Managing the firm
PricewaterhouseCoopers Ltd is a limited liability company, which is wholly owned by its members/shareholders who, in professional firms, are commonly referred to as partners.
The Executive Board is responsible for developing and implementing the policies, strategy, direction and management of the firm. It is chaired by the Territory Senior Partner, Phidias K Pilides, whose second five year term of office ends on 31 December 2011. The Chairman appoints five Executive Board members and the other five are elected. All the Executive Board members are partners in the firm.
The members of the Executive Board all of whom have served throughout the period from 1 January 2007 are:
Phidias K Pilides (TSP)
Dinos N Papadopoulos (Deputy TSP)
Panikos N Tsiailis
Chris K Santis
Stephos D Stephanides
Costas L Mavrocordatos
George M Loizou
Pantelis G Evangelou
Evgenios C Evgeniou
Philippos C Soseilos
The Executive Board holds one main monthly meeting, but also conducts formal business at additional meetings as necessary.
Assisting the TSP in the day to day operational management of the firm is the Management Team which has also been enlarged to four persons comprising the TSP, the Deputy TSP, Dinos Papadopoulos as well as Panikos Tsiailis and Chris Santis. The management team meets on a need basis to discuss and resolve matters arising.
Chris Santis who served as a member of the Executive Board and the Management Team until 30 June 2011 has resigned from his position as he was elected a member of the Oversight Board and subsequently Chairman of the Body.
Service Line Leaders in FY11
Our client facing activities are managed through a Lines of Service structure and the firm operated under five separate Service Lines:
|Global Compliance Services
|Corporate Support Services
In September 2010 the shareholders of the Firm have elected Evgenios Evgeniou as the new TSP to take office as from 1 January 2012 to succeed Phidias Pilides who completes his career with the firm on 31 December 2011.
Evgenios Evgeniou has served for five years as an elected member of the Executive Board, as the firm’s Human Capital Leader and as the responsible partner for services to the Banking industry. He was a member of the leadership team for Assurance in Europe. He is an Assurance partner working with clients in the financial services sector, in particular banks, investment management companies and funds.
He joined PwC in 1990 and was admitted to partnership in 2001. He has worked with PwC in London and on secondment in Athens and Moscow.
He was the Chairman of the Capital Markets Committee of the Institute of Certified Public Accountants of Cyprus and he has written articles on corporate reporting and banking issues.
Evgenios graduated from Imperial College, London University, he is a Fellow of the Institute of Chartered Accountants of England and Wales and he has participated in a number of PwC and Business School professional development programmes.
He is married with two children.
New management structure
Following the election of the new TSP who will take his position on 1 January 2012, Evgenios Evgeniou will serve as the Managing Partner of the firm as from 1 July 2011.
In addition the firm’s Management Board as of July 2011 will consist of:
Evgenios C Evgeniou, Managing Partner & Head of Markets
Costas L Mavrocordatos, Head of Tax & Legal
Liakos M Theodorou, Head of Assurance & Advisory
Theodoros C Parperis, In charge of Global Compliance Services
Philippos C Soseilos, Head of Human Capital
Christos M Themistocleous, Head of Quality, Risk Management & Independence
Angelos M Loizou, Head of Operations
To become more integrated the firm will be organised in two Service Lines: Tax & Legal (headed by Costas Mavrocordatos), which will encompass Global Compliance Services, Direct Tax, Indirect Tax, Small & Medium Enterprises and Legal, and Assurance & Advisory (headed by Liakos Theodorou) which will encompass, Financial Assurance, Risk Assurance Consulting, Performance Improvement Consulting and Deals and Corporate Finance.
To become more markets focused, a strong Markets Function is set up that will be headed by Evgenios Evgeniou. George Loizou will be responsible for Business Relationships with responsibility for PwC Experience, Human Capital headed by Philippos Soseilos, Operations headed by Angelos Loizou, Quality, Risk Management & Independence headed by Christos Themistocleous, Finance headed by Stavros Kattamis. Stephos Stephanides will be the Chairman of the purchasing committee.
Sound governance and transparency form the bedrock of leadership. At PricewaterhouseCoopers, we are committed to serving as a force for integrity, good sense and wise solutions to the problems facing businesses and the capital markets today.
Transparency and good standards of corporate governance – both in our clients’ businesses and in our own – are central to our ability to achieve those objectives. We aim to continue to achieve them from a position of strength as a leader in our profession.
As part of implementing the governance directives of PwC International, the shareholders/partners of the firm have elected on 29 April 2011 the five members of the Oversight Board to hold office for 3 years from 1 July 2011 to 30 June 2014. The first five elected members are Chris Santis, Andreas Constantinides, Constantinos Constantinou, Chrysilios Pelekanos and George Lambrou. On the same day the 5 elected members of the Oversight Board have unanimously elected Chris Santis as the first Chairman of the body.
Role and powers of the Oversight Board
The Oversight Board’s primary role will be to hold management (including the elected TSP) accountable to partners and to provide effective governance over the firm’s affairs on their partners’ behalf. Their powers and responsibilities primarily lie in the following areas:
- Holding management accountable
- Overseeing the direction of the firm and its governance system
- Protecting partners’ interests and ensuring fairness between partners
- Communicating with partners and holding itself accountable to the partnership
We focus on recruiting and retaining top talented people and developing them to be the next generation leaders. On 1 July 2011, five Senior Managers were appointed Directors of Operations: George Georgiou, ACA and Theodoros Stylianou, ACA both in Assurance Services, George Georgiades, ACA and Efstathios Efstathiou, ACCA both in Global Compliance Services and Martha Lambrou, ACA in Tax Services.
Global knowledge local expertise
161.000 people in 154 countries working together to offer solutions that build public trust and enhance value for clients and stakeholders.
At PwC Cyprus, we utilize the knowledge and experience of our international network to help our local clients solve complicated business problems and manage risk in an extremely competitive environment. In a global network like PwC, people from different countries and cultures have the opportunity to exchange knowledge, ideas and experience that result in new ways to support our clients.
But PwC is not only a recipient of the global network’s benefits. We have also contributed with some of our own talented people holding positions in the network.
Ethics and business conduct
PricewaterhouseCoopers (“PwC”) is one of the world’s pre-eminent professional services organisations. As professional advisers we help our clients solve complex business problems and aim to enhance their ability to build value, manage risk and improve performance. As business advisors we play a significant role in the operation of the world’s capital markets. We take pride in the fact that our services add value by helping to improve transparency, trust and consistency of business processes. In order to succeed, we must grow and develop, both as individuals and as a business. Our core values of excellence, teamwork and leadership help us to achieve this growth.
While we conduct our business within the framework of applicable professional standards, laws, regulations and internal policies, we also acknowledge that these standards, laws, regulations and policies do not cover all types of behaviour.
As a result, we also have a code of conduct for all PwC people and firms. This code is based on our values and it takes them to the next level demonstrating our values in action. The code also provides a frame of reference for PwC firms to establish more specific supplements to address territorial issues.