Be the Solution It's time - Our Environmental, Social and Governance (ESG) highlights 2020
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Be the It’s time.
Solution
Our Environmental, Social and
Governance (ESG) highlights 2020
pwc.com/bermuda
1
2020 Key
highlights
$1.2m
total donated to non-profits
$100,000
donated to COVID-19 emergency
$75,000
in annual funding for
response scholarships and education
100%
of our air travel and energy
PwC commitment to
Net Zero
emissions offset since FY19 by 2030
1,020
hours volunteered in the
1,818
hours of pro bono support
community by our people
2 3
A sustainable
way forward
It goes without saying that 2020 was gap between those who have access to opportunity,
and those who do not. This is a clear indication that
a year of tremendous challenge. The we should do more, inside and outside of our firm.
Driving efficiency Human Capital world has changed more profoundly We approach this challenge the same way we do our
than we could have imagined. client work - by identifying the root issue and executing
solutions for sustainable impact.
How we live our purpose, to build trust in society
Innovation Community and solve important problems, is more important than We care equally about the work we do with our clients
ever. We believe that businesses have a critical role to and investing in our employees, supporting our
t
en play in addressing some of the biggest issues facing our
society. Our communities continue to face a growing
communities, protecting the environment and dealing
fairly and ethically with suppliers.
m
Carbon Diversity and
So
on
footprint
c ia l
inclusion
Envir
ESG Arthur Wightman
PwC Bermuda leader
Scott Watson-Brown
PwC Bermuda Community
Keir Savage
PwC Bermuda Environment
Climate Digital ambition leader ambition leader
Stability Upskilling
G ov
e r n a nce
Risk
Management Transparency
Anti-bribery Corporate
and corruption Governance
4 5
Social
Our COVID-19 Impact Report
After the onset of COVID-19, we focused quickly
on supporting the Bermuda Emergency Fund
for COVID-19, and helping the Government’s
Coordinated Crisis Response Effort (CCRE)
executive team. These actions were aimed at
helping nonprofits and the public sector serve the
$100,000 90 500
immediate needs of our most vulnerable people,
including food, housing and other essential needs.
We also launched societal impact initiatives aimed
at helping to bridge the digital divide as part of our
New world. New skills. programme. donation to Bermuda Emergency Fund laptops donated masks donated to
& Bermuda Community Fund to public schools frontline workers
Resources Three free
The toll from the
COVID-19 pandemic on
people and communities
is unprecedented. and skills digital tools
Compassion from business to support Coordinated Crisis Response •C
OVID-19 Navigator for businesses and
Effort (CCRE) and help government not-for-profits to help with operations and
leaders combined with a coordinate efforts to aid homeless. crisis management
long-term perspective can •D
igital Fitness App
•C
ode.org online tech skills curriculum
make all the difference in
how we manage and move
forward from this global
crisis.”
Arthur Wightman, PwC Bermuda leader
6 7
PwC in the Caribbean Our already strong
#togetherwesolve digital culture
helped us navigate
the new world of
virtual working
PwC Jamaica donates 45 tablets to Holy Family PwC Jamaica donates laptops to Kingston
Infant and Primary school students. College students.
PwC East Caribbean donates tablets to PwC Bermuda donates laptops to the
assist class three and four students at Ministry of Education for teachers
St. Paul’s Primary School. and students.
#workfromhome Working with our small colleagues
8 9
Our People Our values
define who we
are, what we
stand for, and
206 how we behave.
employees
From 22 Work
together
Make a
difference
different
countries
Care
Act with Reimagine
integrity the possible
10 11
Our future is not sustainable
if racial justice and equality
are not a reality for all.
Thousands came out to support Bermuda’s Black
Lives March on Sunday 7, June 2020 and stand up
against racism.
More white people must commit to
liberation for all black people. More
businesses must commit to real action
on diversity and inclusion.”
Arthur Wightman, PwC Bermuda leader June 16, 2020
12 13
Valuing differences: Diversity
and Inclusion at PwC
Our initiatives
Diversity and
Inclusion team
Let’s talk about it!
A quarterly discussion
series where we talk about
matters related to diversity.
Celebrating
Chinese
New Year
What’s cooking:
Recipes from around the
world from our people
14 15
Our initiatives
Health and wellness team
Gratitude PwC Habit Kindness
Challenge Bank Calendar
PwC Quarantine Regional Employee
Bermuda Video Mindfulness Assistance
Marathon Challenge Toolkit Programme
Be well, work well!
PwC’s investment in our mental, spiritual, physical, and emotional
wellbeing is driven by a simple, unifying goal: helping us perform
at our best, at work, at home and everything in between - all the
more vital as we cope with the impact of COVID-19.
Our “Sustainable
Be Well, Work Well is about putting the power of PwC’s resources living at home”
behind our people and helping support their journey to great
initiative
wellbeing with science-backed concepts, practices and tools.
16 17
PwC’s HeadStart programme
#pwcproud provides Bermudians with
scholarships, training and
mentorship to springboard their
careers in the financial services
industry.
Since the programme’s inception:
Congratulations!
We congratulate
• 90+ Bermudian graduates hired
full time
OurAlexander Mason and
2020 PwC scholarship Tamia
awardees
•U p to 15 summer internships
Place for being our Peter
annually
Mitchell Scholarship
We are pleased to announce our 2020 scholarship awardees:
•7 0+ Bermudians have
awardees
Alexander Mason (University of Exeter, UK), winner of the Peter
Mitchell Scholarship and Tamia Place (Georgia State University, USA),
winner of the PwC ABIC Award Scholarship. These two students have successfully trained with PwC
distinguished themselves through their character, contributions to their
community and academic achievements. and then entered the international
Both our Peter Mitchell Scholarships and PwC ABIC Award Scholarships
are a fundamental part of PwC’s HeadStart programme, providing
academic financial assistance and career opportunities to Bermudian
university students pursuing accounting or international business at the
Advancing Bermudians •O
and local business /sectors
ver $75,000 in scholarship
funds are awarded annually
graduate or undergraduate level.
We congratulate Alexander and Tamia for being our 2020 awardees!
HeadStart: 15 interns annually • We cover 100% of CPA exam
We are proud of our IT team for making the 2020 Bermuda:Re+ILS costs including study leave
For more information on our HeadStart programme,
Unsung Heroes list. Thank you Shannon Simmons, Quinton Jones, please visit our website at www.pwc.com/bm/en/careers/student.
Tristan Richardson. While coping with the impacts of the pandemic
Developing leaders
themselves, they spent many hours behind the scenes going above and Mentorship and
Bermudian Sean Kelly was “Having joined PwC as an
beyond in supporting the firm’s digital culture and helping all its people
named a partner at PwC Bermuda, associate in the Headstart training offered
set up to work from home. They also worked many hours to prepare effective 1 July. Sean was part of Programme, I am thrilled and proud
90 laptops to donate to the Island’s public schools to support their Edwina Arorash, our administrative
© 2020 PricewaterhouseCoopers Ltd. (a Bermuda limited company). All rights reserved.
the inaugural HeadStart programme to have progressed through the Host interview
skills workshops
sudden move to online learning. executive, took part in her 16th in 2008 when he was hired as a full firm and to now be admitted into
time associate in PwC’s insurance the partnership, I am enormously
#PwC Marathon and #PwC Half
practice. grateful for the opportunities, CPA mentorship
Marathon in January! Sean has been heavily involved with the coaching, support and for students
the HeadStart programme and the guidance I have received
coached and mentored many throughout my career at PwC, Annual student networking,
students at the firm. and I would like to thank the many parent and educator events
colleagues and clients who have
helped me along the way.” Annual high school graduation
Territory leader Arthur Wightman was honoured along awards, high school job fairs,
financial sponsorships
with five other business leaders who have contributed
Bermudian Tamae Campbell team and contributed to the firm’s Personal and professional
significantly to Bermuda’s risk transfer market, by being training
was promoted this year to Senior corporate responsibility initiatives
featured in the annual Bermuda Risk Transfer Hall of Manager. Tamae began her career through volunteering her time at
Fame by Bermuda:Re+ILS. with HeadStart. She joined the events and helping to lead PwC’s
firm’s asset management team full- homeless initiatives, which raised
time in 2009 as an associate. funds and personal care goods for
As Tamae progressed at PwC, she the Salvation Army last year and
Tameika Jones, senior manager, was recognised for
has herself been a mentor to her during the COVID-19 crisis.
making her mark in the risk transfer sector in the 2020
Women in Hamilton special report.
18 19Our community
Homelessness
At PwC, we believe everyone
deserves the right to a safe and
secure place to live. That’s
why we’re focussing our efforts on
homelessness and working together
with other organisations to achieve
greater impact. The COVID-19 crisis
pulled into sharp focus just how
vulnerable many are and why we
need practical solutions to address
the issue.
Toys for Tots
Our people donated supplies of hygiene products and warm Each year our people donate hundreds of gifts to be given to children in our community on Christmas
clothing to the Salvation Army as part of a staff fundraising drive. as part of a campaign by HSBC Bermuda and the Coalition for the Protection of Children.
Skills and
Education
NGOs Maximising
$21,000
potential
Social
and micro
enterprises
donated to 28 charities
Total beneficiaries as part of employee-led
reached in our
community: holiday giving initiatives
20 21Our pro bono services
Relay was virtual this year and we took part in online
events, providing cash support of $5,000 We provide audits and advisory
services to the following non-profit
organisations:
• Bermuda Hospitals Charitable Trust
• Friends of Hospice
• Packwood Home
• The Lady Cubitt Compassionate
We are proud of our long-term partnership with Family Association
Centre, a nonprofit which provides critical early
BF&M Breast Cancer Awareness Walk intervention counselling and other services to children • Bermuda Diabetes Association
The BF&M Breast Cancer Awareness Walk went virtual this year! We were so happy to
suffering from family based problems such as abuse, • Endeavour Community Sailing
participate in small groups and make a donation to Bermuda Cancer and Health Centre
neglect, and other emotional challenges.
• The Duke of Edinburgh Award
We provide annual financial support, volunteer and • P.A.L.S
support their fundraising events, including the annual
Beach Bash and Cup Match Tag Day. • Bermuda Community Foundation
• Knowledge Quest
• Project 100
• Bermuda Optimist Dinghy Association
• Big Brothers Big Sisters of Bermuda
• Family Centre
We support Impact Mentoring Academy - a school that
offers teenage boys a viable alternative to mainstream
education with a current enrollment of 26 students. We
provide $25,000 a year in funding and general and skilled
volunteer support including the delivery of a PwC Financial
Literacy curriculum.
Our sponsorship and support of the UT7 Football Series for young players is
especially meaningful to us as it serves as a memorial to our former PwC colleague
Uthmani Talbot
22 23Our people helped out with various projects at the Windreach facility and farm for persons with special needs. Our interns spend the day helping the Bermuda SPCA complete important tasks like landscaping and cleaning, so that the SPCA staff were able to spend more time with the animals. 24 25
Our volunteer day with Endeavour Community Sailing turned into storm prep as Hurricane Paulette
headed Bermuda’s way.
Over 4,371 students have
engaged in the programme
since 2015
9 students graduated from
Maritime Career Springboard
Programme in 2020
The Endeavour Programme, now in its sixth year,
Endeavour Community Sailing engages every student across Bermuda during their first
year of middle school in a five-day experiential learning
featuring science, technology, engineering, arts and
math, through sailing.
The programme also includes a Maritime Career
Springboard Programme which provides skills
development, job readiness, and vocational training for
young people aged 16 and up. About 30 young people
have graduated from the programme in the last three
years which is designed to prepare participants for a
career in the marine industry. Summer intern at PwC and Olympic sailor
Cecilia Wollmann stopped by to sail with and
coach Endeavour Community Sailing students
26 27New world. New skills.
Digital upskilling
Our commitment to upskilling across PwC in
the Caribbean is demonstrated by the fact that
our region is not only one of the leaders within
The COVID-19 pandemic has See the story of PwC’s own incredible
our global network on digital training, but also
how these new capabilities are applied in areas UNICEF collaboration
accelerated changes in how upskilling journey in our video, How PwC is such as data and analytics. In March 2020, PwC launched a three-year strategic, global
upskilling 284,000 people around the world. collaboration with UNICEF in support of Generation Unlimited
and where we work. For many Our people’s use and development of
(GenU), which aims to help upskill and secure digital access for
innovative solutions using Alteryx, Power BI
organisations the crisis brought and Tableau, helps makes us a more efficient millions of youth.
and tech enabled firm, and our clients benefit.
to the fore the discrepancy Our Digital Products
between the skills people have Spanning across four strategic areas of transformation, our digital
and those needed for jobs in the Over downloads of our
free interactive
products and apps tackle the very real challenges our clients
face today.
digital world. tech curriculum for
students, parents
and educators
881 of our people have attended As part of our commitment to close the
digital divide and support our communities,
PwC digital academies PwC collaborated with Code.org to offer a
Number of employees, by territory
free online technology skills curriculum to
educators, parents, and students in Bermuda
$1billion
223
More than and across the Caribbean region.
174
150 145 129
48
Jamaica Barbados Trinidad Cayman Bermuda Bahamas British
and Islands Virgin invested in digitising firms across the PwC network
Tobago Islands
28 29Environment
Our environment
Progress towards
UN Sustainable
Net Zero Development Goals
The United Nations’ Sustainable Development Goalspoverty
blueprint to end poverty, provide peaceWhyand prosperity,
(SDGs)
in the world?
and
outline aYourshared
protect our
in policymaking
planet.
global are
active engagement
can make
most ofThere
active, name
micro and small
prises and those
Why is there so much So what can I do about it? where most of th
by 2030
Poverty has many dimen-
sions, but a difference in addressing in the informal s
is there so much Soits causes
what can I do about it? poverty.where
It ensures
the poor
that on
are 17 global goals to be achieved by 2030, which
world? address
include unemploy-
issues such as climate
are active, namely
poverty in the Yourexclusion,
ment, social active engagement your rights
micro are promoted
and small enter-
The academic an
Poverty has many dimen- and highin policymaking
vulnerability can make and that your
prises voice
and is operating cation communi
those
change, economic inequality, innovation,
sions,sustainable consumption, peace in theand
a major role in in
but its causes a difference
of certain populations in addressing heard, that informal sector.
the awareness a
include unemploy- poverty.
to disasters, It ensures that
diseases inter-generational knowl-
impact of pover
justice. PwC is committed to advancingment,
progress against the SDGs. As
rights are promoted edge isThe
a responsible
your academic
shared, and edu-
and that
social exclusion, and other phenomena provides the fou
and that your voice is cation community
innovation and critical have
and high vulnerability which prevent them
thinkinga are
major role in increasing for new and sust
business, we continuously assess our impact against the goals –knowl- both positive
the awarenessand
of certain populations heard,
from being that
productive. encour-
about the approaches, solu
to disasters, diseases inter-generational aged at all ages to sup-
impact of poverty. Science technologies to
I’m not poor.
edgeWhy shouldand
is shared, I that port transformational
negative – and manage our operations which
in line
preventwith them.
and other phenomena provides the foundation challenges of red
innovation and critical change in people’s lives
them care about other people’s
thinking are encour-
for new and sustainable poverty and ach
and communities.
from being productive.
• PwC made a worldwide science-
tainable develop
approaches, solutions and
economicaged
situation?
at all ages to sup-
technologies to tackle the contribution of s
I’m not poor. Why should I There are many reasons,
port transformational Governments can help
challenges of reducing to end poverty h
create an enabling envi-
based commitment to achieve
change in people’s lives
care about other people’s but in short, because as
ronment
poverty and achieving sus-
to generate pro- significant. For e
and communities.
tainable development. The
economic situation? human beings, our well-
ductive employment and
it has enabled ac
being is Governments
linked to eachcan help contribution of science to safe drinking
net zero greenhouse gas (GHG)
job opportunities for the
There are many reasons, other. Growing inequality to end poverty has been reduced deaths
create an enabling envi- poor and the marginalized.
but in short, because as is detrimental to economic significant. For example, by water-borne
ronment to generate pro- They can formulate strate-
emissions by 2030.
human beings, our well- growth and undermines it has enabled access and improved hy
ductive employment and gies and fiscal policies that
being is linked to each social cohesion, increas- for the to safe drinking water, reduce health ris
job opportunities stimulate pro-poor growth,
other. Growing inequality ing political and social reduced deaths caused to unsafe drinkin
poor and the marginalized.and reduce poverty.
is detrimental to economic by water-borne diseases, and lack of sanit
tensionsThey
and, can
in some
formulate strate-
© UN Photo / JC McIlwaine
growth and undermines and improved hygiene to
• Our commitment includes
circumstances,
gies anddriving
fiscal policies thatThe private sector, as To find out more
© UN Photo / Hien Macline
social cohesion, increas- reduce health risks related
instability and conflicts.
stimulate pro-poor growth,an engine of economic
© UN Photo / Eskinder Debebe
ing political and social to unsafe drinking water about Goal #1 an
and reduce poverty. growth,and haslack
a major role other Sustainabl
of sanitation.
supporting clients to reduce their A profound tensions and, in some
to play in determining Can we actually
© UN Photo / Martine Perret
circumstances, driving The private sector, as Development Go
whether Tothefind out more
growth it cre- achieve this goal?
If the global
© World Bank
change of the
© UN Photo / Albert González Farran
instability and conflicts. an engine of economic about Goal #1hence
and http://www.un.o
emissions as well as reducing
ates is inclusive and
growth,
Yes. To end has apov-
extreme major role othertoSustainable sustainabledeve
REDUCED INEQUALITIES: Can we actually contributes poverty
population
GOOD HEALTH 16,000
global food to play in
erty worldwide indetermining
20
reduction. It can promote visit:
Development Goals
60
achieve this goal?
those from the PwC network’s
whether the
years, economist growth it cre-
Jeffrey
NO POVERTY:
economic opportunities
Spending
SUSTAINABLE CITIES: reaches
http://www.un.org/
and agriculture ates is inclusive and hence
55 per cent
AND ofWELL-BEING:
WHY IT MATTERS Yes. To end extreme pov-
Sachs calculated that the for the sustainabledevelopment
poor, focusing on
RESPONSIBLE
contributes to poverty
children per cent 9.6 billion
total cost per year would
operations and suppliers. $1 billion
© UN Photo / Eskinder Debebe
erty worldwide in 20 segments of the economy
system is needed
© UNICEF/NYHQ2015-1710/El Baba
reduction. It can promote
WHY IT MATTERS
be about $175 billion. This
the
WHY THEY MATTER
years, economist Jeffrey
© UN Photo / Kibae Park
WHYworld’s
IT MATTERS
economic
represents less than opportunities
one
Sachs calculated that the
to nourish
ZERO HUNGER: coverage CONSUMPTION &
in immunization by 2050,
for the combined
poor, focusing on
die of the What’s the goal here? Most importantly, we total cost per year would
percent of the
segments of the economy
be about $175 billion. This income of the richest
population LIFE BELOW WATER: today’s
cannot achieve sustainable
• PwC commits to decarbonise 262 million
WHY IT MATTERSchildren
What’s the goal here?
have 800 million HalfcanofsavethePRODUCTION:
To
each limit
day
Worldwide, the poverty
world’s
rate in rural areas is 17.2 per What’s the goal here?
To reduce inequalities within
mortality
and among rates have been
countries.
What’s the goaland
development here?
make represents less than one
growth— contributing
the planet better for all ifpercentabout
of the60
combined
countries in the world.
per cent of global
the equivalent
1 million
CLEAN
GENDER EQUALITY: WATER hungry + WHY IT MATTERS global warming
from of almost
To end poverty in all its reduced, life expectancy To make cities inclu-
its operations, including its population
incomeGDP.
of the richest they also
world’s
cent—more than three times
1 million
people are excluded from However,
To ensure healthy lives
Why? continues to increase glob- opportunities,
no access WHY IT MATTERS
© UN Photo / Eskinder Debebe
plant
forms everywhere by 2030. sive, safe, resilient
preventable Over
LIFE ON LAND:
higher than in urban areas. countries in the
account world.
for about 70 per
© UN Women / Christopher Herwig
three
and promote well-being services, and
QUALITY EDUCATION: to 1.5°C,
ally, and the fight against and sustainable
CLIMATE ACTION:
cent of global carbon
Why?
AND SANITATION:
and for all at all ages. Inequalities based on the chance for a better life.
travel footprint, and neutralise 3will live
billion
Having a job does not
WHY IT MATTERS
© World Bank / Dana Smillie
What’s the goal here?
the additional children’s lives
easily escape. Hunger and some infectious diseases
to In 2018, population and
emissions and over 60
Why?
diseases
income,hassex, age, disability, Despite progress in some
guarantee a decent liv-
What’s the goal here?
© World Bank / Shynar Jetpissova
made steady progress. Even more, Marine
planets
malnutrition mean less
Why?
adolescents WHY IT MATTERS
More than 700 million peo- per cent of resource use.
WHY IT MATTERS
Toing.
social
endInhunger,
2 billion
fact, 8 per
women
achievecent of
each year global
productive individuals,
in
sexual orientation, race,
cities
areas, income inequality Protected Areas contrib-
animal
WHY outWHY
IT MATTERS IT MATTERS people
ple, or 10% of the world The world is becoming
its remaining climate impact
food security and improved class, However, in
ethnicity, the case
religion and To conserve and sustain-
© UN Photo / Isaac Billy
population, still live in is already
employed workers and their Ensuring
such as
who arehealthy
more prone lives to
of other diseases such
continues to rise in many
increasingly
ably use world’s oceans, What
theurbanized.
What are goal
somehere?
ute to poverty reduc-
is the of the environmental degrada-
remain carbon will be
nutrition
familiesand promote
by 2030
worldwide lived in and promoting well- opportunity continue to parts of the world
protection
tion by increasing fish
adisease and thus often
extreme poverty and is What’s increase
the goalin global
here?
experiencing
disproportionate share as malaria and tuber- Since 2007,
seas and more resources.
marine than half most pressing challenges tion that is endangering
measles species
sustainable agriculture.
extreme poverty in 2018. being fortoallearn
at allmore
agesandpersist across the world,
DECENT WORK AND
catchessustainable
To ensure and income, and
depend on
by investing in carbon removal
ofunable
struggling to fulfil the most
only held
population
To achieve gender
unpaid
isimprove
important
domestic
to building
work. culosis, progress has
livelihoods.within and among countries.
the world’s population has
What are some examples consumption What’s
that the goal
cities
improving face here?
health.
and today?
pro- They
the very
their systemsAlmost
livelihood. on which
required to
of school.
AFFORDABLE AND Why?living in cities, and
their
In 2018,
severe
basic needs like health,
What is the goal here? Why?
Poverty
they affectsfrom
can break children the dis- prosperous slowed or stalled. been our
75 future
per cent development
of the world’s
PEACE, perJUSTICE,
27expected
per cent 3.8 AND What’s
emissions
the goal
billion tuberculosis and here? are still faced with daily
equality and empower Inequalities faced
societies. by girls Inequality threatens long- What’s the goal here? of
Areinequality?
people’s lives to duction also help improve
patterns gen-
education, and access to proportionately.
cycle One out of
of poverty. Education
Today, marine and that share is projected
To sustainably
Inequality is a manage
big concern. and
poorvery
aresurvival
affecteddepend.
directly
ECONOMIC GROWTH:
There areright
moreatthan 800
by
projects. 3 billion 20 cent
challenges accessing even
617 million
all women and girls. can begin birth At least half the world’s Oceans provide key nat- der equality, asdeserti-
women
sustainarecurrent
Extreme hunger and mal- term social and economic forests, combat
Ensure
waterinclusive and qual-
really beingper affected
Strong
and sanitation, to five children live in extreme Major progress has been rise to 60 cent Over 1 billion people live by land degradation.
helps to reduce inequali- To million
ensure people
access who to suf- diebyeach
2030.
Why?
water
the most basic of services. 16,000 children
CLEAN ENERGY:
Taking urgent action to
INDUSTRY, INNOVATION PARTNERSHIPS:
people
nutrition remains a barrier and follow them all their population are still with- ural resources including do much of and
the work at If we don’t act to change
ityname
education
a few.for
Theallmajor-
and poverty.
Why? of 2050
Ensuring
managerial made
social pro- safe in improving
water
need to
sources
fall the
and
coastal
20 million international
development, harms pov- fication, halt
in slums and this number reverse
lack STRONG of theINSTITUTIONS: at risk
ties and to reach gender
to sustainable alldevelop-
fer from hunger world-
lives. In some countries, tackleout climate
access
of peo- inerty reduction
change
and todestroys
essen- by
day climate
Citiesfrom
food, and change?
preventable
medicines,
metropoli- biofuels small-scale
land degradation, fisheries.
and Forests
our are homeand
consumption to more
pro-
promote lifelong
ity of people learning.
living on tection for children and health of millions 3 in 10 people lack access Economic and social
keeps rising. prog-of
The levels
lifestyles
WHY IT MATTERS
sanitation
wide, for
the all. majority
vast
people
equality. In fact, one extra girls are deprived of access diseases such as measles
biodiversity
and its and other products. They than 80patterns,
per cent we
of all
to impacts.
tial health services. tan areas are power- duction will
by a
ment andand creates agroups
trap is halt biodiversity loss.
positions
less than $1.90 a day live Women
other girls represent ple. Maternal and child people’s sensemanaged
safely of fulfilment drink-
ofvulnerable urban
and ris-ress over energy
the last consump-
century
world’s
Yes. Severe The marine environment
theweather
WHY IT MATTERS ANDlackINFRASTRUCTURE: WHY THEY
have MATTER people are
year education is asso- todeveloping
health carecountries.
or proper
Why does education from which people cannot Why? helptuberculosis.
and
houses with
of economicbreakdown
Rural terrestrial
cause speciesdam-
irreversible of ani-
in sub-Saharan Africa.
minimum
half of the
critical toworld’s
reducepopu-
do not
poverty.
cooperation
and self-worth. This, in turn,
ing water services. About
Why? hastion
isbeenand
also pollution
accompanied
home areby
to a stun- also
of
access WHYworldwide
THEY MATTER
ing
andsea levels ofare affecting Why?
staggering
ciated with a reduction nutrition, leading to a women removal
are three waste
times and mals,
age to plants and insects.
our environment.
matter?
scarcity
lation and therefore also 3 billion people lack and
access
refugees,
can breed crime, disease
of the Gini coefficient by The demand
higher for water
mortality rate.
for their people
pollution,and and their
theirproperty
coastal
ning variety of beautiful
MATTERSyouth internet
However, biodiversity is
access to the
extinction
half of its potential. But, more likely to die while
proficiency
As to basic sanitation
greenhouse gas services,
levels Forests cover nearlyfrom31
WHYtoITclean
environmental degradation. creatures, ranging
45 per cent is needed now
1.4 percentage points. has outpaced population in developedact andas develop-
Education enables upward What’sgender
the goal here? How many people ecosystems buffers declining faster than at
livelihood
today inequality
How much
growth, progress
and half
such as toilets
the world’scontinue to climb, climate
or latrines.
ing countries.
to reduce From a small
per cent of ourorganisms
single-celled planet’s to
What’s the goal here? What’s thedamage
goal from
here? any other time in human
at least over 41 million more than ever
socioeconomic mobility efficiency continues to and the private sector— to
persists
Education
To promote
everywhere
empowers and
inclusive peo- and are unemployed?
have
population we made?
is already expe- change Moreis than
occurring80 perat cent of
land
the area.
biggestFrom the
animal air
ever to
in reading
storms. Maintainingtheyhealthy
and is a key to escap- improve,social
stagnates
ple everywhere
and renewable
progress.
to live
cooking fuels,
What’s the goal here? farmer
and feel in theas
safe Philippines
go to we
one month
achieve
breathe,
have
the
lived on
sustainable
to the
the water
Earth–the
history. An estimated 20
scar- muchwastewater
by 2030
sustainable economic higher rates than from
30 to ensure 31
To ensure access to afford- riencing severe water resulting To revitalize the global
ing poverty. Education is
able, reliable, sustainable
energy is making impres-
more
growth,
Women healthy
continue andtosus-
employment beand
The global unemployment
Women and girls around
city at least one month anticipated, and its effects were not aoceans
about supports
businessman
their
partnership
lives in climate
London,
whatever
for sustain-
representing
we development
drink, to the goals.
food
blue whale. They are also we
people have been
per cent of the Earth’s
What’s
rate the goal
has finally here?to expe-
recovered human
Promote
In the activities
peaceful
face of and
a is dis-
rapidly
resulting in nearly change mitigation and land area was degraded
80 per
a yearcent
sive gains. Nevertheless, climate change is affect-
also essential to achieving
and modern energy for all.
many other Sustainable
tainable
decent worklives. for
underrepresented Education
more focused attention
is alsoof
levels crucial
all.
at all is
to fostering
political leader-
the world
a year.
fromAccess
Torience
buildof
sanitation
crisis
continue
the global
violence
resilient
and
2009.
to water, are evident
charged
changing
financialinclusive
and cruel
infrastruc-
hygiene
In 2018, is addressing
worldwide.
into
societies
without
landscape climate
any and
rivers
globalforeconomic
change,
treatment,
increas-
By
or sea and engaged
their
ing
sexual
ethnicity,
able development
adaptation
everyone,
orientation.
faith
efforts.
or
And
especially
eat–forests
home to coral sustain us.
Why does thisreefs, one
of the most diverse eco-
have you been to the sea- internally
Around 1.6 billion peo-
that
between 2000 and 2015.We are proud to offset 100% of our
firm’s energy use and air travel
We have offset 100% of our energy use and air travel since FY2019.
In addition, 100% of our partners and over one third of our people have
pledged to offset their personal carbon footprints relating to home energy
Carbon offset purchases
use, personal air travel and their daily commutes.
To mitigate the impact of unavoided emissions, we are investing in a
range of carbon offsets, which prevent, reduce or remove greenhouse gas
emissions to compensate for emissions occurring elsewhere.
Environment
Carbon dioxide emissions FY20 FY19
Total emissions / tonnes CO2e 284 468
Over half our people have made their
Total carbon emissions per employee / tonnes CO2e 1.4 2.4
own personal pledge for the environment
to reduce their impact with simple lifestyle
Business travel / kilometres flown 1,159,354 1,522,405
changes, for example, eliminating beef from
Purchased electricity per employee: 2,078 2,321 their diet, not using single use plastic and
taking part in beach and park cleanups.
Note:
- Since the financial period FY2019, we have offset 100% of our emissions from our air travel and energy use.
- Office closure during COVID-19 impacted usage
Total emissions per employee Total electricity consumption
(tonnes CO2e/FTE)
466,046 454,862 415,633 11%
2.4 1.4 kWh kWh kWh kWh
Picking up plastic on our beaches.
FY19 FY20 FY18 FY19 FY20
32 33Governance
Responsible business leadership
We believe we have a
responsibility to uphold and
embody ethics, transparency
and integrity in all aspects of our
work. Our people are leaders A sustainable Responsible procurement
& supporting Bermuda
who can promote trust in
business and use their skills way forward businesses
and relationships to promote Like digital, ESG has the potential to revamp • We use Bermudian contractors and businesses
how successful organisations plan, implement and follow the PwC network’s approach to
more ethical and responsible and operate. Also like digital, ESG is a sprawling responsible procurement
behaviour in the marketplace. topic, making it challenging for organisations to • In our procurement, we comply with the
know where to begin. requirements of the PwC network’s
Our values guide the choices we make, which applies
Our sustainability services consulting team Third-Party Code of Conduct by demanding
not only to how we treat each other as professionals,
is developing new ways of measuring that our suppliers and vendors commit to them.
but also to how we select clients, work with those
clients and each other, and ensure the work we do environmental, social and governance impacts, • Sustainability services – We lead the
upholds our own standards. managing risks and supporting our clients in conversation on tackling important problems
ESG reporting. impacting businesses, governments and
communities
Our Code of Conduct lays out and reinforces the importance of • When it comes to, for example, involvement
conducting business within the framework of professional standards,
laws, and regulations, together with our own purpose, values, standards Privacy and data in and organising of corporate events and
sponsorships, we support the drafting of and
and policies. The Code of Conduct and behaviours we seek to reinforce protection introduction of sustainability guidelines.
are brought to life in numerous ways, including delivering highest quality
We are committed to protecting privacy and
outcomes, leadership and training programs, in our day to day work, and
safeguarding personal, business and financial
in the handling of complaints and investigations.
information.
• Our Human Rights Statement • Our Privacy Statement
• Our Transparency report, year ended June 30, 2020
34 35www.pwc.com/bm pwc.com/cb
pwc.com/cb
Economic Substance
Tourism and
Acting as a catalyst for dialogue
Requirements
Building a new Impact on Bermuda-domiciled entities
Hospitality
digital world Our team stands ready to help
and thought leadership
With change as the only constant, business
leaders recognise they need to evolve, and Overview Managing your cash
they know they can’t do it alone
The Economic Substance Act 2018 (the “Act” or “ESA”) What are the economic substance
was passed by the Bermuda Government in response requirements? pressures during
to concerns raised by the European Union’s Code of An in-scope entity must meet the following economic
Conduct Group (Business Taxation). The Act is effective requirements: COVID-19
from 1 January 2019 and addresses the issue of
• Managed and directed in Bermuda
economic substance for relevant businesses by defining As the COVID-19 global crisis and response
‘relevant activity’ and ‘core income generating activities’. • ‘Core income generating activities’ are undertaken evolves, organisations are experiencing We provide end-to-end
in Bermuda with respect to the ‘relevant activity’ significant operational, financial and liquidity services covering the
entire lifecycle of
Who is subject to economic substance • Maintains adequate physical presence in Bermuda challenges. The Tourism and Hospitality projects in tourism and
requirements? • Has adequate full-time employees in Bermuda with
sectors are particularly impacted. hospitality
Every entity that is engaged in a “relevant activity”. A
suitable qualifications
‘relevant activity’ is one where an entity is operating in
We provide
one or more of the following categories: • Incurs adequate operating expenditure in Bermuda In order to ensure these challenges can services to
60 40
PwC in the Caribbean
in relation to the ‘relevant activity’ be addressed, the number one concern advises hotels, resorts, over 40 hotels
• Banking • Shipping has been how owners can manage their shared ownership and resorts in
• Insurance • Distribution and service cash pressures to ride out the crisis. properties, casinos, the Caribbean
What are the economic substance Our Business Restructuring Services We advise Tourism cruise lines, marinas and
• Fund management centre
FT Digital Dialogues
reporting requirements? (BRS) practice provides support to and Hospitality other travel and tourism
Every day, we work with clients
Our digital services Digital operations • Financing and leasing • Intellectual property clients
Once adopted, affected companies will be required to clients in time sensitive and critical clients in more than
Digitising processes to reduce cost, improve • Headquarters • Holding companies 60 countries
file an annual Economic Substance Declaration (an scenarios, consistent with the
Supporting clients in digital transformation, with an productivity, supplier interaction and customer challenges that businesses impacted by
satisfaction is an imperative for all clients. PwC has
“ESD”) with the Bermuda Registrar of Companies
approach tailored to your organisation, can be the pandemic are now experiencing.
(the “ROC”).1
to tackle business issues,
broad capabilities with process re-engineering and
viewed across 5 lenses: digitising operations. Our global presence and
We are working closely with network enable us to leverage
organisations in the region, and globally, international experience and
Digital disruption Digital organisation and workforce to help them to prepare and respond, by local knowledge to seamlessly
Timing of compliance with the Act sharing our experience in working with meet our clients’ needs
exchange ideas and look ahead
New technologies are fundamentally impacting how Clients must align their organisation structure and companies, governments, regulators,
companies do business. We support clients the workforce to succeed in the digital age. PwC Existing entities2 Must comply with the provisions of the Act by 1 July 2019 with the first return due in 2020. NGOs and international organisations
navigate the options and develop a strategy to can support clients with navigating the impact on
around the world to build their crisis
succeed. their people and culture.
New incorporated entities3 Must comply with the provisions of the Act upon incorporation, with the first return due in 2020. response capabilities. Our specialist
to new opportunities. We use
We operate across the • Cayman Islands
teams have helped them respond and
emerge stronger. Caribbean from: • East Caribbean (Barbados
Digital experience Digital trust and St. Lucia)
1
If an entity fails to comply with the reporting requirements, the ROC may impose fines and penalties applying
Consumers are demanding better experiences that As organisations implement more digital services, • The Bahamas • Guyana
our thought leadership to share
the powers granted by the Registrar of Companies (Compliance Measures) Act 2017.
are tailored to them, across multiple channels and consumers need to be confident their data is 2
Refers to an entity which exists on the date of the coming into operation of the ESA.
at an affordable cost. Customer experience is a key secure. PwC supports clients with securing their 3
Refers to an entity incorporated on or after the date in which the ESA comes into operation.
• Bermuda • Jamaica
focal point in PwC’s approach to digital services. data and building digital trust in society. • British Virgin Islands • Trinidad and Tobago
diverse perspectives and help
lead conversations related to
sustainability and corporate
responsibility. During 2020 we
launched the following reports, PwC’s COVID-19
surveys and virtual thought CFO Pulse
leadership events:
Insights from Caribbean finance
leaders on the crisis and response
15 June 2020
www.pwc.com/cfopulse
DirectorConnect
Governance Insights Center
Turning crisis
into opportunity
Top Ten Employers
PwC’s 2020
Annual Corporate Directors Survey
www.pwc.com/acds2020
1 | PwC’s 2020 Annual Corporate Directors Survey
36 37Leading the way across
the Caribbean
#pwcinthecaribbean
We’ve grown to nine territories Part of Jamaica’s
Covid-19 Tourism
Recovery Heading new
Wilfred Baghaloo, PwC Jamaica Caribbean firm in
partner, appointed to the
Guyana
Government’s COVID-19 Tourism
Recovery Taskforce to rebuild Angelique Bart was named
Bermuda Jamaica. Managing Partner of PwC Guyana,
which opened in February, 2020,
to support local and international
clients in the country.
Advising on
Bahamas
upskilling and
modernising workers Giving the gift of
Zia Paton, PwC Trinidad & Tobago digital wallets in
British Virgin Islands
Cayman
partner, is leading a team to conduct
Bahamas
Islands St Lucia job evaluations across the Civil
Jamaica Service of of Trinidad and Tobago- Prince Rahming, PwC Bahamas
Barbados —a foundational exercise to align territory leader, facilitated the
the compensation and classification opening of digital wallet accounts
Trinidad & of some 2,000 positions with the for each of its people, becoming the
Tobago
requirements of a modern service. first organization in the Bahamas to
Guyana do so.
We are solution-focused
Leading our Net Zero
and our teams work
together across the commitment
Caribbean, embracing Gerry Mahon, assurance and
new technologies and operations partner, for PwC East
approaches to best Caribbean, is leading efforts
serve our clients. regionally to make PwC in the
Caribbean net zero by 2030
Click here to read more about PwC's impact on the
environment and communities across the Caribbean
38 39Connect with us!
@pwc_bermuda and @pwc_caribbean
At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 155 countries with
over 284,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell
us what matters to you by visiting us at www.pwc.com/bermuda.
PwC refers to the Bermuda 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.
© 2021 PricewaterhouseCoopers Ltd. All rights reserved.
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