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Risk Watch: Thought Leadership on Risk and Governance (May 2013)

Risk Watch is a triannual journal devoted to informing and provoking discussion on risk management and corporate governance. In this ninth issue, five leading thinkers provide their views on the risk challenges of today.

Document Highlights:

  • Christine Cosby presents an overview of how Bruce Power continues to improve its emergency response systems and the lessons learned from the multi-stakeholder participation in Huron Challenge.
  • Giselle Kovary and Adwoa K. Buahene offer insight into how the five organizations they interviewed have added a generational component when defining, measuring, and managing human capital risk.
  • Ru Taggar outlines Sunnybrook Hospital’s drivers and objectives; its risk assessment process; the likelihood of occurrence and strength of mitigation plans; the peer review process; and the hospital’s ERM portal.
  • Chris Corless explores why organizations need to monitor the effectiveness of operating controls in real-time and not just when they were understood to have failed.

Risk Watch is available free of charge to The Directors College alumni and faculty only. DC alumni and faculty can follow these steps to access the May 2013 edition of Risk Watch and previous editions as well:

  1. Log into your DC profile.
  2. Click on “View my Electronic Course Reading Materials.”
  3. Click the “Risk Watch: Thought Leadership on Risk and Governance” folder.

The Risk Watch (May 2013) review is also available to the public as a download for a fee. Download Now!

Do Women Make Better Directors? The Importance of Diversity of Thought and Decision-Making at the Board Table

Dr. Chris Bart and research partner Dr. Gregory McQueen of A.T. Stills University in Arizona, an applied ethicist who lectures in the fields of bio medical ethics, ethics and cognitive moral reasoning as it applies to leadership decision-making and business management, examined results from a survey of decision-making processes of 624 Canadian directors.

The study’s controversial findings, that female board directors score higher on the ‘Complex Moral Reasoning’ dimension which essentially involves making consistently fair decisions when competing interests are at stake, was published in March 2013 in the International Journal of Business Governance and Ethics. The study, Why Women Make Better Directors, has created much stir in academic and online communities and prompted this discussion with Women of Influence on the importance of director education, board governance, board culture and dynamics as well as the value of diversity of thought and decision-making at the board and executive table.

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DR. RICHARD FLORIZONE NAMED THE 2013 WINNER OF THE GIL BENNETT GOVERNANCE AWARD

Read the exclusive interview with Dr. Richard Florizone.

Toronto, March 5, 2013 – Dr. Richard Florizone, currently the Vice-President, Finance and Resources at the University of Saskatchewan and incoming President of Dalhousie University, is the 2013 recipient of the Gil Bennett Gold Standard Award.

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The Directors College and The Community for Excellence in Health Governance Announce Sponsorship Arrangement

News Release
Wednesday, January 25, 2012

The Community for Excellence in Health Governance (CEHG) is proud to announce the sponsorship by the Directors College of its newly launched Governance Development Program. The Directors College will be providing faculty referrals, and contributing to the development of the CEHG’s distance learning program through curriculum guidance and review. The program will be targeting health board members and senior executives across Canada, at all levels of the health system.

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Congratulations to Tom Bursey, A.C.C., C.Dir., H.R.C.C.C.

Congratulations to Tom Bursey, who was selected as a Fellow of The Society of Management Accountants of Canada, FCMA.

The FCMA is a prestigious, national honorary designation. The award of the FCMA recognizes CMAs, who by their achievements, bring distinction to the profession and serve as role models for others.

The FCMA is based on recognition by peers of the achievements of a member. The distinguishing qualities of an FCMA are a demonstrated excellence in management accounting, commitment to and pride in the CMA designation and their professional organization, and a civic-mindedness which brings a community’s respect to the member and, through the member, to the CMA designation. Members recognized for these qualities are also recognized as role models by others, both for their past achievements and their expected future achievements.

The designation is granted by a formal resolution of CMA Canada’s Board of Directors. A citation is presented to each Fellow to recognize publicly, the earned distinction. Fellows may use the letters FCMA after their name.

The presentation of this designation will take place during Convocation ceremony on Saturday, October 22, 2011 in Toronto.

Congratulations to Dr. Chris Bart, Recipient of the 2011 Corporate Governance and Strategic Leadership Award

Dr. Chris Bart, FCA, Founder, Principal and Lead Professor of The Directors College and a leading authority on organizational mission and vision statements, was awarded the TD Insurance Meloche Monnex Corporate Governance and Strategic Leadership Award at the 2011 HR Summit Awards, presented by Canadian HR Reporter and the Human Resources Professionals Association (HRPA).

This award “honours those HR teams and individuals who have made outstanding contributions to the profession and business community through innovative HR programs and practices as well as thought leadership. The HR Summit Awards recognize the very best in human resources management and are the benchmark for HR leadership in Canada.”

Congratulations on graduating from the Directors College – Remarks by, Michael Nobrega

Remarks by Michael Nobrega, President and CEO of OMERS

How Does Macroeconomics Affect Your Fiduciary Duty in Evaluating Investment Risk? (more…)

ASC Reciprocal Designation

Hamilton, September 16 —McMaster University and The Conference Board of Canada—joint venture partners in The Directors College—and the Collège des administrateurs de sociétés (CAS) of Université Laval are pleased to announce today a reciprocal agreement whereby their respective designations are recognized as equivalent. (more…)

The Corporation With Integrity A Well-Found Vessel in an Angry Sea

By, Paul Bates, Dean and Industry Professor in Financial Management Services, McMaster University, DeGroote School of Business.

A few years ago, I helped a friend sail his trawler south from Prince Rupert, B.C., down to the provincial capital, Victoria. I do not take many vacations, and for me the trip—at least, most of it—was truly relaxing. I enjoyed sights and sounds of the Pacific Northwest that I shall remember forever. (more…)

CROWN DIRECTORS IN SASKATCHEWAN OFFERED DIRECTOR EDUCATION PROGRAM

May 13, 2009 – The Directors College—Canada’s university-accredited director education program—today announced that it will deliver its Chartered Director program to directors of the Crown Investments Corporation of Saskatchewan (CIC) and its subsidiary Crowns.
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What our graduates say?

“I found the Chartered Director Program to be an excellent forum to understand how strong governance complements effective management. The ability to create and execute an effective strategy is significantly enhanced by a robust process inclusive of board engagement where the right questions are asked and expected outcomes are identified. I truly enjoyed the setting which fostered a strong level of interaction that was supported by quality presentations and material. As CEO of a Shared Service Organization set to deliver benefits to its members, I see the advantage of having a number of our board members participating in this program.”

Tony Di Emanuele, MBA, C.Dir., President and CEO, Mohawk Shared Services

“I found the Directors College to be an excellent survey of the important matters of which a director must be aware in today’s corporate environment. The quality of the presentation and materials was first-rate and the perspectives gained were invaluable. I would highly recommend the Directors College.”

The Honourable John Manley, P.C., O.C., C.Dir., Former Deputy Prime Minister and Finance Minister

“The changes that impact corporate governance are establishing a pattern of increased accountability for the delivery of long-term value to customers, shareholders, employees and society. Proper corporate governance is now being defined to include knowledge of critical elements such as risk management and the measurement of strategic performance. At the end of the day, each board will be judged on its ability to effectively deliver value, rather than on its structure. The Directors College innovative program fills a unique and important gap in providing knowledge and insight as to how this expectation can be met. CMA Canada is pleased to be a sponsor of this timely initiative.”

Steve Vieweg, C.Dir., Director, Executive Development, I.H. Asper School of Business – University of Manitoba

“As an organization focused on educating corporate secretaries, the ICSA believes in furthering the potential of board members to better contribute to building effective governance structures. Given the key role of directors and corporate secretaries in applying proper boardroom practices, corporations need to ensure that these individuals meet a professional standard. The Directors College curriculum covers all the formal regulatory issues for directors and also addresses the informal skills of building effective and appropriate relationships with senior management. We see significant benefits to this program and ICSA is pleased to endorse it.”

Lynn Beauregard, Executive Director, Chartered Secretaries Canada

“The Directors College has developed a director education program which goes well beyond the fundamentals to address the structures and the behavioural components of principle-based governance. I am proud to be associated with the Directors College and I am honoured to lend my name to the College’s graduate award. ”

Gilbert Bennett, Director and Recently-Retired Chairman of the Board, Canadian Tire Corporation Limited

“Our strategy is to raise the horizons and potential of directors by deepening and enriching their knowledge and application of advanced skills. Increasing the effectiveness of existing directors and broadening the pool of potential directors will contribute to the professionalism of boards across Canada.”

David Beatty, Managing Director, Canadian Coalition for Good Governance