PwC Singapore is investing SG$50 million over the next five years to launch an ESG Centre of Excellence to build up capabilities in environmental, social and governance (ESG). This is part of its global strategy known as "The New Equation" that aims to address the major challenges shaping today's world including technological disruption, climate change, fractured geopolitics, social tension and the continuing needs organisations are grappling with.
Under The New Equation, PwC also plans to beef up its new hires and the skills enhancement of its partners and employees, particularly in ESG, digital transformation, M&A and deals value creation as well as financial services advisory. Over the next year, the company will be hiring for over 300 positions for its Singapore operations across a wide range of competencies and experiences. PwC also targets to admit 10 new partners annually over the next five years, including new market hires, and build teams around them as it expands its capabilities. It recently brought on board six new partners to build on its list of crucial areas.
Marcus Lam, who became executive chairman of its Singapore's operations in April this year, said in Singapore, it is investing in its employees to equip them with the technical, digital and human skills needed to build trust and deliver sustained outcomes.
According to him, fundamental shifts in the way consumers life and work have impacted businesses in many ways - notably stakeholder expectations on trust and delivering sustained outcomes. "Singapore has always been valued on the international stage as an ideal place to conduct business for our reputation in governance, clarity of regulation, robust infrastructure and digital readiness," Lam said.
He added that PwC wants to bring the best combination of people and technology to help its clients and the wider market continue to grow, remain relevant and thrive amidst a changing and chaotic world. Separately, PwC said in a study earlier this year that 69% of Singapore CEOs plan to allocate funds for ESG initiatives. At the same time, 91% of CEOs in Singapore and Malaysia are also prioritising long-term investments in digital transformation over the next three years.
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