ISCA Celebrates 60th Anniversary by Honouring the Trailblazers and Leaders of the Accountancy Profession

- Mr Boon Swan Foo, Mr Willie Cheng, Mr Bobby Chin, Dr Gerard Ee, Mrs Fang Ai Lian, Ms Grace Fu, Ms Euleen Goh, and Mr Michael Lim Choo San are made Distinguished Lifetime Members.
-Mrs Lim Hwee Hua and Mr Chaly Mah are conferred special appreciation awards.
-Ms Indranee Rajah is named honorary member.

25 July 2023 – The national accountancy body, the Institute of Singapore Chartered Accountants (ISCA), is celebrating its 60th anniversary by honouring the individuals who have made vast contributions to the accountancy sector and the community. 

Eight luminaries were named ISCA Distinguished Lifetime Members. The ISCA Distinguished Lifetime Membership is conferred on individuals who have made sterling contributions to the accountancy sector, business community and public service. The recipients of the inaugural distinguished lifetime membership are Mr Boon Swan Foo, Mr Willie Cheng, Mr Bobby Chin, Dr Gerard Ee, Mrs Fang Ai Lian, Ms Grace Fu, Ms Euleen Goh and Mr Michael Lim Choo San. All are trailblazers and illustrious business leaders who have made a far-reaching impact on Singapore’s accountancy and business sectors.

Mrs Lim Hwee Hua, former Second Minister for Finance, and Mr Chaly Mah, former Chairman of the Singapore Accountancy Commission, received the ISCA Special Appreciation Awards for their significant contributions to the accountancy profession in Singapore. 

Ms Indranee Rajah, Minister in the Prime Minister’s Office and Second Minister for Finance and National Development, was made an honorary member of ISCA for her vast contributions to the accountancy sector and wider business community. 

Apart from Ms Euleen Goh who could not attend the dinner, the rest of the recipients received their accolades from Deputy Prime Minister Mr Lawrence Wong, who was the Guest of Honour at ISCA’s diamond anniversary gala dinner.

About ISCA’s Evolution and the Accountancy Profession’s Transformation 

Since its inception in 1963, ISCA has grown from a society with 11 founding members to a professional body with more than 33,000 members who work in diverse roles across various industries. Through its membership in Chartered Accountants Worldwide, ISCA is connected to a community of over 1.8 million Chartered Accountants and students in more than 190 countries. 

Over the decades, ISCA has strengthened its infrastructure, built its technical capabilities, enhanced member outreach and expanded its global footprint in service of its members and the accountancy profession. ISCA’s evolution is in tandem with the accountancy profession’s evolving role from bookkeeping to strategic business advisory and partnering, to championing sustainability and riding the next wave of artificial intelligence.  

The accountancy profession is vital to Singapore’s business and financial sectors. Accountancy professionals play an integral role in maintaining Singapore’s economic development and stability as well as upholding its position as a global financial centre and business hub.   

ISCA President Mr Teo Ser Luck said: “On this milestone moment, we would like to shine a light on our members who have supported ISCA all these years as well as recognise distinguished individuals who have opened new horizons for the profession and the business community. 
Without their ground-breaking efforts, the accountancy sector would not be what it is today. They have blazed a trail for the accountancy profession and serve as inspirational role models for future generations of accountancy professionals.”  

“Accountancy is a dynamic profession that keeps pace with the changing business landscape. On the next phase of ISCA’s journey, we envision setting up a professional services hub that will be a one-stop platform for the professional services community, setting up more overseas chapters as part of our internationalisation plan, and championing the usage of artificial intelligence in the accountancy industry,” added Mr Teo.

For details about the ISCA Distinguished Lifetime Members, Special Appreciation Award recipients and Honorary Member, refer to the Annexe.

~ Ends ~
For more information, contact:
Betsy Tan
Communications Lead
Tel: 9641 6920
Email: betsy.tan@isca.org.sg

Amanda Lim
Assistant Manager, Communications
Tel: 9738 7299
Email: amanda.lim@isca.org.sg  

About the Institute of Singapore Chartered Accountants
The Institute of Singapore Chartered Accountants (ISCA) is the national accountancy body of Singapore. ISCA’s vision is to be a world-class accountancy body of trusted professionals, contributing towards an innovative and sustainable economy. There are over 33,000 ISCA members making their stride in businesses across industries in Singapore and around the world.
Established in 1963, ISCA is an advocate of the interests of the profession. Complementing its global mindset with Asian insights, ISCA leverages its regional expertise, knowledge, and networks with diverse stakeholders to contribute towards the advancement of the accountancy profession.
ISCA is the Designated Entity to confer the Chartered Accountant of Singapore - CA (Singapore) - designation.
ISCA is a member of Chartered Accountants Worldwide, a global family that brings together the members of leading institutes to create a community of over 1.8 million Chartered Accountants and students in more than 190 countries.

ANNEXE 
About Distinguished Lifetime Members

Mr Boon Swan Foo

Mr Boon is the Executive Director and Chairman of Singapore Consortium Investment Management Limited. He is also the Chairman and non-executive Director of Global Investments Limited. 

Mr Boon was Senior Advisor to Temasek Holdings/Temasek International over a span of approximately 20 years and sat on various boards of Temasek-linked companies. He also sat on the boards of various overseas companies, including S African MIH Holdings, Australian Orica Ltd and more than a dozen Chinese companies, several of them being state-owned enterprises owned by China’s State-owned Assets Supervision and Administration Commission of the State Council. He was also advisor and consultant to several other international organisations.
 
Mr Boon served as Chief Executive Officer and Deputy Chairman of ST Engineering Ltd from October 1997 to May 2001 while concurrently serving as the Chief Financial Controller of Singapore Technologies from 1995 to 2001.
 
Mr Boon was A*STAR’s Managing Director from 2002 to 2006. During this period, he was concurrently the Executive Chairman of Exploit Technologies, and from 2006, became Exploit Technologies’ full-time Executive Chairman. Exploit Technologies was set up to be an in-house technology transfer organisation, initiating new programmes to encourage the development of a stronger commercial and entrepreneurial mindset in the A*STAR community.
 
Mr Boon was awarded the Singapore Business Award for Outstanding CEO in 2000, one of Singapore’s prestigious business awards. In 2001, he was awarded the Commendation Medal for his military service.


Mr Willie Cheng

Mr Cheng is a former Managing Director of Accenture. Since his retirement in 2003 after 26 years of service with Accenture, he has continued to be involved with the business community through directorships while engaging in the nonprofit sector.

He contributes actively to the advancement of corporate governance in Singapore as past Chairman and Honorary Fellow of the Singapore Institute of Directors. His board experience includes listed companies (FEHT, NOL, SPH, UOB Bank), private companies (Attitux, GXS Bank), government companies (SingHealth, IHIS), cooperatives (NTUC Fairprice, NTUC Health), and nonprofit organisations (apVentures, Catholic Foundation, Caritas Singapore, CHARIS, CFL Lumens Trust, Council for Third Age, Lien Centre for Social Innovation, NVPC, The Courage Fund, SymAsia Foundation). 

He is a well-respected figure in the charity and social sector, and has authored three books in the Doing Good series.

Mr Cheng was inducted into the Hall of Fame in the National IT Leaders Awards (2005) and awarded a Public Service Star (2020).


Mr Bobby Chin

Mr Chin was the Managing Partner of KPMG Singapore from 1992 until his retirement in September 2005. He chaired the Committee to Develop the Accountancy Sector (CDAS) in 2009 and was appointed Chairman of the Pro-Tem Singapore Accountancy Council (Pro-Tem SAC) in 2010. Under his leadership, the Pro-Tem SAC implemented the various recommendations of CDAS and in particular, the development of a post-university professional accountancy qualification.

Mr Chin’s past contributions to the public service include serving as a member of the Council of Presidential Advisers, Chairman of Urban Redevelopment Authority, Chairman of Singapore Totalisator Board, Chairman of Housing Development Board and Chairman of the MediShieldLife Review Committee. He was also a board member of the Singapore Labour Foundation, Chairman of NTUC FairPrice Co-operative Ltd, and Deputy Chairman of NTUC Enterprise Co-operative Limited. Mr Chin’s current appointments include serving as the Chairman of the Corporate Governance Advisory Committee and a board member of Temasek Holdings Private Limited.

Mr Chin was awarded the Meritorious Service Medal in 2017. In 2022 he was conferred the NTUC Distinguished Service award.


Dr Gerard Ee
 
A public figure championing social service rights and issues in Singapore, Dr Ee
played a key role in improving the National Kidney Foundation (NKF)’s governance and accountability standards and restoring public confidence in the charity. He was officially appointed as NKF chairman in July 2005.

Dr Ee was a former President of ISCA and was a Board Member of the Singapore Accountancy Commission. Other positions included Board Member of the Accounting and Corporate Regulatory Authority and Council Member of the Accounting Standards Council. Dr Ee served as a Council Member of the ASEAN Federation of Accountants.

Dr Ee is on the Board of MOH Holdings. He is Chairman of the Agency for Integrated Care and a member of the Steering Committee of SG Cares. 

Dr Ee has served in various public roles, including as Nominated Member of Parliament from 1997 to 2002. Dr Ee was awarded the Public Service Medal (PBM) in 1993, the Public Service Star (BBM) in 2003 and the Meritorious Service Medal (PJG) in 2007. In 2019, he was awarded the Distinguished Service Order.
 
The Institute of Certified Management Accountants inducted Dr Ee to the Global Accounting Hall of Fame for his services to the profession in Singapore.


Mrs Fang Ai Lian

Mrs Fang became the first woman to achieve partnership status in a professional services firm in Singapore when she made Partner in Ernst & Young in 1981. In 1996, she became the firm’s Managing Partner and was the first woman to head an international accounting firm in Singapore and run Ernst & Young offices worldwide. In 2005, she became Chairperson of the firm. After 34 years with the firm, Mrs Fang retired from Ernst & Young in 2008. 

In April 2008, she became Chairperson of Great Eastern. She also chairs the Board of Trustees of the Singapore Business Federation. Mrs Fang has served on the boards of many not-for-profit organisations, including the Breast Cancer Foundation and the Home Nursing Foundation.

Mrs Fang was a Nominated Member of Parliament From 2002 to 2006.  She was awarded the Public Service Medal in 2001, the Public Service Star in 2009 and the Public Service Star (Bar) in 2021.


Ms Grace Fu

Ms Fu is Singapore’s Minister for Sustainability and the Environment. 

Ms Fu held senior positions in organisations such as PSA Corporation, Haw Par Group and Overseas Union Bank before entering politics in 2006.  Before her current political appointment, Ms Fu held roles such as Second Minister for Foreign Affairs and Minister for Culture, Community and Youth.  She has been the Member of Parliament for Yuhua SMC since 2011.

An advocate of women’s rights, Fu is the leading contributor to the Young Women’s Leadership Connection Council of Advisors, and was a chairwoman of the PAP’s Women’s Wing.


Ms Euleen Goh

In her 21 years with Standard Chartered Bank, Ms Goh held various senior management positions. She was Chief Executive Officer of Standard Chartered Bank, Singapore from 2001 until her retirement in 2006.  

Despite having retired from the profession in 2006, she continues to contribute actively to the accountancy fraternity and public service. As the founding Chairperson of the Accounting Standards Council, she has made significant contributions towards developing and promulgating high-quality financial reporting standards in Singapore.
 
She received a Special Recognition Award in the Singapore Accountancy Awards 2018 for making a positive impact on the accounting industry and society at large and setting an example for women in leadership.

Ms Goh is the non-executive Chairperson of the Board of Directors of SATS and is also a non-executive board member of Singapore Health Services. She is a Trustee of the Singapore Institute of International Affairs Endowment Fund. She is also the Chairperson of the Singapore Institute of Management Group Limited and of DBS Foundation. Ms Goh has also served on the Boards of many illustrious companies including SIA and Shell PLC.

Ms Goh was appointed as a member of the Public Service Commission in 2021. She was appointed Justice of the Peace on 8 May 2013. She was conferred the Public Service Medal (PBM) in 2005 and Public Service Star (BBM) in 2012. 


Mr Michael Lim Choo San

Mr Lim was the Executive Chairman of PricewaterhouseCoopers Singapore from 1999 until his retirement in 2003. Prior to that, he was the Managing Partner of Price Waterhouse Singapore. 

Mr Lim was appointed as the Chairman of the Pro-Tem Singapore Accountancy Commission (SAC) in 2011 and subsequently the Chairman of the SAC from 2013 to 2016. During his term, he oversaw the launch and implementation of the Singapore Qualification Programme, which later became the Singapore Chartered Accountant Qualification. He also laid the foundation for SAC's initiatives on internal audit, business valuation and the Singapore CFO Institute. Mr Lim was the Chairman of the Singapore Accounting Standards Council from 2011 to 2015.

Mr Lim currently serves as the Independent Chairman of Fullerton Healthcare Group and was the Non-Executive Chairman and Director of Nomura Singapore Limited and Nomura Holdings Limited respectively.

Mr Lim served as Chairman of the Land Transport Authority from 2002 to 2016. He was appointed as a member of the Public Service Commission in 1998. In November 2007, he was appointed as a member of the Legal Service Commission. He has also previously served as Chairman of the National Healthcare Group. 

Mr Lim was awarded the Meritorious Service Medal, the Public Service Star and the Public Service Medal in 2010, 2003 and 1998.


About Special Appreciation Award Recipients 

Mrs Lim Hwee Hua 

During her term as Second Minister for Finance, Mrs Lim was instrumental in the transformation of Singapore’s accountancy landscape by setting up the Committee to Develop the Accountancy Sector (CDAS). CDAS submitted its final report “Transforming Singapore into a Leading Global Accountancy Hub for Asia-Pacific” to the Minister for Finance in 2010. This led to the establishment, inter alia, of the SAC in 2013 to develop a post-graduate professional accountancy qualification – the Singapore Chartered Accountant Qualification, and structured pathways in specific competencies that accountancy firms can export regionally and globally. It was also during that time that ICPAS was reconstituted as ISCA and “CPA Singapore” was rebranded as “CA (Singapore)”. 

Mrs Lim was the first Chairperson of ISCA Cares, a position she held from 2015 to 2020. During that period, ISCA Cares raised over $1.2 million and awarded bursaries for 192 students.   

Mrs Lim is currently engaged in private equity and financial services work, and sits on several multinational boards. She is Vice-Chair of the International Valuation Standards Council and is a Rector of Tembusu College and Practice Professor at the Lee Kuan Yew School of Public Policy at the National University of Singapore. She also chairs the charity SIM People Development Fund.

Mrs Lim was first elected to Parliament in December 1996 and served till May 2011, when she was Minister in the Prime Minister’s Office and Second Minister for Finance and Transport. During her tenure, she was the first woman to be appointed Deputy Speaker of Parliament, and was the Chairperson of the Public Accounts Committee.


Mr Chaly Mah

Mr Mah is Chairman of NetLink NBN Management and Surbana Jurong. He also serves on the Boards of CapitaLand, Flipkart, the National University of Singapore Board of Trustees, SG Eco Fund Board of Trustees and the Monetary Authority of Singapore.

Mr Chaly Mah chaired the SAC from 2016 until its merger with the Accounting and Corporate Regulatory Authority on 1 April 2023. During his tenure, he led the SAC in transforming Singapore into a leading global accountancy hub. Mr Mah continues to champion industry development for the accountancy sector as co-chair of the Accountancy Workforce Review Committee, which aims to address manpower challenges faced by the accountancy sector. 

Mr Mah is Chairman of the Singapore Tourism Board and Singapore’s first Non-Resident Ambassador to the Republic of Costa Rica. 


About ISCA Honorary Member 

Ms Indranee Rajah

Ms Indranee Rajah is the Minister in the Prime Minister’s Office and Second Minister for Finance and National Development. Under her leadership, several initiatives that were transformative for the accountancy sector have been rolled out. 

The Committee on the Future Economy Working Group on Legal and Accounting Services made strategic recommendations that strengthened Singapore’s position as a leader for accounting services.

The Professional Services Industry Transformation Map and the Accountancy Roadmap provided the direction for accounting entities and individuals to adopt new technologies, expand abroad and capture opportunities in high-growth practice areas. 

The profession also benefitted from the Accountancy Industry Digital Plan and its programmes, which spurred technology adoption across the sector. Accountancy professionals also benefitted from initiatives such as the Skills Framework for Accountancy and Jobs Transformation Maps for In-house Finance & Accounting functions and Accounting Practices.