Ethics and governance in the European Financial centers

I have contacted with complete confidence some PwC professionals to ask what they think of the dysfunctions at PwC Luxembourg: focus on the growth, client-oriented rather than stakeholder-oriented, no issuance of data on economic criminality, financial director that does not comply with the stated ethics…

One of these expert answered: Thanks to stop sending such inopportune e-mails.

I was very disappointed. The attitude definitely means that PwC professionals do not dare to face internal issues and to tighten up the ship for dysfunctions that are public and furthermore emphasized by the small size of a country where they are observed.

Is it actually “inopportune” to be willing to protect and save the reputation of a brand like PwC?

Who protect the best the reputation? Those who tolerate dysfunctions and relating risks by denying public issues or refusing to repudiate such issues like the professionals I contacted? Or those acting as watchdogs like I do who call for responsibility and credibility of the profession: there must be no gap between what is stated and what is done publicly. There must be no support for those who behave publicly in a way that does not comply with business ethics and a "code of conduct".
What about dysfunctions in the framework of the audits with the professional secrecy? What about the implementation of whistleblowing for unethical behaviors?



Clients should definitely consider to fire all professionals that are not credible anymore in their assignments as they support public situations that does not comply with the stated ethics.

Stakeholders should not rely anymore on companies audited by professionals that do not repudiate public and official facts of bad management and bad governance.

Trust is definitely broken and I am sad of that.



"He who is faithful in a very little is faithful also in much; and he who is dishonest in a very little is dishonest also in much" (Lk 16: 10)

In the framework of the forthcoming Communication of the European Commission on the future of Eurojust and the European Judicial Network, as well as the envisaged follow-up under the Portuguese Presidency of the European Union, Eurojust organised a seminar with the support of the Portuguese Presidency.

This seminar took place on 29 and 30 October 2007 in Lisbon.

Eurojust - European Union's Judicial Cooperation Unit - is a body of the European Union, whose objective is the cooperation in criminal matters among national authorities within the European Union.

Franco Frattini, Vice-President of the European Commission, Michael Kennedy, Eurojust President, Pinto Monteiro, Attorney General and several experts on judicial cooperation from all Member States attended this event.

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