Letter from the CEO and Chairman - Annual Review 2008

Excellence is our promise

Letter from the CEO and Chairman

We are delighted to introduce the Deloitte Touche Tohmatsu 2008 annual review, Looking back, Thinking ahead. This year’s review embodies the proud but never satisfied spirit that is fundamental to Deloitte member firms’ success around the world. At Deloitte, we look back to hold ourselves accountable and proudly celebrate our accomplishments. We look forward to embrace the challenges ahead and achieve our vision to be the Standard of Excellence.

Fiscal year 2008 was outstanding for Deloitte member firms, particularly in light of the economic turbulence that defined the marketplace. In this climate of heightened financial uncertainty, Deloitte member firms achieved their sixth consecutive year of double-digit growth, with aggregate member firm revenue increasing 18.6 percent (13 percent growth in local currencies) to US$27.4 billion.

The Deloitte global network operates in 140 countries. Our commitment to clients and ability to team across borders continue to set our member firms apart in the marketplace. Deloitte member firms believe that to be called global advisers, it isn’t enough to have a presence everywhere around the world and clients in every city; what’s crucial is having a culture of collaboration that draws upon our strengths, regardless of location. Our culture is the strength of Deloitte.

At the core of our operations is the key to our success: Deloitte member firms’ network of 165,000 professionals. The world’s most sought-after talent choose Deloitte because of our culture and the opportunities for growth and success. They stay at Deloitte for the same reasons.

We see a future for Deloitte that is every bit as exciting and dynamic as the global marketplace in which our member firms operate. Early investments in emerging economies such as the BRIC countries (Brazil, Russia, India, and China) have produced outstanding results and position Deloitte well for continued success. Deloitte’s ongoing commitment to corporate responsibility will take bold new forms as we harness the full power of our organization to make a difference in the communities where we live and work.

We are making significant investments in innovation, with our best ideas coming from the bottom up, not from the top down. Innovation takes many forms at Deloitte, from helping clients adopt the latest social networking tools to firmwide incentives that encourage innovative ways to serve clients, such as Deloitte United States’ Innovation Quest program and Deloitte Australia’s Innovation Zone program. Our commitment to innovation was evident at this year’s DTT Annual World Meeting in Silicon Valley, where delegates visited 35 leading companies to discuss their innovative practices. The World Meeting also launched our 2009 Young Partner Advisory Council, which is developing implementable recommendations to further drive innovation throughout our network of member firms.

Deloitte Research’s thought leadership consistently distinguishes Deloitte in the marketplace. Each piece of research reflects a deep understanding of clients’ industries. Topics range from cross-industry and strategic themes, such as the significant effect each generation has on business, to emerging markets and industry-specific pieces, such as the annual Global Powers of Retailing.

Everything we do is guided by our deeply embedded Shared Values: integrity, commitment to each other, outstanding value to markets and clients, and strength from cultural diversity. These are the hallmarks of our culture and the foundation for every decision we make. Deloitte takes client service very seriously. The decisions we make and the value delivered influence the capital markets and ultimately the public trust. We see every Deloitte member firm professional as a steward for our Shared Values and an ambassador for our brand.

Excellence is our promise. Thank you for taking the time to read our story. Our goal is to help you understand more about the Deloitte culture—who we are, the value provided to clients, and the passion we share for our brand. You will see that the people in our member firms are never satisfied with the status quo. We are always looking for opportunities to make things better—for clients, communities, and each other. We hope you enjoy this unique look inside Deloitte.