FEI Canada2015 AnnuAl RepoRt

LEadErshIpBEYOndFInanCE

FEI Canada 2013 annual REpoRtFEI Canada 2013 annual REpoRtFEI Canada 2015 annual REpoRt

This report is full of links and hyperlinked text, highlighted in blue. These links will allow you to read more about our programs, committees, awards and research – just click to learn more.

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tablE oF ContEnts

tAble of contentsMessage from the CEO and the Chair of the Board of directors

Leaders

CFO Leadership Beyond Finance program

Events

awards: Canada’s CFO of the Year™ and the Frank s. Capon award

Insights

policy Forum

research

summary Financial statements

national strategic partners

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mEssagE FRom thE CEo and thE ChaIR oF thE boaRd oF dIRECtoRsdear members,

The past year has been marked by some exciting events, but our crowning achievement was the launch of FEI Canada’s CFO Leadership Beyond Finance program. This executive education program provided a unique mix of leading–edge curriculum on leadership, strategy and execution, delivered by top faculty from Queen’s University school of Business and complemented by the insights and real-life CFO experiences of the seasoned Executives-in-residence who formed our advisory Board. a resounding success by all accounts, I am excited to let you know that we are now accepting applications to Cohort Two of this program. To learn more about this program, please watch to this inspiring video featuring your fellow members, who recently completed Cohort One. You may also contact us at cfoleadership@feicanada.org.

We are very lucky to have five recipients of Canada’s CFO of the Year™ award amongst the members of our CFO Leadership Beyond Finance program advisory Board, the most recent of whom is dean McCann, EVp and CFO of Canadian Tire Corp. dean was honoured by more than 425 guests at our annual marquee event at The ritz-Carlton Toronto on May 13, 2015. We enjoyed a wonderful dinner and heard heartfelt tributes to dean from his peers and the presenting sponsors: FEI Canada, pwC and robert half. The crowning part of the presentation was a video in which the winner’s family, friends and work colleagues provided some very touching testimonials. You can read all about dean in this profile in the Globe and Mail.

Finally, we “Expanded our horizons” at our 2015 annual conference, hosted by the dedicated members of the Winnipeg Chapter under the chairmanship of Bev davies. If you want to relive some of the good times in Winnipeg, check out the video clips and photos on our website of the conference, the highlight of which was a special gala dinner with Gail asper at the new Canadian Museum for human rights. and please mark your calendars for next year’s conference in Montreal, from Wednesday, June 8 to Friday, June 10, 2016 at the Fairmont Queen Elizabeth hotel, when we will be `driving success’ just before the Formula 1 Grand prix!

Finally, for the new members reading this, we’d like to leave you with a few closing thoughts. You have joined the best organization for financial executives in Canada. It’s the best of the people who are involved in it at both the chapter and national level. Be one of those people, participate in events, join your local chapter board, and stay involved. You will be amazed at the value you get from this involvement.

FEI Canada 2015 annual REpoRt

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mEssagE FRom thE CEo and thE ChaIR oF thE boaRd oF dIRECtoRs

Michael conway, fcpA, fcA, IcD.D President and Chief Executive Officer

tim Zahavich, cpA, cA Chair, 2014-2015 Board of directors

sincerely yours,

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FEI Canada 2015 annual REpoRt

Chair: Tim Zahavich, SGH (A, G)Vice Chair: Debbie Stein, Calgary (G) Immediate Past Chair: Bill Ross, Edmonton (G) Chair, CFERF: Vic Wells, SGHChair, Chapter Leadership Council: Tyrone Cotie, Atlantic ProvincesChair, Audit & Finance Committee: Mark Walsh, Toronto (A)Chair, Membership Committee: Steve Rosen, TorontoChair, Policy Forum: Peter Effer, TorontoChair, 2015 Conference Committee: Beverly Davies, WinnipegCo-Chair, Programming Committee: Derek Petridis, TorontoCo-Chair, Programming Committee: Elysia Estee, SGHChair, Sponsorship Committee: Brian McAskill, Toronto

Director: Scott Calver, CalgaryDirector: Susan Deakin, SWO (A)Director: Carolyn Graham, EdmontonDirector: Ken Kember, NCR (A)Director: Markus Weiss, QuebecDirector: Cheryl Yaremko, Vancouver (A)

President & Chief Executive Officer: Michael ConwayChief Financial Officer: Line Trudeau

VP Research: Laura PachecoResearch & Communications Manager: Laura BobakMembership Manager: Sharon Bradshaw

Membership Coordinator: Liz Bowell Director of Events: Rita PlaskettEvents Manager: Andrea CooneyDirector of Sponsorship: Don ComishOffice Manager: Pat Todd

FEI Canada lEadERsLeadership beyond financeFEI Canada’s leadership is the driving force of the organization. Our Board of directors is made up of outstanding volunteers from across Canada. Our Chapter Leadership Council and Membership Committee are made up of volunteers from FEI Canada’s 11 chapters

FEI Canada’s 11 chapters each have a group of dedicated volunteers that provide our members with local support, professional development and thought leadership. Thank you to all of our volunteers!

A = Audit and Finance CommitteeG = Governance Committee

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lEadERs

Director: Scott Calver, CalgaryDirector: Susan Deakin, SWO (A)Director: Carolyn Graham, EdmontonDirector: Ken Kember, NCR (A)Director: Markus Weiss, QuebecDirector: Cheryl Yaremko, Vancouver (A)

Chair: Tyrone Cotie, Atlantic ProvincesChapter representatives: Nicole Archibald, SWOLynne Black, WinnipegErnie Briard, NCRSusan Brioux, TorontoJohn Cole, WinnipegDean Cosman, NCRVic Fitch, CalgaryAnne-Marie Gammon, Atlantic ProvincesDoug King, VancouverAnanth Koovappady, SGHGail Kruger, ReginaNancy Lala, TorontoDan Lefaivre, EdmontonHans Lung, EdmontonLouis Marcotte, Quebec

Gary Maystruck, ReginaGrant McNeil, CalgaryFlorian Meyer, SGHDavid Minas,TorontoMaryann Moons, SWOJeff Shickele, VancouverNational:Elysia Estee, SGHBrian McAskill, TorontoDerek Petridis, TorontoSteve Rosen, TorontoDebbie Stein, CalgaryTim Zahavich , SGHFEI Canada:Sharon Bradshaw, Liz BowellMichael Conway, Pat ToddLine Trudeau

Chair: Steve Rosen, TorontoChapter representatives: Jean Paul Beaulieu, QuebecSusan Berggren, EdmontonAmy Blakeney, Atlantic ProvincesMarietjie Bower, CalgaryKeith Boyd, WinnipegKriss Bush, SGHDean Cosman, NCRTyrone Cotie, Atlantic ProvincesAngela Dexter, Atlantic ProvincesCatherine Fels-Smith, TorontoJames Fergusson, CalgaryAlain Fortin, QuebecPeter Gimon, SGHSonia Graham, VancouverDwayne Henley, WinnipegElizabeth Hoffart, Regina

Hubert Huang, TorontoNancy Lala, TorontoBertrand Lauzon, QuebecKent Paul, ReginaJeffrey Resnick, EdmontonMonica Rocheleau, QuebecFrank Snyders, SWORon Stoesz, WinnipegMeike Wielebski, CalgaryRudy Wytenburg, NCRDanley Yip, VancouverNational:Liz BowellSharon BradshawMichael Conway, TorontoPat ToddLine Trudeau, SGH

FEI Canada 2015 leadership meeting, Winnipeg

FEI Canada 2012 annual REpoRt

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FEI Canada 2015 annual REpoRt

2014-2015 ChaptER boaRds

President: Anne-Marie GammonDave BezansonAmy BlakeneyTyrone CotieJ. Andrew CuttenAngela DexterRaymond McCormickCarl Vincent

President: Louis MarcotteCatherine AllardDenis AsselinJean-Paul BeaulieuRobert BlainPhilippe CastaingneRoss CorcoranAlain FortinMarc GodinBertrand LauzonGinette Maillé

Maarika PaulDenis PellerinSylvain PerronAndrée PinardPierre RichardMichael RossClaude SamsonPaul StinisVicky TumiottoAdministrator: Monica RocheleauPierre Richard

President: Nancy LalaJordan BeallorDonna BibeauJonathan BrindleySusan BriouxAlysia CarterCatherine Fels-SmithLeah HalpennyRon HoskingHubert HuangSharlene LockeJune McAlareyBrian McAskillDavid McIsaacDavid McLarenDavid MinasSteve RosenLarry RudnerGregory ScottCliff TruaxRussell WongAdministrator: Elvira Rago

President: Gail KrugerBrian FergussonElizabeth HoffartRick HoffmanGary MaystruckMarty MelocheKent PaulChristine Short

President: Ananth KoovappadyDan BowesKriss BushNorman ColMonique DelormeElysia EsteePeter GimonFlorian MeyerMary ParkesBob Rollwagen

President: Nicole ArchibaldDawn ButlerDavid CornerSusan DeakinJim KingJames KnowlesGitta KulezycikLynn LoganLloyd MonteithMaryann MoonsFrank Snyders

President: Grant McNeilMarietjie BowerLisa DorianJames FergussonVic FitchNola HealeAllan JohnsonKevin McBethStephen RueWalter WakulaMeike WielebskiAdministrator: Evelyn Lawless

Click on the chapter name to learn more

President: Daniel LefaivreSusan BerggrenDarren BumaCorinne FergusonCarolyn GrahamHans HigaHans LungArthur MaddenTracey Martin WoywitkaJeffrey ResnickDoug Woloshyn

President: Jeff SchickeleDavid AndruA. Thomas AssimesPeter BallacheyRoger BissoondattGail DavidsonEduard EpshteinSonia GrahamDoug KingTim KuklerHugh LindsayIssa NakhlehOliver PiekaarDanley YipAdministrator: Liz Bowell

President: John ColeLynne BlackKeith BoydBeverly DaviesCatherine GillespieNaomi GregoireDwayne HenleyLarry NentwigRon StoeszBeverley SzauraDana Thiessen

President: Dean CosmanMichael BestErnie BriardTom BurseyKen KemberPer MokkelbostGrant SmithJohn WeerdenburgRudy Wytenburg

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2014-2015 ChaptER boaRds

We salute the Winnipeg Chapter Board, whose enthusiastic determination grew their membership by more than 50% this year!

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CFo lEadERshIp bEYond FInanCE pRogRam

FEI Canada has partnered with Queen’s school of Business to develop a best in class uniquely positioned program for senior financial executives. The program is built around three strong themes: leadership, strategy and leading change, and strategic execution. Our first cohort included seven new members.

This CFO Leadership Beyond Finance Program equips senior financial executives with the insights they need to become more effective leaders and better strategic advisors to their CEOs and boards of directors. The program partners top-tier university faculty with the following industry subject matter experts and executives-in-residence, who act as our advisory board:

richard Bird Colleen JohnstonBrian Lawsondean McCann

debbie steinLaurie TugmanBruce Waterman

CFO Leadership Beyond Finance

Program

FEI Canada, the country’s leading association for CFOs, has partnered with Queen’s School of Business to develop a unique program for senior financial executives that combines best-in-class curriculum with the real life experiences of seasoned CFOs.

Queen’s Executive Education is ranked #1 in Canada by Bloomberg Businessweek.

CFo lEadERshIp bEYond FInanCE pRogRam

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hCFo lEadERshIp bEYond FInanCE pRogRam

Debbie Stein, CFO, AltaGas Ltd., and Vice-Chair of FEI Canada, addresses participants in her role as member of the advisory board of the CFO Leadership Beyond Finance Program.

Advisory board members Brian Lawson, CFO of Brookfield Asset Management, left, and Laurie Tugman, centre, are shown seated with Canadian Tire Board Chairman Maureen Sabia, right.

Brian Lawson, right, CFO of Brookfield Asset Management.

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FEI Canada 2015 annual REpoRt

EVEnts

Our members continually tell us that the networking opportunities provided by FEI Canada events are invaluable. With the help of our 11 chapters across Canada, FEI Canada put on many events in the 2014-2015 year.

Our webinar program had continued success, delivering knowledge directly to our members’ desks. some topics presented through our national Breakfast seminar series, and our webinar series included Measuring hr (Ceridian), Finance Transformation (adaptive Insights) and Cloud & analytics (IBM).

2014-2015 webinars:

Recent Developments in Canadian Corporate

Income Tax

The Role of M&A in adding value to the organization

Government funding: How to find and keep the money!

FEI Canada annual natIonal ConFEREnCE

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EVEnts

Chairs: Bev DaviesVice Chair: Dwayne Henley

Chapter representatives:Brian AlboLynne BlackBrita ChellJohn ColeJeff MortonSusan NemecChris PodolskyBev SzauraCliff Truax

National:Sharon BradshawDon ComishMichael ConwayAndrea CooneyLaura PachecoRita PlaskettPat Todd

FEI Canada’s annual national Conference, the grand finale to our calendar of events, was held this year in Winnipeg. The Conference committee, chaired by Bev davies of the Winnipeg chapter, presented an outstanding annual conferences, according to participants, eight out of ten attendees rated it an 8 or higher (on a 10 point scale).

next year, the conference will be held at the Fairmont Queen Elizabeth hotel in Montreal from June 8-10, 2016, and will be chaired by Markus Weiss, so please save the date in your calendars.

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FEI Canada annual natIonal ConFEREnCE

Top: The Annual Conference Gala featured dinner featured Gail Asper, co-founder of the Canadian Museum of Human Rights and Trustee, The Asper Foundation.

Bottom: FEI Canada and Robert Half golf tournament, Bridges Golf Course

EVEnts

EVEnts

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Financial Leverage: How financial leaders exert strategic influenceBrian Ferguson, CEO, Cenovus Energy

Economic Outlook panelModerator: Dean Newman, Principal, Cresa PartnersDawn Desjardins, Deputy Economist, RBC Todd Hirsch, Alberta Treasury Branch

CFO PanelModerator: Bruce Waterman,

Selection Committee Chair, Canada’s CFO of the Year

Alister Cowan, EVP & CFO, SuncorJanice Fukakusa, Chief Administrative

Officer & CFO, RBC & Canada’s 2014 CFO of the Year Award recipientDon Solman, VP & CFO, James

Richardson & Sons International

Successfully doing business with the aboriginal communityModerator: Scott Reeves, Partner, Tingle Merrett Ian Anderson, President, Kinder Morgan Canada Joe Dion, Chairman & CEO, Frog Lake Energy Resources Jean-Paul Gladu, Canadian Council for Aboriginal Business

Technology Forum – Social Media & the CFO

Moderator: Bill Ross, Business Executive, Vercerta Inc.

Xerxes Cooper, CFO, IBM Canada Randall Craig, Social Media Expert

Tim Siemens, Chief Technology Officer, Online Business Systems

Closing LunchJames Robbins, Leadership Trainer

and Motivational Speaker & Founder, The Robbins Group

ConFEREnCE kEYnotE spEakER VIdEos

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Dean McCann, CFO of Canadian Tire Corporation and 2015 Canada’s CFO of the YearTM Award winner.

tM

FEI Canada 2015 annual REpoRt

annually, FEI Canada recognizes great financial leaders with our Canada’s CFO of the Year™ award. Each year, the nominating committee assembles to discuss at length the group of potential winners, drawn from many worthy nominations received. It is no easy decision.

The award, presented by FEI Canada 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.

This year’s Canada’s CFO of the Year™ award gala on May 13th,was a wonderful evening at the ritz Carlton where more than 425 guests gathered at the sold-out event to honour our winner. a video with interviews from colleagues and family allowed the winner to bask in the glow of approval from his entourage.

Michael Conway, Bill McFarland, CEO of PwC, Dean McCann and David King, Canadian Director of Robert Half.

awaRds

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Louis O’Brien, 2015 Capon Award winner and Michael Conway

at our national Conference in Winnipeg, FEI Canada was very pleased to present this year’s Frank s. Capon award for distinguished volunteer service to Louis O’Brien. 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.

FRank s. Capon awaRd FoR dIstInguIshEd sERVICE

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polICY FoRumFEI Canada’s seven thought leadership committees develop public positions, provide guidance and expert opinion on emerging issues relevant to our members, and act as advisors on issues of current importance to industry groups, government, associations, and other constituents who will benefit from the impartial council of the Committee.

The committees include members from across Canada, and from a variety of industry groups. recommendations from the committees often guide FEI Canada’s research.

Chair: Hubert Huang, TorontoBeverly Davies, WinnipegMarc Diamant, TorontoJens Ehlers, TorontoJohn Glicksman, TorontoRick Hoffman, ReginaBill Ross, EdmontonGerry Wahl, VancouverVictor Wells, SGH

Chair: John Forester, TorontoA. Thomas Assimes, VancouverTyrone Cotie, Atlantic ProvincesMark Donaghy, TorontoJohn Hanbury, VancouverJim King, SWOAngela Lekatsas, CalgarySunil Mistry, KPMGBill Ross, EdmontonJacques Roy, QuebecJeff Shickele, VancouverPaul Stinis, QuebecTim Zahavich, SGH

Chair: Peter Effer, Toronto Rod Butcher, RyanTom Evans, SGHJim Fergusson, CalgaryTim McGillicuddy, EdmontonKen Parker, CalgaryGrant Smith, NCRTim Zahavich, SGH

Chair: Bill Ross, EdmontonAnne Burpee, TorontoXerxes Cooper, TorontoChris Evans, Atlantic ProvincesJames Fergusson, CalgaryKen Kember, OttawaNaresh Khosla, TorontoLouis Marcotte, QuebecMarc Ouellet, QuebecTim Spielman, CalgaryLisa Zingaro, Toronto

Chair: David Balmer, TorontoBruce Bailey, TorontoAnne Burpee, TorontoJohn Forester, TorontoSonjia Johansen, ReginaKurt Kroesen, TorontoMarc Malouin, QuebecFlorian Meyer, SGHRohit Milhoutra, TorontoSunil Mistry, KPMGAjay Rao, TorontoGregory Scott, TorontoDana Thiessen, Winnipeg

FEI Canada 2015 annual REpoRt

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Controller’s Roundtable: Susan Campbell, Cineplex (left);

Technology Forum – Social Media & the CFO:

Bill Ross, Business Executive, Vercerta Inc. (right).

Chair: Norm Ferguson, EdmontonJayne Connolly, Atlantic ProvincesPeter Donovan, TorontoTony Hooper, TorontoRolland Morier, QuebecKevin Sorhaitz, Morneau ShepellGerry Wahl, VancouverDon Wishart, Atlantic Provinces

Chair: Neil Robertson, CalgaryVice Chair: Susan Campbell, TorontoJoanne Boyes, ReginaKaryn Brooks, CalgarySurendra Bungaroo, TorontoAnne Burpee, TorontoAngela Butler, CalgaryScott Calver, Calgary

Brian Fiedler, TorontoMurray Harris, CalgaryGordon Heard, SGHSujeet Kini, SGHNancy Lala, TorontoGlenn Menuz, CalgaryJanice Rath, CalgaryNathan Reeve, CalgaryTim Smart, Toronto

Mark Swalwell, TorontoAntoine Turki, QuebecMark Walsh, TorontoJohn Weerdenburg, NCRMarkus Weiss, QuebecVictor Wells, SGHNational representatives:Michael Conway, TorontoLaura Pacheco, Toronto

“Cash is still king” (Treasury Committee):

John Forester, CFO of DBG (right)and Angela Lekatsas of Agrium (left).

thought lEadERshIp CommIttEEs at FEI Canada annual ConFEREnCEs

InsIghts – polICY FoRum

FEI Canada 2015 annual REpoRt

Studying emerging financial management issues in Canada, with the aim of increasing competitive capabilities of Canadian financial leaders and their organizations.

2014-2015 CFERF research studies

CFERF REsEaRCh

MEASURING HR:Moving beyond number crunchingMEASURING HR:Moving beyond number crunching

Measuring HR: Given that the largest expense item for most companies is payroll and associated costs, and their largest asset is employees, it is not surprising that the human resources function is often overseen by Finance. Nearly two-thirds of senior financial executives surveyed by the Canadian Financial Executives Research Foundation do not regularly employ HR analytics as a tool to help them better understand the costs associated with their organization’s workforce. 64% of survey respondents said they either did not use HR analytics, or its use was sporadic. Sponsored by Ceridian.

The bottom is falling out of the barrel, so now what? With cash flows plummeting and the length of the downturn in oil prices uncertain, oil and gas executives are grappling with the challenges they are experiencing and, more importantly, how they plan to tackle the road ahead. In a lively panel discussion, finance leaders gathered at an FEI Canada event in Calgary on February 23, 2015 to discuss their experiences and views on the impact of plunge in oil prices since the summer of 2014. This outlines some strategies oil companies have been using in the last few months, and how they are planning to grapple with the challenges in the months ahead. Sponsored by Microsoft.

Benchmarking the finance function 2015: Benchmarking the accounting and finance function may be more important — and more difficult — than ever. Businesses have grown increasingly complex and global, while the pace of change has accelerated. The result? Many finance organizationsstruggle to simply keep pace. The information in this report is based on our sixth annual survey of nearly 1,400 financial executives representing companies across the United States and Canada, spanning a full range of industries and sectors. The report is divided into sections representing key functional categories: workforce management, accounting operations, financial systems, sourcing, and internal controls and compliance. Sponsored by Robert Half.

Credit availability in Canada 2014: Targeting an ideal capital structure: A company’s ideal capital structure reflects its current economic environment, anticipated outlook, and its appetite for risk. Now in its sixth year, the 2014 CFERF credit availability study reviews Canadian companies’ capital structure, the variables influencing that structure, and Canadian financial executives’ views on the economic outlook. The majority of Canadian financial executives surveyed in this year’s study were more optimistic about prospects for their companies and the economy in their sectors in June 2014 than they were 12 months before. Eight out of 10 Canadian financial executives surveyed say their companies are ready to grow, mainly through organic growth. Sponsored by Ernst & Young.

THE BOTTOM HAS FALLEN OUT OF THE BARREL: 2015 A CFERF REPORT, SPONSORED AND C TED BY MICROSOFT CANADA

A report by the Canadian Financial Executives Research FoundationApril, 2015

PREPARED BY: SPONSORED AND PRESENTED BY:

The bottom has fallen out of the barrel,

so now what?

BENCHMARKING THE ACCOUNTING & FINANCE FUNCTION

2015

Credit availability in Canada 2014:Targeting an ideal capital structure

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InsIghts – CFERF REsEaRCh

Chair: Victor Wells, SGH Vice Chair: Mark Walsh, Toronto Vice Chair: Thomas Evans, SGH Robert Angel, VancouverAlister Cowan, CalgaryBeverly Davies, WinnipegLisa Dorian, CalgaryEmerson Fiske, Atlantic ProvincesWilliam Hewitt, TorontoOliver Hüls, TorontoRichard Iwaniuk, EdmontonTim Zahavich, SGH

National representatives:Michael Conway, TorontoLaura Pacheco, TorontoLine Trudeau, SGH

SILVER ($5,000-10,000):CGI Group Inc.Suncor Energy Inc.

BRONZE ($1,000-5,000):Ameresco Canada Inc.Canadian Western Bank GroupInvestors Group

Corporate Donors

Chapter Donors

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

Personal donations

Benefactors ($500+):Bill Hewitt Siim Vanaselja Victor Wells

Patrons ($250-499):Normand BarabéScott CalverTyrone Cotie

Michael ConwayAlister CowanMichael Doolan

Douglas Urch

Supporters ($100-249): Bryan AlboRobert BrookwellEdward BrownRob ElliottNorm FergusonEmerson FiskeF. Barry GormanCaroline GoulianAllan JohnsonNadif Lalani

Sebastien LepageAndrew MacMartinMichael MakinsonMatt MatiaJoseph B Mc ArthurIan McDonaldPer MokkelbostRolland MorierSylvain OuelletteKeith Palmer

Douglas ProllRoger ReesGreg ReiserDavid RoszellPeter ScottGrant SlaterJohn SteenQi TangBruce Waterman

Donors (up to $100):Dale BencharskyFrancois BerthiaumePatrick BielenyGilles BoucherJames BoydJeffrey CookMarcello DiMarco

Andrew DindayalSandi KayeJason LangRafael LarissaMichel LevasseurJames MarinyakMohini Matadeen

Larry NentwigMassood OroomchiLucas PontilloKasey Reese Ravi RupnarainHank SamRolf Wenzel

thank You to ouR 2014-2015 CFERF donoRs

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RevenuesExpenses

Excess of expenses over revenues (revenues over expenses)

Excess, excluding pension plan expense for past employees

MembersEvents:

Breasfast seminars and private eventswebinars

Research studies completed National Strategic Partners at year-end

2015$

1,792,943 1,809,739

(16,796)

(6,423)

#1,575

324

14

2014$

1,997,342 1,987,326

10,016

19,649

#1,616

488

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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, Investment Income 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 Winnipeg, our national Breakfast seminar series, our national Executive

development Webinar series, Canada’s CFO of the Year™ award and our CFO Leadership beyond Finance program in partnership with Queen’s school of Business. The national strategic partner program includes activities with our valued sponsors. CFErF encompasses research studies and donations from members, Chapters and corporations. Investment income represents income earned on our investment portfolio. The miscellaneous category represents mainly administration fees. all of these activities are supported by our team at National office and various committees including our volunteer-driven thought leadership technical committees.

kEY pERFoRmanCE mEtRICs

FEI Canada 2015 annual REpoRt

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FInanCIal pERFoRmanCE REVIEw

REsults oF opERatIons

FEI Canada reported an excess of expenses over revenues of $16,796 for the year ended June 30, 2015, compared to a profit of $10,016 a year ago.

Excluding the impact of the actuarial costs of the closed pension plan for past employees, the excess of expenses over revenues would have been $6,423 compared to a profit of $19,649 last year. There was an accounting policy change this year which resulted in recognizing the gain on re-measurement of the pension plan assets and obligations (2015: $11,972 and 2014: $54,345) in net assets, rather than in the income statement. This change was applied retroactively to the 2014 financial statements.

REVEnuEsrevenues decreased by $204,000 or 10% from a year ago, from $1,997,000 to $1,793,000. CFErF revenues of $140,000 were $108,000 lower than the prior year, as 4 research studies were completed this year compared to 8 last year ($95,000) and donation revenues declined $13,000. revenue from Events reached $586,000, a decline of $109,000 from last year. Lower revenue from our annual conference and webinars was offset partly by the successful launch of the first cohort of our

CFO Leadership beyond Finance program. Membership dues and fees, at $707,000, show a decline of $22,000, stemming from the loss of 41 members this year. Income on our investment portfolio, at $18,000, was impacted by the low interest rate environment. revenue from our national strategic partners program, at $338,000, shows a $41,000 increase year-over-year given the net addition of 3 sponsors for a total of 14 at year-end.

REVEnuEs

Membership dues and initiation fees

39%

33%

19%

8%

Events

National StrategicPartnerprogram

CFERF Researchstudies and donations

Investment Income1%

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FEI Canada 2015 annual REpoRt

EXpEnsEsExpenses, at $1,810,000, decreased $177,000 (or 9%) from $1,987,000 a year ago resulting from initiatives to save costs.

Compensation expenses, representing 57% of FEI Canada’s expenditures, decreased $94,000 (or 8%) compared to last year. Event costs were lower by $68,000, mostly due to lower costs associated with our annual conference and

a higher profit on our Canada’s CFO of the Year™ award gala this year. administration, occupancy and other costs decreased $33,000 or 10% overall. Our spending on our national strategic partner program was up $16,000 to $58,000 given the increase in number of sponsors and Profile, branding & advocacy costs were virtually unchanged at $20,000.

EXPENSES, EXCludIng pEnsIon plan

Compensation

3%

Events

Administration, occupancy and other costs

Profile, branding & advocacy1%

National Strategic Partner program

57%22%

17%

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FEI Canada summaRY oF FInanCIal statEmEnts

Toronto, Ontario september 29, 2015

Michael Conway, FCpa, FCa, ICd.d president & CEO

FEI Canada summaRY FInanCIal statEmEntsmanagEmEnt’s REsponsIbIlItY FoR FInanCIal REpoRtIngManagement is responsible for the preparation of the summary financial statements of Financial Executives International Canada/dirigeants Financiers Internationaux du Canada (FEI Canada). These financial statements have been prepared by management in accordance with Canadian accounting standards for not-for-profit organizations 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.

hilborn 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 opinion without reservation. They have also prepared a report on our summary financial statements which is presented below.

Line Trudeau, Cpa, Ca, MBaChief Financial Officer

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REpoRt oF thE IndEpEndEnt audItoRs on thE 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, 2015 and the summary statement of revenues and expenses for the year then ended, and related note, are derived from the audited financial statements of the Financial Executives International Canada/dirigeants Financiers Internationaux du Canada for the year ended June 30, 2015. We expressed an unmodified audit opinion on those financial statements in our report dated september 29, 2015.

The summary financial statements do not contain all the disclosures required by Canadian accounting standards for not-for-profit organizations. 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 sTaTEMEnTsManagement 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 rEspOnsIBILITYOur 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”.

OpInIOnIn 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, 2015 are a fair summary of those financial statements, on the basis described in the note to the summary financial statements.

Toronto, Onseptember 29, 2015

Chartered professional accountantsLicenced public accountants

FEI Canada 2015 annual REpoRt

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FEI Canada summaRY oF FInanCIal statEmEnts

REpoRt oF thE IndEpEndEnt audItoRs on thE summaRY FInanCIal statEmEnts

summaRY statEmEnt oF FInanCIal posItIon

Ken Kember, cpA, cAChair, audit & Finance Committee 2015-2016

2015$

2,227,116 21,28144,526

2,292,923

1,223, 429

3,232 1,226,661

410,000 590,455

65,8071,066,262 2,292,923

June 30

assETs

Current assets

Tangible Capital assets

Intangible assets

LIaBILITIEs

Current Liabilities

Long-term Liability

accrued pension Liability

FUnd BaLanCEs

Operating

restricted

strategic

Invested in Capital assets

2014$

2,141,89027,97532,405

2,202,270

1,089,757

17,484

1,107,241

400,000634,649

60,380

1,095,029

2,202,270

Debbie stein, cpA, cAChair, 2015-2016 Board of directors

approved on behalf of the Board,

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2014$

728,546695,752297,083248,24525,7162,000

1,997,342

1,114,3499,633

458,807342,22941,88920,419

1,987,326

10,016

2015$

706,944586,456 338,075 139,78517,8743,809

1,792,943

1,020,657 10,373 391,032309,70857,91820,051

1,809,739

(16,796)

Year ended June 30

rEVEnUEsMembership dues and initiation feesEventsnational strategic partner programCFErF research studies and donationsInvestment incomeMiscellaneous

EXpEnsEsCompensationpension planEventsadministration, occupation and other costsnational strategic partner program Profile, branding & advocacy

Excess of revenues over expenses for year

summaRY statEmEnt oF REVEnuEs and EXpEnsEs

FEI Canada 2015 annual REpoRt

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FEI Canada summaRY oF FInanCIal statEmEnts

notE to summaRY FInanCIal statEmEnts

June 30, 2015

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 connect financial executives through networking, knowledge exchange, advocacy and ethical leadership. 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, 2015, 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 (FEI). Each chapter is independently responsible for funding and managing its operations and, accordingly, are not included in these financial statements.

Full consolidated financial statements may be viewed on the FEI Canada website.

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FEI Canada 2015 annual REpoRt

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natIonal stRatEgIC paRtnERs

Thank you to our 2014-2015 national strategic partners for their ongoing support.

natIonal stRatEgIC paRtnERs

http://www.feicanada.org