The past year has been an active one for CGA-Canada , with notable changes to privacy laws and public representation, submissions being made to the federal government, and the launch of several important public policy initiatives. The Association has won a number of significant victories, and has had considerable success in raising the national profile of the designation.
Addressing Changes to Privacy Legislation
Privacy has emerged as one of the key business issues in 2003 for both Canadian organizations and CGAs. The new federal Personal Information Protection and Electronic Documents Act (PIPEDA) established privacy rules that were applied to all organizations by January 1, 2004. To the extent that organizations collect, use, and/or disclose personal information in the course of commercial activities, they are obliged to comply with PIPEDA or similar provincial laws.
In order to assist CGAs in meeting PIPEDA obligations, the Association has developed privacy compliance tools. Information on the following subjects is available on PD Network at http://www.cga-pd.net:
- CGA Model Privacy Code
- CGA Model Privacy Protection Pledge
- CGA Model Frequently Asked Questions
- CGA Model Commitment to Privacy
CGA-Canada respects and upholds an individual's right to privacy and protection of personal information. The Association uses stringent security safeguards to ensure that information is protected if and when it is submitted.
Questions about the Association's privacy policy, as well as concerns or complaints regarding privacy practices, should be directed to the Privacy Officer, who can be reached by telephone at 800 663-1529, by email at privacyofficer@cga-canada.org, or by regular mail at:
CGA-Canada
800 – 1188 West Georgia St.
Vancouver, British Columbia
Canada
V6E 4A2
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Progress Made on Public Accounting Rights in Ontario
Bill 94, the Public Accounting Act, 2004, received unanimous consent in the Ontario legislature in June 2004, paving the way for the Certified General Accountants of Ontario (CGA Ontario) to license and regulate public accountants in that province.
CGA Ontario, along with the Institute of Chartered Accountants of Ontario and the Society of Management Accountants of Ontario, will become directly responsible for licensing and regulating individual public accountants. They will assume these responsibilities when their own rules meet the required standards set by a newly reconstituted Public Accountants Council (PAC).
After setting standards in each of 14 areas, the PAC will begin sufficiency testing to determine if the three professional associations meet those standards. The associations will be able to start issuing licenses once standards are met.
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Task Force Endorses CGA Recommendations
The final report from the Prime Minister's Task Force on Women Entrepreneurs includes several recommendations that reflect CGA-Canada's submission to the federal government on this issue. In its presentation, CGA-Canada focused on four priority areas: access to capital, education and training, the employment insurance program, and taxation.
The report makes 69 recommendations in all, three in particular that support CGA-Canada positions:
- that the federal government work with the private sector to fill the financing gap in growth and venture capital;
- that the federal government create " one-stop shopping" access to information designed for women entrepreneurs; and
- that maternity leave benefits be extended to self-employed women.
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Pre-Budget Submission Focuses on Tax, Debt, and EI
CGA-Canada's pre-budget submission to the House of Commons Standing Committee on Finance for the 2004 budget year focused on tax reform, debt reduction, and employment insurance provisions. The submission was made by CGA-Canada Tax and Fiscal Policy Committee Chair Everett E. Colby, FCGA.
The Association recommended three measures to make Canada's tax system fairer, simpler, and more responsive, and suggested the government set a medium-term debt reduction target of a 30 per centdebt-to-GDP ratio by the year 2010. CGA-Canada also suggested that the principle of employer/employee parity apply to employment insurance rates.
CGA-Canada cited its submission to the Prime Minister's Task Force on Women Entrepreneurs to further support a recommendation that the government review provisions of the EI system, in particular with regard to their fairness to entrepreneurs.
The federal budget was tabled in March 2004, and the Association posted complete analysis of the budget on its Web site.
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Luncheon Series Concludes After Successful Season
The 2003-2004 season of Economic News Luncheons, hosted by CGA-Canada, reflected a year of changes on the political, regulatory, and economic fronts.
The series is presented by CGA-Canada and the National Press Club of Canada to stimulate discussion on economic issues of national importance. Six luncheons were held in Ottawa between September and March, with the last event on March 10. Steve Hindle, President of the Professional Institute of the Public Service of Canada, spoke about public service renewal and reform at that luncheon.
Speakers during the year included Harold MacKay, Vice-Chair of the federal government's Wise Persons' Committee on securities regulation; Don Drummond, Senior Vice-President and Chief Economist of the TD Bank Financial Group; Nancy Hughes Anthony, President and CEO of the Canadian Chamber of Commerce; Anne Golden, President and CEO of the Conference Board of Canada; and Luc Bertrand, President and CEO of the Montreal Exchange.
The luncheons, which take place at the National Press Club, raise the Association's profile in Ottawa and attract a broad audience of government officials, politicians, national media, and business leaders.
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CGA Supports Study of Investor Activism
CGA-Canada sponsored a Public Policy Forum study into the trend of institutional investor activism and the implications for market confidence and public policy.
There have been a number of examples in recent months of institutional investors and other shareholder activists exercising their power over corporate boards they believe have not acted in the best interest of shareholders (see " Perspective", May – June 2004, CGA Magazine).
The study examines this trend from a Canadian perspective and questions whether it might lead to new corporate governance reforms. The research includes interviews with a broad range of stakeholders, a roundtable process, and a final report.
The Public Policy Forum is a neutral and independent Ottawa-based forum for open dialogue on public policy issues.
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CGA-Canada President and CEO Speaks to National Audiences
Anthony Ariganello, FCGA, spoke on behalf of the Association at two platform opportunities this summer. These speeches are part of a program that will take CGA-Canada's President and CEO to key centres across the country to address issues affecting the business and accounting communities.
Ariganello delivered a speech titled Towards a New Era in Corporate Canada: Clarity, Transparency, and Accountability in Financial Reporting, to the Halifax and Calgary Chambers of Commerce.
In these speeches, Ariganello focused on the theme that business leaders must take ownership for driving positive change; that the accounting profession and its governing bodies must be more vocal and proactive in identifying opportunities to improve corporate governance; and that regulatory practices must be more responsive to changes in the business environment.
The Halifax and Calgary speeches followed on the heels of another engagement in Victoria, where Ariganello was the guest speaker at CGA-BC's annual Member of the Legislative Assembly luncheon. The event is intended to promote strong relations between the provincial CGA association and the B.C. government.
The next stop of the President's platform program was at the Vancouver Board of Trade on November 30, 2004.
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