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March 26, 2012

Deloitte Netherlands CEO resigns after independence breach

Deloitte Netherlands chief executive and executive board member Piet Hein Meeter has resigned after a breach was found in the firm’s independence rules on the financial interests of audit clients.

Meeter’s role has been taken over on an interim basis by former deputy Peter Bommel.

Deloitte said Meeter was not personally involved in the rule-breach but resigned in the firm’s interest.

Auditors have strict independence rules that safeguard them from any potential conflicts of interests with clients. It is very rare that a firm leader, such as Meeter, would be connected to an independence breach.

A Deloitte internal compliance review first highlighted the breach, which was then investigated internally and by an external law firm.

Deloitte said it immediately reported the breach to Dutch regulatory body AFM.

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