Cyprus Impact Report sets PwC’s 2021 contribution at €168.4m

PwC Cyprus presented its total impact on society, the economy and the environment for the year 2021. According to the report entitled “Cyprus Impact Report 2021”, the organisation’s total contribution is estimated at €168.4m, recording an increase of €1.6m compared to the 2018 figure and €5.6m compared to the 2015 figure, the three years that this specific assessment was carried out.

PwC Cyprus’ direct economic and tax impacts are valued at €53.3m and €29.7m respectively, making up approximately 50 per cent of its total impact. It should be noted that the organisation’s positive economic impact corresponds to a contribution of 0.6 per cent to Cyprus’ GDP.

The report comes at a point in time when prioritising ESG targets has become imperative for businesses. In this framework, PwC’s new global strategy “The New Equation”, which focuses on building trust and achieving sustainable outcomes, acknowledges the necessity of complying with ESG criteria.

In a bid to increase its impact on society, a major pillar of PwC’s activity focuses on investing in education and upgrading the skills of its people. PwC’s direct social impact when it comes to professionals trained by the organisation, was valued at €7.4m in 2021, recording a significant increase compared to the 2018 assessment, when this amount stood at €5.1m.

Commenting on the results of the report, PwC Cyprus CEO Evgenios Evgeniou expressed satisfaction that, amid an especially demanding period, the organisation had managed not only to enhance its leading position, but also add to its positive contribution. As he stressed, “by recording its footprint, PwC Cyprus can achieve a concise understanding of its total impact and plan its next steps for the future”.

It should be noted that, to carry out the study, the organisation used PwC UK’s “Total Impact Measurement & Management (TIMM)” framework – an innovative and multifaceted method allowing companies to measure, quantify and monetise the total impact of their business activities, products and services, with a view to enhancing the information used in their decision-making process.

PwC’s impact report is available on www.pwc.com.cy/impact-report.