PwC Australia Partners Back Rules Overhaul After Leak Scandal

PricewaterhouseCoopers Australia partners approved an overhaul of its governance rules after the fallout of a government leak scandal, the firm said Thursday.

As part of the overhaul, the firm will appoint an independent chair and two directors to its governance board by July 1 and create a new system to pick future CEOs. The process to find the new independent members has already begun, the firm said in a statement.

The vote follows an internal review of PwC’s governance and accountability rules and culture last year, which found the board’s lack of independence, the CEO’s excessive power, and a disproportionate ...