Corporate Governance

Taking on the tough job of accountability for Canadian Boards

Company stakeholders are demanding more oversight and diligence by boards in a variety of areas. The US Sarbanes-Oxley Act has changed the governance landscape on a global basis with a maze of new rules and regulations for accounting and disclosure, internal controls and risk management. Boards and audit committees have specific new requirements in fulfilling their roles.

Canada is squarely in the limelight with its very own corporate governance failures. As a result, Canada has its own corporate governance rules and regulations under Bill 198 and related guidance from the Canadian Securities Administrators. The resulting financial and reputational repercussions of non compliance are greater than ever before. The rapidly changing environment and the sheer volume of material make it challenging to understand the rules and best practice of corporate governance. In addition, since much of the guidance is general in nature, boards and management need to carefully determine the specific strategies and actions to undertake.

Our PwC Corporate Governance team is constantly researching the global best practices of governance in North America, Europe, Australia, South Africa, and across the globe. Our vast client network helps us to know not only what the latest rules and regulations are but also what the current best practices are in the boardroom. We assist Boards and management by reviewing their current governance practices and comparing them to the relevant rules, guidelines and best practices. For any gaps we identify, we recommend changes.

We don't just provide of list of to do's or a revised charter. We can assist management in implementing effective change in a variety of related areas. These include:

• Converting to the International Financial Reporting Standards (IFRS): All publicly accountable enterprises in Canada will need to convert to IFRS by 2011, and boards should not underestimate the work involved. We help our clients address not only the business issues but also the risk issues involved with adopting IFRS and the impact it will have on corporate governance structures
• Putting sustainable business practices on the corporate governance agenda: Sustainability and the reporting of nonfinancial information are a growing concern for Boards across Canada, and we help clients identify the regulations and the best practices that influence an organization's "triple bottom line"
• Risk management: Boards need to juggle a wide variety of business risks while moving their organizations forward. We help Boards take a holistic approach to addressing the myriad risks — both financial and otherwise — that corporations face every day
• Technology consulting: We know information technology issues don't just impact the day-to-day management of your organization — they reach all the way up to your Board of Directors. Whether it's devising strategies to mitigate privacy or security risks, ensuring a healthy ROI on your IT expenditures, or effectively integrating IT systems after a merger or acquisition, we've got the knowledge to help you address the IT concerns that impact your Board

Contact a professional in your area to discuss your unique business concerns. PwC Canada also offers a repository of Corporate Governance publications, events and resources on our Corporate Governance Microsite.