Leadership and governance
Executive and board
We do not take for granted the trust placed in Deloitte by clients, investors, regulators and the wider business community, and sustaining this trust rests with every individual, at every level, within our firm. We recognise that embedding the values of integrity, respect, fairness, objectivity and accountability within our organisation to sustain that trust starts with the tone at the top and the strength and vision of our leaders.
Our leadership is shaped to meet continuing market challenges and to prioritise our continued investment in quality and our people. We have a structure for the leadership and management of the firm which includes governance structures to provide oversight of activities of the management team.
Deloitte's activities are managed by David Sproul, the Senior Partner and Chief Executive, and the Executive Group, which is appointed by him. The Senior Partner and Chief Executive is nominated by the Board and elected by the partners and serves for a four-year term of office. David Sproul commenced his first term of office as Senior Partner and Chief Executive on 1 June 2011.
The Executive Group
The Executive Group assists the Senior Partner and Chief Executive in managing the firm, including the implementation of the policies and strategies of the firm as determined by the Board, and has responsibility for the firm’s operating functions and for planning of the firm’s future development.
The Executive Group met 14 times during the year.
Each partner on the Executive Group has specific responsibilities but the emphasis is on the group working as a team to lead the firm. In keeping with our client service focus, every member of the Executive Group is also actively engaged with our clients.
The Board
The Board of Partners is responsible for the promotion and protection of partner interests and for the oversight of management. It determines Deloitte’s long-term strategies and has specific oversight of risk and quality.
The Board is comprised of the Chairman, the Senior Partner and Chief Executive, both of whom are elected by the partners, the Independent Non-Executives, a further eleven elected partners and three Executive Group partners proposed by the Senior Partner and Chief Executive and affirmed by the partners.
Like the Senior Partner and Chief Executive, the Chairman is nominated by the Board and elected by the partners and serves for a four-year term of office. David Cruickshank commenced his second term of office as Chairman on 1 June 2011. The separation of the roles of Chairman and Chief Executive provides a strong measure of accountability for the Executive Group.
Deloitte’s partnership agreement stipulates that the eleven elected Board members and the Chairman must not be members of the Executive Group. As a result, the majority of the Board membership is independent of the Executive Group. The Board meets at least nine times per annum.
Board Sub-committees
The terms of reference for our Board sub-committees are available from www.deloitte.co.uk/leadership.
Our Board sub-committees are:
- Audit and Risk Committee
- Compensation Committee
- Remuneration Committee
- Nomination Committee
- Public Interest Oversight Committee
- Advisory Panel on Corporate Responsibility
Further information on the activities of these committees during the year and our leadership and governance is available in the 2013 Deloitte Audit Transparency Report.