- Global fee income increases 7.8% to €1.9 billion in 2019/20
- Looking ahead to next four-year strategy with a renewed, diverse governance
- Reaffirming importance of shaping the transformation of the audit profession
Mazars, the international audit, tax, and advisory firm, has announced earlier this week revenues of €1.9 billion in its 2019/2020 financial year (1 September 2019 – 31 August 2020), representing a 7.8% increase (excluding forex impact of -0.3%) compared to the previous financial year. The increase in fee income comprises strong organic growth (5.9%), complemented by positive external growth (1.8%).
Commenting on the firm’s financial performance, Hervé Hélias, CEO and Chairman of Mazars Group says: “For people, businesses, and society, 2020 has been a year like no other. Amid a global pandemic, with our focus on keeping our people safe and continuing to deliver top quality services to our clients, Mazars has shown remarkable resilience achieving 7.8% growth, most of it organic. Our people’s remarkable efforts to continue serving our clients and carry out their assignments enabled us to do more than just weather the storm in 2020.”
Keeping a long-term perspective: strategic plan for the next four-years
Despite the crisis, Mazars continued to invest and plan for its future. Over 1,100 partners recently voted to approve the new strategic plan, ‘One24’, a title recognising the uniqueness of Mazars’ united partnership model. The plan articulates the group’s roadmap for the next four years, capitalising on Mazars’ strengths and distinctive attributes: quality services, cross-border operational integration, international consistency, dedication, and care for clients and teams. The new plan seeks to continue the group’s transformation and to secure Mazars’ position as an international audit, tax, and advisory leader, by continuously improving talent and client experience and innovating services and ways to work. Over the coming four-year period the firm will continue to focus on its priorities: client-centricity, quality and risk management, international growth, operational integration, talent development, and contributing to building a fair and prosperous world.
Looking ahead Hélias says: “The pandemic and related economic crisis certainly bring a challenging period, but we are looking beyond that, investing in our organisation and in our people to deliver what our clients need and what they expect from us. We have set a strategy that both secures our place in the market and continues to create the firm of the future, ensuring we attract and grow outstanding talent, deliver high-quality experiences to our clients of all types, and above all, build confidence and trust by acting in a responsible way.”
A renewed, diverse leadership team to implement strategic plan
To support the One24 programme, Mazars has reviewed and reinforced its governance structure, which comprises the Group Executive Board (GEB) and Group Governance Council (GGC) . The new governance team was elected during the firm’s virtual partner conference in December 2020.
Of the 23 elected members in the GEB and GGC,10 are female: this means 44% of Mazars’ governance positions are held by women, representing strong gender diversity in the firm’s leadership.
Hervé Hélias was re-elected as Chairman of the GEB and two new members were elected: Mark Kennedy, Managing Partner in Ireland since 2016, and Julie Laulusa, Co-Managing Partner in China since 2010. Laulusa and Kennedy join nine other re-elected GEB members: Hervé Hélias, Pascal Jauffret, Rudi Lang, Taibou Mbaye, Christoph Regierer, Veronique Ryckaert, Ton Tuinier, Phil Verity, and Victor Wahba. Antonio Bover steps down after three terms (12 years) and Wenxian Shi transitions from member to permanent invitee.
The GGC now comprises Asa Andersson Eneberg, Gertrud Bergmann, Maria Cabodevilla, Frank Bournois, Kathryn Byrne, Juliette Decoux, Fabrice Demarigny, Denise Fletcher, Chris Fuggle, Tim Hudson (Chair), Michelle Olckers, and Liwen Zhang.
“Having a long-term perspective is critical, as is having the right team to execute our strategy. As we look to implement our four-year plan, we have evolved our governance team to ensure it has the right leaders with a diversity of backgrounds and styles, to make our strategy happen.”, says Hélias.
In 2020 Mazars welcomed 78 new international partners from 30 countries. The new partners represent varied areas of services – audit (54%), tax (17%), and outsourcing (12%) – as well as regional diversity.
„As we stand on solid feet in terms of personnel, financials, and client base in Romania, our growth path in all areas of our business has continued. During this challenging year, our team showed an impressive attitude in the face of an unknown situation and managed to quickly embrace this challenge and adapt to all needs. Furthermore, we fully reiterate our Group strategy and together with the CEE partnership, we will continue to deliver a seamless experience for our clients, as well as a true recognition of the benefits of Mazars’ uniquely integrated partnership model.”, declared Dino Ebneter, Country Managing Partner, Mazars Romania (photo).
Committed to bringing a different perspective and shaping a healthier audit industry
In October 2020 Mazars launched its new brand identity which reaffirms its purpose and long-standing values of integrity, responsibility, and accountability. It better reflects who Mazars is today, and the unique experience we strive to deliver to our people and our clients, empowering them to lead and thrive, and to always do what is right.
The rebrand celebrates how Mazars has transformed without compromising its culture, values or unique business model and how it brings choice and a different perspective to the audit, tax, and advisory market. It also reaffirms a strong commitment to building a fair and prosperous world as well as a healthier industry. Because of its strong position on the PIE audit market, Mazars takes responsibility in ensuring auditors, who have a mission of public interest, can deliver against the expectations. Consistent with its brand purpose, the group wants to stand at the forefront of the audit debate, to promote significant changes in the profession, and calls for a public debate involving all stakeholders.
Hélias concludes: “Our new four-year strategic plan outlines our intention to accelerate our transformation and further establish Mazars as an international leader. We want to continuously improve the way we serve our clients and develop our talent, making Mazars a knowledge-intensive firm and a school of excellence. Quality will remain the backbone of all our activities, and we want to continue to foster a true quality and risk management culture. Financial transparency and trust are the essence of a fair and prosperous economy, and auditors are a central piece of this ecosystem. It is time to collectively rethink how the profession operates. We believe it is our responsibility to help shape a healthier market and we will play our full part in this transformation in the coming years.”