Deloitte's Millennial innovation survey 2013


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The members of the Millennial generation represent the future of economic, political, and social life as well as the future of business – they are our future leaders, consumers, agents of change, and hold the key to global prosperity. Restoring and enhancing the reputational capital of business therefore has a twofold importance for todayʼs business leaders – first, to address the decline in trust in business and secondly, to understand and realize the opportunities inherent in the new direction being set by the Millennial generation.

For the second year, Deloitte has commissioned The Millennial Survey to consider the views of this next generation on business and innovation and the impact both have on society. No one can doubt the importance of innovation in the business world today and its role as a powerful force for change and growth. Our Survey asks for views on questions such as:

What drives organizational innovation?
What are the barriers?
How can business and innovation kick start growth in the economy?
How do you build an innovation culture?
The findings endorse the importance of leadership and innovation and the impact business can have on society. This creates opportunities for business leaders – both individually and collectively – and for the long-term success of their businesses. Today's leaders need to think very differently about their role and the expectations of business, if we are to capitalize on the opportunities being shaped by the Millennial generation.

Deloitte's Millennial innovation survey 2013

  1. 1. Millennial Innovation surveyJanuary 2013Summary of global findings
  2. 2. Research information Research approach Research scope Interviews achieved Market 312 United States 300 Canada What? 320 South Africa 15 minute quantitative 303 Brazil questionnaire conducted online When? 301 Netherlands 19 November – Approximately 300 interviews 316 United Kingdom 19 December 2012 per market 312 France 304 Germany 310 Spain 307 Russia Who? 310 South Korea Where? 306 India Millennials – born January 16 markets across: 318 Australia 1982 onwards Western Europe, Degree educated 317 Japan North America, 328 China In full-time employment Asia & Australia, Brazil, South Africa 318 South East Asia (Thailand 107, Singapore, and Russia 100 and Malaysia 111)2 Millennial Innovation survey
  3. 3. Summary of global findings 66% of Millennials say innovation is a key ingredient in making an organisation an employer of choice and 60% believe Creativity (62%) is most that they work for an often regarded as the innovative business Innovation is considered characteristic that will mark to be one of the top 78% of Millennials believe that out future innovators, three ‘purposes’ of innovation is essential for followed by academic ability, business and just as business growth and 87% technical skills and the ability important as profit believe the success of a business to challenge The sectors considered should be measured by more to be most in need Millennials believe than just financial performance that business drives of innovations are the innovations The top challenges education (27%), electric that have the most facing society over the next The sectors considered to power (18%) and national positive impact on 20 years are considered to be responsible for the most Two-thirds work in government (17%) society be resource scarcity (34%), innovations are Technology, organisations that actively inflation (32%) and an Media & Telecommunications encourage/reward its people aging population (28%) (TMT), Consumer business for innovative ideas and Manufacturing Only 26% believe thatThe main non-financial 95% say it is their own organisation’s measure of business acceptable for business leadership encourages ideaperformance is regarded to make a profit from an generation and sharingas “Employee satisfaction 62% of Millennials The top three factors an innovation that ‘benefits regardless of seniority and retention” and 50% would describe organisation is considered to say that business success themselves as society’ need if it is ‘be innovative’ are: should be measured in innovative leadership that encourages ideaterms of “How innovative generation and sharing regardless they are” of seniority (42%), clear vision for the future (41%) and demonstrates commitment to the continual development or improvement of internal processes (40%) 3 Millennial Innovation survey
  4. 4. 65% feel their company’s activities benefitsociety in some way…“Its activities benefit society in some way” 32% “It tends to focus on its own agenda” Brazil 83% India 74% 17% “I can’t see how my 81% organisation can benefit society” PUBLIC Germany 73% SECTOR Spain 71% Russia 71% China 69% Netherlands 68% 56% CONSUMER United States 68% BUSINESS France 66% South East Asia 64% Japan 63% Canada 62% Australia 58% South Africa 57% Above averageUnited Kingdom 56% Average South Korea 46% Below averageQ. To what extent, if at all, do the following describe the organisation you work for? % totally / to a large extent. Base: All 4,982 respondents4 Millennial Innovation survey
  5. 5. Innovations from business directly… Millennials in China (86%) and Malaysia (82%) are the most confident about the positive role of business innovation 71% HELP TO IMPROVE 12% HAVE A NEGATIVE 5% HAVE NO IMPACT ON SOCIETY IMPACT SOCIETYQ. Which of the following is closest to your own view about the relationship between business innovation and positive changes to society? [Select one] Base: All those that do not feel businesses drive the innovations that have the most important positive impact on society5 Millennial Innovation survey
  6. 6. Societal challengesTop challenges facing society in the next 20 years Top challenge Top challenge per per market market France, Spain, South East Asia, United Kingdom, South Korea, India South Africa United States Top challenge Top challenge per market Top challenge per market Germany, per market China, Japan, Russia Brazil Netherlands Top challenge per market Canada, 34% Australia 32% 28% 27% 26% 25% 23% 22% 20% 15% 11% Resource Inflation Ageing Unemployment Social Climate Inequality Consequences Political Eurozone Terrorism scarcity populations / unrest change incomes/ of natural instability break-up / (oil, gas, demographic shift wealth disasters stability of water, etc.) national economiesQ. Thinking of the next 20 years or so what do you think will be the top challenges facing society? [Select up to three] Base: All 4,982 respondents6 Millennial Innovation survey
  7. 7. Challenges facing society that demand the attention of business... 24% 23% 16% 15% 10% 8% 7% Environmental Inequality Skill and resource Societal External Financial Innovation challenges shortage challenges environment challengesQ. What are the challenges facing society that you think most demand the focused attention of businesses and others to find new solutions?[Open question] Base: All 4,982 respondents7 Millennial Innovation survey
  8. 8. Societal challenges: The voice of Millennials“The biggest challenges in Brazil at the moment, is to “Population growth, resultantimprove the life of its inhabitants. In order: education, at poverty and unemployment,all levels, mainly basic education—not only teaching, but bigger and bigger gap between “The main problems in Russiamainly the training of more dedicated teachers; raising the rich and poor, less and less are the reduction in the levelawareness of its citizens with regard to knowledge of their resources that are essential to of education, the lack ofobligations and mainly of their rights, this is only possible survival.” Germany development of industry andwith a high quality education; and finally, improvingquality of life with a better distribution of income and a the poor level of healthcaremore effective health service.” Brazil services. People occupy “Problem of the leadership positions who don’t depletion of resources. know enough about their field Develop products that of activity. The main problem can replace petroleum is corruption.” Russia “Energy Consumption—reducing our and liquefied natural dependence on fossil fuels to prevent air gas.” Japan pollution, climate change and vulnerability to price changes. Energy Generation—moving away from large power plant setups to more local renewable power.” United Kingdom “ 1. Environmental protection. I think the global environment is deteriorating year by year. Just look at problems such as global warming, carbon emission etc. I think businesses should “South African challenges stay committed to environmental protection. “The economic crisis that we are such as unemployment, lack 2. Unemployment. Employment rate is not all stuck in and for which there is of basic sanitary needs (i.e. very high at the moment. Problems such as no end in sight…the economic running water) and electricity employment discrimination and inequality still crisis in France, in Europe and and poor education require the exist. For example, some posts are reserved only on a global level…where are we most urgent and immediate for men.” China heading?” France attention.” South AfricaQ. What are the challenges facing society that you think most demand the focused attention of businesses and others to find new solutions? [Open question] Base: All 4,982 respondents8 Millennial Innovation survey
  9. 9. The purpose of business is to... 36% 33% IMPROVE SOCIETY 35% GENERATE DRIVE INNOVATION Mentions of innovation are highest in China (46%), PROFIT Number 1 Brazil (42%) and India (42%) and lowest in Japan (15%) purpose for: China and Spain 29% Number 1 purpose for: PRODUCE GOODS AND SERVICES 27% 25% 25% Number 1 ENHANCE South East Asia, purpose for: LIVELIHOODS Brazil, Netherlands, South Korea United States, India, ENABLE DRIVE and South Africa Canada, France 20% PROGRESS EFFICIENCY and Germany, EXCHANGE Number 1 purpose for: United Kingdom GOODS AND and Australia SERVICES 15% Number 1 purpose for: Japan and Russia CREATE WEALTHQ. Which of the following words and phrases match your own belief as to what business is for? Base: All 4,982 respondents9 Millennial Innovation survey
  10. 10. Measuring business successWhat else should companies be measured against? 87% “Success of a business should be measured in terms of more than just its financial performance” Top mention per market France, Germany, Spain, China, Top mention Japan, Canada, South Korea, per market United Kingdom, Australia, Brazil and Russia United States, India Top mention per market Mentions of innovation are Netherlands, South highest in China (62%), Russia Africa, South East Asia (59%) and South Africa (57%) and lowest in Japan (32%) and Spain (32%) 70% 69% 61% 50% 50% 40% 36% 31% Employee Customer / Contribution How innovative Impact on Equal The performance Turnover / volume satisfaction client satisfaction to local they are the environment employment and actions of of business and retention and retention communities terms their leadersQ. Do you think the success of a business should be measured in terms of more than just its financial performance? Base: All 4,982 respondentsQ. What else do you think companies should be measured against in order to judge whether they are successful? Base: Filtered on Q2 (4,338)10 Millennial Innovation survey
  11. 11. 60% of Millennials work for innovative companies“I work for an innovative company” India 81% South Africa 74% Brazil 73% 69% TMT United States 73% China 68% South East Asia 68% Canada 66%United Kingdom 65% 53% Russia 58% PUBLIC SECTOR Australia 58% Germany 57% Spain 53% Netherlands 52% France 49% Above average South Korea 39% Average Japan 25% Below averageQ. Please indicate the extent to which you agree or disagree with the following statements. Base: All 4,982 respondents 11 Millennial Innovation survey
  12. 12. 52% feel innovation places their company ata competitive advantage“My company is more successful than others becauseof the priority it places on innovation” India 75% 62% Brazil 65% ENERGY RESOURCES United States 65% South Africa 65% China 63% South East Asia 61% 45%United Kingdom 58% PUBLIC SECTOR Russia 55% Canada 54% Germany 48% Spain 47% Australia 45% France 38% South Korea 38% Above average Netherlands 34% Average Japan 23% Below averageQ. Please indicate the extent to which you agree or disagree with the following statements. Base: All 4,982 respondents12 Millennial Innovation survey
  13. 13. 61% feel the importance of innovation isclearly demonstrated in their organisations “It is clear from the way it operates that innovation is very important in my organisation” India 79% 66% Brazil 73% ENERGY 66% South Africa 72% RESOURCES TMT United States 71%South East Asia 70% China 66%United Kingdom 66% 56% PUBLIC Canada 64% SECTOR Russia 58% France 56% South Korea 56% Spain 55% Australia 54% Germany 53% Above average Netherlands 47% Average Japan 31% Below averageQ. Please indicate the extent to which you agree or disagree with the following statements. Base: All 4,982 respondents 13 Millennial Innovation survey
  14. 14. 78% feel innovation is essentialfor business growth FEEL INNOVATION IS ESSENTIAL FOR BUSINESS GROWTH Japan 56% 90% South Africa 62% Netherlands 88% 65% 86 United Kingdom Germany % % 71 85 Spain % United States % 77 85 China 84% 78% % 82% 79% 79% Russia 79% India France South East Asia Australia Brazil Canada South KoreaQ. Please indicate the extent to which you agree or diagree with the following statements: Base: All 4,982 respondents14 Millennial Innovation survey
  15. 15. 52% feel that their workplace environmenthelps them to be innovative“Overall I feel my workplace environmenthelps me to be innovative” India 77% 61% South East Asia 67% ENERGY RESOURCES United States 62% Brazil 62% Canada 58% Russia 58% China 58% 46% HEALTHCARE South Africa 52% LIFE SCIENCES Germany 51%United Kingdom 49% Australia 46% Spain 46% France 43% South Korea 42% Above average Netherlands 39% Average Japan 20% Below averageQ. Please indicate the extent to which you agree or disagree with the following statements. Base: All 4,982 respondents 15 Millennial Innovation survey
  16. 16. Who drives innovation? BUSINESS GOVERNMENT Top mention per market: China, Netherlands and Top mention per market: India and Japan Innovation South East Asia 18% 45% NGOs CHARITABLE ORGs Top mention per market: South Korea UNIVERSITIES OTHER ACADEMIC BODIES LOCAL COMMUNITIES 17% Top mention per market: Spain, United Kingdom Top mention per market: 9% and Russia United States and Canada 6% RELIGIOUS INSTITUTIONS POLITICAL PARTIES 3% Top mention per market: Top mention per market: Netherlands South Africa 1%Q. Which of the following do you believe drive innovations that have the most important positive impact on society? [Select one only] Base: All 4,982 respondents16 Millennial Innovation survey
  17. 17. Millennials consider the technology andmedia sector to be the most innovativeSectors most responsible for innovation 52% TMT 47% Top mention: CONSUMER Spain, Australia, 37% BUSINESS Netherlands and Canada MANUFACTURING 23% HEALTHCARE LIFE SCIENCES 18% ENERGY 15% 14% PUBLIC RESOURCES FINANCIAL SECTOR SERVICESQ. Which sectors would you say are responsible for the most innovations? [Select up to three] Base: filtered on Q6a ( 2,239) 17 Millennial Innovation survey
  18. 18. Millennials consider the technology andmedia sector to be the most innovativeSectors most in need of innovation 64%PUBLIC SECTOR Top mention: Top mention: 48% Russia South East Asia, Top mention: ENERGY RESOURCES 39% China and Japan United Kingdom CONSUMER 34% 32% BUSINESS TMT HEALTHCARE LIFE SCIENCES 25% 24% FINANCIAL MANUFACTURING SERVICESQ. Which one of the sectors and activities listed below do you think are in most need of innovation? [Select one only] Base: All 4,982 respondents18 Millennial Innovation survey
  19. 19. Millennials tell us they are innovative people 62% “I would 60% “I work for describe myself as an an innovative innovative person” company” 58% 56% “Friends “I contribute to or colleagues my company’s would describe me innovation efforts” as innovative”Q. Please indicate the extent to which you agree or disagree with the following statements?19 Millennial Innovation survey
  20. 20. Innovative people are to be found in… India 81% Thailand 79% South Africa 78% 77% Brazil 77% STRATEGY United States 73% China 73% Malaysia 68% Canada 66% 69%United Kingdom 66% IT Russia 65% Singapore 64% Spain 62% Germany 58% 69% Australia 55% CREATIVE France 52% South Korea 48% Above average Netherlands 43% Average Japan 24% Below averageQ. Please indicate the extent to which you agree or disagree with the following statements: I would describe myself as an innovative person20 Millennial Innovation survey
  21. 21. Creativity is considered the hallmark of aninnovate person “The characteristics that make me innovative..” 48% CREATIVITY 62% CREATIVITY DESIGN “Tomorrow’s innovators will be characterised by…” 16% FUTURE FOCUSSED 55% ACADEMIC / INTELLECTUAL ABILITY 12% DETERMINATION 54% ABILITY TO CHALLENGE 10% TECHNICAL SKILLS PERSONALITY 43% 8% BEING ENTREPRENEURIAL ENTREPRENEURIAL 25% 43% 7% KNOWLEDGE OF SPECIFIC IDEAS AND TECHNIQUES PROFESSIONALISM TECHNICAL SKILLS 6% INTELLECTUAL CAPABILITY 5% ANALYTICAL 3% ENTHUSIASMQ. What are the skills or characteristics that you think make you an innovative person? [Open Question]Q. Which of the following characteristics or skills do you think will mark out the individuals who will be innovators in the future?21 Millennial Innovation survey
  22. 22. Tomorrow’s innovators: The voice of Millennials “I am dynamic—look for “Analytical skills: can pick out “A person who looks new ways of improving areas for improvement in energy to the future, seeking my way of working improvements within their “People do what they are told use for example. Problem solving: and in doing so take professional and personal / asked to, they do it the best able to quickly construct an idea my company forward.” environments.” Brazil of their ability and with given of what needs to be done and France resources. There is no culture engage people in helping me to of fostering talent, recognising achieve it.” United Kingdom when people go above beyond what is expected of them.” South Africa “I am proactive and optimistic. I have good design concepts and “The ability to think outside original ideas.” China “I’m proactive at creating the box—being able to new processes to help resolve any problem— me and my colleagues to analysing the work carried become more efficient at out and trying to improve managing our daily tasks.” on it.” Russia “Thinking ahead and seeing Spain opportunities, thinking what people will need in the future, thinking outside existing frameworks, “Thinking outside of the successfully conveying ideas about box, constantly striving something new so that they can be to be better, constantly achieved.” Netherlands striving to improve work practices.” AustraliaQ. What are the skills or characteristics that you think make you an innovative person? [Open Question]22 Millennial Innovation survey
  23. 23. Barriers are ‘financial and organisational’ 7% say there are “No barriers” LACK OF MONEY / INVESTMENT / FINANCIAL PRESSURE 22% 4% say there is “A lack of appropriate skills” INTERNAL CULTURE / ATTITUDES STUCK IN WAYS / INERTIA 20% 2% say there is “A lack of creativity” EXTERNAL: ECONOMY, GOVERNMENT, ETC. BUREAUCRACY / ORGANISATIONAL 12% POOR LEADERSHIP / MANAGEMENT / LACK OF VISION 10% SKILL SHORTAGES NO INCENTIVES / LOW PAY 8% POOR WORKING PRACTICES / LACK OF TEAMWORK 8% TIME / GENERAL PRESSURE 5%Q. What do youconsider to be thesingle biggest barrier LACK OF CREATIVITY 2%to innovation inyour organisation?UNPROMPTED 0 15 30%23 Millennial Innovation survey
  24. 24. Barriers to innovation: The voice of Millennials “Since my organization is a state agency, there isn’t any room to “People who communicate “A management really grow that much. New ideas well are promoted easily structure that does not about different ways of innovation whereas people with accept opinions and an “Bureaucracy with or doing stuff, is looked at and technical and engineering organisation that remains regard to the company’s then voted down by executive knowledge climb up slowly. unchanged.” Japan procedures for supporting staff. After awhile, you don’t even This pattern should be technological research.” care anymore. You do not have an reversed.” Singapore Brazil opinion about anything—just sit down and do your work. The only good thing about it is the pay.” United States “Communication barriers—too many layers of management and an unwillingness “Bureaucracy. Working for to change and innovate even where it is the government means a lot obvious multiple benefits of actions can be “Have to confront of people and a lot of rules achieved encompassing socio-economic and pressure from the an regulations for every environmental benefits.” United Kingdom traditional thinking.” project which often slows China down the process.” Canada “Leadership. Although the company has a lot of resources available for its employees to do “Latest technology is innovative work, there is still a lack of support not made available to “Employees aren’t from the leaders. A lot of them are still attached financially rewarded for “We work under the employees.” India to old methods, they feel threatened sometimes national government, innovative ideas whereas and end up hindering their subordinates who our company is making there is no opportunities.” are looking for new solutions (but even so, they South Africa savings worth millions of get paid by results).” Brazil Euros.” FranceQ. What do you consider to be the single biggest barrier to innovation in your organisation? UNPROMPTED24 Millennial Innovation survey
  25. 25. Requirement and provision of innovative conditions Describes own organisation Required to foster innovation 39% 26% 30% 25% 33% 35% 20% 17% 21% 17% 25% 16% 17% 39% 42% 39% 41% 40% 13% 34% 32% 34% 36% 36% 27% 22% 22% 13%Encourage Provide Leadership Promote Commitment to Strong and Clear vision for Understanding   Improve or Encourage Commitment Commitment Commitment to A lack of reward idea employees with encourages openness and successfully inspirational the future of my expand use of both formal to sustainable to continual to continual hierarchygeneration ‘free’ time that idea sharing the freedom to advancing leadership generation internal social informal business development development creativity they can regardless of challenge innovative ideas media platforms learning /improvement /improvement dedicate to seniority internal products learning processes services LARGEST “DELIVERY GAP” IN CREATING CONDITIONS THAT FOSTER INNOVATIVE ‘ SMALLESTQ. Which of the following describe your own organisation?Q. And which are important for an organisation to have if it wants to create the conditions that foster innovation?25 Millennial Innovation survey
  26. 26. Where are the biggest innovation ‘Delivery gaps’ ? “Encourage and reward “Provide employees with “Leadership encourages idea generation and ‘free’ time that they can idea generation / sharing creativity” dedicate to learning… regardless of seniority” investigation of new ideas” Average gap -19 Average gap -17 Average gap -16 South Africa -35 South Africa -35 China -24 France -26 France -26 Australia -24 Spain -26 Spain -26 South Africa -22 Australia -26 Australia -26 South Korea -21 South Korea -26 Japan -22 United Kingdom -21 Healthcare -28 Healthcare -28 Public sector -20 Life Sciences Life Sciences Financial / Legal / -21 Public sector -23 HR functions Sales / Marketing -22 functions Largest gaps seen where millennials do not believe their current employer benefits society: (Encouragement -39) (Free time -39) (Leadership -31)26 Millennial Innovation survey
  27. 27. Structural and cultural barriers Agree Age and size of business are Disagree perceived barriers to innovation (but leaders inspire) 53% 53% 51% 49% 44% 21% 30% 22% 22% 19% New businesses more Easier to be innovative if My company is too large Inspired by companys Companys leaders able to innovate than you work for yourself than to innovate leaders to be innovative practice that preach on those existing a long time large business innovationQ. Please indicate the extent to which you agree or disagree with the following statements?“Can long-established businesses be as innovative as new enterprises?” AND “Do large organisations really stifle innovation?”27 Millennial Innovation survey
  28. 28. Business’s route to social innovation 37% BUSINESSES WORKING IN COMPETITION ‘MOST FAVOURED’ COLLABORATION WITH Russia (23%), USA (27%), India EACH OTHER (29%), Thailand (34%) IT function (23%), Sales and 24% marketing (22%) BUSINESSES WORKING IN COMPETITION COLLABORATION WITH GOVERNMENT OR ‘LEAST FAVOURED’ OTHER NON-COMMERCIAL ORGANISATIONS ONLY France (11%), South Africa 20% 2/10 (11%), Netherlands (12%), South Korea (12%) BUSINESSES WORKING IN COLLABORATION WITH UNIVERSITIES AND OTHER ACADEMIC BODIES BELIEVE DIRECT COMPETITION IS LIKELY TO CREATE INNOVATIVE 19% INDIVIDUAL BUSINESSES WORKING SOLUTIONS TO SOCIETY’S CHALLENGES – INTER-BUSINESS COLLABORATION ‘MOST LIKELY’ IN COMPETITION WITH TO SUCCEED ONE ANOTHER 0 10 20 30 40%Q. If businesses are to address some of society’s challenges, which of the following is likely to create the most innovative solutions?28 Millennial Innovation survey
  29. 29. Millennials feel it is acceptable to profit fromsocial innovation PROFIT TOTALLY ACCEPTABLE (HIGHEST) India (65%), China (63%), 47%TOTALLY Brazil (57%), Russia (54%), Germany (54%), South Africa (53%), ACCEPTABLE Thailand (52%) Financial Services (52%), 48% TMT (51%) IT function (52%), ACCEPTABLE TO Strategy function (56%), SOME DEGREE Men (52%) ONLY 3% PROFIT TOTALLY ACCEPTABLE (LOWEST) DON’T South Korea (24%), Japan KNOW (32%), Singapore (34%), United Kingdom (39%), Spain (41%) 2% FIND IT UNACCEPTABLE FOR A BUSINESS TO PROFIT Life Sciences / Healthcare (37%), FROM AN INNOVATION Public Sector (43%) NOT AT ALL ACCEPTABLE THAT MIGHT POSITIVELY Admin function (42%), IMPACT SOCIETY Women (41%) 0 10 20 30 40 50 %Q. If a business comes up with an innovation that will potentially have a positive impact on society;do you think it is acceptable for it to make profit from this idea, product or service? a29 Millennial Innovation survey
  30. 30. Innovative organisations will be betterpositioned to attract talent Don’t know Tend to Neither agree Tend to Strongly disagree nor disagree agree agree Strongly INNOVATION GREATER DRAW disagree FOR EMPLOYEES* India (82%), Brazil (81%), China (79%), South Africa (78%), Malaysia (78%), Thailand (77%), United States (74%) 66% AGREE TO SOME EXTENT * % Agree 0 20 40 60 80 100 INNOVATION WEAKER DRAW FOR EMPLOYEES Japan (45%), Netherlands (50%), Spain (55%), Australia (56%), South Korea (57%), Russia (58% 2/3 SAY INNOVATION IS A KEY INGREDIENT IN MAKING AN ORGANISATION AN EMPLOYER OF CHOICEQ. Please indicate the extent to which you agree or disagree with the following statements: Innovation is a key ingredient in making an organisation an employer of choice.30 Millennial Innovation survey
  31. 31. Stay by DTTL Global BrandDeloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independententity. Please see for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 150countries, Deloitte brings world-class capabilities and high-quality service to clients, delivering the insights they need to address their most complex business challenges. Deloitte has in the region of200,000 professionals, all committed to becoming the standard of excellence.This publication contains general information only, and none of Deloitte Touche Tohmatsu Limited, its member firms, or their related entities (collectively, the “Deloitte Network”) is, by means of thispublication, rendering professional advice or services. Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified professional adviser.No entity in the Deloitte Network shall be responsible for any loss whatsoever sustained by any person who relies on this publication.© 2013. For information, contact Deloitte Touche Tohmatsu Limited.