Ernst & Young appoints Lim Hwee Hua as a global independent non-executive
Singapore, 8 November 2011 — Ernst & Young today announces the appointment of Mrs Lim Hwee Hua as an independent non-executive to our Global Advisory Council.
This follows Ernst & Young's adoption of the UK Audit Firm Governance Code. As the most integrated organization in our profession (in Asia-Pacific and globally), Ernst & Young is appointing the independent non-executives on a global basis, rather than just at a UK level. Mrs Lim's appointment demonstrates the depth of our commitment to Asia-Pacific, its perspectives and its markets.
A former Singapore Minister in the Prime Minister's Office, Second Minister for Finance and Managing Director at Temasek, Mrs Lim is one of five independent non-executives to be appointed by Ernst & Young. In February 2011 three independent non-executive appointments were announced. Concurrent with Mrs Lim's appointment, Ernst & Young also appointed Ms Shyamala Gopinath, former deputy governor of the Reserve Bank of India, as an independent non-executive.
Jim Turley, Global Chairman and CEO of Ernst & Young, said, "These two outstanding women will join Ernst & Young's Global Advisory Council (GAC), our top governance body. They will join partners from across the globe who otherwise do not hold senior management roles and are elected by their peers. The GAC approves significant matters that affect the organization and advises on policy, strategy and all public-interest aspects of our decision-making."
"Mrs Lim's broad experience, external viewpoints and diverse perspectives will bring a valuable dimension that will enhance the quality of services we provide around the world," says Max Loh, the Singapore-based ASEAN Managing Partner for Ernst & Young. "The appointment also demonstrates Ernst & Young's deep commitment to Asia-Pacific markets and the highly integrated service we are able to provide across this diverse and dynamic region."
Commenting on her new role, Mrs Lim said, "I am excited about becoming an independent non-executive member on Ernst & Young's Global Advisory Council. This appointment will provide me with an opportunity to enhance the role that accounting professionals and organizations are playing in Asia. The Asian markets are increasing in prominence. It is important to participate in the decision-making of accounting-related matters and practices.
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Notes to editors
Ernst & Young's independent non executives
Lim Hwee Hua is a former Minister in the Prime Minister's Office and Second Minister for Finance of Singapore. While at the Finance Ministry, Mrs Lim spearheaded the reform of the accountancy sector and of accounting standards. She is the first woman to be appointed full Minister in the history of the State. Before entering politics she worked for Jardine Fleming and subsequently became Managing Director at Temasek Holdings.
Shyamala Gopinath is the former deputy governor of the Reserve Bank of India (RBI) a post she held from September 2004 to June 2011. She joined the RBI in 1972, and has worked in diverse areas and different capacities including Executive Director of the RBI from June 2003 until her elevation to deputy governor. She also served for two years on deputation to the International Monetary Fund.
Sir Richard Lambert is the Chancellor of the University of Warwick, UK, a Trustee of the British Museum, former Director-General of the Confederation of British Industry and former editor of the Financial Times. Sir Richard was knighted, for services to business, in the 2011 New Year Honours.
Mark W. Olson is Co-Chairman of Treliant Risk Advisors LLC. His former positions include Federal Reserve Board Governor, Chairman of the PCAOB, Staff Director of the US Senate Securities Sub-committee of the Banking, Housing, and Urban Affairs Committee, Chairman of the American Bankers Association, bank president and CEO. He was a partner at Ernst & Young from 1988 to 1999.
Klaus Mangold is serving as a director at many companies, including Chubb Corporation, USA; Magna International, Canada; Alstom SA, France; Continental AG, TUI AG, Metro AG and Rothschild, Germany. He is also an honorary professor at the European Business School and has been for 10 years Chairman of the East-West Committee of German Industry. His former directorships include Daimler-Chrysler services AG.
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