewaterhousecoopers hong kong transparency report 2019 - pwc · 2019-10-30 · pwc hk is one of...

Strictly private and confidential

PricewaterhouseCoopers Hong Kong Transparency Report 2019

Published on 30 October 2019

1 PwC

ContentsIntroduction 2

Legal structure and ownership of PwC HK 2

Network arrangements 3

Governance structure of PwC HK 4

Internal quality control system 5

External inspections 9

Public interest audit clients 9

Independence procedures and practices 10

Continuing professional education of partners/engagement leaders and staff eligible for working on statutory audits

13

Financial information 14

Remuneration 14

Appendix 1 - EU entities 15

PricewaterhouseCoopers Hong Kong Transparency Report 2019 2

IntroductionThis Transparency Report is published in accordance with Article 13 of Regulation (EU) No 537/2014 issued by The European Parliament and The Council of the European Union.

This Transparency Report is inrespect of the financial year ended 30 June 2019.

This Transparency Report relates to PricewaterhouseCoopers (“PwC HK” or the “Firm”), a Hong Kong partnership registered to perform financial statement audits. PwC HK is one of a number of entities operating in Hong Kong which is a member of the PricewaterhouseCoopers network.

Legal structure and ownership of PwC HKPwC HK is a partnership wholly owned by its partners. There were 161 partners as at 30 June 2019.

3 PwC

Network arrangementsPwC is the brand under which the member firms of PricewaterhouseCoopers International Limited (PwCIL) operate and provide professional services. Together, these firms form the PwC network. ‘PwC’ is often used to refer either to individual firms within the PwC network or to several or all of them collectively.

In many parts of the world, accounting firms are required by law to be locally owned and independent. Although regulatory attitudes on this issue are changing, PwC member firms do not and cannot currently operate as a corporate multinational. The PwC network is not a global partnership, a single firm, or a multinational corporation.

For these reasons, the PwC network consists of firms which are separate legal entities.

PricewaterhouseCoopers International Limited

The firms that make up the network are committed to working together to provide quality service offerings for clients throughout the world. Firms in the PwC network are members in, or have other connections to, PricewaterhouseCoopers International Limited (PwCIL), an English private company limited by guarantee. PwCIL does not practise accountancy or provide services to clients. Rather its purpose is to act as a coordinating entity for member firms in the PwC network. Focusing on key areas such as strategy, brand, and risk and quality, the Network Leadership Team and Board of PwCIL develop and implement policies and initiatives to achieve a common and coordinated approach amongst individual member firms where appropriate. Member firms of PwCIL can use the PwC name and draw on the resources and methodologies of the PwC network.

In addition, member firms may draw upon the resources of other member firms and/or secure the provision of professional services by other member firms and/or other entities. In return, member firms are bound to abide by certain common policies and to maintain the standards of the PwC network as put forward by PwCIL.

The PwC network is not one international partnership and PwC member firms are not otherwise legal partners with each other. Many of the member firms have legally registered names which contain “PricewaterhouseCoopers”, however there is no ownership by PwCIL. A member firm cannot act as agent of PwCIL or any other member firm, cannot obligate PwCIL or any other member firm, and is liable only for its own acts or omissions and not those of PwCIL or any other member firm. Similarly, PwCIL cannot act as an agent of any member firm, cannot obligate any member firm, and is liable only for its own acts or omissions. PwCIL has no right or ability to control member firm’s exercise of professional judgement.

The governance bodies of PwCIL are:

Global Board, which is responsible for the governance of PwCIL, the oversight of the Network Leadership Team and the approval of network standards. The Board does not have an external role. Board members are elected by partners from all PwC firms around the world every four years.

Network Leadership Team, which is responsible for setting the overall strategy for the PwC network and the standards to which the PwC firms agree to adhere.

Strategy Council, which is made up of the leaders of the largest PwC firms and regions of the network, agrees on the strategic direction of the network and facilitates alignment for the execution of strategy.

Global Leadership Team is appointed by and reports to the Network Leadership Team and the Chairman of the PwC network. Its members are responsible for leading teams drawn from network firms to coordinate activities across all areas of our business.

The Chairman of PwC HK’s Management Board is a member of the Strategy Council and maintains our relationships with the Network Leadership Team.

For the year ended 30 June 2019, PwCIL member firms from European Union/European Economic Area Member States generated total turnover related to the statutory audit of annual and consolidated financial statements of approximately Euros 3.1 billion. Aggregate revenues of PwCIL member firms for the year ended 30 June 2019 is available in the PwC Global Annual Review which can be found at www.pwc.com/annualreview. The PwC Global Annual Review also contains further financial and other information about the PwC Network.

A list of PwC Network audit firms and statutory auditors in European Union/European Economic Area Member States as at 30 June 2019 can be found in Appendix 1.


Governance structure ofPwC HKThe Chairman and CEO is elected for a period of four years in accordance with a method recommended and overseen by the Firm’s governance body, the Board of Partners. The Chairman and CEO has responsibility for the strategic direction and overall management of the Firm, and is supported by a Management Board which has responsibility for management of the Firm.

The Board of Partners is the governance body of the Firm, and its role includes to advise the Chairman and CEO of issues of concern to the partners, to review the processes adopted by management in its decision making, and to oversee the process of the Partner Income System. The Chairman and CEO is an ex officio member of the Board of Partners. The other members are elected for a three-year term. The Board of Partners meets approximately 10 times per year and each meeting is chaired by the Lead Director who controls the agenda. A private session is held in each meeting without the presence of the Chairman and CEO.

5 PwC

Internal quality control system

The following is a summary of the system of quality control that PwC HK has adopted over its auditing and assurance practice.

Quality Control Standards

Compliance with International Standards on Auditing (“ISA”) requires PwC HK to have a system of quality control over its auditing practice. These controls are embedded as part of PwC HK’s day-to-day activities. The quality control system is in compliance with International Standards on Quality Control 1 (ISQC1), Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, issued by the International Federation of Accountants (IFAC). The IFAC standards and requirements and, therefore, PwC HK's quality control system, encompass the following six elements of quality control:

(i) Leadership Responsibilities for Quality within the Firm

(ii) Ethical Requirements

(iii) Acceptance and Continuance of Client Relationships and Specific Engagements

(iv) Human Resources

(v) Engagement Performance

(vi) Monitoring

IntroductionAs a member of the PwC network of separate firms, PwC HK has agreed to abide by policies and maintain the standards of the PwC Network and to conduct risk and quality reviews.


(i) Leadership Responsibilities for Quality within the Firm

PwC HK's leadership is committed to audit quality and has established a culture within the Firm of embracing high standards in independence and professional ethics. These responsibilities are embedded throughout the detailed policies endorsed by leadership, including ethical, human resources and engagement performance discussed below, and are also demonstrated by the dedication of resources to quality. There is a partner responsible for risk management and quality control in relation to PwC HK's client service operations who reports directly to the Territory Assurance leader.

(ii) Ethical Requirements

At PwC, we adhere to the fundamental principles of the International Ethics Standards Board for Accountants (IESBA) Code of Ethics for Professional Accountants, which are:

Integrity — to be straightforward and honest in all professional and business relationships.

Objectivity — to not allow bias, conflict of interest or undue influence of others to override professional or business judgements.

Professional Competence and Due Care — to maintain professional knowledge and skill at the level required to ensure that a client or employer

receives competent professional service based on current developments in practise, legislation and techniques and act diligently and in accordance with applicable technical and professional standards.

Confidentiality — to respect the confidentiality of information acquired as a result of professional and business relationships and, therefore, not disclose any such information to third parties without proper and specific authority, unless there is a legal or professional right or duty to disclose, nor use the information for the personal advantage of the professional accountant or third parties.

Professional Behaviour — to comply with relevant laws and regulations and avoid any action that discredits the profession.

In addition, our Network Standards applicable to all Network firms cover a variety of areas including ethics and business conduct, independence, anti-money laundering, anti-trust/fair-competition, anti-corruption, information protection, firm’s and partner’s taxes, sanctions laws, internal audit and insider trading. We take compliance with these ethical requirements seriously and strive to embrace the spirit and not just the letter of those requirements. All partners and staff undertake annual mandatory training, as well as submit annual compliance confirmations, as part of the system to support appropriate understanding of the ethical requirements under which we operate.

PwC7

In addition to the PwC Values (Act with Integrity, Make a difference, Care, Work together, Reimagine the possible) and PwC Purpose, PwC HK has adopted the PwC Network Standards which include a Code of Conduct, and related policies that clearly describe the behavioursexpected of our partners and staff —the behaviours that will enable us to build public trust. Because of the wide variety of situations that our professionals may face, our standards provide guidance under a broad range of circumstances, but all with a common goal — to do the right thing.

Upon hiring or admittance, all staff and partners of PwC HK are provided with the PwC Global Code of Conduct. They are expected to live by the values expressed in the Code in the course of their professional careers and have a responsibility to report and express concerns, and to do so fairly, honestly, and professionally when dealing with a difficult situation or when observing behaviours inconsistent with the Code. Each firm in the PwC Network provides a mechanism to report issues. There is also a confidential global reporting option on pwc.com/codeofconduct. PwC HK has adopted an accountability framework to facilitate remediation of behavioursthat are inconsistent with the Code of Conduct.

The PwC Code of Conduct is available on-line for all internal and external stakeholders @ pwc.com/ethics.

Independence — As auditors of financial statements and providers of other types of professional services, PwC firms and their partners and staff are expected to comply with the fundamental principles of objectivity, integrity and professional behaviour. In relation to assurance clients, independence underpins these requirements. Compliance with these principles is fundamental to serving the capital markets and our clients.

The Firm has specific policies, procedures and practices relating to Independence which are explained in more detail below in “Independence procedures and practices”.

(iii) Acceptance and Continuance of Client Relationships and Specific Engagements

Our principles for determining whether to accept a new client or continue serving an existing client are fundamental to delivering quality which we believe goes hand-in-hand with our purpose to build trust in society. We have established policies and procedures for the acceptance of client relationships and audit engagements that consider whether we are competent to perform the engagement and have the necessary capabilities including time and resources, can comply with relevant ethical requirements, including independence, and have appropriately considered the integrity of the client. We reassess these considerations in determining whether we should continue with the client engagement. We also have policies and procedures relating to withdrawing from an engagement or a client relationship when necessary.

PwC HK has implemented a process to identify acceptable clients based on the PwC network’s proprietary decision support systems for audit client acceptance and retention (called Acceptance and Continuance (“A&C”). A&C facilitates a determination by the engagement team, business management and risk management specialists of whether the risks relating to an existing client or a potential client are manageable, and whether or not PwC should be associated with the particular client and its management.

(iv) Human Resources

PwC HK partners and staff regularly receive a thorough orientation to the culture and values — Act with Integrity, Make a Difference, Care, Work together, Reimagine the Possible. PwC HK aims to recruit only high quality staff that can operate as accounting and other experts in support of audits and who share in PwC HK’s strong sense of responsibility for auditing. Candidates are considered according to multiple criteria, including their academic achievement.

Professional Development Training and development is an ongoing process. Training starts when a person is hired and continues throughout his or her career. PwC HK’s partners and staff participate in a variety of local and regional and international formal training courses and they will also be trained through on the job coaching and supervision.

Supervision and Direction Each engagement partner is responsible, in consultation with others as appropriate, for staffing engagements with partners and staff who have the professional competence and experience required in the circumstances. Further, each engagement partner is ultimately responsible for determining the extent of direction, supervision and review of the work of more junior staff to whom work is delegated.

(v) Engagement Performance

PwC Audit methodologyAs a member of the PwC Network, PwC HK has access to and uses the PwC Audit Guide which is based on the International Standards on Auditing (ISAs), with additional PwC policy and guidance provided where appropriate. The PwC Audit methodology is designed to facilitate audits conducted in compliance with all ISA requirements that are relevant to each individual audit engagement. Our audit methodology provides the framework to enable PwC member firms to consistently comply in all respects with applicable auditing standards.

The PwC Audit Guide explains PwC’s methodology. The Guide along with PwC's technology-based audit support tools, templates and audit procedures support engagement teams in conducting assurance and related services engagements.

Comprehensive Policies and ProceduresTo complement the Global policies and procedures, PwC HK has comprehensive policies and procedures

governing local accounting and auditing practice that are constantly updated to reflect new professional developments and operating environment, and to address emerging issues, as well as the needs and concerns of the practice. These policies cover not only professional and regulatory standards, but also reflect the guidance that PwC provides to its professionals about how best to implement them. They are available in electronic files and databases, are regularly updated or supplemented for all current developments and are accessible remotely at any time.

Risk and Quality (R&Q)Consultation is a key element to quality control. PwC HK has formal protocols setting out the circumstances under which consultation is mandatory. PwC HK’s work on engagements is supported by technical subject matter experts, who track new developments in accounting and auditing and provide updates to the appropriate professional staff. PwC HK’s consultative culture means that our engagement teams will regularly consult with experts and others beyond those that are formally required.

(vi) Monitoring

We recognise that quality in the Assurance services we deliver to clients is key to maintaining the confidence of investors and other stakeholders in the integrity of our work. It is a key element to our Assurance strategy.

Responsibility for appropriate quality management lies with the Leadership of PwC HK. This includes effective monitoring processes aimed at evaluating whether the policies and procedures which constitute our Quality Management System are designed appropriately and operating effectively to provide reasonable assurance that our audit engagements are performed in compliance with laws, regulations and professional standards.

The Firm’s monitoring program is based on the PwC Network’s Global Assurance Quality Review (GAQR) Program. This program which is based on professional standards relating to quality control including ISQC1, contains policies, procedures, tools and guidance which are used by PwC Network firms. The GAQR program is coordinated by a central team consisting of a GAQR Leader with a group of International Team Leaders (ITL) who are senior partners seconded to the GAQR central team by PwC member firms. Provision of oversight by the ITLs and their continuous involvement and support enable the consistent and effective performance of reviews across the PwC network.

The Firm’s monitoring procedures include an ongoing assessment of the design and effectiveness of our quality management system, as well as a review of completed engagements (Engagement Compliance Reviews —ECR). The results of these procedures form the basis for the continuous improvement of our quality management system.

ECRs are risk-focused reviews of completed engagements covering, on a periodic basis, individuals in the Firm who are authorised to sign audit or non-audit assurance reports. The review assesses whether an engagement has been performed in compliance with PwC Audit guidance, applicable professional standards and other engagement related policies and procedures. Each signer is reviewed at least once every five years, unless a more frequent review is required based on the profile of that signer’s client engagements or due to local regulatory requirements.

Reviews are led by experienced Assurance partners, supported by independent teams of partners, directors, and senior managers and other specialists. Review teams receive training to support them in fulfilling their responsibilities, and utilize a range of checklists and tools, approved by GAQR, when conducting their review procedures.

The results of the quality reviews are reported to the Firm’s leadership who are responsible for analysing the findings and implementing remedial actions as necessary. In situations where adverse quality issues on engagements are identified, based on the nature and circumstances of the issues, the responsible partner or the Firm’s Assurance leadership personnel may be subject to additional mentoring, training or sanctions in accordance with the Firm’s accountability framework.

Partners and staff of the Firm are informed about the review results and the actions taken to enable them to draw the necessary conclusions for the performance of engagements. In addition, the GAQR Leader informs engagement partners of the Firm who are responsible for group audits involving cross-border work about relevant quality review findings in other PwC firms which enables our partners to consider these findings in planning and performing their audit work.

Management of PwC HK believes that the quality control environment described above complies with all applicable regulations and provides a reasonable basis for believing that audits carried out by PwC HK consistently meet the required quality standards.


9 PwC

PwC HK is eligible to undertake statutory audit work by virtue of its registration with the Hong Kong Institute of Certified Public Accountants (“HKICPA”). Each year as part of its monitoring responsibilities, HKICPA undertakes an inspection of the quality of PwC HK’s work as statutory auditors. The last inspection by the HKICPA was undertaken in October 2018.

During the period covered by this Transparency Report, PwC HK has issued audit reports for The Hongkong and Shanghai Banking Corporation Limited (“HSBC”) and Asian Infrastructure Investment Bank (“AIIB”) that have transferable securities listed in London.

Externalinspections

Public interestaudit clients


PwC HK has a designated partner (known as the ‘Partner Responsible for Independence’ or ‘PRI’) with appropriate seniority and standing, who is responsible for implementation of the Firm’s Independence Policy including managing the related independence processes and providing support to the business. The PRI is a member of the Hong Kong Institute of Certified Accountant’s Ethics Committee and is supported by a team of about fifty independence specialists. Independence matters are reported to the Firm’s Strategic Risk Council for discussion/resolution on a regular basis throughout the year, and are escalated to the Firm leadership for resolution, where necessary.

(a) Independence policies andpractices

The Firm’s Independence Policy, which is based on the International Ethics Standards Board for Accountants (‘IESBA’) International Code of Ethics for Professional Accountants and requirements of the Hong Kong Institute of Certified Accountants, contains minimum standards with which PwC member firms have agreed to comply, including processes that are to be followed to maintain independence from clients, and additional requirements by PwC HK. The Firm’s Independence Policy covers, among others, the following areas:

• personal and firm independence, including policies and guidance on the holding of financial interests and other financial arrangements, e.g. bank accounts and loans by partners, staff, the firm and its benefit plans;

• non-audit services and fee arrangements. The policy is supported by Statements of Permitted Services (‘SOPS’), which provide practical guidance on the application of the policy in respect of non-audit services to assurance clients; and

• business relationships, including policies and guidance on joint business relationships (such as joint ventures and joint marketing) and on purchasing of goods and services acquired in the normal course of business.

In addition, there is a Network Risk Management Policy governing the independence requirements related to the rotation of key audit partners.

We have also designed and implemented policies and processes to enable PwC HK comply with relevant professional and regulatory standards of independence that apply to the provision of assurance services. Policies and supporting guidance are reviewed and revised when changes arise such as updates to laws and regulations or in response to operational matters.

Independence procedures and practices

• The Central Entity Service (“CES”), which contains information about corporate entities including public interest audit clients and their related securities. CES assists in determining the independence status of clients of the member firm before entering into a new non-audit engagement or business relationship. This system drives the ‘Independence List’ and also feeds Independence Checkpoint;

• ‘Independence Checkpoint’ which facilitates the pre-clearance of publicly traded securities by all partners, and practice managers before acquisition and records their subsequent purchases and disposals. Where a PwC firm wins a new audit client, this system automatically informs those holding securities in that client of the requirement to sell the security where required;

• Authorisation for Services (“AFS”) which is a global system that facilitates communication between a non-audit services engagement leader and the audit engagement leader, documenting the potential independence threats created by the service and proposed safeguards, and acts as a record of the audit partner’s conclusion on the permissibility of the service; and

• Global Breaches Reporting System which is designed to be used to report any breaches of external auditor independence regulations (e.g. those set by regulation or professional requirements) where the breach has cross-border implications (e.g. where a breach occurs in one territory which affects an audit relationship in another territory). It is used for intra-territory reporting (e.g. in a single territory situation).

PwC11

(b) Independence training and confirmations

PwC HK provides (i) onboarding training on introducing independence policy and requirements to new joiners, (ii) milestone training on relevant independence knowledge at promotion, and (iii) annual training for changes in policy or external regulation to all partners and staff.

Partners and staff receive these trainings via computer-based training or classroom-based training delivered by PwC HK’s independence specialists, as appropriate.

All partners and practise staff are required to complete an annual compliance confirmation, whereby they confirm their compliance with relevant aspects of the member firm’s independence policy, including their own personal independence. In addition, all partners confirm that all non-audit services and business relationships for which they are responsible comply with policy and that the required processes have been followed in accepting these engagements and relationships.

(c) Independence-related tools

As a member of the PwC network, PwC HK has access to a number of systems and tools which support PwC member firms and their personnel in executing and complying with the Firm’s independence policies and procedures. These include:

PwC HK also has a number of Hong Kong-specific systems which include:• A rotation tracking system which

monitors compliance with PwC HK’s audit rotation policies for the Firm, engagement leaders and other key audit partners involved in an audit; and

• A system that approves, tracks, and records all business relationships entered into by PwC HK. These relationships are reviewed on a six monthly basis to ensure their ongoing permissibility.

(d) Independence monitoring and disciplinary policy

PwC HK is responsible for monitoring the effectiveness of its quality control system in managing compliance with independence requirements. In addition to the confirmations described above, as part of this monitoring, we perform:

• Compliance testing of independence controls and processes; and

• Personal independence compliance testing of a random selection of, at a minimum, partners and managers as means of monitoring compliance with independence policies; and an annual assessment of PwC HK’s adherence with the PwC Network’s Standard on Independence standard.

The results of PwC HK’s monitoring and testing are reported to the Firm’s management on a regular basis with a summary reported to them on an annual basis.

PwC HK has disciplinary policies and mechanisms in place that promote compliance with independence policies and processes, and that require any breaches of independence requirements to be reported and addressed.

This would include discussion with the client’s audit committee regarding the nature of the breach, an evaluation of the impact of the breach on the independence of the Firm and the need for safeguards to maintain objectivity. Although breaches generally are minor and attributable to an oversight, all breaches are taken seriously and investigated as appropriate. The investigations of any identified breaches of independence policies also serve to identify the need for improvements in PwC HK’s systems and processes and for additional guidance and training.


13 PwC

Continuing professionaleducation of partners/engagement leaders and staff eligible for working on statutory audits

We, and the other PwC firms in the Network are committed to delivering quality audits around the world. To maximise consistency in the Network, a formal curriculum developed at the Network level provides access to courses covering the PwC audit approach and tools – this includes updates on auditing standards and their implications, as well as areas of audit risk and areas of focus for quality improvement.

This formal learning is delivered using blended learning, which includes remote access and classroom learning. This learning supports our focus on audit quality and provides our practitioners with the opportunity to strengthen their technical and professional skills, including professional judgement while applying a sceptical mindset.

PwC HK maintains up-to-date reference materials which are accessible by all assurance practice partners and staff. These cover audit policy, procedure and methodology, and include a library of local and international accounting, auditing and ethical standards. To support and keep staff and partners' knowledge up to date, partners and staff receive regular communications on technical and regulatory topics as they arise. Support is available to partners and staff on auditing, accounting and regulatory requirements, including access to subject matter experts in specialist industries.

PwC HK’s internal training curriculum provides a broad range of locally and globally developed technical solutions, business and personal skills programme, and specialist industries programme for those with clients in specialist industries.

PwC HK also requires its partners and professional staff to complete mandatory training programmes to ensure they are up to date with latest technical knowledge and to equip them with other necessary skills to execute assignments, and to support them to comply with continuing professional development requirements.

The PwC Global Code of Conduct and PwC HK Code of Conduct Supplement set expectations of behaviour and values. Mandatory ethics and business conduct training covers the Code of Conduct as well as ethical, accounting, auditing and other regulatory matters.

PwC HK adopts a learning management system to monitor the learning status of partners and staff. Completing mandatory training by due dates is also a factor when evaluating staff’s annual performance. Engagement leaders assess the on-going personal development needs of our people through performance appraisal process. By comparing performance to set objectives, we maintain a rigorous focus on quality. Unsatisfactory work results in reduced performance rewards.


Financial information

Revenue disclosures required by Article 13 Item 2(k) are as follows:

RemunerationPartners are remunerated out of the profits of PwC HK. Audit partners are not permitted to be incentivised, evaluated or remunerated for the selling of non-audit services to their audit clients.

The final allocation and distribution of profit to individual Partners is approved by the Management Board, once their performance has been assessed and subject to firm results. The remuneration committee appointed by the Board of Partners approves the process and oversees its application.

Raymund ChaoChairman andCEO

Each Partner’s remuneration comprises three interrelated components:• responsibility income;• performance income; and• equity unit income.

Each Partner’s performance income, is determined by assessing achievements against an individually-tailored balanced scorecard of objectives, based on the Partner’s role and responsibilities. There is transparency among the Partners over the process of determining the final income allocation on a summary basis.

Audit Revenues earned by EU/EEA Public Interest Entity audit clients

Audit Revenues earned by all other

audit clients

3.1%

72%Non-Audit Services

Revenues earned by EU/EEA Public

Interest Entity audit clients

1.3%

Non-Audit Services Revenues earned by all other clients

23.6%

Member State Name of firm

Austria

PwC Wirtschaftsprüfung GmbH, Wien

PwC Oberösterreich Wirtschaftsprüfung und Steuerberatung GmbH, Linz

PwC Kärnten Wirtschaftsprüfung und Steuerberatung GmbH, Klagenfurt

PwC Steiermark Wirtschaftsprüfung und Steuerberatung GmbH, Graz

PwC Salzburg Wirtschaftsprüfung und Steuerberatung GmbH, Salzburg

PwC Österreich GmbH, Wien

BelgiumPwC Bedrijfsrevisoren bcvba/Reviseurs d'enterprises sccrl

PwC Audit Services SPRL

Bulgaria PricewaterhouseCoopers Audit OOD

Croatia PricewaterhouseCoopers d.o.o

Cyprus PricewaterhouseCoopers Limited

Czech Republic PricewaterhouseCoopers Audit s.r.o

Denmark PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab

Estonia AS PricewaterhouseCoopers

Finland PricewaterhouseCoopers Oy

15 PwC

Appendix 1 — EU entities

France

PricewaterhouseCoopers Audit

PricewaterhouseCoopers Entreprises

PricewaterhouseCoopers France

PricewaterhouseCoopers Services France

PwC Entrepreneurs CAC

PwC Entrepreneurs Commissariat aux Comptes

PwC Entrepreneurs Audit

PwC Entrepreneurs Audit France

PwC Entrepreneurs CAC France

PwC Entrepreneurs Commissariat aux Comptes France

PwC Entrepreneurs France

PwC Entrepreneurs Services

Expertise et Audit Lafarge

M. Philippe Aerts

M. Pierre Blanquart

M. Jean-François Bourrin

M. Jean-Laurent Bracieux

M. Didier Brun

Mme Elisabeth L'Hermite

M. François Miane

M. Yves Moutou

M. Claude Palméro

M. Pierre Pégaz-Fiornet

M. Antoine Priollaud

GermanyPricewaterhouseCoopers GmbH Wirtschaftsprufungsgesellschaft

Wibera WPG AG


Greece PricewaterhouseCoopers Auditing Company SA

Hungary PricewaterhouseCoopers Könyvvizsgáló Kft.

Iceland PricewaterhouseCoopers ehf

Ireland PricewaterhouseCoopers

Italy PricewaterhouseCoopers Spa

Latvia PricewaterhouseCoopers SIA

Liechtenstein PricewaterhouseCoopers GmbH, Vaduz

Lithuania PricewaterhouseCoopers UAB

Luxembourg PricewaterhouseCoopers, Société coopérative

Malta PricewaterhouseCoopers

NetherlandsPricewaterhouseCoopers Accountants N.V.

Coöperatie PricewaterhouseCoopers Nederland U.A

Norway PricewaterhouseCoopers AS

Poland

PricewaterhouseCoopers Polska sp. z.o.o.

PricewaterhouseCoopers Polska spółka z ograniczoną odpowiedzialnością Audyt sp. k.

PricewaterhouseCoopers Polska spółka z ograniczoną odpowiedzialnością sp. k.

Portugal PricewaterhouseCoopers & Associados-Sociedade de Revisores Oficiais do Contas Lda

Romania PricewaterhouseCoopers Audit S.R.L.

Slovakia (Slovak Republic) PricewaterhouseCoopers Slovensko, s.r.o.

Slovenia PricewaterhouseCoopers d.o.o.

Spain PricewaterhouseCoopers Auditores, S.L.

SwedenPricewaterhouseCoopers AB

Öhrlings PricewaterhouseCoopers AB

UK

PricewaterhouseCoopers LLP

James Chalmers

Katharine Finn

17 PwC

This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.

© 2019 PricewaterhouseCoopers Limited. All rights reserved. PwC refers to the Hong Kong member firm, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details. PMS-000590

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