FEI CANADA 2011 ANNUAL REPORT

FEI CANADA 2011 

ANNUAL REPORT

FEI CANADA 2011 ANNUAL REPORT 

This report has been optimized for interactive web viewing.

TABLE OF CONTENTS 

Message from the Chief Executive & the Chair of the Board of Directors / 2 

Strategic update – year in review / 6 

Financial performance review / 22 

FEI Canada summary financial statements / 29 

FEI Canada celebrates its volunteers / 35 

The Canadian Financial Executives Research Foundation / 42 

National Strategic Partners / 45


MESSAGE FROM THE CHIEF EXECUTIVE & 

THE CHAIR OF THE BOARD OF DIRECTORS 

FEI Canada members are inherently at the top of their game, career-wise. Just to qualify for 

membership, executives in our organization must already be seasoned veterans who have been 

successful in their chosen careers. 

But even established veterans need to renew and transform themselves professionally on an 

ongoing basis, for instance by connecting with like-minded peers and gleaning valuable insights 

through professional development. 

FEI Canada is always looking for ways to grow and improve our services, as our members do in 

organizations where they work. One way to accomplish this is to ask members what we’re doing 

well, and whether we can do it even better. 

We seek input in different ways – for instance, we canvass you, our members, through membership 

surveys and we harness the expertise of our technical committees to learn where you stand on 

current issues. Your valuable feedback makes this organization better than ever. 

We learned more about what our members think this year during the production of FEI Canada’s 

first video, designed to educate current and prospective members alike about our association. 

We interviewed active members of FEI Canada to find out how and why they joined, and what 

they enjoyed the most about the organization. Several common themes emerged: 

• MEMBERS LIKE TO NETWORK: FEI Canada networking is more than a mere exchange of 

business cards. While there is always the possibility of making a connection with someone 

at a company you’d like to do business with in the future, it is also about exchanging ideas 

and even making friends. “Personally, it’s been a great organization just from a networking 

/ 2

MESSAGE FROM THE CHIEF EXECUTIVE & THE CHAIR OF THE BOARD OF DIRECTORS 

standpoint ― the people you meet. It’s a great group of people, both at the chapter level, 

and nationally,” said Ray Hawrelak, the incoming national chair for 2011-12. 

• MEMBERS LIKE TO LEARN: Whether it’s a breakfast seminar, a career services event or 

a workshop at our annual conference (which was again a resounding success this year in 

Ottawa), members love to soak up new knowledge which they can use right away. Member 

Brita Chell told us she enjoys both local chapter events at home in Winnipeg and the 

national breakfasts – the latter she described as “fantastic”. According to Toronto 

chapter member Russ Wong, putting lessons learned to use is invaluable. “I’ve really 

benefitted from those programs,” Wong said, adding he enjoys “being able to take these 

experiences, take these programs and what we learn here, and apply it back at the office.” 

Through our research arm, the Canadian Financial Executives Research Foundation (CFERF), 

we also develop practical, relevant and timely research reports to help members better 

serve their employers and advance their careers. 

• MEMBERS LIKE TO HELP EACH OTHER: Some members talked about the other benefits 

networking can bring, such as learning from other members who may be either more 

experienced or more knowledgeable in certain areas. Kay Brekken, a past president of 

the Toronto chapter, said she has built a network of colleagues and friends who have become 

trusted people she can reach out to for input and advice. “It gives you people you can call 

on in a confidential manner, to get the help that you need.” 

• MEMBERS LIKE TO HAVE INFLUENCE: Certain members not only love learning, they 

enjoy having a say in public policy. When government bodies or standards setters call for 

public comment on issues such as fiscal policy, pension administration or a proposed 

/ 3


new accounting standard, some of our members are itching to get on the next conference 

call to get their two cents in. Tyrone Cotie, our recent CCR chair, has enjoyed discussing our 

perspectives with senior AcSB and OSC officials. We were also again invited this past 

year to present our views to the Finance Committee of the House of Commons. 

As Vancouver member and incoming national vice-chair Lisa Dorian puts it: “You get to 

make a difference.” 

• MEMBERS GET OUT OF IT WHAT THEY PUT IN: We would like to take this opportunity to 

thank FEI Canada’s volunteer leadership, the more than 200 members who contribute to 

our committees and chapter boards and make up about 10% of our membership. They 

dedicate hours of time to helping their fellow members have a great experience with 

our association, and we can’t thank them enough. A special thank you goes out to 

our retiring directors: former CCR Chair, Tyrone Cotie; Conference Chair Louis O’Brien; 

Susan Nemec; Jim Fergusson; and our Immediate Past Chair, Karyn Brooks. Karyn is a 

notable example of a person who exemplifies volunteer leadership. She has become one 

of Canada’s foremost experts in accounting standards. She has represented FEI Canada 

admirably on various bodies, most notably the IASB’s IFRS Council. We were lucky that 

Karyn discovered FEI Canada in 1997, beginning with our Committee on Corporate 

Reporting, through Harry Schaefer, her long term mentor and former boss at TransCanada 

(and himself a Capon award winner). We would like to encourage all veteran FEI Canada 

members to get the best and brightest of the next generation of financial leaders involved 

in FEI Canada’s activities. 

Another way we seek input from members is through surveys we conduct for our research 

studies. One interesting study we conducted this year, “Beyond the numbers: The evolving leadership 

role of the CFO”, found that financial executives are being asked to do a lot more than number- 

/ 4

MESSAGE FROM THE CHIEF EXECUTIVE & THE CHAIR OF THE BOARD OF DIRECTORS 

crunching these days. As strategic players who are trusted sources of information and advice 

for their colleagues and board members, CFOs need to be able to think strategically and 

communicate clearly. They need to understand all aspects of the business from the ground up, 

and even deal with customers and suppliers. 

As a result of this research, we’ll also be looking for your input on a new project we have on the 

go. Given that our recent CFERF study indicated that the traditional CFO skill set has not quite 

kept pace with their evolving roles, we are studying how we can best assist financial leaders with 

their learning and development. We’ll keep you posted on what the results of the feasibility study 

indicate. If you have any thoughts on this project, please feel free to contact either of us directly. 

Sincerely, 

Michael Conway, CA, ICD.D 

Chief Executive and National President 

Louis Marcotte, FCA 

Chair, 2010-2011 Board of Directors 

/ 5


STRATEGIC UPDATE – YEAR IN REVIEW 

FEI CANADA MEMBERSHIP 

We work throughout the year, with the goal to 

make the experience of being an FEI Canada 

member more valuable. We continue to 

provide the knowledge that our members 

need, strengthen our member network, and 

utilize our advocacy committees to ensure that 

the government and regulators are aware 

of our members’ views. We received a great 

deal of feedback through our 2010 membership 

survey, and we have spent the last 

year redesigning our database, as well as 

other aspects of FEI Canada membership to 

better serve our members. Some highlights of 

the new system: 

EVENT REGISTRATION IMPROVEMENTS 

• Event registration forms now auto-populate 

with your personal information, making 

signing up for events easier for you. 

• After signing up for an event, you will 

receive an email confirmation with a link to 

add the event to your Outlook calendar. 

• Our smart new mailing service knows 

who has signed up for an event, taking 

them off the distribution list for future 

event reminders. 

New members Stephen Lennie, Kitty Kwan and Sekar Krishnan 

RENEWALS 

• Gone are the days of logging in to the 

website to renew your membership. With 

the new system, you will receive a personal 

link, and can renew at the click of button, 

saving you time and the hassle of looking 

for your password. 

/ 6


The new system makes the FEI Canada 

membership experience smooth and seamless, 

aiming to let members sign up for events and 

find what they’re looking for quickly, so they 

can get back to their busy lives. 

Clockwise from top left: Louis O’Brien, Sue Deakin, 

Dan Nohdomi and Lisa Dorian 

Membership recruitment and retention is our 

collective priority. Given the unique nature of our 

network – connecting members across 

industries, geographical boundaries and 

designations – the benefits of membership 

in FEI Canada can best be communicated 

through experiences. To that end, the 

recruitment video we launched entitled, 

‘Members tell the FEI Canada story’, presents 

member testimonials in a compelling and 

sincere fashion. Members took the opportunity 

last year to invite dozens of prospective 

members to events and allow them to experience 

the quality of our programming at both 

the national and chapter levels. 

In addition to recruiting a significant number 

of new members this year, we also recognized 

the critical importance of retaining members, 

particularly in the first three years 

of membership. Upon a thorough review 

of recruitment and retention strategies we 

are committed to strengthening our relationship 

marketing capabilities and supporting chapters 

who play the lead role in this capacity. Engaging 

new members early in their membership tenure 

and connecting with members who have 

not made the time to attend an event 

are challenges we can easily overcome 

by volunteering to connect with two or three 

/ 7


new members and extending a welcome 

and personal invitation to a chapter event. 

Together we can expand our extraordinary 

network and continue to build a strong, 

sustainable association. 

VOLUNTEERS 

Of FEI Canada’s 2000 members, more than 

200 volunteer for the organization. We would 

like to thank all of FEI Canada’s wonderful 

volunteer leadership who give us their time 

and brilliance in the following capacities: 

• FEI Canada’s national board, led by our 

chair Louis Marcotte 

• CFERF’s board of trustees, led by Vic Wells 

(one of this year’s Capon Award winners) 

• Chapter boards, led by our 11 dedicated 

chapter presidents 

FEI Canada’s 2010-2011 leadership meeting 

/ 8


• Chapter leadership council, led by Lisa 

Dorian 

• Membership committee, led by Danley Yip 

• Conference committee, led by Louis 

O’Brien (a past chair of FEI Canada) 

• Career services committee, led by Leslie 

Markow 

• Committee on Corporate Reporting 

(CCR), led by Tyrone Cotie 

• Issues and Policies Advisory Committee 

(IPAC), led by William Hewitt (one of last 

year’s Capon Award winners) 

• Sponsorship committee, led by Brian 

McAskill 

• SME conference committee, led by Jason 

Lang 

• Best in class organizing committee, led 

by Judy Munro 

/ 9


EVENTS 

Our members continually tell us that the 

networking opportunities provided by our 

FEI Canada events are invaluable. With the 

help of our 11 chapters across Canada, FEI 

Canada put on more than 140 events in the 

2010-2011 year. Our webinar program had 

continued success, delivering knowledge 

directly to our member’s desks. Some topics 

presented through our National Breakfast 

Seminar series, and our webinar series were: 

• Realizing Value in Mergers and Acquisitions 

• Scenario Planning: Plotting a Course 

through an Uncertain World 

• Managing Tax Risk and Driving Tax 

Performance 

• Environmental Sustainability 

• 2020 Vision: The Future of Management 

Accounting 

• Performance Management I & II 

• Performance Measurement 

• Credit Availability in Canada 

Chapter Leadership Award recipients (with Michael Conway), 

Vicky Tumiotto, Vic Wells, Dan Clarke and Steve Rosen 

• Enterprise Mobility and Innovation in 

Canada 

The 2010 SME conference was held at the 

Mississauga Convention Centre. For the 

third consecutive year, FEI Canada supported 

entrepreneurs and small and medium-sized 

enterprises (SMEs) by hosting a conference 

designed to showcase their accomplishments 

and encourage them to learn best practices 

from each other. The SME conference is a 

full-day event designed for senior financial 

executives, CEOs, directors, entrepreneurs and 

others associated with SMEs. 

/ 1O


The 2011 Infrastructure Symposium on 

funding and investing kicked off our spring 

events season. This symposium provided 

attendees with a timely overview of how to 

participate in this rapidly expanding asset 

class, whether as an investor, service provider 

or creator of these assets. Members were 

able to take part in the symposium live in 

Toronto, or watch a live video broadcasts in 

Calgary, Edmonton and Vancouver. 

with PwC and Robert Half, is given annually to 

an individual who has made an outstanding 

contribution to business in Canada through 

vision and leadership, corporate reporting and 

performance, social responsibility, innovation, 

and business complexity. The 2011 gala 

celebrated Gordon Maron, Chief Financial 

Officer of PCL Construction Holdings Ltd. 

2011 Infrastructure Symposium 

Each year FEI Canada recognizes great 

financial leaders with our Canada’s CFO 

of the Year TM Award. The award, presented 

Gord Maron, 2011 Canada’s CFO of the Year TM 

/ 11


FEI Canada’s Annual National Conference, 

the grand finale to our calendar of events, 

was held this year in Ottawa. The Conference 

committee, chaired by Louis O’Brien, presented 

one of our most successful annual conferences 

ever – both financially and according 

to the satisfaction ratings assessed by our 

425 attendees. This year’s conference used 

a mobile conference application, which allowed 

delegates to get live updates and alerts at 

the conference as well as plan their schedule, 

participate in social network feeds, view 

maps and floor plans and read exhibitor 

information. 

We received the following feedback from 

members who attended the conference: 

• Good mix of forward-looking and 

technical sessions. 

• There were many lessons that are 

applicable or will be applied. 

• I am looking forward to using the information 

I received at the “Evolving Role of 

the CFO” session. 

• Terry Matthews is a fantastic speaker 

and hearing from him again on a different 

topic would be more than welcome. 

• I really enjoyed round tables with best 

business practices. 

• Great gala concept, very effective for 

networking, great food and wine. Congratulations 

to your team for thinking of 

this and pulling it off so nicely. The jazz 

band was a nice finale. 

2011 FEI Canada Conference 

• Everything was excellent!!! 

2011 FEI Canada Conference Gala 

/ 12


• Economist Panel: 

• Paul Vieira, Reporter - Ottawa Bureau, 

Dow Jones Newswires/The Wall Street 

Journal (Moderator) 

• Finn Poschmann, Vice President 

Research, C.D. Howe Institute 


The theme “Capitalizing on the Future” 

reflected on Ottawa as the capital of Canada 

and a hub for large technology companies, 

points stressed in the video welcome from 

from Governor General David Johnston. 

The well-received keynote speakers were: 

• Peter Hall, Vice-President and Chief 

Economist, Export Development Canada 

• Douglas Porter, Deputy Chief Economist 

& Managing Director, BMO Capital Markets 

• Closing Lunch: The Honourable Kevin 

G. Lynch, P.C., Vice-Chair, BMO Financial 

Group 

• Richard Bird, Executive Vice-President, 

CFO and Corporate Development of 

Enbridge Inc. and the co-recipient of our 

2010 CFO of the Year award 

• Sir Terry Matthews, Chairman of Mitel 

• Byron Holland, President and CEO, 

Canadian Internet Registration Authority 

• Nik Nanos, Founder and President & 

CEO, Nanos Research 


/ 13


TECHNICAL COMMITTEES 

FEI Canada’s two technical committees 

are the Committee on Corporate Reporting 

(CCR) and the Issues and Policies Advisory 

Committee (IPAC). 

CCR 

CCR provides technical advice and recommendations 

to regulators and standard 

setters on issues of importance to FEI Canada 

members. Led by Tyrone Cotie, the committee’s 

38 volunteer members submitted 12 letters 

of recommendation to the AcSB and IASB. 

The committee meets twice a year to discuss 

current issues with the Accounting Standards 

Board and the Canadian Securities Administration. 

Topics included: 

• Presentation of Items of Comprehensive 

Income 

• Insurance Contracts 

• Hedge Accounting 

• Financial Instruments: Amortised Cost 

and Impairment 

• Offsetting of Financial Assets and Financial 

Liabilities 

Vic Wells and Tyrone Cotie present Tricia O’Malley, 

former Chair of the AcSB, with an FEI Canada 

honourary membership 

IPAC 

IPAC develops positions on national issues, 

provides expert consultation to key stakeholders 

and influences emerging legislation that is 

relevant to FEI Canada members. Led by 

William Hewitt, IPAC worked in a steering 

committee format, to coordinate the work of 

the following task forces: 

/ 14


• GOVERNANCE AND RISK – Wrote several articles 

for FEI Canada’s Finance and Accounting 

Review (FAR), gave their expertise to our 

CFERF “Beyond the numbers: Evolving 

leadership role of the CFO” report, and 

responded to the CICA’s invitation to 

comment: “A framework for board oversight 

of enterprise risk”. 

Michael Conway and Peter Effer, Chair of FEI Canada’s 

tax committee, testifying at FINA 

• PENSIONS – Submitted a comment and 

presented to the WSIB funding review, 

submitted several articles to the FAR, and 

studied issues such as increased tax deferred 

annual contributions and maximum tax 

deferred pensions from deferred benefit plans. 

IPAC meeting at the 2011 FEI Canada conference 

• INFORMATION TECHNOLOGY – Studied 

the IT impact of IFRS, XBRL, cloud computing, 

and worked with CFERF on the “Enterprise 

mobility: Executive perspectives on mobile 

business applications” report. 

• PRIVATE COMPANY ISSUES – Commented on 

the AcSB’s proposed Accounting Standards 

for Private Enterprises, contributed to the 

development of several webinars, created 

HST issue alert for FEI Canada members, 

and assisted in the planning of the third annual 

SME conference. 

/ 15


• TAXATION - Consulted with the Department 

of Finance Canada, again appeared before 

the House of Commons Standing Committee 

on Finance (FINA) where they called on the 

federal government to reduce the complexity 

of the taxation system and its compliance 

requirements in future budget proposals, 

submitted annual pre-budget submission 

and budget comment. 

• TREASURY AND CAPITAL MARKETS – 

Gave their expertise for the CFERF “Credit 

availability in Canada: 2010” report, continued 

to support the implementation of a single 

Canadian security regulator and studied 

environmental accounting, macro-economic 

policy and treasury issues. 

CFERF 

CFERF, the Canadian Financial Executives 

Research Foundation, is the research arm 

of FEI Canada. CFERF was formed to create 

Canadian – specific research, to aid in the 

daily working lives of FEI Canada’s members. 

CFERF studies are a resource of best practices 

and lessons learned from our esteemed 

members and experts, to share with their 

colleagues and organizations. 

The CFERF board is made up of FEI Canada 

members who are dedicated to our pursuit 

of research. These board members use their 

expertise and experience to help steer our 

projects in the right direction, and ensure 

2009 AVAILABILITY 

2011 FORECAST 

CREDIT AVAILABILITY 

IN CANADA 

/ 16


ELECTRONIC PAYMENTS 

86% 

IN CANADA: WHAT’S THE HOLD UP? 

SURVEYED 

WOULD CHOOSE 

ELECTRONIC 

TRANSACTIONS, 

BUT ONLY 

27% 

USE THESE FOR 

THE MAJORITY 

OF THEIR 

TRANSACTIONS 

• Carbon management: Critical issues for 

strategic finance 

• IFRS readiness in Canada: 2010 

2011 

that each study is focused to deliver the most 

benefit to FEI Canada’s members. We would 

like to thank CFERF’s Chair Vic Wells and all 

of the trustees for their tireless work. 

Today, CFERF research studies are one of the 

many benefits received by FEI Canada members. 

In 2010-2011, CFERF published studies on 

the topics of: 

• Electronic Payments in Canada: What’s 

the hold up? 

• Beyond the numbers: The evolving leadership 

role of the CFO 

• Enterprise mobility: Executive perspectives 

on mobile business applications 

• Credit availability in Canada: 2010 

• Current management issues in Canadian 

corporate taxation 

For the first time in CFERF history, research 

forums were held in multiple cities across 

Canada. Forums were held in Vancouver, 

Calgary, Winnipeg, Toronto and Montreal. 

This change to the previous forum format allowed 

CFERF to engage members from across the 

country in the research study process. FEI 

Canada’s 11 chapters all donated to CFERF. 

CFERF also launched its first corporate 

donation program in the 2010-2011 year, 

raising $35,000. We would like to thank the 

following corporations who have stepped up and 

made an inaugural donation to the foundation: 

• GOLD LEVEL: Husky Energy, Manulife 

• SILVER LEVEL: Agrium, Imperial Oil 

• BRONZE LEVEL: Canadian Western 

Bank, FinEX Group 

• OTHER: General Electric, Marsulex Inc. 

/ 17


PROFILE & COMMUNICATIONS 

We have now completed our three year 

strategic communications plan to bring our 

media relations in house. With the help of 

Christian Bellavance and the communications 

team, we now have the internal capacity to 

do so. One exciting media opportunity came 

when Michael Conway, Chief Executive and 

National President of FEI Canada, appeared 

on BNN with Gordon Heard, member of FEI 

Canada’s Committee on Corporate Reporting, 

to discuss the impact of IFRS on Canadian 

companies. 

FEI Canada’s first promotional video was 

presented at the Annual Conference in Ottawa, 

and is now being used by our chapters as 

a recruitment tool. Now available on the 

FEI Canada website, this video features FEI 

Canada member testimonials, explaining 

why FEI Canada is an important organization 

to them, their organizations, and overall to 

financial executives. 

FEI Canada’s social media project continues to 

garner interest from members. Nearly 800 

of our members have chosen to participate in 

our most popular undertaking, the LinkedIn 

discussion group. The group is restricted to 

FEI Canada’s members in good standing, 

thus preventing possible spammers and/ 

or advertisers from flooding the group with 

unwanted promotional postings. 

Our Twitter feed continues to attract interest, 

and is now at more than 1,300 followers. Our 

Twitter followers include many members from 

the accounting community in North America 

(both professional bodies and individuals), 

some of our national strategic partners and 

sponsors, and many other individuals and 

organizations from the finance and general 

business community. FEI Canada also 

maintains a Facebook page with links to our 

newsletters and photos from recent events. 

/ 18


FEI CANADA AWARDS 

CANADA’S CFO OF THE YEAR AWARD 

Annually, FEI Canada recognizes great 

financial leaders with our Canada’s CFO of 

the Year TM Award. Each year, the nominating 

committee gets together and discusses at 

length the group of potential winners, and it 

is no easy decision. We are very fortunate in 

Canada to have so many excellent financial leaders 

who have helped to shield us from many of the 

misfortunes and mismanagement that have 

affected the global financial community. 

This year, the outstanding CFO who we are 

pleased to honour is Gordon Maron, Chief 

Financial Officer of PCL Construction Holdings 

Ltd. Gordon was the CFO of PCL from 2001-2011, 

and is a 40-year veteran of the PCL family of 

companies. His ability to anticipate change 

and to deliver strategic financial leadership 

led to his appointment to the PCL Board of 

Directors in 1995 and his promotion to Chief 

Financial Officer in 2001. As CFO, Gordon 

implemented the financial strategy and infrastructure 

required to support rapid growth, in 

particular during the period of 2006 to 2009, 

when billings rose from $4.7 billion to 

$6.3 billion. Gordon recently transitioned 

to the role of Executive Vice President and 

will work directly with PCL’s Chief Executive 

Officer on capital planning, enterprise risk 

management and succession planning, 

which are vital initiatives within PCL’s 

multi-national corporation. 

2011 Canada’s CFO of the Year TM winner Gord Maron 

with the FEI Canada staff 

/ 19


FRANK S. CAPON 

DISTINGUISHED SERVICE AWARD 

FEI Canada was very pleased to present this 

year’s Frank S. Capon Award for distinguished 

volunteer service to Pierre Matuszewski 

of the Quebec chapter and Vic Wells of the 

Southern Golden Horseshoe chapter at 

our National Conference in Ottawa. This 

award honours Mr. Frank Capon, who was 

an outstanding FEI Canada member for 57 

years, and is credited with bringing FEI to 

Canada in 1948. 

Mr. Matuszewski, a member of FEI Canada’s 

Quebec chapter, is Chief Executive Officer, 

Société Générale (Canada). He became the 

first Canadian to be appointed Country 

Head of Société Générale in Canada in 

2009. As national Chair of FEI Canada, Mr. 

Matuszewski initiated significant changes 

in FEI Canada’s mission and organization 

and he supervised the transition to a new 

CEO in 2000. He also upgraded and harmonized 

relations with the FEI US organization, and 

supervised the launch of the FEI Canada 

website. Members have remarked on how 

Mr. Matuszewski is a born leader with great 

charisma. As president of the Quebec chapter, 

Mr. Matuszewski assembled a great team of 

volunteers and achieved great success in 

membership retention, and gained higher 

visibility for the chapter. 

Mr. Wells, a member of FEI Canada’s Southern 

Golden Horseshoe chapter, is a veteran 

business leader and now serves on boards 

of Canadian public companies, with an 

emphasis on audit committees. He led 

the Southern Golden Horseshoe chapter to 

a record level of membership and engagement. 

Mr. Wells was also Chair of CCR from 2008 

until last year, and has been a CCR 

member since 2002. Mr. Wells was appointed 

as chair of CFERF in 2010 and has been 

a trustee since 2008. He is a hard worker 

who knows how to surround himself with 

qualified and enthusiastic colleagues. He is 

described as a humble, yet inspiring leader 

who is known for his integrity and honesty. 

/ 20


Winners of the Frank S. Capon Award, Pierre Matuszewski and Vic Wells 

/ 21


FINANCIAL PERFORMANCE REVIEW 

The financial results of Financial Executives 

International Canada (FEI Canada) include 

the accounts of FEI Canada and the Canadian 

Financial Executives Research Foundation 

(CFERF). FEI Canada’s activities are presented 

below in five categories: Membership, Events, 

National Strategic Partner program, CFERF 

and miscellaneous. Membership revenues 

include national dues and initiation fees received 

from our members, whereas membership support 

costs are shown within various expenditure 

line items. The events category 

details results from FEI Canada’s national 

annual conference held last June in Ottawa, 

our National Breakfast Seminar series, National 

Executive Development Webinar series, 

Infrastructure Symposium and annual SME 

conference. The National Strategic Partner 

Program includes activities with our valued 

sponsors as well as our prestigious annual 

event: Canada’s CFO of the Year Award. 

CFERF encompasses research studies and 

donations from members, chapters and 

corporations. Investment income represents 

interest earned on our investment portfolio. 

The miscellaneous category represents 

mainly fees collected for services rendered 

in relation to our career centre website. All 

of these activities are supported by our team 

at national office and various committees 

including our two volunteer-driven technical 

committees. 

/22


KEY PERFORMANCE DRIVERS 

2011 2010 

Revenues $2,344,666 $2,220,051 

Expenses 2,142,737 2,248,836 

Excess of revenues over expenses $201,929 $(28,785) 

Number of members 2,001 2,015 

Restricted fund balance $425,000 $350,000 

Strategic initiatives fund balance 530,697 444,837 

Capital asset fund balance 87,330 46,260 

Total fund balance $1,043,027 $841,097 

/ 23


RESULTS OF OPERATIONS 

FEI Canada reported an excess of revenues 

over expenses of $201,929 for the year 

ended June 30, 2011, compared to an excess 

of expenses over revenues of $28,785 a 

year ago. 

REVENUES 

Revenues increased by $125,000 or 6% 

from a year ago, to $2,345,000. Membership 

dues and fees, which represented 36% of 

our revenues, increased $15,000 over last 

year. Event revenues increased by $85,000 

and grew to a 37% share of revenues, mainly 

stemming from stronger contributions from 

our annual conference. Strategic partnerships 

declined by $47,000 to 15% of revenues. 

CFERF’s revenues rose by $81,000 or 57%, 

due to an increased number of research 

studies published during the year and to 

higher donations. Investment income at 

$29,000 was $4,000 lower than last year. 

Miscellaneous revenue declined $6,000 

compared to last year due to a non-recurrent 

sales tax refund received in 2010 offset by 

higher use of our job board this year. 

/ 24


REVENUES 

/ 25


EXPENSES 

Expenses of $2,143,000 decreased $107,000 

or 5% from a year ago. Compensation 

expenses, which represented 42% of FEI 

Canada’s expenditures, decreased $26,000 

over last year. Excluding pension plan costs, 

compensation increased $97,000, largely 

due to the hiring of additional research and 

communications staff. The cost of our pension 

plan declined $123,000 compared to 

last year, as increases in the value of our 

investment portfolio were only partially 

offset by a higher pension plan obligation. 

Event costs represented 24% of our total 

expenses, down $16,000 or 3% from last 

year, largely due to cost savings from our 

annual conference. Administration, occupancy 

and other costs, accounting for 19% of 

expenditures, declined $46,000 from 2010 

due to cost savings. Thirteen percent of our 

cost base was spent on CFERF’s research 

and fundraising programs, an increase of 

$49,000 from last year and largely due to 

strengthening research capabilities. Savings 

of $37,000 in the cost of our National 

Sponsorship program stem from our Canada’s 

CFO of the Year Award program as this 

year’s loss was lower than last year. Additional 

savings stem from not holding our regular 

“thank you” party for sponsors and a different 

mix of breakfast seminars vs. webinars. 

Our spending on profile, branding and 

advocacy was down $32,000, a direct result 

of the above-mentioned strengthening of 

our in-house communications capabilities. 

/ 26


EXPENSES 

/ 27


/ 28

FEI CANADA SUMMARY FINANCIAL STATEMENTS 

FEI CANADA SUMMARY 

FINANCIAL STATEMENTS 

MANAGEMENT’S RESPONSIBILITY FOR FINANCIAL REPORTING 

Management is responsible for the preparation of the summary financial statements of Financial 

Executives International Canada/Dirigeants Financiers Internationaux du Canada (FEI Canada) 

and for their integrity and objectivity. These financial statements have been prepared in accordance 

with Canadian generally accepted accounting principles appropriate in the circumstances and have 

been approved by the board of directors. 

We maintain the necessary system of internal controls to ensure the transactions are authorized, 

assets are safeguarded and proper records are maintained. 

Our board of directors, upon recommendation from our audit and finance committee, reviews and 

monitors the quality and integrity of our financial statements, ensures effectiveness of systems 

and disclosure and internal controls over financial reporting, and reviews and provides oversight in 

the management of risks. 

Hillborn Ellis Grant LLP, our independent external auditors, has been appointed by our board of 

directors on the recommendation of the audit and finance committee. Their appointment was ratified 

at the annual meeting of members. The auditors have full and unrestricted access to the audit and 

finance committee to discuss their audit and related findings. They have performed an independent 

audit of our consolidated financial statements and expressed an unmodified audit opinion. They have 

also prepared a report on our summary financial statements which is presented on pages 32-33. 

Toronto, Ontario 

October 6, 2011 

Michael Conway, CA, ICD.D 

Chief Executive and National President 

Line Trudeau, CA ,MBA 

Chief Financial Officer 

/ 29


AUDITORS’ REPORT ON SUMMARY FINANCIAL STATEMENTS 

To the Members of Financial Executives International Canada/ 

Dirigeants Financiers Internationaux du Canada 

The accompanying summary financial statements, which comprise the summary statement of 

financial position as at June 30, 2011 and the summary of revenues and expenses for the year then 

ended, and related note, are derived from the audited financial statements of Financial Executives 

International Canada/ Dirigeants Financiers Internationaux du Canada for the year ended June 30, 

2011. We expressed an unmodified audit opinion on those financial statements in our report dated 

October 6, 2011. 

The summary financial statements do not contain all the presentation and disclosures required by 

Canadian generally accepted accounting principles. Reading the summary financial statements, 

therefore, is not a substitute for reading the audited financial statements of the Financial Executives 

International Canada/ Dirigeants Financiers Internationaux du Canada. 

MANAGEMENT’S RESPONSIBILITY FOR THE SUMMARY FINANCIAL STATEMENTS 

Management is responsible for the preparation of a summary of the audited financial statements 

on the basis described in the note to the summary financial statements. 

AUDITOR’S RESPONSIBILITY 

Our responsibility is to express an opinion on the summary financial statements based on our 

procedures, which were conducted in accordance with Canadian Auditing Standard (CAS) 810, 

“Engagements to report on Summary Financial Statements”. 

/ 30


OPINION 

In our opinion, the summary financial statements derived from the audited financial statements of 

Financial Executives International Canada/ Dirigeants Financiers Internationaux du Canada for the 

year ended June 30, 2011 are a fair summary of those financial statements, on the basis described 

in the note to the summary financial statements. 

Toronto, Ontario 

October 6, 2011 

Chartered Accountants 

Licensed Public Accountants 

/ 31


SUMMARY STATEMENT OF FINANCIAL POSITION 

As at June 30 


$ 

2010 

$ 

ASSETS 

Current Assets 

Capital Assets 

2,570,114 

87,330 

2,657,444 

2,353,776 

46,260 

2,400,036 

LIABILITIES 

Current Liabilities 

Long-term liability 

Accrued Pension Liability 

1,480,646 

133,772 

1,614,418 

1,309,469 

249,470 

1,558,939 

FUND BALANCES 

Operating 

Restricted 

Strategic 

Invested in Capital Assets 

425,000 

530,697 

87,330 

1,043,027 

2,657,444 

350,000 

444,837 

46,260 

841,097 

2,400,036 

/ 32 

Louis Marcotte, FCA 

Bill Ross, CA 

Chair, Board of Directors 

Chair, Audit & Finance Committee 

2010-2011 2010-2011


SUMMARY STATEMENT OF REVENUES AND EXPENSES 

Year ended June 30 


$ 

2010 

$ 

REVENUES 

Membership dues and initiation fees 

Events 

National Strategic Partner program 

CFERF research studies and donations 

Investment income 

Miscellaneous 

851,311 

873,130 

349,292 

224,617 

29,511 

16,805 

2,344,666 

836,144 

787,841 

396,125 

143,641 

33,851 

22,449 

2,220,051 

EXPENSES 

Compensation 

Events 

Administration, occupancy and other costs 

CFERF costs and awards granted 

National Strategic Partner program 

Profile, branding & advocacy 

Excess of revenues over expenses 

(expenses over revenues) for year 

897,440 

507,096 

399,778 

287,412 

37,242 

13,769 

2,142,737 

201,929 

923,215 

522,689 

445,229 

238,306 

74,171 

45,226 

2,248,836 

(28,785) 

/ 33


NOTE TO SUMMARY 

FINANCIAL STATEMENTS 

June 30, 2011 

DESCRIPTION OF ORGANIZATION AND BASIS OF PRESENTATION 

Financial Executives International Canada/Dirigeants Financiers Internationaux du Canada (FEI 

Canada) is a not-for-profit membership organization established to serve as an effective advocate 

for the business community with respect to financial and accounting matters, and the reporting 

thereon, and to improve the communication of financial information to all interested parties. It is 

a registered nonprofit organization, which is exempt from income taxes under the Income Tax Act 

(Canada). 

These summary financial statements have been prepared from the audited financial statements 

of Financial Executives International Canada/Dirigeants Financiers Internationaux du Canada (the 

“Organization”) for the year ended June 30, 2011, on the basis that is consistent, in all material 

respects, with the audited financial statements of the Organization except that no statement of 

changes in fund balances and statement of cash flows have been presented and only selected 

information disclosed in the notes to the financial statements has been presented. 

The summary financial statements include the accounts of the organization’s controlled foundation, 

Canadian Financial Executives Research Foundation/Fondation De Recherche Des Dirigeants 

Financiers Du Canada (CFERF). CFERF is separately incorporated and was formed to promote, 

conduct and sponsor research and publishing projects on business management topics. FEI 

Canada provides administrative support and management to CFERF and is not remunerated for 

this support. 

FEI Canada is affiliated with chapters throughout Canada, and with Financial Executives International 

in the United States. Each chapter is independently responsible for funding and managing its 

operations and, accordingly, are not summarized in these financial statements. 

/ 34 

Full financial statements may be viewed on the FEI Canada website at 

www.feicanada.org/fullfinancialstatements/2011.

FEI CANADA CELEBRATES ITS VOLUNTEERS 

2010-2011 BOARD OF DIRECTORS 

Chair Louis Marcotte Quebec (G) 

Vice Chair Ray Hawrelak Edmonton (A) (G) 

Immediate Past Chair Karyn Brooks Quebec (G) 

Chair, Chapter Leadership Council Lisa Dorian Vancouver 

Chair, Audit & Finance Committee Bill Ross Edmonton (A) 

Chair, Committee on Corporate Reporting Tyrone Cotie Atlantic Provinces 

Chair, Issues & Policies Advisory Committee William Hewitt Toronto 

Chair, 2011 Conference Committee Louis O’Brien National Capital Region 

Chair, CFERF Vic Wells S. Golden Horseshoe 

Directors-at-Large Jim Fergusson Calgary (A) 

Leslie Markow Toronto 

Susan Nemec Winnipeg (A) 

Bob Rollwagen S. Golden Horseshoe (A) 

James Saretsky Calgary 

Debbie Stein Calgary 

Chief Executive & National President Michael Conway Toronto (G) 

Secretary & CFO Line Trudeau S. Golden Horseshoe (G) 

Chair, FEI (U.S.) Brian Ruttencutter Orange County 

Vice Chair, FEI (U.S.) George Boyadjis Twin Cities 

President & CEO, FEI (U.S.) Marie N. Hollein Chicago 

(A = Audit & Finance Committee) 

(G = Governance Committee) 

/ 35


FEI CANADA NATIONAL STAFF 

Chief Executive & National President 

Michael Conway 

Chief Financial Officer 

Line Trudeau 

Vice President, Research & Communications Christian Bellavance 

Senior Writer 

Laura Bobak 

Communications & Research Manager 

Melissa Gibson 

Director, Membership Development 

Cathy Jackson 

Membership & Chapter Coordinator 

Sharon Bradshaw 

Membership Coordinator 

Karen Danis 

Director of Events 

Cameal Soverall 

Events Manager 

Andrea Cooney 

Director of Sponsorship 

Don Comish 

Office Administrator 

Pat Todd 

/ 36


CHAPTER LEADERSHIP COUNCIL 

Chair 

Lisa Dorian, Vancouver 

Chapter Representatives 

Nicole Archibald, Southwestern Ontario 

Brad Bardua, Vancouver 

Patrick Bieleny, Edmonton 

Fred Burke, Toronto 

George Chiarucci, Toronto 

Dan Clarke, Atlantic Provinces 

Brad Cruickshank, Vancouver 

Tom Evans, Southern Golden Horseshoe 

Azam Foda, Southern Golden Horseshoe 

Carl Gauvreau, Quebec 

Mona Hale, Edmonton 

Leah Halpenny, Toronto 

Nola Heale, Calgary 

Dwayne Henley, Winnipeg 

Betty Hoffart, Regina 

Michel Houle, National Capital Region 

Gail Kruger, Regina 

Sylvie Lafontaine, National Capital Region 

Bertrand Lauzon, Quebec 

Grant McNeil, Calgary 

Maureen Sullivan, Atlantic Provinces 

Bev Szaura, Winnipeg 

Drew Thomson, Calgary 

National 

International 

Louis Marcotte, Quebec 

Ray Hawrelak, Edmonton 

Michael Conway, FEI Canada 

Line Trudeau, FEI Canada 

Cathy Jackson, FEI Canada 

Marie Hollein, FEI U.S. 

Brian Ruttencutter, Orange County 

George Boyadjis, Twin Cities 

/ 37


ISSUES AND POLICIES 

ADVISORY COMMITTEE (IPAC) 

IPAC STEERING COMMITTEE 

IPAC Chair 


Chair – Taxation 

Chair – Governance & Risk 

Chair – Treasury & Capital Markets 

Chair – Pensions 

Chair – Private Company Issues 

Chair – Information Technology 

William Hewitt, Toronto 

Michael Conway, Toronto 

Barry Gorman, Atlantic Provinces and Peter Effer, Toronto 

Wayne Braun, Calgary 

Bill Ross, Edmonton 

Peter Donovan, Toronto 

James Saretsky, Calgary 

Timothy Spielman, Calgary 

2010 – 2011 IPAC CONTRIBUTORS AND TASK FORCE MEMBERS 

Bob Angel, Toronto 

Darren Andruko, Calgary 

Bruce Bailey, Toronto 

Michael Boychuk, Quebec 

Rod Butcher, Ryan ULC 

Anne Burpee, Toronto 

Bill Brushett, Grant Thornton 

Nigel Byars, Toronto 

Tyrone Cotie, Atlantic Provinces 

Larry Cooper, Toronto 

Bev Davies, Winnipeg 

Victoria Davies, Toronto 

Marc Diamant, Toronto 

Lisa Dorian, Vancouver 

Asher Drory, Toronto 

Tom Evans, Toronto 

Norm Ferguson, Edmonton 

Jim Fergusson, Calgary 

John Forester, Toronto 

Dennis Fortnum, KPMG 

Carl Gauvreau, Quebec 

John Glicksman, Toronto 

Barry Gorman, Atlantic Provinces 

Tony Hooper, Toronto 

John Harris, Grant Thornton 

William Hewitt, Toronto 

/ 38


Gordon Heard, Southern Golden Horseshoe 

Sonja Johansen, Regina 

Natalia Kochetova-Kozloski, Atlantic Provinces 

Amit Kapur, Toronto 

Ken Kember, National Capital Region 

Naresh Khosla, Toronto 

Nancy Lala, Toronto 

Hugh Lindsay, Vancouver 

Kevin Leier, Regina 

Shari Laubenstein, Calgary 

Marc Malouin, Quebec 

Tim McGillicuddy, Edmonton 

Florian Meyer, Toronto 

Sunil Mistry, KPMG 

Stan Pasternak, Toronto 

Judith Purves, Toronto 

Ajay Rao, Toronto 

James Saretsky, Calgary 

Darren Schrader, Vancouver 

Timothy Spielman, Calgary 

Grant Smith, National Capital Region 

Brad Sutherland, Toronto 

Darla Sycamore, Toronto 

Dana Thiessen, Winnipeg 

Gerry Wahl, Vancouver 

John Weerdenburg, National Capital Region 

David Wood, Atlantic Provinces 

Lisa Zingaro, Toronto 


Dana Thiessen, Winnipeg 

Gerry Wahl, Vancouver 


David Wood, Atlantic Provinces 

Lisa Zingaro, Toronto 

/ 39


COMMITTEE ON 

CORPORATE REPORTING (CCR) 

Chair 

Vice Chair 

Tyrone Cotie, Atlantic Provinces 

Sean Carleton, Calgary 

Nicole Archibald, Southwestern Ontario 

Joanne Boyes, Regina 

Karyn Brooks, Quebec 

Angela Butler, Calgary 

Anne Burpee, Toronto 

Susan Campbell, Toronto 

Fabiana Chubbs, Vancouver 

Kathy Conway, Vancouver 

Marc-Antoine Daoust, Quebec 

Tim Deacon, Toronto 

Robert Eisner, Regina 

Brian Fiedler, Toronto 

Carolyn Graham, Edmonton 

Murray Harris, Calgary 

Gordon Heard, Southern Golden Horseshoe 

Monica Hubley, Atlantic Provinces 

Edward Jonasson, Toronto 


Melanie Litoski, Calgary 

Carol Lyons, Toronto 

Philip Maguire, Toronto 

Glenn Menuz, Calgary 

Lucio Milanovich, Toronto 

Neil Robertson, Calgary 

Tim Smart, Toronto 

Pamela Steer, Toronto 

Debbie Stein, Calgary 


Winson Tang, Calgary 

Gaston Tano, Toronto 

Mark Walsh, Toronto 


Vic Wells, Southern Golden Horseshoe 

Cheryl Yaremko, Vancouver 

Tim Zahavich, Southern Golden Horseshoe 

/ 40


OTTAWA 2011 

CONFERENCE COMMITTEE 

Chair 

Louis O’Brien, National Capital Region 

Duncan Burrill, National Capital Region 

Johanne Charbonneau, National Capital Region 

Dave Clark, National Capital Region 

Dean Cosman, National Capital Region 

Ken Kember, National Capital Region 

Sandra Lavoy, Robert Half 

John MacKinnon, National Capital Region 

Suzanne Morris, National Capital Region 

Judy Munro, Toronto 

Clary Ottman, National Capital Region 

Maureen Sullivan, Atlantic Provinces (2012 Conference Chair) 

Laura Talbot-Allan, National Capital Region 

Vicky Tumiotto, Quebec 

Denys Vermette, National Capital Region 

Danley Yip, Vancouver 

/ 41


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 

Vice Chair 

Vice President, Research & Communications 


Corporate Secretary & CFO 

Vic Wells, Toronto 

Mark Walsh, Toronto 

Christian Bellavance 

Michael Conway, Toronto 

Line Trudeau, Southern Golden Horseshoe 

Tom Evans, Southern Golden Horseshoe 

Bill Hewitt, Toronto 

Richard Iwaniuk, Edmonton 


Ray McCormick, Atlantic Provinces 

Per Mokkelbost, National Capital Region 

Massood Oroomchi, Toronto 

Geoffrey Poitras, Vancouver 

Tim Spielman, Calgary 

Debbie Stein, Calgary 

*Pierre Toth, Quebec 

*We would like to take this opportunity to remember and honour our friend and colleague, Pierre 

Toth, a trustee on the 2010-11 CFERF board, who passed away November 5, 2010. 

/ 42

THE CANADIAN FINANCIAL EXECUTIVES RESEARCH FOUNDATION (CFERF) 

WE GREATLY ACKNOWLEDGE THE 

CONTRIBUTIONS OF OUR DONORS: 

CORPORATE DONORS: 

Gold ($10,000 +): 

Husky Energy Inc. 

Manulife Financial Corp. 

Silver ($5,000-10,000): 

Agrium Inc. 

Imperial Oil Ltd. 

Bronze (($1,000-5,000): 

Canadian Western Bank Group 

FinEX Group 

Nexen Inc. 

Other donors: 

Marsulex Inc. 

General Electric 

Other donors: 

Marsulex Inc. 

General Electric 

Chapter Donations: 

We would like to thank all of FEI Canada’s 11 chapters for their generous donations to CFERF. 

/ 43


PERSONAL DONATIONS: 

Donors (up to $100) 

Bryan Albo 

Anthony Ariganello 

Gerhard Barnard 

Anne Marie Barnhart 

Dale Bencharsky 

Wayne Bobye 

Edward Brown 

David Case 

Kathy Conway 

Jeffrey Cook 

Nick Creatura 

John Ferguson 

Les Fovenyi 

David Garland 

Albert Jones 

William Martin 

Brian Mascarenhas 

Shawn McMillan 

Carl McMurray 

Massood Oroomchi 

George Prosk 

Kasey Reese 

Hank Sam 

Peter Scott 

Tim Spielman 

Line Trudeau 

Gerry Wagner 

Mark Walsh 

Ian Walton 

Supporter ($100-249): 

Craig Bot 

Christian Bellavance 

Patrick Bieleny 

Kent Carson 

Tyrone Cotie 

Pierre Gauvreau 

Carl Hartigan 

Oliver Hüls 

Leslie Markow 

Mary Martin 

Brian McAskill 

Douglas Proll 

Greg Reiser 

Bill Ross 

Diane Yuill 

Patron ($250-499): 

Michael Conway 

Louis Marcotte* 

Robert McFarlane 

Benefactor ($500+): 

Phil Connell 

Harry Schaefer 

Bruce Waterman 

Vic Wells 

*Louis Marcotte generously donated his outgoing chair gift to CFERF. 

/ 44

NATIONAL STRATEGIC PARTNERS 

/ 45



Thank you to our 2010-2011 National Strategic Partners for their ongoing support. 

/ 46


/ 47

FEI CANADA 2011 ANNUAL REPORT

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?