Contact: Madonna Jarrett
Deloitte Touche Tohmatsu
Director, Global PR & CEO Communications
+1 212 492 3738

Contact: Michele Minjoot
Deloitte & Touche Singapore
Corporate Communications Manager
+65 6216 3184

Singapore, February 9, 2004 — The Global CEO of Deloitte Touche Tohmatsu, Mr. William G. Parrett, today announced that Deloitte & Touche Singapore is its new "centre of excellence."

Singapore will become Deloitte’s third centre of excellence in Asia following Tokyo and Hong Kong. It joins an exclusive list of such centres located in some of the world’s largest global capital markets including New York, London and Frankfurt.

Mr. Parrett said, Singapore is a magnet for global and regional multi-national headquarters and it makes sense for us to further develop Deloitte Singapore’s expertise to meet our clients’ business challenges.

"As a centre of excellence, we will be strategically expanding our current recruitment of global and local professionals into our key service areas. For example, we will double Deloitte Singapore’s financial services expertise in the next two years. Globally, the financial services practice is Deloitte’s largest industry group, with revenues of US$3 billion," he said.

Currently, the Singapore practice has more than 1,000 professionals, including 10 percent focusing on financial advisory services. Deloitte Singapore expects to double its headcount to 2000 strong in the next few years, as it builds its multi-disciplinary capabilities for its centre of excellence role.

Deloitte Singapore has taken the first major step in building this capability by combining Deloitte & Touche Singapore and Deloitte Consulting. Chaly Mah, Managing Partner, Deloitte Singapore, said, "the combination of Deloitte Consulting and Deloitte & Touche means we now have the broad range of skills and deep industry knowledge to provide cutting-edge solutions required by our clients.

"Deloitte Singapore offers a full suite of audit, tax, financial advisory and consulting services. This multi-disciplinary approach gives Deloitte a competitive edge, setting new standards for delivering client service excellence."

Mr. Mah emphasized, "Deloitte’s unique approach will not compromise our observance of independence rules. The commitment we give to all our clients and other stakeholders is that we will not provide prohibited consulting services to our audit clients and will uphold ourselves to the highest ethical standards."

Singapore is highly attractive for Deloitte as a centre of excellence for several reasons: there are large numbers of multi-nationals currently headquartered in the Republic, it has a stable business environment and superior corporate governance practices.

Mr. Parrett said, "Singapore’s superior corporate governance practices are setting the benchmark for Asia and are clearly an advantage. Businesses are attracted to Singapore as the preferred gateway to expand into the region’s burgeoning economies such as China and India."

Corporate governance is at the top of the agenda for Deloitte’s Global CEO. Having been to Singapore numerous times, in his first ever visit as the Global CEO, Mr. Parrett on Monday addressed a US-ASEAN Business Council CEO forum on this issue.

During his presentation, Mr. Parrett expressed that raising the bar of corporate governance is essential to improving business competitiveness, in today’s environment. However this has impending risks. Businesses are now devoting more time and resources to complying with new rules and procedures, due to the high premium placed on making mistakes.

He said, "these risks are, first that some companies are placing undue priority on simply fulfilling the stipulations of new rules and regulations and second that others are becoming more risk averse. A sad consequence may be reduced investment in the developing world.

"It is essential for all participants in corporate governance to look long-term and place regulation and risk in their proper context. That is not to confuse compliance, which constitutes a minimum requirement, with the more substantive issue of sustaining the success of our companies and ultimately our economies."

Mr. Parrett also stressed the need for the right mix of knowledge on audit committees and company boards. Deloitte recently undertook research into the corporate governance practices of U.S. businesses. One finding of this report was that only 24 percent of audit committee members have direct experience with the industry they serve.

Mr. Parrett advocates the need for not only financial experts, as required by Sarbanes-Oxley, but also an expert with the requisite business and industry knowledge. He said, "boards and audit committees need people with both general and specific knowledge to be able to ask the tough questions, challenge the status quo, and actually lower the risk of strategic business mistakes."

In summary, Mr. Parrett emphasized that the spirit and purpose of corporate governance is to protect the interests of shareholders and stakeholders while promoting sustained corporate performance. Singapore is well advanced in this regard to lead Asia.

About Deloitte & Touche Singapore
Deloitte & Touche Singapore is a member firm of Deloitte Touche Tohmatsu, one of the world’s leading professional services organisations. Located in Singapore’s dynamic Central Business District, Deloitte & Touche has a team of 40 partners and more than 1000 professional, administrative and support staff.

We have a very diversified clientele base which includes major multinationals, large national enterprises, small and medium enterprises, public institutions and not for profit organisations. Our clients come from major industries such as banking & finance, chemicals & pharmaceuticals, manufacturing, transportation, technology, media, telecommunications, retail & wholesale and the public sector.

We adopt a customised, responsive and personal approach towards client servicing and offer a complete range services. These are:

• Audit Services;
• Enterprise Risk Services;
• Financial Advisory Services;
• Global Financial Services;
• Initial Public Offerings;
• Japanese Services;
• Tax Services;
• Transaction Services;
• Other consulting services.

About Deloitte Touche Tohmatsu
Deloitte Touche Tohmatsu is an organization of member firms devoted to excellence in providing professional services and advice. We are focused on client service through a global strategy executed locally in nearly 150 countries. With access to the deep intellectual capital of 120,000 people worldwide, our member firms (including their affiliates) deliver services in four professional areas: audit, tax, financial advisory services, and consulting. Our member firms serve over one-half of the world’s largest companies, as well as large national enterprises, public institutions, and successful, fast-growing global growth companies.

Deloitte Touche Tohmatsu is a Swiss Verein (association), and, as such, neither Deloitte Touche Tohmatsu nor any of its member firms has any liability for each other’s acts or omissions. Each of the member firms is a separate and independent legal entity operating under the names “Deloitte,” "Deloitte & Touche," "Deloitte Touche Tohmatsu," or other related names. The services described herein are provided by the member firms and not by the Deloitte Touche Tohmatsu Verein. or regulatory and other reasons certain member firms do not provide services in all four professional areas listed above.