Awards of Excellence in Corporate Reporting JUDGES’ BOOK 2016
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Awards of Excellence in Corporate Reporting JUDGES’ BOOK 2016 A proud heritage, a bright future We celebrate a milestone Presentation is also changing dramatically. this year–the 65th anniversary Organizations today augment printed materials of the Awards of Excellence with electronic formats that cover a spectrum of in Corporate Reporting social media platforms and include mobile apps (CR Awards). and dynamic interactive analytical tools. A lot has changed in corporate reporting in that time and the Raising the bar CPA Canada is proud to recognize the companies program has evolved to help reporters stay ahead and Crown organizations that rise to meet these of those changes. When it launched in 1951 as ever-evolving challenges. Spotlighting excellence the Annual Report Awards, the competition was sets a clear path for others. Yesterday’s innovations open to public companies only. Judges reviewed become today’s table stakes. The bar moves higher. hard copy annual reports that contained very little information beyond the fi nancials. Some Fostering continual improvement is a primary 40 years later, Management Discussion and objective of the CR Awards. All entrants receive Analysis was added. In the 1990s the program feedback from the judges that shows how they further expanded to include environmental measured up against benchmarks and provides reporting and corporate governance disclosures. advice for improvement. The Electronic Disclosure category was included in 2001. We opened the competition to Crown organizations in 2007. Moving forward with strength Looking back on 65 years gives important context about where corporate reporting has been. The Increasingly complex needs require landscape will continue to change and strong sophisticated reporting Canadian companies will continue to respond in kind. Our long-standing dedication to this program refl ects CPA Canada’s commitment to high- CPA Canada applauds all entrants for submitting quality reporting and the benefi ts it o ers to their reporting to the rigorous judging process. the investment and business communities; and We proudly celebrate those that stand in the by extension to the health of our economy winner’s circle. and the stability of the Canadian and global fi nancial systems. I extend a personal thank you to head judge, Ron Salole, and the ninety judges who participated The needs of investors and other stakeholders, in the program this year. coupled with stringent regulations and standards, put increased expectations on reporters. In The trust and credibility that results from addition to high-quality fi nancial reporting, high-quality reporting benefi ts us all. the market demands top-caliber corporate governance disclosures. Sustainability reporting is gaining maturity with top-tier reporters Joy Thomas, FCPA, FCMA focusing on materiality analysis and the President and CEO integration of sustainability measures into CPA Canada corporate strategy and governance. JUDGES’ BOOK | 2016 1 THANK YOU! Our corporate sponsors play a vital role in helping us promote integrity, transparency, and leadership in reporting. GOLD SILVER OFFICIAL NEWSWIRE OF THE 2016 AWARDS OF EXCELLENCE IN CORPORATE REPORTING Special thanks to Sustainalytics for providing environmental, social and governance research services. Table of contents About the awards . ................................................................................................................................................................................. 4 About the judging groups ................................................................................................................................................................. 5 The 2016 panel of judges ................................................................................................................................................................... 6 Corporate reporting evolves ............................................................................................................................................................ 11 Awards of Excellence in Financial Reporting: Crown corporations Crown entrants ......................................................................................................................................................................................... 13 Leading practices in fi nancial reporting for Crown organizations ............................................................................ 14 Federal (Large) — Canada Deposit Insurance Corporation .......................................................................................... 16 Federal (Small) — Telefi lm Canada .............................................................................................................................................. 18 Provincial — SaskPower ...................................................................................................................................................................... 20 Publicly listed entrants ......................................................................................................................................................................... 23 Awards of Excellence in Corporate Reporting: Industry winners Overall Award of Excellence in Corporate Reporting — TELUS ................................................................................ 26 Communications and Media — TELUS ....................................................................................................................................... 28 Consumer Products and Services — Canadian Tire Corporation .............................................................................. 30 Financial Services — BMO Financial Group ............................................................................................................................ 32 Industrial Products and Services — WSP Global Inc. ...................................................................................................... 34 Mining — Goldcorp ................................................................................................................................................................................. 36 Oil and Gas/Forestry Products — Suncor Energy Inc. ................................................................................................... 38 Real Estate — Boardwalk REIT. ....................................................................................................................................................... 40 Utilities/Pipelines — Enbridge Inc. ................................................................................................................................................ 42 Awards of Excellence in Corporate Reporting: Category winners Leading practices in fi nancial reporting .................................................................................................................................. 48 Award of Excellence in Financial Reporting — PotashCorp ......................................................................................... 50 Honourable Mention in Financial Reporting — Intact Financial Corporation ..................................................... 52 Leading practices in sustainability reporting ......................................................................................................................... 54 Award of Excellence in Sustainability Reporting — Goldcorp ..................................................................................... 56 Honourable Mention in Sustainability Reporting — Suncor Energy Inc. ............................................................... 58 Leading practices in electronic disclosure ............................................................................................................................... 60 Award of Excellence in Electronic Disclosure — Intact Financial Corporation .................................................. 62 Honourable Mention in Electronic Disclosure — WSP Global Inc. ........................................................................... 64 Leading practices in corporate governance disclosure ................................................................................................... 66 Award of Excellence in Corporate Governance Disclosure — TELUS ..................................................................... 68 Honourable Mention in Corporate Governance Disclosure — Enbridge Inc. ..................................................... 70 JUDGES’ BOOK | 2016 3 About the awards 2016 marks the 65th anniversary of the Awards Financial Reporting of Excellence in Corporate Reporting. The awards A company’s annual report highlights the past are the most prestigious and coveted national year’s results within the context of corporate awards of their kind, providing well-deserved strategies, competitive strengths and industry recognition to Canada’s top-tier reporters. fundamentals. Leaders in fi nancial reporting remain true to the foundation of transparency In addition to recognizing excellence, the awards and accountability while exploring innovative program promotes continuous improvement in ways to tell their stories. This category is corporate reporting. Entrants receive a confi dential judged by three panels: Chartered Professional assessment detailing how they compare to the winners Accountants, investor relations professionals and recommending changes for improvements. So, and fi nancial analysts.