Directors Source News - September 2008

• 20 Questions Directors of Not-for-Profit Organizations Should Ask about Strategy and Planning
• How Are Boards Responding to the Independence and Conflict of Interest
  Issues Associated with Fairness
  Opinions?

• Final Report of the Advisory Committee
  on Improvements to Financial Reporting
  to the US Securities and Exchange Commission

• Post Your Directorship Opportunity Here
  

• Webinar: IFRS — What you need to do now
• CICA's Conference on Corporate Finance
• 2008 Intergovernmental Forum on Risk Management: Decision-Making, Strategy and Culture

• The CICA’s Guide to IFRS in Canada

• The Role of the Board of Directors in Corporate Social Responsibility

• The role of the board in developing and approving strategy, plans and budgets;
• The reasons for planning and budgeting;
• The processes by which strategies, plans and budgets are typically developed and approved.

• What could happen that would affect our ability to meet our objectives?
• How likely is it to occur?
• How serious might it be?
• What should we do to reduce the risk?
• How can we be prepared to respond to problems?

• Promoting an awareness of the need to manage risk.
• Identifying and assessing the risks that could affect the achievement of their strategy.
• Developing and implementing methods and procedures for managing risk.
• Learning from their experiences with risk.

• In smaller organizations the board may develop the plans and budgets or delegate the tasks to a committee of the board (Finance, Planning, etc).
• Organizations with active volunteer committee structures and a small number of staff may establish a joint staff-volunteer planning group.
• Organizations that are primarily run by a professional staff will generally ask staff to develop plans and budgets for approval by the board.

• Increasing the usefulness of information in SEC reports;
• Enhancing the accounting standards-setting process;
• Improving the substantive design of new accounting standards;
• Delineating authoritative interpretive guidance;
• Clarifying guidance on financial restatements and accounting judgements.

Link to full document

Webinar: IFRS — What you need to do now
Date: October 8, 2008
Time: 12:30 ET
Format: 30 minute presentation followed by 15 minutes of Q&A

Description:

Understanding the impact of IFRS on your business is the first step towards a conversion project that works. Those who start planning early are more likely to have a smoother conversion process. This webinar will outline the steps you need to take now to avoid unpleasant surprises down the road.

CICA's Conference on Corporate Finance
Future Opportunities for Doing Business in Canada
Date: November 5-6, 2008
Location: The Hilton Toronto, Toronto, ON

Merger and acquisition activity has been phenomenal over the past few years. Now, what lies ahead? Find out by attending this two-day conference featuring a keynote address by Jeff Rubin, Chief Economist & Chief Strategist at CIBC World Markets. Other sessions, held in both plenary and concurrent format, include Partnering for PPP, Listing on Venture Exchanges, Dealing with Distressed M&A, and Going Private. Networking opportunities will allow you to meet with colleagues who are dealing with similar challenges.

2008 Intergovernmental Forum on Risk Management: Decision-Making, Strategy and Culture
Date: September 22-23, 2008
Location: Ottawa, ON

Conference Overview:

Risk management has become a core competency for senior executives across the public sector. Connect with your peers from all levels of government and discuss the issues that are important to you, your team, and your organization. Benefit from the insights of leading risk managers, including how to use risk management in strategic development and decision making, and how to integrate risk awareness and understanding into the culture and core processes of your organization. New perspectives and practical implementation case studies will demonstrate the latest risk management best practices. Find out how to build risk into policy, and how to measure effectiveness and communicate risk and the importance of risk management effectively to all stakeholders. Discuss your issues with your peers and the experts, and examine the latest insights in risk management measurement and governance.

The CICA’s Guide to IFRS in Canada — a quick reference guide to upcoming changes, including a comparison of the current CICA Handbook standards (at March 31, 2007) with the comparable IFRS standards.

Click here to download Guide

This report examines corporate social responsibility and ways in which a board of directors can provide oversight and strategic direction on the firm's social and environmental performance.

Document Highlights:

The report looks at how good corporate governance will be redefined over this decade to include ways in which a board provides oversight and strategic direction on the firm's social and environmental performance. Key issues include the critical role of the firm's CEO and chair and their influence on the board's uptake of corporate social responsibility (CSR). As well, the integration of CSR into the firm's performance management system and strategic planning (both of which come under the influence of the board of directors) will have a profound effect on CSR performance in the years ahead.