History of the CICA Corporate Reporting Awards

Next year, the CICA Corporate Reporting Awards (CRA) program will celebrate its 60th anniversary. The CRA began in the early 1950s. Originally, the awards were based on hardcopy annual reports (from 1951-1992). Today, the awards have expanded beyond the annual reports to include sustainable development (introduced in 1993), MD&A (introduced in 1995), corporate governance (introduced in 1996), scorecards (introduced in the late 1990s) and electronic financial reporting (introduced in 2001). Now, the major federal and provincial crown corporations are also included (introduced in 2007 and 2009, respectively). For a brief history of the Corporate Reporting Awards, refer to the March 2010 research paper “Corporate Reporting Awards and Financial Reporting Quality” by Tim Bauer and J. Efrim Boritz (pages 6-12 and Appendix B).

TELUS shines at CICA Corporate Reporting Awards 2010

TELUS Corporation captured top honours at the 2010 Corporate Reporting Awards presented in Toronto by the Chartered Accountants of Canada. It received four awards this year for its 2009 annual reporting package, including the Overall Award of Excellence in Corporate Reporting. Nexen Inc. and PotashCorp were also big winners this year, receiving multiple honours for industry and judging categories. Read the CICA Media Release for a list of winners and download the 2010 Judges Comment Booklet.

Integrated Reporting for a Sustainable Strategy

In light of the current economic and social climate, many companies are now publishing voluntary corporate social responsibility or sustainability reports that highlight environmental, social and governance issues pertaining to their business and industry. Such reports typically serve as a supplement to the company’s annual financial reports. While these organizations may have the right intentions, in most cases there is little linkage between the information published in these separate reports, which greatly limits either document’s overall value. (Read the article “Integrated Reporting for a Sustainable Strategy” in the March 2010 Financial Executive magazine.)

Executive CAs more optimistic about own company than Canadian economy

More than half of executive chartered accountants (56%) are optimistic about how their company will perform over the next 12 months despite their lack of optimism in the Canadian economy, according to the latest CICA/RBC Business Monitor (Q3 2010). Only 39% of executive CAs surveyed are optimistic about how the Canadian economy will perform over the next 12 months, a steep decline from the 57% who had a positive view in the second quarter of 2010. When compared with CICA/RBC Business Monitor results from a year ago, optimism about the national economy is down 7%, marking the first year-over-year decrease since the first quarter of 2009. (Read the CICA Media Release.)

Accounting profession to play key role in integrated reporting

The profession is to play a key role in helping companies report on both financial and non-financial results in the future. The conclusion came as the final session at the World Congress of Accountants discussed the profession's future over the next decade. Reporting that encompasses economic, social and environmental results will become "the norm", according to the International Federation of Accountants (IFAC) chief executive, Ian Ball. (Read the article at Accountancy Age online.)

NYSE issues report on core governance principles

The New York Stock Exchange's Commission on Corporate Governance has released a report that identified core governance principles it believed could be widely accepted and supported by issuers, investors, directors and other market participants. The Commission, formed in response to the financial crisis of 2008 and 2009, considered numerous issues, including the proper role and scope of a director's authority, management's responsibility for governance and the relationship between a shareholder's trading activities, voting decisions and governance.

Novo Nordisk - Awards and Recognitions

Awards and recognitions can be seen as an indicator of stakeholders' perception of a company based on its activities or the quality of its communications. Such accolades contribute to shaping the company's reputation in the public domain and among key opinion-formers and stakeholders. In 2009, Novo Nordisk received a number of honours and awards relating to its performance and its Triple Bottom Line approach to doing business. For examples of the corporate awards, visit the Novo Nordisk website and view the Novo Nordisk Annual Report 2009.

PwC - World Watch: Governance and Corporate Reporting

There is growing recognition of the importance of transparency and common business languages to communicate business information to investors and other stakeholders. This is particularly important in the current business environment. The PricewaterhouseCoopers (PwC) newsletter, World Watch, contains opinion articles, case studies and worldwide news on the many initiatives to improve corporate reporting. (Read the current issue of World Watch on the PwC website.)

Annual Report Trends and CSR Trends 2010

Two surveys of current practice have recently been published. AR Trends 2010 surveys Canadian and global annual reports (view the presentation). CSR Trends 2010 surveys Canadian and global corporate social responsibility (CSR) reports (view the presentation). The surveys are available at Craib Design and Communications online. (Craib videos are also available online.)

CICA Conference on Environmental, Social and Governance Issues

Environmental, social and related governance (ESG) issues are emerging as increasingly critical issues for the development of sustainable businesses in Canada and around the world. As a result, there are new risks, opportunities and strategies for which corporate leaders, senior management and business advisors must prepare. The Conference on Environmental, Social and Governance Issues will be held on December 6-7, 2010 at the Renaissance Toronto. It will focus on the most relevant and timely topics. Corporate leaders and experts will share their valuable insights and perspectives on what you need to know to respond to emerging expectations from investors, rating agencies, banks and other key stakeholders.

Canadian Securities Administrators (CSA) - Environmental Reporting Guidance

The Canadian Institute of Chartered Accountants (CICA) commends Canada’s securities regulators for publishing additional guidance to help reporting issuers meet existing environmental disclosure requirements. The aim of the Canadian Securities Administrators (CSA) Staff Notice 51-333 on Environmental Reporting Guidance is to assist issuers in assessing which information must be disclosed on environmental matters, such as risks related to weather patterns or environmental legislation. (Read the CICA Media Release.)