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The 20 Questions Series
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20 Questions Directors and Audit Committees Should Ask about IFRS Conversions (February 2008)
by Rafik Greiss, CA, CPA (Illinois) and Simon Sharp, CA
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Click here to download a soft copy. Although the Canadian transition to International Financial Reporting Standards (IFRS) will likely occur in 2011, boards of directors need to begin now to address the implications of the conversion for their organization. This involves consideration not only of the conversion process itself, but of issues relating to risk, stakeholder relations, financial reporting, and internal controls which will be triggered by the transition. 20 Questions Directors and Audit Committees Should Ask about IFRS Conversions will help boards of birectors and audit committees fulfill their oversight responsibilities relating to the conversion. It will be crucial for all directors to have a general understanding of what the transition to IFRS will mean for their organization. Members of audit and other board committees will require a greater level of detail. While the level of detail in this document may be more directly relevant to members of audit committees, it will also provide a solid foundation for all board members.
20 Questions Directors Should Ask about Building a Board (April 2005)
by Hugh Lindsay, FCA, CIP
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A strong, effective board is a key contributor to the success of a company. Meeting the expectations of the owners, legislators and regulators requires a board to have an effective system of governance and to recruit directors who will work effectively together. As a director, how do you build a board whose members, collectively, have the experience, knowledge and skills needed to oversee the management of the company? 20 Questions Directors Should Ask about Building a Board will help boards and nominating committees to identify and recruit the best possible directorship candidates. It describes the process and criteria for determining the board positions to be filled, establishing director qualifications and conducting the search process.
20 Questions Directors Should Ask about CEO Succession (September 2008)
By Dr. Peter Stephenson, Ph.D., ICD.D.
Dr. Guy Beaudin, Ph.D., MBA
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Selecting a new CEO is one of the board’s most important responsibilities and one of the ways in which it can most significantly and directly influence an organization’s fortunes. Most directors will likely deal with at least one incident of CEO change over the course of their directorship. Given the importance and predictability of CEO succession, organizations should ideally have a well mapped out plan in place for identifying and developing their next CEO. 20 Questions Directors Should Ask about CEO Succession is intended as a resource to assist directors in identifying best practices in CEO succession planning, better preparing themselves to participate in CEO selection decisions, and working through sudden or unplanned CEO transitions.
20 Questions Directors Should Ask about Codes of Conduct (April 2005)
by Michael Gunns, CA, CFE and Mark Wexler, PhD
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The oversight role of directors includes assuring themselves that the organization’s culture is characterized by ethical practices and business behaviour. As boards’ involvement in strategy and risk management increases, directors are recognizing that Codes of Conduct are key factors in influencing an organization’s reputation and success. Do you have a code of conduct? If so, are you satisfied with its relevance and content? 20 Questions Directors Should Ask about Codes of Conduct will help members of boards fulfill their responsibility for the oversight of an organization’s ethical climate. It describes the context, development, revision, implementation and execution of a code. The document is designed to work in most situations including first-time codes and major revisions or re-launches of existing codes. Directors may also use it to satisfy themselves of the relevance and content of an existing code. Whatever the situation, it can be valuable in prompting dialogue among directors and between boards and executives. That’s exactly what an effective code should do.
20 Question Directors Should Ask about Crisis Management (March 2008)
by Douglas Enns, FCA, C.Dir. and Hugh Lindsay, FCA, CIP
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This briefing describes how directors can become more aware of the potential for crisis and how they can contribute to crisis management. There are four sections of questions and suggestions on the elements that contribute to successful crisis management: responding to sudden crises, detecting early warning signals, responding to the early warning signals of potential crises, and learning from experience. This document was originally published as “Crisis Management for Directors” in 2001 – just after the attacks on the World Trade Center on September 11, 2001 and shortly before the collapses of Enron and other major corporations. This updated version reflects the lessons from these and other events which represent extreme examples of crises for organizations and the people who are affected by what happens to them.
20 Questions Directors Should Ask about Crown Corporation Governance (March 2007)
by Elizabeth Watson, LLB, ICD.D
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This 20 Questions document provides information and recommended governance practices for current and incoming directors of federal and provincial Crown corporations and other closely-related public sector organizations. It also will be a useful resource for Ministers, central agencies and others within Government who are responsible for the performance of Crown corporations and broader public sector organizations. Crown corporations operate in many different jurisdictions within Canada (federal, provincial, territorial). The questions and suggestions for recommended practice address common issues and are intended to be broad enough to be informative and valid for every jurisdiction.
20 Questions Directors Should Ask about Director Compensation (April 2004)
by Elizabeth Greville, LLB & David Crawford, CFA
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As a board, you face an ongoing challenge in setting compensation for your members that is commensurate with their skills and time commitment, reflective of their important stewardship role, and aligned with shareholder interests. This challenge is occurring at the same time as shareholders are subjecting director compensation to greater scrutiny and becoming less tolerant of perceived excessive payments. How do you meet this challenge? 20 Questions Directors Should Ask about Director Compensation can help. The guidance it provides will assist boards in establishing a formal, transparent compensation process for directors that aligns their remuneration with shareholder interests without compromising their independence, treats all fairly by recognizing their collective responsibilities and individual contributions, includes reasonable share ownership requirements, is competitive, accommodates resource constraints and director supply issues, and provides full disclosure of their contributions and compensation.
20 Questions Directors Should Ask about Directors' and Officers' Liability Indemnification and Insurance (March 2008)
By Richard J. Berrow, B.A., LL.B.
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Directors face a range of legal exposures in respect of their association with and fiduciary duty to a corporation. They increasingly look to the state of their indemnities and insurance and to their professional advisors for assurances that they have an appropriate level of protection in place. Boards are well advised to take an active interest in their corporation’s provisions for indemnification and insurance for directors' and officers' liability. 20 Questions Directors Should Ask About Directors’ and Officers’ Liability Indemnification and Insurance will help directors understand the protection available to them under corporate indemnification and directors’ and officers’ insurance. The document discusses indemnification and insurance in three sections: indemnification, insurance coverage, and insurance claims, and provides questions that directors may ask the CEO and their professional advisors to ensure that they fully understand the protection available to them.
20 Questions Directors Should Ask about Executive Compensation (February 2003)
by Elizabeth Greville, LLB & David Crawford, CFA
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Shareholder concerns are growing in today's business environment over perceived excessive compensation of executives, especially in the face of declining corporate performance. As a board member, this environment poses major challenges for you, particularly if you serve on a compensation committee. How do you balance such concerns with the imperative of rewarding and motivating your company's senior management? 20 Questions Directors Should Ask about Executive Compensation can help achieve this balance. To assist directors in making compensation decisions, it focuses on strengthening their understanding of three critical building blocks: governance structure and processes, program design (including remuneration elements, the pay-performance relationship and range of potential payouts), and the effect on compensation that special circumstances (such as a merger) may impose.
20 Questions Directors Should Ask about Governance Assessments (February 2006)
by Richard W. Leblanc, PhD
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Corporate governance rules in Canada, the United States and other countries require companies to carry out governance assessments of the effectiveness of boards of directors, committees of boards, and individual directors on a regular basis. The process of undertaking assessments is much easier said than done. Directors may not think that assessments are necessary. They may not be comfortable with the prospect of being assessed or of assessing their fellow directors. And directors may have concerns about what assessments might disclose and who will be privy to that information. These are legitimate concerns that this publication addresses. This publication responds to board members’ legitimate objections and concerns and offers guidance on how to conduct assessments, based on the research experience of the author. By posing and commenting on a set of questions, the document will help boards, chairs and individual directors understand the assessment process and be better equipped to undertake or improve upon governance assessments within their own boards.
20 Questions Directors Should Ask about IT (April 2004)
by The CICA's Information Technology Advisory Committee
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The board's oversight responsibility for an organization's strategic direction and management includes keeping abreast of information and control systems. Information technology (IT) is a major and integral part of those systems; a part that is changing rapidly. It is often difficult for generalists – which most directors are – to keep up with those changes and to know what questions to ask to ensure that IT issues are being properly addressed. 20 Questions Directors Should Ask about IT will guide directors through this difficulty. Within the context of a board's three main IT responsibilities (strategic planning, internal control and risk), it recommends specific questions they should seek answers for across a range of relevant subject areas. These include governance, technology trends, personnel and privacy concerns, risk and security implications, e-business, systems and data availability, legal issues, and others.
20 Questions Directors Should Ask about Internal Audit(2007)
by John Fraser, CA, CIA, CISA & Hugh Lindsay, FCA, CIP
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Stewardship responsibilities of the board of directors include the identification of the organization's principal risks and the implementation of systems to manage them, as well as maintaining the integrity of its internal control and management information systems. Since the internal audit function plays a key role in assessing and reporting on both these areas, directors are expected to satisfy themselves that the internal audit function of the organization is effective. 20 Questions Directors Should Ask about Internal Audit will help directors understand the contribution of the Internal Audit function and will provide guidance to audit committee members on what to ask their chief audit executive. With each question, a brief discussion provides background on the reason for asking it and, where appropriate, some recommended practices.
20 Questions Directors Should Ask about Management's Discussion and Analysis (December 2009)
by Alan Willis, CA
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Management’s Discussion & Analysis (MD&A) is a core element of financial reporting, and for that reason demands the careful attention of directors. This revised edition of the publication 20 Questions Directors Should Ask about Management’s Discussion and Analysis has been updated to reflect changes in the legal and regulatory disclosure environment and related changes in disclosure oversight practices that have occurred since the first publication in 2003. It also includes relevant excerpts from Management’s Discussion & Analysis: Guidance on Preparation and Disclosure, Comprehensive Revision July 2009 issued by the Canadian Performance Reporting Board of the CICA.
20 Questions Directors Should Ask about Responding to Allegations of Corporate Wrongdoing (March 2009)
By Carol Hansell, MBA, LL.B.
Beth Deazeley, LL.B.
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Most companies face issues relating to corporate wrongdoing at one time or another. Board response to such an allegation can determine the company's ability to recover. A thoughtful process, overseen by the board as appropriate, can not only resolve the problem but preserve and promote the company's relationships with regulators, stakeholder confidence, and reputation. 20 Questions Directors Should Ask about Responding to Allegations of Corporate Wrongdoing provides questions a director should ask about the company's response to allegations of corporate wrongdoing. The issue that gives rise to each question is explained in detail and is accompanied by a description of recommended practices. In addition, the document relates a number of public examples of corporations which have faced allegations of corporate wrongdoing, and dealt with them with varying degrees of success.
20 Questions Directors Should Ask about Risk (May 2006)
by Hugh Lindsay, FCA, CIP
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How effectively is your organization managing the risk inherent in its strategic and business planning? And how can you, as a board, be satisfied you are doing what you should in overseeing the risk management process? This guide can help you deal with those broad questions and resolve any problem areas where the answers are found wanting. 20 Questions Directors Should Ask about Risk poses a practical approach by which directors can work with senior management in identifying and managing business risks, and also ensure the board is fulfilling its own oversight responsibilities. Each question contains a discussion of the related risk management objectives it is intended to meet. As further guidance, the recommendations following each question reflect the state-of-the art practices of leading companies. 20 Questions Directors Should Ask about the Role of the Human Resources and Compensation Committee (May 2009)
by Lisa Slipp and Paul Hooper
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Click here to download a soft copy. The role of the Human Resources and Compensation Committee is changing and becoming much broader than its core responsibilities of overseeing executive pay, incentive plans and succession planning. Issues of executive talent, performance and future leadership are top priorities for companies today, which is why Committees are focusing on the acquisition, development and retention of skilled, knowledgeable and experienced executives. 20 Questions Directors Should Ask about the Role of the Human Resources and Compensation Committee suggests ways in which the Committee can fulfill its oversight responsibilities in a proactive way in light of the changing executive pay and HR environment. By paying close attention to its priorities as well as its fiduciary responsibility to the company, the Committee will be best able to discharge its duties on behalf of the board, increase its value to the company, and contribute to the success of the overall business.
20 Questions Directors Should Ask about their Role in Pension Governance (September 2003)
by Gordon M. Hall, FSA, FCIA, MAAA
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While recent high-profile corporate failures have focused attention on pension governance, its importance transcends fleeting media headlines. Pension funds are of long-term significance to the organizations that sponsor them, to the capital markets in which they are a prominent element, and to the employees who are protected by them. For many current and imminent retirees, their pension entitlement could well be their largest personal asset. Without sound pension governance, this asset is at risk. As a board of directors of a sponsoring organization you bear ultimate responsibility. What can you do to protect it? 20 Questions Directors Should Ask about their Role in Pension Governance calls for enhanced leadership by boards. To exercise that leadership, boards need to be knowledgeable about the issues and developments in this complex area. This guide will assist them in obtaining and applying that knowledge.
20 Questions Directors Should Ask about Special Committees (March 2008)
By William K. Orr, B.A., LL.B. and Aaron J. Atkinson, B.A., LL.B.
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A special committee is a committee of directors established by the board to undertake certain tasks delegated by the board. A variety of different situations, from a takeover bid to an allegation of wrongdoing, may call for the formation of a special committee. It is crucial that boards of directors recognize when such a committee must be formed and understand the procedures for the formation of the committee, the relationship between the committee and other parties, and the manner in which the committee must carry out its duties. 20 Questions Directors Should Ask about Special Committees provides questions that directors may ask to test their knowledge regarding special committees. It will help boards of directors discharge their governance responsibilities through the use of special committees by providing some general principles to guide directors in determining whether and when to establish a committee as well as providing a general understanding of the duties of committee members and the manner in which those duties should be discharged.
20 Questions Directors Should Ask about Strategy (May 2006)
by Dr. Chris Bart, CA
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Deficiencies in corporate governance in recent years have mandated changes in the role of the board of directors, requiring it to be "constructively involved" in the development and approval of the organization's strategy. This involvement includes assuring that management has properly developed its strategic plan. As a director, you will need to ask management tough, probing questions to provide such assurance. But what questions should you ask? 20 Questions Directors Should Ask about Strategy will tell you, and guide you through the process. Beginning with a section on helping directors develop a common understanding of strategy within their own organization, it provides a structured framework through which they can fulfill their new responsibilities in terms of developing, assessing, approving, monitoring and changing that strategy as circumstances dictate. Director Briefings
Climate Change Briefing: Questions for Directors to Ask (July 2009)
by Julie Desjardins, CA and Alan Willis, CA
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Click here to download a soft copy. Many companies are increasingly recognizing that they need to address the environmental, social and broader economic impacts of their operations and performance in order to achieve their long term business and financial goals. Directors are key players in providing the necessary leadership, tone and management oversight of how such impacts have been factored into decisions about strategy and risk. Climate Change Briefing: Questions for Directors is written to increase awareness among Canadian directors about the business impacts and related governance issues resulting from climate change and provide questions that directors might ask management about climate change.
Long-term Performance Briefing: Questions for Directors to Ask (October 2009)
by Alan Willis, CA
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Safeguarding the long term interests of the corporation is a fundamental duty of the board of directors. The board must oversee management’s plans for surviving market volatility in the short term, but may provide even greater value by focusing on the enhancement of the company’s performance in the longer term. Long-Term Performance Briefing: Questions for Directors to Ask is written to help Canadian directors focus on enhancing longer term corporate interests despite the immediate pressures of the economic downturn. The briefing highlights areas a number of key areas for boards to address in order to enhance the corporation’s long term performance and offers questions that are intended to be a catalyst for useful dialogue among directors, with management or with outside advisors.
Not-for-Profit 20 Questions Series
Liability Indemnification and Insurance for Directors of Not-for-Profit Organizations (May 2009)
By Brian Rosenbaum, LL.B. Supplement to 20 Questions Directors Should Ask about Directors’ and Officers’ Liability Indemnification and Insurance This special supplement is designed to be read in conjunction with 20 Questions Directors Should Ask about Directors’ and Officers’ Liability Indemnification and Insurance. Click here to purchase a hard copy.
Click here to download a soft copy. Directors face a range of legal exposures in respect of their association with and fiduciary duty to a corporation. They increasingly look to the state of their indemnities and insurance and to their professional advisors for assurances that they have an appropriate level of protection in place. Boards are well advised to take an active interest in their corporation’s provisions for indemnification and insurance for directors' and officers' liability. 20 Questions Directors Should Ask About Directors’ and Officers’ Liability Indemnification and Insurance will help directors understand the protection available to them under corporate indemnification and directors’ and officers’ insurance. The document discusses indemnification and insurance in three sections: indemnification, insurance coverage, and insurance claims, and provides questions that directors may ask the CEO and their professional advisors to ensure that they fully understand the protection available to them.
20 Questions Directors of Not-for-Profit Organizations Should Ask about Fiduciary Duty (March 2009)
Jane Burke-Robertson B.SOC. SCI., LL.B.
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Directors of not-for-profit organizations in Canada have a legal duty to act in the best interests of the organization which they serve at all times. In fact, the law requires a director to place the interests of the organization ahead of his/her own. This is known as the fiduciary duty. Successful fulfillment by directors of their fiduciary role is critical both in terms of the wellbeing of the organization, and in order for directors to protect themselves from liability. 20 Questions Directors of Not-for-Profit Organizations Should Ask about Fiduciary Duty was written to help members of not-for-profit boards of directors understand and fulfill their fiduciary duties by summarizing the legal principles and providing leading practices in not-for-profit governance.
20 Questions Directors of Not-for-profit Organizations Should Ask about Governance (January 2007)
by Hugh Lindsay, FCA, CIP
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What are my responsibilities as a director of a not-for-profit organization? As a member of a board of directors you share overall responsibility for everything the organization does. As a general rule you should look after the organization and its resources and liabilities at least as carefully as if they were your own. That’s “stewardship” – management on behalf of others. The board is required to maintain a system of governance that will support its stewardship responsibilities. Not-for-profit organizations are very diverse and their expectations of directors can vary widely. In most cases, directors of not-for-profits are volunteers who serve without compensation. 20 Questions Directors of Not-for-profit Organizations Should Ask about Governance identifies and briefly discusses the key areas of governance in a not-for-profit organization. As such it can be useful, not only to prospective, new and experienced directors, but also to nominating committees and the organizers of director orientation and training sessions. This overview document is the first of a series of briefings for directors on specific aspects of not-for-profit governance.
20 Questions Directors of Not-for-profit Organizations Should Ask about Risk (March 2009)
Hugh Lindsay, FCA, CIP
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Risk is a reality for every not-for-profit organization. There are many things that can go wrong, from minor, day-to-day incidents to major crises. These may adversely affect the delivery of programs and services, damage the organization’s reputation or, at worst, threaten its capacity to survive. These “risks” can generally be reduced or avoided by good risk management – one of the key responsibilities of a board of directors. 20 Questions Directors of Not-for-profit Organizations Should Ask about Risk was written to help members of not-for-profit boards of directors understand their responsibility for the oversight of risk. The document explains what “risk” and “risk management” mean, describes how risks can be identified and managed, and provides guidance for boards on how to carry out their oversight responsibilities.
20 Questions Directors of Not-for-profit Organizations Should Ask about Strategy and Planning (March 2008)
Hugh Lindsay, FCA, CIP
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The sustainability of a not-for-profit organization – its ability to continue and fund its activities year after year – is a major responsibility of the board. Directors need to understand why the organization exists, the interests of its stakeholders and how it manages the risks it faces. They should also be actively involved in the development and approval of its strategy. The second in the RMGB’s Not-for-Profit Organizations Series, 20 Questions Directors of Not-for-profit Organizations Should Ask about Strategy and Planning was written to help members of not-for-profit boards of directors understand their responsibility for strategy, planning and budgeting. It is intended primarily to help not-for-profit directors understand the role of the board in developing and approving strategy, plans and budgets, the reasons for planning and budgeting and the processes by which strategies, plans and budgets are typically developed and approved.
The CFO Series: What Boards Should Expect from CFOs
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Deciding to Go Public: What CFOs Need to Know (August 2008)
by Beth Deazeley, LL.B.
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The decision to take a company public is one of the most important that a CFO is involved in. The promised rewards come with high risks, and it is essential that the factors underlying the decision, the preparation required prior to going public, and the realities of life as a public company are understood before the first step is taken. Deciding to Go Public: What CFOs Should Know provides an overview of the CFO’s role in the decision to take a company public. It sets out the areas in which the CFO provides critical input to other members of the management team and to the board of directors, as well as the CFO’s essential role in interacting with the investment community.
Financial Aspects of Governance: What Boards Should Expect from CFOs (April 2004)
by Hugh Lindsay, FCA, CIP
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As a board of directors, you face a number of situations requiring particularly close consideration of the financial aspects of your governance responsibilities. To carry out these responsibilities, you need to understand your organization's strategies and the measures of business performance and key factors that can significantly influence its operating results. The Chief Financial Officer is in a unique position to help you gain that understanding. Financial Aspects of Governance: What Boards Should Expect from CFOs identifies seven situations in which the boards' oversight responsibilities encompass areas where the CFO has special knowledge and expertise. For the particular circumstances of each situation, it specifies and discusses what the responsibilities of directors are, what they need to know, and how the CFO can help them.
How CFOs are Adapting to Today’s Realities (February 2007)
by Hugh Lindsay, FCA, CIP
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Being a Chief Financial Officer has seldom been more challenging. Shareholders expect companies to have a management team that can deliver results in a competitive, volatile, litigious and constantly changing business environment. At the same time, rigorous securities legislation and regulations related to governance and corporate disclosure are placing increased demands on boards of directors, CEOs and management teams. To meet board and shareholder expectations, CEOs must have a strong executive team that includes a CFO who understands the business and has vision, technical competence, the ability to communicate and exceptional interpersonal and management skills. This document addresses the realities facing CFOs and offers suggestions on how they can adapt to meet the challenges. The material is presented in four sections. The first: The Roles of CFOs describes what CFOs are expected to be. The next three explore the resources CFOs need to be able to meet expectations: Relationships, Skills and Knowledge, and The Finance Function.
IFRS Conversions: What CFOs Need to Know and Do (November 2008)
by Rafik Greiss, CA, CPA (Illinois) and Simon Sharp, CA
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Although the Canadian transition to IFRS will occur in 2011, CFOs need to begin now to address the implications of the conversion for their organization. This involves consideration not only of the conversion process itself, but of issues relating to risk, stakeholder relations, financial reporting, and internal controls which will be triggered by the transition. In preparing for the conversion, Canadian companies have the benefit of the experience of companies in the European Union who converted to IFRS in 2005. CFOs, as functional heads of finance, have a unique perspective on the organization and its relationship to the capital markets and business environment. They have established credibility by being competent and reliable in their financial role. They are also respected for their values of objectivity, independence and integrity. The CFO will be expected to champion the conversion to IFRS. This publication provides an overview of the role of the CFO in the conversion to International Financial Reporting Standards (IFRS). It sets out the areas in which the CFO provides critical input to the other members of the management team and to the board of directors. CFOs, boards, and others can use it as a guide to assist them in making a successful transition to IFRS.
Risk Management: What Boards Should Expect from CFOs (April 2005)
by Hugh Lindsay, FCA, CIP
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Boards of directors are responsible for approving their organization’s level of risk tolerance and for overseeing the management of the risks it faces. As a director you are also responsible for the public disclosure of the organization’s risks and risk management processes. Because almost every risk has a financial aspect, the Chief Financial Officer is an indispensable resource to you and the board. Risk Management: What Boards Should Expect from CFOs explains the CFO’s role in helping directors understand the risks and complexities of the organization’s business. Although complete in itself, it is designed to complement CICA’s 20 Questions Directors Should Ask About Risk and is organized into the same four key areas: Strategic Planning and Risk, Risk Management Processes, Risk Monitoring and Reporting, and Board Effectiveness.
Strategic Planning: What Boards Should Expect from CFOs (February 2003)
by Hugh Lindsay, FCA, CIP
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In response to stakeholder expectations, regulatory bodies are setting increasingly higher standards for board of directors' responsibilities, including strategic planning As a member of the board, you are expected to be constructively involved in assessing and approving the strategic directions and plans of your organization. In turn, you should have an expectation as well—that you can call a member of the senior management team who is uniquely qualified to help, the Chief Financial Officer. Strategic Planning: What Boards Should Expect from CFOs outlines the specific ways in which directors can rely on CFOs to support them in discharging this important area of their oversight responsibilities. Appendices include suggested criteria for the contents of a strategic plan and a framework for delineating the respective roles of management and the board in the strategic planning process. |