Viewing offline content

Limited functionality available

Dismiss
Deloitte Middle East
Annotations
  • Services

    What's New

    • Deloitte175

      Join us for a celebration of 175 years of making an impact that matters.

    • Building the Resilient Organization

      2021 Deloitte Global resilience report

    • 2020 Global Gender Impact Report

      A collection of Butterfly Effect stories highlighting how our Deloitte professionals are positively impacting the lives of women and girls around the world

    • Audit & Assurance

      • Assurance
    • Consulting

      • Strategy, Analytics and M&A
      • Customer and Marketing
      • Business Operations
      • Human Capital
      • Enterprise Technology & Performance
    • Financial Advisory

      • Mergers & Acquisitions
      • Forensic
      • Real Estate
      • Turnaround & Restructuring
    • Risk Advisory

      • Strategic & Reputation Risk
      • Regulatory Risk
      • Financial Risk
      • Operational Risk
      • Cyber Risk
    • Tax

      • Global Business Tax Services
      • Indirect Tax
      • Global Employer Services
    • Deloitte Private

      • Family Enterprise
    • Legal

    • Sustainability

  • Industries

    What's New

    • Deloitte perspectives

      Leadership perspectives from across the globe.

    • Deloitte Insights App

      Our thought leadership and Dow Jones news, now at your fingertips

    • Future of Mobility

      Learn how this new reality is coming together and what it will mean for you and your industry.

    • Consumer

      • Automotive
      • Consumer Products
      • Retail, Wholesale & Distribution
      • Transportation, Hospitality & Services
    • Energy, Resources & Industrials

      • Industrial Products & Construction
      • Mining & Metals
      • Oil, Gas & Chemicals
      • Power, Utilities & Renewables
    • Financial Services

      • Banking & Capital Markets
      • Insurance
      • Investment Management
      • Real Estate
    • Government & Public Services

      • Civil Government
      • Defense, Security & Justice
      • Health & Social Care
      • Transport
    • Life Sciences & Health Care

      • Health Care
      • Life Sciences
    • MENA Sovereign Wealth Funds

    • Technology, Media & Telecommunications

      • Technology
      • Telecommunications, Media & Entertainment
  • Insights

    Deloitte Insights

    What's New

    • Deloitte Insights Magazine

      Explore the latest issue now

    • Deloitte Insights app

      Go straight to smart with daily updates on your mobile device

    • Weekly economic update

      See what's happening this week and the impact on your business

    • Strategy

      • Business Strategy & Growth
      • Digital Transformation
      • Governance & Board
      • Innovation
      • Marketing & Sales
      • Private Enterprise
    • Economy & Society

      • Economy
      • Environmental, Social, & Governance
      • Health Equity
      • Trust
      • Mobility
    • Organization

      • Operations
      • Finance & Tax
      • Risk & Regulation
      • Supply Chain
      • Smart Manufacturing
    • People

      • Leadership
      • Talent & Work
      • Diversity, Equity, & Inclusion
    • Technology

      • Data & Analytics
      • Emerging Technologies
      • Technology Management
    • Industries

      • Consumer
      • Energy, Resources, & Industrials
      • Financial Services
      • Government & Public Services
      • Life Sciences & Health Care
      • Technology, Media, & Telecommunications
    • Spotlight

      • Deloitte Insights Magazine
      • Press Room Podcasts
      • Weekly Economic Update
      • COVID-19
      • Resilience
  • Careers

    What's New

    • Millennial Survey 2022

      Gen Zs and millennials are striving for balance and advocating for change.

    • Candidate Profile

      After applying for a job in this country, you can access/update your candidate profile at any time.

    • Job Search

    • Students

    • Experienced Hires

    • Executives

    • Life at Deloitte

    • Alumni

    • Diversity and Inclusion

  • XE-EN Location: XE-English  
  • Contact us
  • XE-EN Location: XE-English  
  • Contact us
    • Dashboard
    • Saved items
    • Content feed
    • Profile/Interests
    • Account settings

Welcome back

Still not a member? Join My Deloitte

Financing a sustainable transition

by Dr. Michela Coppola, Joep Rinkel
  • Save for later
  • Download
  • Share
    • Share on Facebook
    • Share on Twitter
    • Share on Linkedin
    • Share by email
Deloitte Insights
  • Strategy
    Strategy
    Strategy
    • Business Strategy & Growth
    • Digital Transformation
    • Governance & Board
    • Innovation
    • Marketing & Sales
    • Private Enterprise
  • Economy & Society
    Economy & Society
    Economy & Society
    • Economy
    • Environmental, Social, & Governance
    • Health Equity
    • Trust
    • Mobility
  • Organization
    Organization
    Organization
    • Operations
    • Finance & Tax
    • Risk & Regulation
    • Supply Chain
    • Smart Manufacturing
  • People
    People
    People
    • Leadership
    • Talent & Work
    • Diversity, Equity, & Inclusion
  • Technology
    Technology
    Technology
    • Data & Analytics
    • Emerging Technologies
    • Technology Management
  • Industries
    Industries
    Industries
    • Consumer
    • Energy, Resources, & Industrials
    • Financial Services
    • Government & Public Services
    • Life Sciences & Health Care
    • Tech, Media, & Telecom
  • Spotlight
    Spotlight
    Spotlight
    • Deloitte Insights Magazine
    • Press Room Podcasts
    • Weekly Economic Update
    • COVID-19
    • Resilience
    • XE-EN Location: XE-English  
    • Contact us
      • Dashboard
      • Saved items
      • Content feed
      • Profile/Interests
      • Account settings
    10 minute read 18 August 2020

    Financing a sustainable transition CFOs in Europe open up on sustainable finance

    10 minute read 19 August 2020
    • Dr. Michela Coppola Germany
    • Joep Rinkel Netherlands
    • Dr. Michela Coppola Germany
    • Joep Rinkel Netherlands
    • See more See more See less
      • Dr. Michela Coppola Germany
      • Joep Rinkel Netherlands
    • Save for later
    • Download
    • Share
      • Share on Facebook
      • Share on Twitter
      • Share on Linkedin
      • Share by email
    • Why sustainability is increasingly relevant to the finance function
    • ESG and the cost of capital
    • How ESG considerations shape investor relations
    • In ESG the Social and Governance are vital, too
    • What this means for companies and the role of financial executives
    • The Deloitte European CFO Survey

    The results of the latest European CFO survey reveal that when it comes to ESG, many companies are missing opportunities to engage with investors effectively. Finance departments have a role to play, but may need to build new capabilities.

    Environmental, social and governance (ESG) issues, once considered extra-financial, are now being seen as material risks and opportunities for a company’s bottom line. Recognising this, financial markets are changing – with important consequences for how companies finance themselves and shape their investor relations. The results of the latest European CFO Survey reveal that when it comes to ESG, many companies are missing opportunities to engage with investors effectively. Finance departments have a role to play. In order to do so, they might need to build new capabilities.

    Key takeaways

    • Investors and lenders now expect companies not only to deliver strong financial performance but also to have a positive social and environmental impact.
    • CFOs can promote the social and ecological transition of their companies by using new financing tools and by supporting sustainability impact projects.
    • Finance executives can help rethink the performance model of their company, using new accounting frameworks (such as the Triple Depreciation Line framework) and new measures for triple performance (i.e., economic, social and environmental).
    • Finance functions have a key role to play in ensuring the relevance, compliance and accuracy of sustainability information provided to external stakeholders – from risk analysis to governance, internal control, prevention and mitigation measures, and third-party assurance.
    • CFOs need to steer financial and non-financial performance using new tools and solutions, internal dashboards, individual and collective performance criteria, and group and entities roadmaps.

    Why sustainability is increasingly relevant to the finance function

    Companies and their finance functions have been dealing with the question of sustainability for a long time. However, while the costs and regulatory burdens associated with addressing sustainability were quite evident, the benefits of doing so have until recently been less visible and quantifiable. That has changed significantly in the past few years as public awareness of the world’s environmental and social challenges has grown and with it the demand for businesses and policymakers to take action. A growing body of evidence shows that a focus on environmental, social and governance issues (ESG) makes companies’ financial and operational performance better.1

    Learn More

    Explore the CFO collection

    Explore the Strategy collection

    Learn about Deloitte's services

    Go straight to smart. Get the Deloitte Insights app

    Investors are taking note. Asset managers are holding corporate leaders increasingly accountable for the ESG performance of their companies. By the end of 2019, more than 2,500 investors representing over US$80 trillion in funds had signed up to the UN Principles for Responsible Investment (PRI), thereby committing themselves to including sustainability factors in the investment process.

    New, dedicated debt instruments have emerged over the past decade to support the move towards a more sustainable business model. More than US$450 billion in sustainable debt has been issued in 2019 – the highest volume in any one year and almost 80 per cent more than in 2018, taking the cumulative volume of issuance well over the US$1 trillion barrier.2

    The onset of the COVID-19 pandemic has accelerated the rise of sustainable finance, both in equity and debt. In the equity market, investors seem willing to stick to their ESG investments and ride out uncertain economic times. Across the globe, more than US$45 billion flowed into ESG funds during the first quarter of 2020 – while the overall fund universe experienced outflows of more than US$380 billion.3 Furthermore, ESG funds are outperforming their non-ESG equivalents so far,4 suggesting that companies which address sustainability are more resilient during periods of market turmoil. In the debt market, the pandemic seems to have brought the “social” component of the ESG basket of factors into the limelight. From January to May of this year, issuance of social bonds – whose proceeds are intended for socially beneficial activities – soared to a record US$32 billion, almost twice as much as in the whole of 2019.5 In addition, many governments are making sustainability central to their COVID-19 economic recovery packages.6

    To get a sense of how companies perceive the role of sustainability in their financing decisions and in their investor relations, the latest edition of the European CFO Survey interviewed about 1,000 CFOs across Europe (figure 6).

    Sustainable finance

    ESG and the cost of capital

    ESG matters for the cost of capital but is not yet crucial – at least for private companies

    ESG performance seems to affect companies’ cost of capital. A vast majority of CFOs (87 per cent) believe that the overall performance of their company on ESG issues has at least some impact on its cost of capital today (figure 2). However, less than 50 per cent believe the impact to be moderate or high, although there is a significant difference between publicly listed companies and family-owned or closely held ones. Almost 60 per cent of CFOs of listed companies report that ESG performance has a high or moderate impact on the cost of capital, but only 42 per cent of family-owned businesses. This gap is evident even when businesses of similar size (in terms of annual revenues) are compared. For now, then, ESG performance seems to be less relevant to the cost of capital of private companies as they may be less dependent on financial markets for their financing.

    European Innovation Fund case study – financial opportunities following the EU Green Deal for the energy sector

    In 2019, the European Union established a €10 billion Innovation Fund to assist its efforts to make Europe the first climate-neutral continent by 2050. The fund is part of a wider landscape of both national and EU funding instruments that provide financial incentives to support companies pursuing innovative and sustainable projects.

    The Innovation Fund focuses on highly innovative technologies that can bring about significant reductions in carbon emissions. To meet the criteria, the projects need to be sufficiently mature in terms of planning, business model and financial and legal structure. The fund finances up to 60 per cent of the additional capital and operational costs linked to innovation, mainly in the form of grants that are disbursed flexibly, based on project needs and milestones achieved over the project’s lifetime. Up to 40 per cent of the grants can be disbursed based on pre-defined milestones before the whole project is fully up and running.

    CFOs should consider the implications of all incentives available, such as the Innovation Fund, when considering a carbon-reducing project. The finance departments of those companies which apply successfully will need professionals with sufficient knowledge of sustainability and related laws and legislation, in order to comply with ESG reporting requirements.

    ESG’s impact on the cost of capital is likely to increase

    The picture changes, however, when CFOs look three years ahead. Across the whole sample, 70 per cent of CFOs expect their ESG performance to have a moderate or high impact on the cost of capital in three years’ time. One in three CFOs expect the impact of ESG to be high in the near future – three times as many as those who already see a high impact today (figure 2). This shift in perception is not confined to those who already believe ESG affects the cost of capital. Twenty per cent of the CFOs who see no impact at all today expect ESG criteria to have a moderate or high impact on their company’s cost of capital in three years’ time. CFOs across Europe seem therefore to agree that sustainability issues are likely to affect their companies soon.

    Similarly, asked about the role that third-party ESG ratings will have on investors’ and lenders’ decision-making, about two-thirds of CFOs (63 per cent) expect a significant increase in their relevance. There is no standardisation in the criteria used to produce ESG ratings, and ratings firms regularly update these criteria to incorporate new trends. For example, the recommendations of the Taskforce on Climate-Related Financial Disclosures (TCFD) are now generally incorporated into ESG ratings. Agencies also increasingly use alternative data to identify material risks and opportunities.7 Finance functions therefore need to build new skills and capabilities to stay ahead of the game and retain their ratings.

    When we look at the survey sample from an industry perspective, key differences emerge. CFOs in energy and utilities, for example, are much more likely to report that ESG factors have a significant impact on the cost of capital now, as well as in three years’ time (figure 3). Investors and shareholders began to turn their attention to this sector earlier, scrutinising in particular the actions taken in response to climate change.8 There has been a strong focus for some time on the transition to cleaner energy sources. ESG issues and sustainability in general will probably remain a high priority for companies in this sector in the long term.9

    Perceived effect of ESG performance on the cost of capital in different industries

    Sustainability issues in the power and utilities sector

    Structural changes in the market – many of them directly related to sustainability – have long challenged the business model of companies in the power and utilities sector.

    Investors have therefore focused on understanding their exposure to risks and opportunities related to sustainability. They seem willing to reward companies that are pivoting in a credible way towards a more sustainable business model.

    In 2019, a major utility issued two bonds with a coupon that is linked to the achievement of specific targets for generation of renewable energy and the reduction of greenhouse gases. Although the bonds provoked considerable controversy in the market, they were heavily oversubscribed, signalling investors’ demand for financial instruments that allow them to hold a company accountable for its sustainability performance.

    The strong demand for the bonds gave the issuer an immediate economic advantage. In the longer run, the ability to stick to the agreed targets will allow the company to give quantifiable clues on the evolution of its business model, improving the way it is seen in the market.

    How ESG considerations shape investor relations

    Defining ESG in the company’s strategy is mainstream….

    Sustainability is now a strategic issue for a large majority of companies in Europe. On average, 72 per cent of CFOs report that ESG considerations are a defined part of their company’s strategy, and that share is substantially higher (87 per cent) among CFOs who see that ESG performance is already affecting their cost of capital.

    …but using sustainability to engage with investors is not

    The picture differs, however, when it comes to taking sustainability to the next level and engaging with investors and lenders. Only a little more than half of the respondents (56 per cent) go beyond integrating ESG considerations into company strategy by communicating the case for the long-term performance of the business through ESG indicators.

    The third level of awareness of the importance of sustainability for the business involves disclosures. The share of CFOs reporting that they also have a good understanding of the disclosures that matter most to their investors is smaller still, at 44 per cent of respondents (figure 3).

    Companies that fail to embed sustainability in their corporate communications to create a strategic, investor-relevant narrative are missing an opportunity. Investors are increasingly focused on the ESG issues that have (or may have in the future) a financial impact on the company. Thus, developing a good understanding of what these issues are, quantifying their material relevance for the long-term performance of the business and setting up ambitious and yet achievable key performance indicators (KPIs) is essential to engage effectively with the capital markets. The survey results indicate that a majority of companies need to do more to integrate their commitment to sustainability in their relationship with investors.

    Seek and you will find: engaging with investors on ESG leads to better data

    According to the survey, a majority of financial executives do not see the availability of ESG data as a major obstacle to communication with investors. On average, less than one in three CFOs agree that there is a gap between the ESG data they can provide and the data expected by the capital market. That share is higher, however, at 42 per cent, among CFOs in companies that are at a more “advanced” stage in their use of sustainability issues in their investor relations.10 The reality is that most CFOs in companies that do not leverage sustainability in their corporate communications are unable to judge whether there is a data gap or not.

    Similarly, only a minority of CFOs perceive a lack of standardised and commonly agreed ESG indicators as a constraint to productive engagement with investors and lenders. And again it is the case that CFOs who are already engaging with investors on sustainability issues are more likely to see a lack of standardised indicators as a constraint. CFOs in companies that do not use sustainability within their investor relations do not have a stance on this issue. In other words, the more that companies use ESG indicators in their investor relations, the more they recognise the limitations of their data.

    In ESG the Social and Governance are vital, too

    There is widespread agreement among CFOs participating in our survey that improved disclosures on environmental issues represent an opportunity for their company to gain better access to capital markets. This seems logical given the attention climate change has received, particularly since the signing of the Paris Agreement in 2015 and the setting out of tangible ambitions in the EU Green Deal. Environmental concerns tend to dominate the sustainability discussion, making the former synonym used for the latter.

    However, a recent analysis from the Moody’s ratings agency reports that governance issues were the most widely mentioned material consideration affecting rating actions for private-sector issuers. And social considerations led to negative rating actions more often than environmental issues.11 This underlines the importance of periodically evaluating the materiality of sustainability issues when considering where to put time and effort into improving disclosures.

    What this means for companies and the role of financial executives

    Sustainability is increasingly affecting how companies interact with the financial market. The COVID-19 pandemic has accelerated the trend, showing the relevance of ESG considerations for the financial performance of businesses.

    Finance departments have a key role to play in supporting the transition to sustainability in their companies. Financial executives could benefit from considering the following points:

    1. Connect with all relevant stakeholders. Setting sustainability targets alone is not enough to move toward a more sustainable business model. These ambitions need to permeate the organisation. It is therefore key for the finance function to involve all stakeholders and departments, in order to ensure there is both the will and a budget to implement the required practices and plans. By connecting in a structured way, the finance function can promote innovation and the creation of sustainable products and services in the organisation.
    2. Assess and transform data capabilities. The demand for more reliable sustainability information is increasing. Finance functions have a key role to play in ensuring the relevance, compliance and accuracy of non-financial information provided to external stakeholders. Also, the quality of management’s internal reporting needs to be on a par with the external reporting, in order to steer the business strategy and execute it. This requires new flows of reliable data. Finance functions will need professionals with sufficient knowledge of sustainability and related laws and legislation, as well as data modelling capabilities to address different scenarios.
    3. Digital non-financial information: Financial information is likely to become available in real time without manual interference.12 This is also likely to be the case for non-financial information. Digitisation and automation may prove an effective means to be in control of information gathering and delivery while keeping finance costs at an acceptable level.

    The Deloitte European CFO Survey

    Acknowledgments

    The authors would like to thank Chris Ruggeri, Risk and Financial advisory, Deloitte US, Eric Dugelay, Sustainability Services, Deloitte France, Thomas Krick, Sustainability Services, Deloitte Germany, and Alexander Boersch, Research, Deloitte Germany for their important contributions to the questionnaire. We would also like to thank Catherine Saire, Risk Advisory, Deloitte France, Eric de Weerdt, Risk Advisory, Deloitte Netherlands, and Hesse McKechnie, Finance and Performance, Deloitte Netherlands for their valuable comments on previous versions of the article.

    Cover image by: Mark Milward.

    Endnotes
      1. See among others: Gordon Clark, Andreas Feiner, and Michael Viehs, “From the Stockholder to the Stakeholder: How Sustainability Can Drive Financial Performance”, March 2015; Robert Eccles, Ioannis Ioannou, and George Serafeim “The Impact of Corporate Sustainability on Organizational Processes and Performance,” 2014; Morgan Stanley “The Business Case for Sustainable Investing”, 2015; Bank of America Merrill Lynch, “ESG Part II: A Deeper Dive,” 2017, accessed June 24th, 2020. View in article

      2. BloombergNEF, “Sustainable Debt Sees Record Issuance At $465Bn in 2019, Up 78% From 2018”, January 2020, accessed June 24th, 2020. View in article

      3. Morningstar, “Global Sustainable Fund Flows Report”, May 2020, accessed June 25th, 2020. View in article

      4. United Nations Environment Programme, “Implications of the COVID-19 Pandemic for Global Sustainable Finance”, May 2020, accessed June 25th, 2020. View in article

      5. BloombergNEF, “Covid-19 Indicators: Sustainability”, June 2020. Available on Bloomberg Terminal, accessed June 24th, 2020. View in article

      6. See for example the proposed recovery plan for the European Union: https://ec.europa.eu/commission/presscorner/detail/en/ip_20_940. View in article, accessed June 25th, 2020.

      7. Deloitte 2020, “Advancing environmental, social, and governance investing”, accessed June 25th, 2020. View in article

      8. See also the results of the previous edition of the Deloitte’s European CFO Survey dedicated to climate change, https://www2.deloitte.com/content/dam/Deloitte/de/Documents/risk/DI_Feeling-the-heat-sustainability.pdf, accessed June 24th, 2020. View in article

      9. Deloitte “Navigating the energy transition from disruption to growth”, May 2020, accessed June 25th, 2020. View in article

      10. Based on the answers given to the survey, we label as “advanced” companies that include ESG considerations into their strategy decisions, use ESG indicators to make the long-term case for their business and have a good understanding of the disclosures that matter most to their investors. View in article

      11. Moody’s, 2020, “ESG risks material in 33% of Moody’s 2019 private-sector issuer rating actions”, April 2020, accessed June 25th, 2020. View in article

      12. Deloitte, 2016 “Crunch time: Finance in a digital world”, accessed June 24th, 2020. View in article

    Show moreShow less

    Topics in this article

    Sustainability , Chief Financial Officer (CFO) , Social responsibility , Environmental, Social, & Governance

    Deloitte services

    At Deloitte, we help finance leaders and finance organisations leverage the potential of sustainability. We know that early adopters become the companies that thrive in the future. We help our clients identify those areas within their (finance) organisation where sustainability can create the highest impact, not only on their own business, but on society as a whole.

    Learn more
    Get in touch
    Contact
    • Julien Rivals
    • Partner, Sustainability Services
    • Deloitte France
    • jrivals@deloitte.fr
    • +33 1 40 88 83 94

    Download Subscribe

    Related content

    img Trending

    Feeling the heat?

    Article 2 years ago
    img Trending

    The sustainability transformation

    Article 1 year ago
    img Trending

    Measuring the business value of corporate social impact

    Article 1 year ago
    img Trending

    Marine plastic pollution

    Article 2 years ago

    Explore more on CFO & Strategy

    • Building business resilience to the next economic slowdown Article3 years ago
    • The essence of resilient leadership: Business recovery from COVID-19 Article2 years ago
    • New architectures of resilience Article1 year ago
    • The heart of resilient leadership: Responding to COVID-19 Article2 years ago
    • Sustainability: Why CFOs are driving savings and strategy Article9 years ago
    Dr. Michela Coppola

    Dr. Michela Coppola

    Senior Economist EMEA Research Centre

    Michela is a senior economist and the research lead within the EMEA Research Centre. She liaises with partners around the firm to identify, scope and develop international thought leadership. Michela leads Deloitte’s European CFO Survey, working closely with local teams to ensure the European report provides relevant and valuable insights from both regional and national perspectives. Before joining Deloitte, Michela developed thought leadership for Allianz Asset Management, with a focus on demographic changes and long-term savings and investments. Michela has a PhD in economics. 

    • micoppola@deloitte.de
    • +49 89 29036 8099
    Joep Rinkel

    Joep Rinkel

    Senior Manager Finance & Performance

    Joep is a sustainability oriented finance transformation professional, based in the Netherlands’– Amsterdam office. Being purpose-driven, he challenges CFOs and their finance functions, to enrich their core finance processes and to focus on stakeholder value. He is a Dutch Chartered Auditor and contributed to the NBA Public Management Letter – Climate is Financial.

    • JRinkel@deloitte.nl
    • +31 882882836

    Share article highlights

    See something interesting? Simply select text and choose how to share it:

    Email a customized link that shows your highlighted text.
    Copy a customized link that shows your highlighted text.
    Copy your highlighted text.

    Financing a sustainable transition has been saved

    Financing a sustainable transition has been removed

    An Article Titled Financing a sustainable transition already exists in Saved items

     
    Forgot password

    To stay logged in, change your functional cookie settings.

    OR

    Social login not available on Microsoft Edge browser at this time.

    Connect Accounts

    Connect your social accounts

    This is the first time you have logged in with a social network.

    You have previously logged in with a different account. To link your accounts, please re-authenticate.

    Log in with an existing social network:

    To connect with your existing account, please enter your password:

    OR

    Log in with an existing site account:

    To connect with your existing account, please enter your password:

    Forgot password

    Subscribe

    to receive more business insights, analysis, and perspectives from Deloitte Insights
    ✓ Link copied to clipboard
    • Contact us
    • Search Jobs
    • Submit RFP
    Follow Deloitte Insights:
    Global office directory Office locations
    XE-EN Location: XE-English  
    About Deloitte
    • Newsroom
    • Deloitte events
    • Middle East matters blog
    • Press releases
    • Press contacts
    • Corporate Responsibility & Sustainability
    • Report an ethics complaint
    Services
    • Audit & Assurance
    • Consulting
    • Financial Advisory
    • Risk Advisory
    • Tax
    • Deloitte Private
    • Legal
    • Sustainability
    Industries
    • Consumer
    • Energy, Resources & Industrials
    • Financial Services
    • Government & Public Services
    • Life Sciences & Health Care
    • MENA Sovereign Wealth Funds
    • Technology, Media & Telecommunications
    Careers
    • Job Search
    • Students
    • Experienced Hires
    • Executives
    • Life at Deloitte
    • Alumni
    • Diversity and Inclusion
    • About Deloitte
    • About Deloitte in the Middle East
    • Privacy
    • Terms of use
    • Cookies
    • Avature Privacy

    © 2022. See Terms of Use for more information.

    Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. Please see About Deloitte to learn more about our global network of member firms.