Almost three years after the PwC tax leaks scandal story broke (and more than a decade since the misconduct), and the firm’s partners have finally signed off on changes so it doesn’t happen again. Or, if it does, to increase the threat of pain for those involved.
They’ve voted to change the partnership agreement that had previously all-but-guaranteed partners get their generous retirement payments after leaving the firm. Now if they’re found to have been involved in wrongdoing that drags PwC’s reputation and bottom line into the gutter (and not just that related to the tax leaks either, but rather any serious misconduct), they can have their pension terminated.