www.lexisnexis.ca Vol. 29, No. 6 Mid-May 2013
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Shed invincibility cloak, instead play to strengths

The cloak of invincibility is the clothing of choice for many women working their way up the corporate ladder in male-dominated professions. It’s a garment woven of strength and tenacity, and one that announces its wearer will show no weakness or vulnerability as she battles her way through the world.

But from the pinnacle of her male-dominated urban planning profession, Jennifer Keesmaat argues that it is a garment women need to shed.

"I’d like to suggest that invincibility is the enemy of our greatest asset, and that is our ability to nurture and to collaborate," she told attendees of the recent CMA Ontario Women in Business conference. "We need to lead in new ways, and new ways means embracing the people around us."

CGA Canada is back in talks on unification

A year after pulling out of merger talks, the Certified General Accountants Association of Canada has returned to the table with their national counterparts. While CGA-Canada says it is responding to a trend, the affiliate in Canada’s largest province is still having no part of it, and giving no indications CGA Ontario ever will.

"CGA Ontario is disappointed that the national organization has taken this action given that more than 50 per cent of Canada’s CGAs are not participating in merger discussions," said CGA Ontario’s chief executive officer Doug Brooks in Toronto.

But Anthony Ariganello, the president and chief executive officer of CGA-Canada in Vancouver, said it was necessary. "The landscape has changed significantly with the majority of our affiliates now having merged, or agreed to merge, or in merger talks. Clearly, the direction for the majority of the country is towards CPA. My board couldn’t ignore that," he said.

Integrated model framework welcomed

Financial reporting is being taken to the next evolutionary level under a proposed framework aimed at encouraging businesses to better communicate how they create value over time in a process that a top official says will also lead to "changed behaviour" in their reporting methods.

The International Integrated Reporting Council (IIRC) — supported by global businesses, investors, accounting firms, standard setters and regulators — unveiled the proposed integrated reporting model in more than 10 business centres throughout the world.

The Toronto Stock Exchange hosted the Canadian launch of the consultation on April 16. Lisa French, IIRC head of external relations for the Americas, said that having global stock exchanges host six of the events that day "underscores that this initiative is for the benefit of the world’s capital markets."

Capital surcharge coming for top banks

Canada’s six biggest banks have been officially designated as being critical to the well-being of the national economy, which means that, although they aren’t deemed to be among the world’s most systematically important financial institutions, they will be treated as such.

The Office of the Superintendent of Financial Institutions Canada has tagged the banks — the Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada and Toronto-Dominion Bank — with the label of being domestic systemically important banks (D-SIB). As such, they will be subject to a 1-per-cent risk-weighted capital surcharge by Jan. 1, 2016.

The surcharge is in addition to the common equity tier-one ratio of 7 per cent those banks must already hold. OSFI also said that D-SIBs will be subject to continued supervisory intensity and enhanced disclosure.

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