Post on 11-Mar-2016
description
Financial Executives International Canada
2010 AnnuAl REpoRt
CAnAdA’s pREEmInEnt AssoCIAtIon ConnECtIng FInAnCIAl ExECutIvEs thRough nEtwoRkIng knowlEdgE, AdvoCACy And EthICAl lEAdERshIp
• IntroducedtheFEICanadaNationalExecutiveDevelopmentWebinarSeries,producingfourwebinars withthehelpofourNationalStrategicPartnersandtechnicalcommittees.
• Participatedinroundtablemeetingonsocial,environmentalandgovernancereportingwiththeOntario SecuritiesCommissioninSeptember2009,withafollow-upmeetinginDecember2009.
• AppearedbeforeHouseofCommonsStandingCommitteeonFinance(FINA)inNovember2009to highlightFEICanada’spre-budgetconsultationrecommendations.
• ParticipatedinanationalsecuritiesregulatorroundtablemeetingwiththeCanadianSecuritiesTransition OfficeinOctober2009;MetwithAlberta’sDeputyMinisterofFinanceinNovember2009.
• Heldtremendouslysuccessful2010FEICanadaAnnualConferenceinVictoria,BCJune9-11.
• HostedFEICanada’ssecondannualSmallandMedium-sizedEnterprise(SME)Conferencein Mississauga,aswellastheEntrepreneurConferenceinCalgary.
• Partneredwithnationalstrategicpartnerstohostfiveseriesofnationalbreakfastseminars.
• HostedourfifthannualPrivateEquitySymposiuminToronto,andsimulcastlivetoourchaptersin London,Montreal,Winnipeg,Regina,Calgary,EdmontonandVancouver.
• CanadianFinancialExecutivesResearchFoundation(CFERF)publishedfournewresearchreports.
• Hostedtwostrategicplanningmeetings,attendedbybothFEICanada’sNationalBoardanditsChapter LeadershipCouncil,tofurtherdevelopandexecutetheorganization’sstrategicdirection.Onemeetingtook placeinCalgaryinNovember,andtheothertookplaceinVictoriainJune.
hIghlIghts 2010
MessagefromtheChiefExecutiveandtheChairofTheBoardofDirectors 2
Strategicupdate–yearinreview 5
Financialperformancereview 10
FEICanadacondensedconsolidatedfinancialstatements 14
FEICanadacelebratesitsvolunteers 19
TheCanadianFinancialExecutivesResearchFoundation 26
NationalStrategicPartners 29
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Ifitistruethatourfuturedependsonwhatwedointhepresent,FEICanadamemberscanbeconfidentthatthisorganizationhasasolidfoundationonwhichtostand.
Inthepastyear,oureconomyhasbeensupportedbyourcountry’sstrongfoundationoffinancialregulationandreportingstandards.Similarly,ourcountry’ssoundsystemofcorporategovernancehasrestedontheintegrityandreliabilityofseniorfinancialexecutives,manyofwhomareFEICanadamembers.
SupportforandinterestinFEICanadamembershiphelpsallfinancialmanagersthrive.Ourgoallastyearwastoconcentrateonmembership,bothreinstatingmemberslostduringthedownturn,andmakingnewmembersawareofthebenefitsofFEICanada.Andasthestormoftheeconomicdownturnsubsided,wearepleasedthatourmembershipnumbersreturnedtoagrowthmodeasweincreasedourofferingstomemberstokeepthemcontinuallyatthetopoftheirgame.ThesenewinitiativesincludedourNationalExecutiveDevelopmentWebinarSeriesandtheabilityformemberstotrackonlinetheirCPDcreditsearnedthroughFEICanada.
We’vebeenmovingalotofthingsforwardinthelastyear,tosupportourstrategicplan.OurtechnicalcommitteesworkcontinuallytoaddresstheissuesmostimportanttoFEICanadamembers.We’vecontinuedourpursuitofadvocacyonbehalfofourmembersinthelastyear,andarewellonourwaytoachievingourstrategicgoalofbeingtherecognizedvoiceofCanadianfinancialleaders.
AswellasbeingaskedtoparticipateinseveralroundtablediscussionsandonceagainpresenttotheHouseofCommonsStandingCommittee
onFinance(FINA),wewerepleasedtohaveoureffortsrecognizedbyCanada’sFinanceMinister,atFEICanada’s2010NationalConferenceinVictoria,BC:
“I am grateful for the advice and support of this organization, particularly during the difficult economic times we’ve all been through.”
–TheHonourableJamesM.Flaherty
OurCanadianFinancialExecutivesResearchFoundation(CFERF)producesresearchbasedonwhatseniorfinancialexecutivesthinkabouttopicsthatareimportanttoyou.Inthe2009-2010year,CFERFpublishedstudiesonIFRS,privatecompanyaccesstocredit,thepeopleissuesinM&Adeals,andhowtobestmanageduringtheeconomicupturn.CFERFhasevenmoreinstoreforthe2010-2011year,ledbyournewVicePresidentofResearchandCommunications,ChristianBellavance.ManyofyouwillknowofChristianfromhis14yearsasEditor-in-chiefatCAmagazine.WeareexcitedtohaveChristianjointheFEICanadateamandhopeyouarealleagertotakepartinCFERFstudiesinthecomingyear.
FEICanadaisanorganizationwithcommittedvolunteers,andwethankthemorethan200memberswhocontributetoourcommitteesandchapterboards.Thisvolunteerleadership,whichrepresentsanamazing10%ofourmembership,devotescountlesshoursoftimetoourorganizationandlivesbytheideathat“youonlygetoutofanorganizationwhatyouputintoit”.Alargeamountofgratitudegoesout
mEssAgE FRom thE ChIEF ExECutIvE And thE ChAIR oF thE boARd oF dIRECtoRs
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toourwonderfulBoardofDirectors.Wewouldparticularlyliketothankourretiringdirectors:ImmediatePastChairGrantRing;ConferenceChairDanleyYip;CFERFChairBarryGorman;directorBrianMcAskillanddirectorMoniqueLétourneau.ItisbecauseofvolunteerslikethesethatFEICanadaisthepreeminentassociationforseniorfinancialexecutivesinCanada.
WewouldalsoliketothankthestaffofFEICanada’sNationaloffice,whoworkeverydaytomakeFEICanada’seventsbetter,ouradvocacystronger,andourprofessionaldevelopmentgearedtotheneedsofourmembers.
Andlastbutnotleast,onbehalfofyour2009-2010BoardofDirectors,chapterleadersandnationalstaff,wewouldliketothankyou!Wetrulybelievethatthegreateryourinvolvementintheorganization,thegreaterthereturnwillbeonyourinvestment,whetheritbebyparticipatinginyourlocalchaptereventsoronacommittee,orbyencouragingyourseniorfinancialexecutivecolleaguestojoinournetwork.
Michael Conway ChiefExecutive&NationalPresident
Karyn BrooksChair,2009-2010BoardofDirectors
P.S. In the last year we’ve moved our National Office, and are now located at 170 University Ave, Suite 1201 in Toronto. If you’re ever in the area, we love visits from our members! If you give us a call ahead of time, we’d even be happy to find you a place to work if needed while you are in the city.
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Whenitcomestobringingfinancialleaderstogetherwiththeirpeers,wemeanbusiness.Whileourworkisserious,it’sbeenapleasurewatchingfriendshipsflourishandcolleaguesconnectduringthismemorableandbusyyearatFEICanada.
ThisyearmarkedFEICanada’s60thanniversaryofconnectingourcountry’sseniorfinancialprofessionalstoshareinformation,bestpracticesandinfluenceregulatorychange.Indoingso,wehavehelpedmaintainthehighestprofessionalstandardsandcontributedtothoughtleadership,supportingCanada’sgeneraleconomicwellbeing.
AsFEICanadacelebratesthismilestone,wecantakeamomenttolookbackonourrecentachievementswithpride.Theseincludemakingsignificantprogressonseveralaspectsofourlong-termplan,particularlyintheareasofadvocacy,awarenessbuildingandknowledgeexchange.
FEICanadaisincreasinglycalleduponbythegovernmentandthemediatospeakoutonvarioustopicsofimportancetoseniorfinancialleaders,andthisbringsusclosertoourstatedgoalofbecomingCanada’sVoiceofFinance.FEICanadahastestifiedtwiceinalittleoverayearbeforetheHouseofCommonsStandingCommitteeonFinance(FINA).WeaddressedcreditavailabilityinMarch2009,andtaxationinApril2008.FEICanadacontributedtotheExpertPanelonSecuritiesRegulationthroughout2008-2009andtothreeexpertcommissionsonpensionreform.
FEICanadadrewnationalmediaattentionatourannualconferenceinMontréal,whichwaswell-attendedandfeaturedseveralprominentspeakers,includingtheinternationallyrenownedItalian-Canadianbusinessman,FiatGroupCEOSergioMarchionne.OneofSergio’skeymessages,which
FEICanadahaslongsupported,was: “The real challenge of our time is to create the conditions for virtuous change.
The financial crisis has put values fundamental to any organization to the test: transparency, honesty, reliability.”
Oureffortsininfluencingtheevolutionofregulationsandstandardsfollowthesecorevaluesthatarefundamentaltofairandefficientcapitalmarkets.Ouradvocacyandawarenessefforts;knowledgeexchange;andnetworkingopportunitieshaveservedourmemberswell.AsCanadianfinancialleadersbecomemoreawarethatwearespeakingoutontheirbehalf,weexpectmoreseniorfinancialexecutiveswillaspiretojoinFEICanada.
Aswelooktothefuture,wewillkeepoursightsfocusedonseveralkeyareas,includingenhancingmembershipexperience;continuingtogrowourpublicprofileandincreasinginvolvementbyourvolunteersonourtechnicalcommittees.Ourcommitteesprovideindividualmembersanopportunitytohelpimprovepublicpolicy,regulatoryandaccountingstandardsinCanada.Atthesametime,volunteershelpexpandFEICanada’ssphereofinfluenceandgeneralprofile,whilenetworkingwithandlearningfromtheirpeers.
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2010
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2010
FEI CAnAdA mEmbERshIp
Inthepastyear,membershipdevelopmentandretentionwasmadethenumberonepriorityacrosstheorganization.Afterbeingimpactedbyrecession-ledmembershipdeclinesovertheJune2008toJanuary2010period,thefinalfivemonthsofthe2009-2010yearsawasignificantturn-aroundinnumbers.ThenationalofficeandchapterboardsworkedtogethertospreadthewordthatFEICanadacanbenefitallfinancialexecutives,especiallyinhardtimes.
WhileFEICanadaworkedhardtoimproveonallorganizationalkeycomponents,includingknowledgeexchange,communicationsandadvocacy,membershipsawareversaloftrendsasthenumberofnewmembersincreasedwhilenon-renewalsdecreased.FEICanadagained76newandreinstatedmembersinthemonthofMarch,whichfarexceedsourpreviouslargestmonthlyincreaseof40newmembers.Giventhetumultuouseconomictimes,wewerehappytoclosetheyearwithmoremembersthanwestartedwith,growingto2015members.
Oursocialmediacampaigncontinuestogrow,asourmembersjoinLinkedInandTwitter.Attheendofthisyear,ourFEICanadaLinkedIngrouphad576membersandourTwitterfeedhadabout1,100followers.ThesecommunicationtoolshaveallowedustoincreasethebrandawarenessofFEICanada,andalsohavebeenusedasrecruitingtoolandadiscussionforumformembers.
CHAPTERS
AllofourelevenFEICanadachaptersmadegreateffortstoimproveandenhancetheexperienceoftheirmembersinthe2009-2010year.
SOMEExCITINGEVENTSTHISYEAR:
• TheAtlanticProvincesChapter’sdinnerswith NovaScotiaFinanceMinisterGrahamSteele andNovaScotiaPremierDarrellDexter.• TheQuébecChapter’sgalainhonouroflong- servingpresidentSergePharand,an unforgettableroyaleveningattheWindsor.• TheNationalCapitalRegionChapter’sdinner onthetopic“IsCanada’sfiscalsustainabilitya reality?”withKevinPage,Canada’s ParliamentaryBudgetOfficer.• TheTorontoChapter’sannualeconomic updatewithDr.SherryCooper,Executive VicePresidentandChiefEconomistwith BMOFinancialGroup.• TheSouthernGoldenHorseshoeChapter’s dinnerandtouroftheRoyalBotanical Gardenswithaflamencoguitaristand SpanishDancers.• TheSouthwesternOntarioChapter’sTourof Western/RobertsCentreforBrain&Mind.• TheWinnipegChapter’sChristmasluncheon withspeakerDavidHolmofOnyxFinancial Group.• TheReginaChapter’slunchwithspeakerPat Youzwa,President/CEOofSaskPower.• TheCalgaryChapter’shostingofthethird annualFEICanadastrategyplanningsession.• TheEdmontonChapter’sdinneronthe topicof“SocialNetworking–Newtrends andopportunitiesforyourbusiness”with SpeakerMackMale,FounderofParamagnus Developments.• TheVancouverChapter’slunchwithDan Doyle,ExecutiveVicePresident–Construction, VancouverOrganizingCommitteeforthe 2010OlympicandParalympicWinterGames (VANOC).
Wewouldliketothankallofourdedicatedchaptervolunteers.Ourexcellentchapterprogrammingscheduleinthe2009-2010yearwouldnothavebeenpossiblewithoutyourongoingcommitment.
stRAtEgIC updAtE – yEAR In REvIEw
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knowlEdgE ExChAngE
EVENTS FEICanadacontinuestoofferawidevarietyofeventstomembersandnon-membersalike.Professionaldevelopmentandopportunitiestonetworkarenotedasthetopreasonsmembersattendnationalandchapterevents.Inarecentmembersurveycompletedinthespringof2010,memberslistedNationalBreakfastSeminarsandchaptermeetingsasthetopreasonsforbecomingandstayingamemberofFEICanada.
Ournewestofferinginthe2009-2010yearwasourFEICanadaNationalExecutiveDevelopmentWebinarSeries,whichwasofferedtoourmembersasanaddedbenefitofmembership.Thefourwebinarsputonin2009-2010wereonthetopicsof:
• Privatecompanyfinancing–Renewinga scarceresource;• TheimpendingchallengeofIFRSfinancial systemsconvergence;• Failuretoplanisaplantofail–Tipsfor businessescontemplatingatransition;• Insightsfromthe2010IBMGlobalCFO study.
OurNationalBreakfastSeminarSeriescontinueditssuccessacrossthecountry,withthetopicsof:
• Gettingthemostfromyourfinancefunction;• Fraudrisksintheneweconomy:Areyour basescovered?• Managingtheupturn:Keystrategiesfor sustainedprofitablegrowth;• Anatomyoftheacquisitionofatroubled business;• Credit,capitalandfinancialreporting.
ThesecondannualSMEConferencewasheldinMississaugaonOctober22,2009.Thisconferencewasasuccessandattendeesprovidedpositivefeedback.ThefirstEntrepreneurialBusinessConferencewasheldonOctober20,2009inCalgarywithlivevideo-broadcaststoVancouver,Edmonton,ReginaandWinnipeg.
The2010PrivateEquitySymposiumwasheldMarch23rdattheMaRSCentreinToronto,withlivevideobroadcastsintoLondon,Montreal,Winnipeg,Regina,Calgary,EdmontonandVancouver.Theprogramincludedthreecompellingpanelsessionswithindustryexperts,aswellasanexcellentclosingkeynotepresentationbyDavidM.Rubenstein,Co-FounderandManagingDirectorofTheCarlyleGroup.
The2010AnnualConferencewasheldattheVictoriaConferenceCentreandFairmontEmpressHotelfromJune9-11inVictoria,BCandwasatremendoussuccess.Morethanfourhundreddelegatesenjoyedawiderangeofeducationalsessionsandnetworkingevents.
Oneoftheconference’shighlightswasthespeechofCanada’sMinisterofFinance,TheHonourableJamesFlaherty,whoprovidedhisviewsonthestrengthofCanada’sfinancialsystemthroughtheglobalcrisisandbeyondandexplainedhisgovernment’sNationalSecuritiesCommissioninitiative.WeusedtheopportunityofhisspeechtopresentMinisterFlahertywithanFEICanadahonourarymembershipforhisroleas“Canada’sCFO”.
Inthepastyear,FEICanadamembersearnedmorethan10,000CPDcreditsthroughFEICanada’snationalevents,andmanymorethroughchapterevents.FEICanadamemberscannowexaminetheirContinuingProfessionalDevelopment(CPD)creditsearnedthroughFEICanadaeventsinthemembers’onlysectionoftheFEICanadawebsite.Memberssimplyselectthedatestheywouldliketoreview,andthencanprintouttheirpersonalCPDsummary.
TECHNICAL COMMITTEESFEICanada’stwotechnicalcommitteesaretheCommitteeonCorporateReporting(CCR)andtheIssuesandPoliciesAdvisoryCommittee(IPAC).
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CCRCCRprovidestechnicaladviceandrecommendationstoregulatorsandstandardsettersonissuesofimportancetoFEICanadamembers.LedbyVictorWells,thecommittee’s44volunteermemberssubmitted14lettersofrecommendationtotheAcSBandIASB.Topicsincluded:
• Leases• GenerallyAcceptedAccountingPrinciplesfor privatecompanies• Fairvaluemeasurement• Rate-regulatedactivities• ImprovementstoIFRS• Accountingstandardsfornot-forprofit organizations
IPACIPACdevelopspositionsonnationalissues,providesexpertconsultationtokeystakeholdersandinfluencesemerginglegislationthatisrelevanttoFEICanadamembers.LedbyWilliamHewitt,thecommitteecontinuedtoworkinasteeringcommitteeformat.ThesixIPACtaskforcesare:
• Corporategovernanceandinternalcontrols• Informationtechnology• Pensions• Privatecompanyissues• Taxation• Treasuryandcapitalmarkets
Somehighlightsoftheyear:• Participatedinroundtablemeetingonsocial, environmentalandgovernancereportingwith theOntarioSecuritiesCommissionin September2009,withafollow-upmeetingin December2009;• AppearedbeforeHouseofCommons StandingCommitteeonFinance(FINA)in November2009tohighlightFEICanada’s pre-budgetconsultationrecommendations;• ParticipatedinaNationalsecuritiesregulator roundtablemeetingwiththeCanadian SecuritiesTransitionOfficeinOctober2009;
MetwithAlberta’sDeputyMinisterof FinanceinNovember2009;• Madesubmissiontothefederalgovernment inresponsetoacallforconsultationson specificallyproposedpensionreformmeasures.
CFERFTheCanadianFinancialExecutivesResearchFoundation(CFERF)continueditsmissiontostudyemergingfinancialmanagementissuesinCanadawiththeaimofincreasingcompetitivecapabilitiesofCanadianfinancialleadersandtheirorganizations.
In2009-2010,CFERFpublishedstudiesonthetopicsof:
• IFRSreadinessinCanada:2009
• PeopleissuesinM&A:Learningfrom experience
• Managingtheupturn:Keystrategiesfor sustainedprofitablegrowth
• Theroleofdisclosuresinthefinancial statementsofprivatebusinessinaccessing credit
Inadditiontopartner-sponsoredresearch,CFERFsupportsandpromotesacademicresearch.Thisyear’s$10,000academicawardwasawardedtoProfessorAminMawanioftheSchulichSchoolofBusinessforhisresearchstudy“TheExecutiveCompensationGAP:WhyDoesItExist?AndIsItConverging?”
In2009-2010,CFERF’sBoardofTrusteeswasonceagainledbyChairBarryGorman.BarryhasdedicatedfouryearstoCFERF,andhasnowpassedontheroleofChairtoVictorWells.RamonaDzinkowskihasbeenCFERF’sExecutiveDirectorforthepastthreeyears,arolethatwillnowpasstoChristianBellavance,whohasjoinedFEICanadaasournewVicePresident,ResearchandCommunications.ThroughtheirworkwithCFERF,wewouldliketothankBarryandRamonafortheircommitmentanddedicationtohelpingmakeFEICanadatherecognizedvoiceoffinanceexecutivesinCanada.
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pRoFIlE And CommunICAtIonsInthe2009-2010year,thevisibilityofFEICanadaincreasedthroughourongoingcommunicationseffortsandmediarelationsstrategy.FEICanada’sadvocacyefforts,CFERF’sresearchstudiesandthemanycharismaticspeakersatoureventscapturedthemedia’sattention.
InApril2010,theNationalOfficesentoutasurveytoallFEICanadamemberstoassessmembersatisfaction.Theresponseratewasgoodandtherespondents’profilealignedwiththedemographicbreakdownofFEICanada’smembership.Thesurveyresults,whichwerepresentedatFEICanada’sJune8,2010LeadershipmeetinginVictoria,wereencouraging.Thegroupofchapterleaders,boardmembersandtechnicalcommitteechairsreviewedtheresultsandofferedideasastohowtheinformationcouldbebestputtouse.TheideasgeneratedatthissessionhavenowbeenintegratedintoFEICanada’snewthree-yearstrategicplan.
BRANDING
TheMontrealconferenceinMay2009wasthefirsttimeFEICanadashowcaseditsaccomplishmentsatatradeshow.Withthesuccessofthisinitiative,wehavesinceattendedotherconferencesasanexhibitor,tofurtherincreasethevisibilityofFEICanada.
InanefforttocontinuallystrengthentheFEICanadabrand,astandardsetofbrandingguidelinesweresentouttoallFEICanadachaptersinJanuary2010.TheseguidelinesincludeFEICanadachapterspecificlogos.
FEI CAnAdA AwARdsCanada’s CFO of the Year™ AwardCongratulationstothisyear’stwoCFOoftheYear™Awardwinners,RichardBird,Executive
ExecutiveVicePresident,ChiefFinancialOfficer&CorporateDevelopmentofEnbridgeInc.,andCynthiaDevine,ChiefFinancialOfficerofTimHortonsInc.
Canada’sCFOoftheYear™AwardispresentedtoaseniorfinancialleaderwhohasmadeacontributiontobusinessinCanadawithquality,insightanddirection.
InatimewherethechallengesbroughtonbyCanada’seconomicturbulencehavetestedthemettleofCFOsallacrossthiscountry,weareverypleasedtorecognize,forthefirsttime,twooutstandingfinancialprofessionalswhohavedemonstratedvision,innovationandleadershipwithintheirorganizationsandintheircommunities.
Frank S. Capon Distinguished Service AwardFEICanadawasverypleasedtopresenttheFrankS.CaponAwardfordistinguishedvolunteerservicetoBarryGormanoftheAtlanticProvincesChapterandWilliamHewittoftheTorontoChapter.ThisawardhonoursMr.FrankCapon,whowasanoutstandingFEICanadamemberfor57years,andiscreditedwithbringingFEItoCanadain1948.
Dr.GormanhasbeenChairoftheBoardofTrusteesoftheCanadianFinancialExecutivesResearchFoundation(CFERF)andwasamemberoftheBoardofDirectorsofFEICanadafrom2006-2010.HeiscurrentlychairoftheTaxationtaskforceofFEICanada’sIssuesandPoliciesAdvisoryCommittee(IPAC),andhasbeenformanyyears.Dr.GormanhasbeenamemberofFEICanadafor18years.
Mr.HewittisFEICanada’scurrentIPACChairandamemberofitsPensionsandCapitalMarketstaskforces.HeisonFEICanada’sBestinClassMBAcasecompetitionorganizingcommittee,andhasbeenaCFERFtrusteesinceitsinception.Mr.HewittisalsopastChapterPresidentinTorontoandservedasfoundingChapterPresidentoftheSouthwesternOntarioChapter.Mr.HewitthasbeenamemberofFEICanadafor40years.
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Whenitcomestobringingfinancialleaderstogetherwiththeirpeers,wemeanbusiness.Whileourworkisserious,it’sbeenapleasurewatchingfriendshipsflourishandcolleaguesconnectduringthismemorableandbusyyearatFEICanada.
ThisyearmarkedFEICanada’s60thanniversaryofconnectingourcountry’sseniorfinancialprofessionalstoshareinformation,bestpracticesandinfluenceregulatorychange.Indoingso,wehavehelpedmaintainthehighestprofessionalstandardsandcontributedtothoughtleadership,supportingCanada’sgeneraleconomicwellbeing.
AsFEICanadacelebratesthismilestone,wecantakeamomenttolookbackonourrecentachievementswithpride.Theseincludemakingsignificantprogressonseveralaspectsofourlong-termplan,particularlyintheareasofadvocacy,awarenessbuildingandknowledgeexchange.
FEICanadaisincreasinglycalleduponbythegovernmentandthemediatospeakoutonvarioustopicsofimportancetoseniorfinancialleaders,andthisbringsusclosertoourstatedgoalofbecomingCanada’sVoiceofFinance.FEICanadahastestifiedtwiceinalittleoverayearbeforetheHouseofCommonsStandingCommitteeonFinance(FINA).WeaddressedcreditavailabilityinMarch2009,andtaxationinApril2008.FEICanadacontributedtotheExpertPanelonSecuritiesRegulationthroughout2008-2009andtothreeexpertcommissionsonpensionreform.
FEICanadadrewnationalmediaattentionatourannualconferenceinMontréal,whichwaswell-attendedandfeaturedseveralprominentspeakers,includingtheinternationallyrenownedItalian-Canadianbusinessman,FiatGroupCEOSergioMarchionne.OneofSergio’skeymessages,which
FEICanadahaslongsupported,was: “The real challenge of our time is to create the conditions for virtuous change.
The financial crisis has put values fundamental to any organization to the test: transparency, honesty, reliability.”
Oureffortsininfluencingtheevolutionofregulationsandstandardsfollowthesecorevaluesthatarefundamentaltofairandefficientcapitalmarkets.Ouradvocacyandawarenessefforts;knowledgeexchange;andnetworkingopportunitieshaveservedourmemberswell.AsCanadianfinancialleadersbecomemoreawarethatwearespeakingoutontheirbehalf,weexpectmoreseniorfinancialexecutiveswillaspiretojoinFEICanada.
Aswelooktothefuture,wewillkeepoursightsfocusedonseveralkeyareas,includingenhancingmembershipexperience;continuingtogrowourpublicprofileandincreasinginvolvementbyourvolunteersonourtechnicalcommittees.Ourcommitteesprovideindividualmembersanopportunitytohelpimprovepublicpolicy,regulatoryandaccountingstandardsinCanada.Atthesametime,volunteershelpexpandFEICanada’ssphereofinfluenceandgeneralprofile,whilenetworkingwithandlearningfromtheirpeers.
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Right:2010CFOofoftheYearTMwinners
CynthiaDevineandRichardBirdwith
MichaelConwayandGinoScapillati,
NationalManagingPartnerofCFOY
PresentingSponsorPricewaterhouseCoopers
Left:WilliamHewittandBarryGorman
acceptthe2010CaponAwardfrom
MichaelConway
ThefinancialresultsofFinancialExecutivesInternationalCanada(FEICanada)includetheaccountsofFEICanadaandtheCanadianFinancialExecutivesResearchFoundation(CFERF).FEICanada’sactivitiesarepresentedbelowinfivecategories:membership,events,NationalStrategicPartnerprogram,CFERFandmiscellaneous.Membershiprevenuesincludenationalduesandinitiationfeesreceivedfromourmembers,whereasmembershipsupportcostsareshownwithinvariousexpenditurelineitems.TheeventscategorydetailsresultsfromFEICanada’snationalannualconferenceheldlastJuneinVictoria,ourNationalBreakfastSeminarseriesandournewNationalExecutiveDevelopmentWebinarseries,ourPrivateEquity
SymposiumandourannualSMEconference.TheNationalStrategicPartnerProgramincludesactivitieswithourvaluedsponsorsaswellasourprestigiousannualevent:Canada’sCFOoftheYear™Award.CFERFencompassesresearchstudiesandacademicawardsbyanddonationstoFEICanada’sresearchinstitute.Themiscellaneouscategoryrepresentsmainlyinvestmentincomeandfeescollectedforservicesrenderedinrelationtoourcareercentrewebsite.Alloftheseactivitiesaresupportedbyourteamatnationaloffice,variouscommitteesincludingourtwomember-staffedtechnicalcommittees,andfundsthatareinvestedinourcommunicationsandmediarelationefforts.
FInAnCIAl pERFoRmAnCE REvIEw
Key Performance Drivers
2010 2009
Revenues $2,220,051 $2,228,137
Expenses 2,248,836 2,370,948
Excessofexpensesoverrevenues $(28,785) $(82,811)
Numberofmembers
2,015
2,010
Restrictedfundbalance $350,000 $299,707
Strategicinitiativesfundbalance 444,837 538,820
Capitalassetfundbalance 46,260 31,355
Totalfundbalance $841,097 $869,882
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Financial position
FEICanadahasprudentlymanageditsfinancialpositioninanefforttoexecuteitsstrategicplan.Wehavedeployedourresourcestofundanumberofstrategicinitiativesimportanttoourmembers:
Membership and Chapter Relations:FEICanadacontinuestoputforwardinitiativestogrowitsmembershipbaseandtosupportitsvolunteersacrossitselevenchapters.WehavehighlightedtheaccomplishmentsofanumberofourvaluablevolunteersatourannualconferenceinVictoria.The“Top10reasonsFEICanadacanhelpyou”documenthasbeendevelopedandaprofessionally-designedboothhasbeenpurchasedtosupportmembershiprecruitmentinitiatives.OurNationalStrategicPartnershavehelpedusgrowourmembershipbasebyparticipatingintherecruitmentofqualifiedfinancialexecutivesasnewmembers.OurFinancialExecutivemagazinecontinuestobeappreciatedbyourmembersandadigitalversionisnowavailable.
Knowledge exchange:FEICanada’sflagshipeventssuchasourAnnualConference,PrivateEquitySymposium,SMEconference,NationalBreakfastSeminarsandCanada’sCFOoftheYear™galacontinuetobepopular.Thisyearwelaunched
ourNationalExecutiveDevelopmentWebinarseries,andweexpecttohostmorewebinarsforthebenefitofourmembersinthecomingyear.Ourtwotechnicalcommitteescontinuetobeveryactivewithregulators,standardsettersandvariousstakeholders.CFERFpublishedfourresearchstudiesthisyear,andhasconductedthesurveysandforumsforthreemore.CFERFalsograntedanacademicawardtoProf.AminMawanioftheSchulichSchoolofBusinesstoundertakeresearchonexecutivecompensation.
Profile and communications:OurteamhasbeenveryactivelyworkingonFEICanada’scommunications,brandingandmediarelationsactivities.ContinuedeffortstobrandFEICanada’snamehavebeensupportedbythedevelopmentofasetofstandardsforusethroughouttheorganizationbyourchaptersandinourcommunicationplansforeventsandmediarelations.Wehavestrengthenedtheuseofsocialmedia(LinkedInandTwitter)andensureditsusesupportedallaspectsofourstrategicplan.WecontinuetopublishourmonthlyxpressandFinanceandAccountingReviewe-newsletterstokeepmembersup-to-dateonvaluableinformationontheirmembershipandcurrentissuesinaccountingandfinance.
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Results of operations
FEICanadareportedanexcessofexpensesoverrevenuesof$28,785fortheyearendedJune30,2010,comparedtoanexcessofexpensesoverrevenuesof$82,811ayearago.
RevenuesRevenuesweredown$68,000or3%fromayearago,to$2,220,000.Membershipduesandfees,representing38%ofourrevenues,weredown$89,000or9.5%overlastyearduetotheimpactofthemembershipdeclineduringtherecession
lastyearandtocertainrecruitmentpromotionsthisyear.Events,whichaccountfor35%ofourrevenues,weresimilartolastyearasincomefromthedifferentmixofbreakfastseminarsandwebinarsmainlyoffsetslightlylowerrevenuesfromourannualconference.Ourassociationwithstrategicpartnersyielded18%ofourrevenues,up$29,000or8%aswewelcomedtwonewsponsors.CFERF’sexpandedresearchcapabilitiesincreaseditsrevenueby$35,000or32%,asmoreresearchstudieswereproducedthisyear.Miscellaneousrevenuedeclined$34,000or38%comparedtolastyearduetolowerinvestmentandcareerservicesincomeoffsetbyanon-recurrentsalestaxrefund.
Membershipduesand
initiationfees
38%
Events
35%
NationalStrategicPartnerprogram
18%CFERFresearchstudiesanddonations
6%
Miscellaneous
3%
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Revenues
ExpensesExpensesof$2,249,000decreased$122,000or5%fromayearago.Compensationexpenses,whichrepresent41%ofFEICanada’sexpenditures,decreased$92,000or9%overlastyear,mainlyrelatedtothechangeinournetpensionplanobligation.Eventcostsrepresented23%ofourtotalexpenses,down$18,000or3%fromlastyear,mainlyresultingfromcostsavingsfromourannualconference.Administration,occupancyandothercosts,whichaccountfor20%ofourexpenditures,increased$22,000or5%,mainlyduetohighercoststosupportourmembershipinitiatives.Elevenpercentofourcost
basewasspentonCFERF’sresearchcostsandawardprogram,up$54,000or30%fromlastyear,asresearchcapabilitieswerestrengthened.Ourspendingonprofile,brandingandadvocacyaccountsfor2%ofourcosts,down$94,000or67%,stemmingfromthenon-recurrenceofcostsforour60thanniversarycelebrationlastyearandthestrengtheningofourin-housecommunicationscapabilities.
Compensation
41%
Events
23%
Administration,occupancyandothercosts
20%
CFERFcostsandawardsgranted
11%
NationalStrategicPartnerprogram
3%
Profile,branding&advocacy
2%
Expenses
13
mAnAgEmEnt’s REsponsIbIlIty FoR FInAnCIAl REpoRtIng
ManagementisresponsibleforthepreparationoftheconsolidatedfinancialstatementsandthecondensedconsolidatedfinancialstatementsofFinancialExecutivesInternationalCanada/DirigeantsFinanciersInternationauxduCanada(FEICanada)andfortheirintegrityandobjectivity.ThesefinancialstatementshavebeenpreparedinaccordancewithCanadiangenerallyacceptedaccountingprinciplesappropriateinthecircumstancesandhavebeenapprovedbytheBoardofDirectors.
Wemaintainthenecessarysystemofinternalcontrolstoensurethetransactionsareauthorized,assetsaresafeguardedandproperrecordsaremaintained.
OurBoardofDirectors,uponrecommendationfromourAuditandFinanceCommittee,reviewsandmonitorsthequalityandintegrityofourfinancialstatements,ensureseffectivenessofsystemsanddisclosureandinternalcontrolsoverfinancialreporting,andreviewsandprovidesoversightinthemanagementofrisks.
HillbornEllisGrantLLP,ourindependentexternalauditors,havebeenappointedbyourBoardofDirectorsontherecommendationoftheAuditandFinanceCommittee.Theirappointmentwasratifiedattheannualmeetingofmembers.TheauditorshavefullandunrestrictedaccesstotheAuditandFinanceCommitteetodiscusstheirauditandrelatedfindings.Theyhaveperformedanindependentauditofourconsolidatedfinancialstatementsandexpressedanopinionwithoutreservation.Theyhavealsopreparedareportonourcondensedfinancialstatementswhichispresentedonpage15.
Toronto,OntarioSeptember9,2010
MichaelConway,CA,ICD.D LineTrudeau,CA,MBAChiefExecutive&NationalPresident ChiefFinancialOfficer
FEI CAnAdA CondEnsEd ConsolIdAtEd FInAnCIAl stAtEmEnts
14
AudItoRs’ REpoRt on CondEnsEd ConsolIdAtEd FInAnCIAl stAtEmEnts
To the Members of Financial Executives International Canada/ Dirigeants Financiers Internationaux du Canada
TheaccompanyingcondensedconsolidatedstatementoffinancialpositionandthecondensedconsolidatedstatementofrevenuesandexpensesarederivedfromthecompletefinancialstatementsoftheFinancialExecutivesInternationalCanada/DirigeantsFinanciersInternationauxduCanadaasatJune30,2010andfortheyearthenendedonwhichweexpressedanopinionwithoutreservationinourreportdatedSeptember9,2010.Thefairsummarizationofthecompleteconsolidatedfinancialstatementsistheresponsibilityoftheorganization’smanagement.Ourresponsibility,inaccordancewiththeapplicableAssuranceGuidelineofTheCanadianInstituteofCharteredAccountants,istoreportonthecondensedconsolidatedfinancialstatements.
Inouropinion,theaccompanyingcondensedconsolidatedfinancialstatementsfairlycondense,inallmaterialrespects,therelatedcompletefinancialstatementsinaccordancewiththecriteriadescribedintheGuidelinereferredtoabove.
ThesecondensedconsolidatedfinancialstatementsdonotcontainallthedisclosuresrequiredbyCanadiangenerallyacceptedaccountingprinciples.Readersarecautionedthatthesestatementsmaynotbeappropriatefortheirpurposes.Formoreinformationontheorganization’sfinancialpositionandresultsofoperations,referenceshouldbemadetotherelatedcompletefinancialstatements.
Toronto,Ontario CharteredAccountantsSeptember9,2010 LicensedPublicAccountants
15
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AsatJune30 2010$
2009$
ASSETS
CurrentAssets 2,353,776 2,025,795
CapitalAssets 46,260 31,355
2,400,036 2,057,150
LIABILITIES
CurrentLiabilities 1,309,469 944,871
Long-TermLiabilityAccruedPensionLiability
249,470
242,397
1,558,939 1,187,268
FUNDBALANCES
Operating
Restricted 350,000 299,707
StrategicInitiatives 444,837 538,820
InvestedinCapitalAssets 46,260 31,355
841,097 869,882
2,400,036 2,057,150
KarynBrooks,FCA RayHawrelak,CAChair,BoardofDirectors Chair,Audit&FinanceCommittee2009-2010 2009-2010
16
CONDENSED CONSOLIDATED STATEMENT OF REVENuES AND ExPENSES
YearendedJune30 2010$
2009$
REvEnuES
Membershipduesandinitiationfees 836,144 924,759
Events 787,841 797,204
NationalStrategicPartnerprogram 396,125 367,125
CFERFresearchstudiesanddonations 143,641 108,800
Miscellaneous 56,300 90,249
2,220,051 2,288,137
ExpEnSES
Compensation 923,215 1,015,413
Events 522,689 540,482
Administration,occupancyandothercosts 445,229 423,438
CFERFcostsandawardsgranted 238,306 183,772
NationalStrategicPartnerprogram 74,171 68,568
Profile,brandingandadvocacy 45,226 139,275
2,248,836 2,370,948
Excessofexpensesoverrevenuesforyear (28,785) (82,811)
17
June30,2010
Description of Organization and Basis of Presentation
FinancialExecutivesInternationalCanada/DirigeantsFinanciersInternationauxduCanada(FEICanada)isanot-for-profitmembershiporganizationestablishedtoserveasaneffectiveadvocateforthebusinesscommunitywithrespecttofinancialandaccountingmatters,andthereportingthereon,andtoimprovethecommunicationoffinancialinformationtoallinterestedparties.Itisaregisterednonprofitorganization,whichisexemptfromincometaxesundertheIncomeTaxAct(Canada).
Thecondensedconsolidatedfinancialstatementsincludetheaccountsoftheorganization’scontrolledfoundation,CanadianFinancialExecutivesResearchFoundation/FondationDeRechercheDesDirigeantsFinanciersDuCanada(CFERF).CFERFisseparatelyincorporatedandwasformedtopromote,conductandsponsorresearchandpublishingprojectsonbusinessmanagementtopics.FEICanadaprovidesadministrativesupportandmanagementtoCFERFandisnotremuneratedforthissupport.
FEICanadaisaffiliatedwithchaptersthroughoutCanada,andwithFinancialExecutivesInternationalintheUnitedStates(FEI).FEICanadachaptersareindependentlyresponsibleforfundingandmanagingtheiroperationsand,accordingly,arenotconsolidatedinthesefinancialstatements.
FullfinancialstatementsmaybeviewedontheFEICanadawebsiteat
www.feicanada.org/fullfinancialstatements/2010-2011.
notE to CondEnsEd ConsolIdAtEdFInAnCIAl stAtEmEnts
18
FEI CAnAdA CElEbRAtEs Its voluntEERs
19
Clockwise:2009-2010Strategicretreat;TorontoChapterPresidentKayBrekkenandSteveRosen;WilliamHewittwiththe
“Queen”ofVictoriaConferenceentertainers;VictoriaConferencechairDanleyYip;EntrepreneurDayinCalgary,October2009.
Whenitcomestobringingfinancialleaderstogetherwiththeirpeers,wemeanbusiness.Whileourworkisserious,it’sbeenapleasurewatchingfriendshipsflourishandcolleaguesconnectduringthismemorableandbusyyearatFEICanada.
ThisyearmarkedFEICanada’s60thanniversaryofconnectingourcountry’sseniorfinancialprofessionalstoshareinformation,bestpracticesandinfluenceregulatorychange.Indoingso,wehavehelpedmaintainthehighestprofessionalstandardsandcontributedtothoughtleadership,supportingCanada’sgeneraleconomicwellbeing.
AsFEICanadacelebratesthismilestone,wecantakeamomenttolookbackonourrecentachievementswithpride.Theseincludemakingsignificantprogressonseveralaspectsofourlong-termplan,particularlyintheareasofadvocacy,awarenessbuildingandknowledgeexchange.
FEICanadaisincreasinglycalleduponbythegovernmentandthemediatospeakoutonvarioustopicsofimportancetoseniorfinancialleaders,andthisbringsusclosertoourstatedgoalofbecomingCanada’sVoiceofFinance.FEICanadahastestifiedtwiceinalittleoverayearbeforetheHouseofCommonsStandingCommitteeonFinance(FINA).WeaddressedcreditavailabilityinMarch2009,andtaxationinApril2008.FEICanadacontributedtotheExpertPanelonSecuritiesRegulationthroughout2008-2009andtothreeexpertcommissionsonpensionreform.
FEICanadadrewnationalmediaattentionatourannualconferenceinMontréal,whichwaswell-attendedandfeaturedseveralprominentspeakers,includingtheinternationallyrenownedItalian-Canadianbusinessman,FiatGroupCEOSergioMarchionne.OneofSergio’skeymessages,which
FEICanadahaslongsupported,was: “The real challenge of our time is to create the conditions for virtuous change.
The financial crisis has put values fundamental to any organization to the test: transparency, honesty, reliability.”
Oureffortsininfluencingtheevolutionofregulationsandstandardsfollowthesecorevaluesthatarefundamentaltofairandefficientcapitalmarkets.Ouradvocacyandawarenessefforts;knowledgeexchange;andnetworkingopportunitieshaveservedourmemberswell.AsCanadianfinancialleadersbecomemoreawarethatwearespeakingoutontheirbehalf,weexpectmoreseniorfinancialexecutiveswillaspiretojoinFEICanada.
Aswelooktothefuture,wewillkeepoursightsfocusedonseveralkeyareas,includingenhancingmembershipexperience;continuingtogrowourpublicprofileandincreasinginvolvementbyourvolunteersonourtechnicalcommittees.Ourcommitteesprovideindividualmembersanopportunitytohelpimprovepublicpolicy,regulatoryandaccountingstandardsinCanada.Atthesametime,volunteershelpexpandFEICanada’ssphereofinfluenceandgeneralprofile,whilenetworkingwithandlearningfromtheirpeers.
tAblE oF ContEnts
20
Right:Volunteershaving
alaughattheVictoria
conference
Left:BobRollwagen,
StephenIlkiwandAzam
FodaattheCFOofthe
YearTMGala
Right:MichaelConway
andFEICanadaBoard
ofDirectorsChair,Karyn
Brooks
Below:Southwestern
OntarioChapterPresident
SueDeakinandVice
PresidentNicoleArchibald
withWinnipegChapter
PresidentBevDavies
Left:LeahHalpenny,Jordan
BeallorandRobertSnyder
TeeoffinVictoriawiththe
helpofKayBrekken
Right:Chapter
LeadershipAward
recipients,Howard
Johnson,DanleyYip,
LeslieMarkow,Brian
McAskill,JudyMunro,
andCliffTruax.
Chair KarynBrooks Québec(G)
Vice Chair LouisMarcotte Québec(A)(G)
Immediate Past Chair GrantRing Regina(G)
Chair, Chapter Leadership Council LisaDorian Vancouver
Chair, Audit & Finance Committee RayHawrelak Edmonton(A)
Chair, Committee on Corporate Reporting VictorWells SouthernGoldenHorseshoe
Chair, Issues & Policies Advisory Committee WilliamHewitt Toronto
Chair, 2010 Conference Committee DanleyYip Vancouver
Chair, CFERF BarryGorman Atlantic
Directors-at-Large JimFergusson Calgary(A)
SusanNemec Winnipeg(A)
BillRoss Toronto
BrianMcAskill Toronto(A)
MoniqueLétourneau Québec
JamesSaretsky Calgary
Chief Executive & National President MichaelConway Toronto(G)
Secretary & CFO LineTrudeau SouthernGoldenHorseshoe(G)
Chair of the Board, Financial Executives International JerryUrich CentralPensylvannia
Vice Chair of the Board, Financial Executives International BrianRuttencutter OrangeCounty
President & CEO Financial Executives International MarieHollein Chicago
(A = Audit & Finance Committee)
(G = Governance Committee)
2009-2010 boARd oF dIRECtoRs
21
FEI CAnAdA nAtIonAl stAFF
Chair LisaDorian,Vancouver
National KarynBrooks,Québec LouisMarcotte,Québec MichaelConway,FEICanada LineTrudeau,FEICanada SydneyFreeston,FEICanada
International DianeAlbergo,FEIU.S. JoeDiLorenzo,Boston BrianRuttencutter,OrangeCounty Chapter representatives NicholeArchibald,SouthwesternOntario BradBardua,Vancouver PatrickBieleny,Edmonton KayBrekken,Toronto FredBurke,Toronto GeorgeChiarucci,Toronto DanClarke,AtlanticProvinces BradCruickshank,Vancouver BeverleyDavies,Winnipeg SueDeakin,SouthwesternOntario AzamFoda,SouthernGoldenHorseshoe CarlGauvreau,QuébecChapter NolaHeale,Calgary DwayneHenley,Winnipeg BettyHoffart,Regina MichelHoule,NationalCapitalRegion KenKember,NationalCapitalRegion BertrandLauzon,QuébecChapter LauriePowers,Regina RobertRollwagen,SouthernGoldenHorseshoe MichaelShabada,Edmonton MaureenSullivan,AtlanticProvinces DrewThomson,MembershipChair,Calgary
ChAptER lEAdERshIp CounCIl
Chief Executive & National President MichaelConwayChief Financial Officer LineTrudeauVice President, Research & Communications ChristianBellavanceSenior Writer, CFERF LauraBobakResearch & Communications Coordinator MelissaGibsonMembership Coordinator SydneyFreestonMembership Associate KarenDanisDirector of Events CamealPrinceMarketing & Events Coordinator MaritaDiasDirector of Sponsorship DonComishOffice Administrator PatTodd
22
IPAC Steering Committee
IPAC Chair WilliamHewitt,Toronto
Chief Executive & National President MichaelConway,Toronto
Chair — Taxation BarryGorman,AtlanticProvinces
Chair — Corporate Governance & Internal Controls LisaDorian,Vancouver
Chair — Capital Markets BillRoss,Toronto
Chair — Pensions PeterDonovan,Toronto
Chair — Private Company Issues JamesSaretsky,Calgary
Chair — Information Technology TimothySpielman,Calgary
IssuEs And polICIEs AdvIsoRy CommIttEE (IpAC)
2009-2010 IPAC contributors and task force members:
BobAngel,Toronto
BruceBailey,Toronto
PeterBallachey,Vancouver
AnneBurpee,Toronto
NigelByars,Toronto
GregBlunden,AtlanticProvinces
MichaelBoychuk,Québec
WayneBraun,Calgary
WilliamBushett,GrantThornton
RodButcher,RyanULC
LarryCooper,Toronto
BevDavies,Winnipeg
MarcDiamant,Toronto
PeterEffer,Toronto
JamesFergusson,Calgary
NormFerguson,Edmonton
JohnForester,Toronto
DennisFortnum,KPMG
SonjiaJohansen,Regina
NataliaKochetova-Kozloski,AtlanticProvinces
NareshKoshla,Toronto
LawrenceKryzanowski,Québec
NancyLala,Toronto
ShariLaubenstein,Calgary
HughLindsay,Vancouver
WilliamMacKenzie,Calgary
MarcMalouin,Québec
TimothyMcGillicuddy,Edmonton
FlorianMeyer,Toronto
TomPahapill,SouthernGoldenHorseshoe
StanPasternak,Toronto
SergePharand,Québec
DarrenSchrader,Vancouver
GrantSmith,NationalCapitalRegion
BradSutherland,Toronto
DarlaSycamore,Toronto
DanaThiessen,Winnipeg
GerryWahl,Vancouver
JohnWeerdenburg,NationalCapitalRegion
DavidWood,AtlanticProvinces
TimothyWright,Toronto
TimZahavich,SouthernGoldenHorseshoe
23
Chair DanleyYip,Vancouver
BradBardua,Vancouver
RogerBissoondatt,Vancouver
FabianaChubbs,Vancouver
FrankHunaus,Vancouver
SharonHunt,Vancouver
NeilHummel,Vancouver
DouglasKing,Vancouver
DanKo,Vancouver
FrederickMetcalfe,Vancouver
IssaNakhleh,Vancouver
LouisO’Brien,NationalCapitalRegion(Ottawa2011ConferenceChair)
GregPedersen,Vancouver
JeffShickele,Vancouver
MaxvonTrebra,Vancouver
CliffTruax,Toronto
AlanWong,Vancouver
CherylYaremko,Vancouver
vICtoRIA 2010 ConFEREnCE CommIttEE
Chair VictorWells,SouthernGoldenHorseshoe
Vice Chair TyroneCotie,AtlanticProvinces
Vice Chair SeanCarleton,Calgary
CommIttEE on CoRpoRAtE REpoRtIng (CCR)
NicoleArchibald,SouthwesternOntario
JoanneBoyes,Regina
KarynBrooks,Québec
AnneBurpee,Toronto
SusanCampbell,Toronto
FabianaChubbs,Vancouver
MichaelConway,Toronto
WilliamCromb,Calgary
FrankD’Andrea
TimDeacon,Toronto
RobertEisner,Regina
BrianFielder,Toronto
CarolynGraham,Edmonton
GordonHeard,SouthernGoldenHorseshoe
EdwardJonasson,Toronto
SujeetKini,SouthernGoldenHorseshoe
NancyLala,Toronto
MelanieLitoski,Calgary
CarolLyons,Toronto
IanMacNair,Toronto
PhilipMaguire,Toronto
MarcMalouin,Québec
GlennMenuz,Calgary
LucioMilanovich,Toronto
JohnMockler,SouthwesternOntario
NeilRoberston,Calgary
PamelaSteer,Toronto
DebbieStein,Calgary
KathyStevenson,Vancouver
DarlaSycamore,Toronto
WinsonTang,Calgary
LineTrudeau,SouthernGoldenHorseshoe
MarkWalsh,Toronto
JohnWeerdenburg,NationalCapitalRegion
CherylYaremko,Vancouver
TimZahavich,SouthernGoldenHorseshoe
24
25
the Canadian Financial Executives Research Foundation (CFERF)
Studying emerging financial management issues in Canada, with the aim of increasing competitive capabilities of Canadian financial leaders and their organizations.
Board of Trustees
Chair BarryGorman,AtlanticProvinces
Vice Chair, Research AlfredBlack,Winnipeg(R)(A) Executive Director RamonaDzinkowski(R)(A) Chief Executive & National President MichaelConway,Toronto(A) Secretary & CFO of FEI Canada LineTrudeau,SouthernGoldenHorseshoe(A) Chair, Audit & Finance MarkWalsh,Toronto(A)
Directors-at-Large
TomEvans,SouthernGoldenHorseshoe(A)
WilliamHewitt,Toronto(A)
LawrenceKryzanowski,Québec(R)
NancyLala,Toronto(R)
PerMokkelbost,Toronto(R)
MassoodOroomchi,Toronto(A)
GeoffreyPoitras,Vancouver(R)
DarlaSycamore,Toronto(R)(A)
VictorWells,SouthernGoldenHorseshoe(A)
(A=Audit&FinanceCommittee)
(R=ResearchStudiesCommittee)
26
BryanAlbo
DarrylBergman
RichardBirmingham
JayBiskupski
KarynBrooks*
JosephBrown
KentCarson
DenisChabot
LaurentCharron
MichaelConway
TyroneCotie
GordonCurrie
DwayneDahl
RobertDietrich
MichaelDoolan
ThomasEvans
NormFerguson
JamesFergusson
PhilipFilippopoulos
DavidGarofalo
PierreGaussiran
BarryGorman
WilliamGullage
CarlHartigan
RayHawrelak
WilliamHewitt
RickHoffman
AlbertJones
WilliamKeen
HanifLadha
DaleLawr
GregLohnes
RickLow
MichaelMakinson
MaryMartin
BrianMcAskill
CarlMcMurray
GlennMenuz
DouglasProll
MichaelPtasznik
EdwardReid
GregReiser
GrantRing
RobertRollwagen
BillRoss
RaviRupnarain
SivaSivarajah
JohnSteen
KathyStevenson
DennisTerry
JoyThomas
LineTrudeau
DouglasUrch
GerryWagner
MarkWalsh
IanWalton
BruceWest
CoreyZahn
*KarynBrooksgenerouslydonatedheroutgoingChairgifttoCFERF
we greatly acknowledge the contributions of our donors:
27
28
nAtIonAl stRAtEgIC pARtnERsTHANK YOu TO OuR 2009-2010 NATIONAL STRATEGIC PARTNERS FOR THEIR ONGOING SuPPORT
29
170 university Ave., suite 1201toronto, ontario m5h 3b3
416.366.30071.866.677.3007
www.feicanada.org
Atlantic Provinces
Québec
National Capital Region
Toronto
Southern Golden Horseshoe
Southwestern Ontario
Winnipeg
Regina
Edmonton
Calgary
Vancouver
FEI CAnAdA ChAptERs
CAnAdA’s pREEmInEnt AssoCIAtIon ConnECtIng FInAnCIAl ExECutIvEs thRough nEtwoRkIng knowlEdgE, AdvoCACy And EthICAl lEAdERshIp