Mr Michael Lim Choo San Appointed As Chairman of the Pro-Tem Singapore Accountancy Council

1. Deputy Prime Minister and Minister for Finance and Manpower, Mr Tharman Shanmugaratnam has appointed Mr Michael Lim Choo San as the Chairman of the Pro-Tem Singapore Accountancy Council ("Pro-Tem SAC"), with effect from 1 October 2011. Mr Michael Lim takes over from Mr Bobby Chin who has completed his one-year term as Pro-Tem SAC Chairman.

2. The Pro-Tem SAC was formed in September 2010 to drive the implementation of key initiatives that will help transform Singapore into a global accountancy hub by 2020. MOF thanks Mr Chin for his contributions in setting up and guiding the work of the Pro-Tem SAC. Under his leadership, the Pro-Tem SAC has successfully launched the Chief Financial Officers Institute ("CFO Institute") for the professional development of CFOs, and taken key steps forward in developing a new Singapore-branded post-university professional accountancy programme.

3. "I am glad that the council has made significant progress on the implementation framework for the development of the accountancy sector in the past year. I am confident that with his extensive experience in the accountancy sector, Mr Michael Lim will be able to lead the next stage of development of the sector," said Mr Bobby Chin.

4. Mr Michael Lim is currently the Chairman of the Land Transport Authority and Nomura Singapore Limited. He is also a member of the Public Service Commission and formerly the Executive Chairman of PriceWaterhouseCoopers, Singapore for 12 years before retiring in 2003. He has had more than 30 years of experience in the accountancy profession¹.

5. Mr Michael Lim said: "The Pro-Tem SAC will continue to work closely with all stakeholders from the accountancy profession and business community. Together, we will drive the implementation of initiatives that will create a leading global accountancy hub in Singapore."

¹ Executive Profile of Mr Michael Lim Choo San
Mr Michael Lim Choo San serves as Chairman of the Land Transport Authority. He was appointed as a member of the Public Service Commission in 1998. On 31 Dec 2003, he retired as Executive Chairman of one of Singapore&'s top accounting firm, PricewaterhouseCoopers, Singapore, after more than 30 years with the firm, including 12 years as Executive Chairman. In Jul 2006, he became Chairman of Nomura Singapore Limited and in Nov 2007, he was appointed as a member of the Legal Service Commission. He has also previously served as Chairman of the National Healthcare Group Pte Ltd. Mr Lim was awarded the Meritorious Service Medal, the Public Service Star and the Public Service Medal in 2010, 2003 and 1998 respectively.