B.C. CFO of the year 2012

2012

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BC CFO of the year

Daily business news at www.biv.com May 1–7, 2012

Hands at the helm honoured Second annual CFO of the Year Awards presented by BIV recognize leadership in troubled times

By Frank O’Brien

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he “money men and women” of business, chief financial officers, are pivotal in today’s increasingly multi-dimensional business world, notes Richard Rees, CEO of the Institute of Chartered Accountants of BC (ICABC).

As global forces rocked the corporate world over the past decade, top CFOs not only earned greater respect, they also proved their mettle in an arena suddenly buzzing with mergers and acquisitions, debt control and unprecedented risk and government regulations, he said. Rees cited such recent changes as detailed filings under the Financial Transactions Reports Analysis Centre of Canada, meant in part to track potential terrorist funding, as part of the dramatic new dynamic. “The financial world is so much more complex,” he said.

“Everything – from environmental assessments to technical spending and regulatory filings – ultimately is the bailiwick of the CFO,” Rees explained. “After all, if your business is not financially

sound and successful, what are you?”

As a recent Deloitte poll of 1,300 business executives showed, more than 60% believe recent market volatility has increased collaboration across the C-suite.

Spotlighting this recognition, Business in Vancouver, with the ICABC, is presenting the second annual CFO of the Year Awards, the only such program in the province. Winners will be celebrated May 15 at the CFO of the Year Awards 2012 dinner in Vancouver.

CFOs provide much more than accounting, agreed awards judge Hugh Notman, partner with Stirling Mecantile Corporation of Vancouver.

“CFOs provide direction and execution at all levels as they affect the balance sheet,” Notman said.

Calling this year’s nominees for the CFO of the Year Awards “exceptional,” Notman added, “The candidates all show very strong leadership in their position, and all seem deeply involved in the strategic operations of their companies. There are

many areas in addition to accounting that the CFOs provide direction and execution in, such as operations, human resources, information technology and systems, regulatory and financing at all levels on the balance sheet.

Many are involved with multijurisdictional issues and major transformational changes in

“After all, if your business is not financially sound and successful, what are you?”

– Richard Rees, CEO, Institute of Chartered Accountants of BC their organization. Most of the candidates also find time outside the job to be involved with community initiatives, charitable organizations, and mentoring of employees and youth.”

The other judges this year are: Lawson Lundell LLP partner Valerie Mann, Deloitte managing partner Olin Anton, and CIBC Commercial Banking vicepresident Phil Lehn.

“The response to the awards has been tremendous,” said Rees, who has been fielding calls and emails from company officials and staff expressing their delight in their CFO being recognized.

BIV and ICABC will present awards to the winners in six separate categories: large public company; large publicly accountable company; large private company; small private company; transformation agents; and, for the first time, not-for-profit company.

“We are so proud that our CFO Tarunjeet Bhatia is among the award winners,” said Mamie Hutt-Temoana, CEO of the Association of Neighbourhood Houses of BC. “Bhatia has been our CFO for 10 years and he is certainly deserving of the award.”

Mamie said Tarunjeet has “kept us and our eight neighbourhood houses right on track financially,” and he often also volunteers “many hours” of his time to help other not-for-profit groups.

The CFO of the Year Awards dinner is held Tuesday, May 15, at the Fairmont Waterfront Hotel, Vancouver. Tickets available at www.biv.com. •

contents Large public company Don MacDonald, Quadra FNX Mining 3 Large private company Annalisa King, Best Buy Canada 4 Transformation agents John Currie, Lululemon Athletica 6 Nancy McKenzie, Seaspan Marine 8 Geri Prior, Insurance Corporation of British Columbia 10 small Private company Michael Taylor, Nicola Wealth Management 12 Not-for-profit Tarunjeet Bhatia, Association of Neighbourhood Houses of British Columbia 14 Large publicly accountable company Bill Keen, North Shore Credit Union 16

Photography by Dominic Schaefer

Sponsor’s Message

Business leaders, highest standards The Institute of Chartered Accountants of British Columbia (ICABC) is the largest accounting organization in BC, with over 11,000 members and more than 1,800 students. Established in 1905, the ICABC is also the oldest accounting organization in the province, celebrating its 100th anniversary in 2005.

You may think of chartered accountants as “number crunchers” or people who only do tax. But the CA profession has changed dramatically over the past half century, keeping pace with the rapid evolution of business. CAs are still the leading authority on tax issues and auditing, but they’re also at the forefront of new business valuations; corporate and personal financial planning; insolvency; and environmental and forensic accounting and assurance.

Today, more BC CAs work in industry than in public practice—as presidents, chief executive officers, and chief financial officers, for instance—and many are entrepreneurs, running their own businesses. Roughly 30% work in public practice as partners, employees, and sole-practitioners, providing a wide range of business advice and services to individuals and large and small business clients.

A CA is a business leader who upholds the highest of standards. Trust, integrity, independence—these values set CAs apart, and make choosing a CA the best business decision, period.

The Institute of Chartered Accountants understands the importance of strong financial management and is pleased to be celebrating the best that British Columbia’s business community has to offer.

Congratulations to the finalists a n d w i n n e r s o f t h i s ye a r ’s BC CFO of the Year awards. www.cica.ca

BC CFO of the year

May 1–7, 2012 Business in Vancouver

Large public company

Don MacDonald CFO, Quadra FNX Mining (now KGHM International)

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n 2011, Don MacDonald, CFO of Quadra FNX Mining Ltd., played an instrumental role in negotiating a joint venture with Quadra FNX, Sumitomo Metal Mining Co. Ltd. and Sumitomo Corp. to develop the Sierra Gorda copper – molybdenum project in Chile.

During negotiations, MacDonald balanced the need for strong financial controls and discipline with the commercial realities for the parties on both sides of the deal, resulting in a fair and robust $764.2 miliion arrangement.

In the midst of negotiations with Sumitomo, MacDonald was also able to respond to a window of opportunity in the markets and led Quadra FNX and his finance team through the successful completion of a $500 million offering of senior secured notes.

Along with his effective financial leadership at Quadra, MacDonald uses his 25 years of experience in the mining industry to help advance the company’s business objectives.

He learns the business outside of financial reporting by spending time with his fellow finance team members as well as the operational teams at Quadra FNX’s mine sites.

He leverages his extensive experience to provide insight into strategic decisions and articulate to his colleagues potential future results or effects of proposed actions.

Andrew McLeod, partner at Blake, Cassels & Graydon LLP, said “Don empowers his colleagues at Quadra FNX to implement major initiatives and follow through on decisions by communicating in terms that people can understand and relate to rather than in strictly technical terms.” •

Nomination remarks from Andrew McLeod, partner at Blake, Cassels & Graydon LLP: How has the nominee demonstrated leadership in finance?

MacDonald demonstrates leadership in finance by being a business leader with a view to understanding the strategic goals of a company, not just an accounting technician. He understands that technical excellence is not in itself the objective, but rather the necessary tool to advance business goals.

How has the nominee demonstrated a commitment to sound ethics and reporting?

Don remains focused on financial discipline and best practices in the face of operational challenges. He has demonstrated a commitment to sound ethics and reporting by upholding the highest reporting standards in the face of time constraints and limited resources.

How has the nominee contributed to strategic decision-making and growth of the company?

MacDonald combines the use of expert financial skills and management skills, including communication, collaboration and foresight, to contribute to the development of Quadra FNX’s long-term strategy of growth while strengthening the existing business.

“He empowers his colleagues at Quadra FNX to implement major initiatives and follow through on decisions by communicating in terms that people can understand and relate to rather than in strictly technical terms” – Andrew McLeod, partner, Blake, Cassels & Graydon

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BC CFO of the year

Daily business news at www.biv.com May 1–7, 2012

Sponsor’s Message

Large Private Company

Annalisa King

The answers are out there True leaders know how to find them. By listening, anticipating and constantly progressing. By answering questions customers have yet to ask.

For over a century, Audi has remained on the leading edge of automotive design and technology by doing just that. It’s in the origin of our name, in fact. From the A3 to the R8, Audi constantly strives to create a highly nuanced convergence of design, engineering and technology – with the end result being vehicles that are both high performing and luxurious.

On behalf of the Vancouver Area Audi team, we’d like to congratulate all the nominees for their successes. To be recognized for the Business in Vancouver CFO nomination is a testament of the highest level of financial leadership. Importantly, it is also a demonstration of the commitment, vision and discipline it takes to be included in this esteemed list of nominees.

Senior vice-president, Best Buy Canada

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roviding analysis of and sound guidance around the achievement of the company’s vision and goals, Annalisa King performs an integral part of the development of Best Buy Canada’s strategic growth plans.

As senior vice-president and chief financial officer, she leads the company’s finance and accounting departments and also oversees the information technology, legal and real estate functions.

King is one of Canada’s most respected senior business executives.

She was inducted into the Canada’s Most Powerful Women: Top 100 Hall of Fame in 2010. Her dedication to leadership has earned her a reputation as a dynamic business thought leader in the areas of corporate finance and business transformation.

Prior to joining Best Buy, King was the senior vice-president of business transformation for Maple Leaf Foods in Toronto.

“Annalisa is a natural fit with the electronics and retail environments and has become a significant pillar of leadership within the C-suite,” said Joy Weland, senior communications co-ordinator at Best Buy Canada.

“During her four-year tenure, Annalisa has taken her vision and leadership to new levels and achieved significant impact and results at Best Buy Canada.”

King also leads Best Buy Canada’s women’s leadership network – dedicated to helping female leaders accelerate their careers and growing market share among women consumers.

Nomination remarks from Joy Weland, senior communications co-ordinator, Best Buy Canada: How has this nominee demonstrated leadership in finance?

Annalisa King is the organization’s financial wizard and go-to thought leader. Working alongside Best Buy Canada’s president, Annalisa manages the company’s capital and defines spending priorities by focusing on strategic areas for growth and managing priority broad-scale risks. Through her strategic leadership in these functional areas, Annalisa has been vital to the development of innovative tools and strategies that enable our retail locations to better serve Best Buy and Future Shop customers.

Her pastimes include scuba diving, playing tennis and travelling with her husband. •

“Annalisa has been vital to the development of innovative tools and strategies that enable our retail locations to better serve Best Buy and Future Shop customers” – Joy Weland, senior communications co-ordinator, Best Buy Canada

How has this nominee contributed to strategic decision-making and growth of the company?

Annalisa’s commitment to growth, innovation and responding to our customers’ unique needs have driven the organizations success in the marketplace. [As an example] in summer 2011, she oversaw the successful launch of CinemaNow, Best Buy Canada’s own digital content provider. She led the company to place a larger focus on the services portion of the business by supporting the expansion of Geek Squad and ConnectPro. This shift has not only contributed to the bottom line but has been a strong step towards offering the highest level of customer service for Best Buy Canada customers.

How has this nominee demonstrated a commitment to sound ethics and reporting?

Annalisa has a large impact on the organization’s initiatives and performance. From a financial standpoint, Annalisa has provided a steady hand in investigating specific areas of concern. She manages contingency plans and analyzes markets to leverage as opportunities for the organization. By providing insight, analysis and guidance, as well as managing cash flow and capital spending, Annalisa provides the critical leadership required to keep Best Buy among the nation’s largest and fastest growing retailers.

How has this nominee demonstrated contributions to sustainability and community initiatives?

Annalisa is a leader who cares tremendously about giving back and giving her time to mentor others in the financial field. She is an active member of WXN, the Women’s Executive Network, and was inducted into to the Most Powerful Women: Top 100 Hall of Fame in 2010. This award is bestowed upon talented women who are proven achievers in all business sectors. As one of 73 Hall of Fame inductees, she is a role model for success. Annalisa is a regular on the WXN breakfast series, speaking recently on subjects like technology and leadership. She will be featured at the upcoming Women of Influence Luncheon in Vancouver this spring. Annalisa is also active with the Association of Women in Finance, having served as a judge and speaker, and as she puts it, “has collected a talented cadre of mentees through these affiliations.”

BC CFO of the year

May 1–7, 2012 Business in Vancouver

Well, you can’t be good at everything.

CONGRATULATIONS to the nominees and recipients of the 2012 BC CFO of the Year Awards, and to all the influential CFOs shaping our province and country.

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BC CFO of the year

Daily business news at www.biv.com May 1–7, 2012

Sponsor’s Message

Phil Lehn, Vice-President, CIBC Commercial Banking

CIBC congratulates this year’s CFO of the Year honorees On behalf of all of my colleagues at CIBC, I am thrilled to congratulate the five outstanding individuals who have been selected as this year’s Business in Vancouver CFO of the Year award recipients - [list winners].

This incredible achievement recognizes the significant contribution of the honorees to the success of their organization in a challenging marketplace. Their demonstrated leadership goes beyond the key measures that impact the bottom line. In addition to driving growth and overall performance through strong financial stewardship, these CFOs have also differentiated themselves as standouts at the flawless execution, strategic decision-making, and sound business principals that are critical to long-term business success.

The Business in Vancouver CFO of the Year award is recognition of the highest level of financial leadership and we at CIBC have a deep appreciation for the commitment, vision, and discipline it takes to be included in this prestigious list.

Congratulations to this year’s winners. CIBC is proud to honour the best and the brightest of BC’s CFOs and we wish them continued success in the future.

Phil Lehn, Vice-President, CIBC Commercial Banking

Transformation agent

“His capacity for strategic thinking about growth and how to invest in a premium brand [has] helped direct Lululemon Athletica to not only be a high-growth business model but to deliver a world-class operating margin while growing”

John Currie CFO, Lululemon Athletica

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ince joining Lululemon Athletica Inc. in 2007, CFO John Currie has helped the company build a strong business model that has consistently grown revenues at a 35% compound annual growth rate. In 2011, net revenue increased 40.6% to $1 billion from $711.7 million in fiscal 2010.

“His capacity for strategic thinking about growth and how to invest in a premium brand [has] helped direct Lululemon to not only be a high-growth business model but to deliver a world-class operating margin while growing,” said Deloitte partner, enterprise risk, Shayne Gregg in nominating Currie.

In his five years at Lululemon, Currie has built strong teams in finance, accounting, IT and store development by hiring and developing top talent.

With a keen eye for opportunity, Currie leveraged his real estate knowledge during the recession to renegotiate leases to increase bottom-line profitability.

Nomination remarks from Shayne Gregg, partner, enterprise risk, Deloitte: Why should this person be considered one of B.C.’s CFOs of the year?

Bringing his wealth of experience from Intrawest, John Currie is truly a well-rounded CFO responsible for a number of areas beyond just accounting. He brings a sound business mind to an executive team deep in apparel production and distribution expertise and also finds time to lead the organization in other areas such as finance, leasing, and information technology.

How has the nominee contributed to the company’s growth and/or profitability?

John has built strong teams in finance, accounting, IT and store development through hiring and developing top talent. During the recession, John leveraged his real estate knowledge to renegotiate leases to increase the bottom-line profitability. Through disciplined financial management, John has helped Lululemon build a strong business model that has grown revenues at a 35% CAGR over the past four years and a 43.5% EPS CAGR. How has the nominee contributed to the strategic direction of the organization?

John and the executive team have created a disciplined strategic planning process that is focused on high-quality growth with a scorecard that measures the hard and soft metrics, allowing the company to respond to both opportunity and issues in a timely manner. This cross-functional approach leads to sound strategic decision-making.

How has the nominee demonstrated sound business ethics?

John demonstrates transparency in communications with the marketplace. He responded quickly to the recessionary conditions, developing a solid plan that allowed the company to exceed expectations, which created an environment of trust and credibility. The shareholders, brand and employees are what guide John’s leadership, and he makes his decisions based on what is best for the long term.

– Shayne Gregg, partner, enterprise risk, Deloitte

Prior to his current role, Currie worked for resort and leisure travel-provider Intrawest Corp. for a decade, first as senior vicepresident, financing and taxation, from 1997 to 2004 and then as CFO from 2004 to 2006.

Before that, Currie, a chartered accountant, held senior financial positions with telecommunications service provider BCE Group and was a specialist in international taxation at Arthur Andersen &

Co., a predecessor firm to Deloitte.

In 2009, Currie won a Deloitte Alumni Award honouring his “outstanding leadership qualities” in helping his organization “grow and win in the marketplace.”

Currie, who received his bachelor of commerce degree from the University of British Columbia, volunteers with Kiwanis International, Big Brothers and Vancouver Water Ski Club’s kids camp. •

BC CFO of the year

May 1–7, 2012 Business in Vancouver

The CFO Program A series of roundtable discussions Drive strategy, control costs, increase revenue, deliver and communicate results, engage stakeholders, enhance controls, and manage risk – today’s CFOs are under incredible pressure.

We believe CFOs have four faces to consider in business: Catalyst, Strategist, Operator and Steward. Deloitte’s CFO Program involves a series of roundtable discussions designed specifically for the CFOs of leading organizations in the Greater Vancouver Area.

Let us be your network.

For more information on Deloitte’s CFO Program, please contact Olin Anton, Managing Partner, at 604-640-4466.

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BC CFO of the year

Daily business news at www.biv.com May 1–7, 2012

Sponsor’s Message

Transformation Agent

Nancy McKenzie Chief financial officer, Seaspan Marine

A Olin Anton Managing Partner Deloitte

Congratulations In the past, finance executives have had to focus almost exclusively on control issues and capital raising.

Today, CFOs are expected to be strategic business partners with operating units and close confidants to the CEO. Driving strategy, cutting costs, increasing revenue, satisfying customers, delivering and communicating results, engaging stakeholders, enhancing controls, and managing risk – today’s CFOs are under incredible pressure as the CFO’s job has changed more than that of any other corporate executive.

Chief Financial Officers play an integral role in creating the spirit of transparency that outstanding companies strive to achieve. Increasingly, successful CFOs are judged not just on the financial performance of their company but on their contributions to the success of the business and how they reinforce public trust. The days of focusing strictly on finance and accounting are long gone, as today’s Chief Financial Officers are expected to be strategic thinkers who deliver successful business results.

Deloitte is proud to be associated with the BC CFO of the Year Awards, awards that recognize and honor the best in financial leadership.

Over the past year, each of this year’s nominees has proven their leadership abilities, displayed a devotion to sustainability initiatives and made great contributions to our community.

I congratulate the recipients of the BC CFO of the Year Awards, but also the nominees, as this is an achievement to be recognized.

All the best, Olin Anton Managing Partner Deloitte

s chief financial officer of Seaspan Marine Corp., Nancy McKenzie is tasked with enhancing the financial performance of the company and its affiliate, as well as providing leadership to its corporate services functions comprising finance, IT, supply chain management, risk and insurance, and corporate communications. She is responsible for financial reporting and management of the company.

She was previously the vice-president of finance and administration and, as such, led the financial services and human resource departments.

In addition to her corporate role, she is the director of Washington Canadian Investments Ltd., a trustee with the Canadian Merchant Service Guild pension plan, the leadership chair for the Seaspan United Way campaign and the co-ordinator of the goalie and peewee division of West Vancouver’s Minor Hockey Association. “[McKenzie] has been a key player in the company’s long-term strategic planning process,” said Lisa Bumbaco, vicepresident human resources, Seaspan Marine, “and led strategic initiatives which have ultimately led to our success with the national shipbuilding procurement strategy.” •

“[McKenzie] has been a key player in the company’s long-term strategic planning process and led strategic initiatives which have ultimately led to our success with the national shipbuilding procurement strategy” – Lisa Bumbaco, vice-president human resources, Seaspan Marine

Nomination remarks from Lisa Bumbaco, vice-president human resources, Seaspan Marine: How has this nominee demonstrated leadership in finance?

Nancy has previously authored exams for ICA BC, sat on professional development advancement committees and marked and supervised exams for CICA. During the recent economic downturn, Nancy implemented a cost-savings program at Seaspan that was successful in saving approximately $3 million. She played an active role in re-structuring the company as a further measure of cost containment. Nancy also provides leadership as a trustee for two of the company’s pension plans.

How has this nominee contributed to strategic decision-making and growth of the company?

Nancy played a key role in the company’s recent bid for the $8 billion government shipbuilding contract, providing guidance on capital structure and financing arrangements. As a result of her efforts, the company secured working capital funding in excess of $150 million, capital funding in excess of $125 million and significant equity contributions from company owners. Previously, Nancy was a leader in the consolidation of six marine companies that have strengthened and grown Seaspan Marine Corporation. On a day-to-day basis, she provides guidance and insight to other executive team members and her views are highly valued.

How has this nominee demonstrated a commitment to sound ethics and reporting?

Nancy led the implementation of the company’s ethics hotline and reporting function by introducing a process and technology to support the company’s ethics and business conduct policy, which she was also instrumental in introducing. Employees can communicate concerns confidentially, and Nancy leads a committee that ensures any issues are addressed.

Nancy has also implemented processes to ensure transparency in our operational reporting.

By introducing controls on job cost reporting, accuracy in our financial estimates is ensured. This includes job margin reporting and earned value management reporting for all shipyard projects.

Nancy leads regular financial reviews for all business units and has been instrumental in introducing an enterprise risk management process that ensures a reporting structure for risk tolerance and response is in place.

How has this nominee demonstrated contributions to sustainability and community initiatives?

Nancy is the executive leader for the company’s annual United Way campaign, which raises a significant contribution to local community programs.

She has provided executive leadership in a novel partnership with WWF in order to set targets and goals for improvement of the company’s environmental stewardship. Nancy also leads our donations committee, providing funding for education, community initiatives and scholarships.

As an executive board member of the Lions Bay Parents Advisory Council, Nancy was instrumental in raising $63,000 in six months to replace the local school playground by providing expertise in fundraising and grant application processes. The busy mom of two boys, Nancy finds time for involvement in the West Vancouver Minor Hockey Association.

May 1–7, 2012 Business in Vancouver

BC CFO of the year

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Daily business news at www.biv.com May 1–7, 2012

Sponsor’s Message

Transformation Agent

Geri Prior Chief financial officer, ICBC

D

Brian D. Fulton, Managing Partner, Lawson Lundell LLP

Celebrating BC’s CFOs Lawson Lundell LLP congratulates this year’s BIV BC CFO of the Year Award finalists and winners.

We are proud to support BC’s senior financial officers again this year. The leadership, knowledge, vision, and personal commitment of BC’s financial executive community assures our province of a prominent role in the global economy. Our firm is pleased to celebrate their accomplishments through the contribution of these awards.

Brian D. Fulton 604.631.9185 bfulton@lawsonlundell.com

ecision-making and leadership make an executive stand out, and it’s no different with Geri Prior, chief financial officer for the Insurance Corporation of British Columbia (ICBC).

Prior is responsible for all financial management functions, including corporate reporting, investments, actuarial services, audit and risk management, and corporate services such as facilities management and procurement. As CFO, she oversees approximately 420 staff and manages a divisional budget of $85 million.

When she joined ICBC in 1987, she worked in internal auditing before leading teams in change management, cost containment and planning. She built the corporate project management practice in the mid1990s and became CFO in 2000. She also served as interim president and CEO of ICBC in 2008.

“As she has grown with the company, Geri has demonstrated a capacity to adapt the organization to change and enhance its performance,” said Jon Schubert, ICBC president and CEO. “Today, she is recognized as a candidate for succession of the CEO. “Geri introduced a strong focus on managing operating costs, which have been held at the rate of inflation and remain below the industry average.”

Prior has received recognition for both her professional and her community achievements, most recently being named a fellow of the Institute of Chartered Accountants of BC and being given the Deloitte Alumni Award for leadership. •

“ICBC’s ability to realize its vision is directly a result of the company’s solid financial position and strength, which has been built under Geri’s governance” – John Schubert, president and CEO, ICBC

Nomination remarks from John Schubert, president and CEO, ICBC: How has this nominee demonstrated leadership in finance?

When Geri was named CFO, the company was significantly undercapitalized with capital sitting at an extreme low of $269 million. Over the last 10 years, Geri realized significant improvements to ICBC’s capital and net income.

In Geri’s first year as CFO (2001), net income was a net loss of $250 million. It reached an all-time high in 2007 at $642 million, and ICBC ended 2010 comfortably at $360 million.

Today, ICBC remains in a strong financial position thanks to a strategically positioned investment portfolio and well-managed operational costs.

Geri oversees the investment team, which manages $11.5 billion in corporate assets and $470 million in pension assets, the majority of which are managed inhouse. ICBC’s investment assets consistently outperform relative to market benchmarks and other property and casualty insurers, delivering an investment return of 4.6% compared to a market benchmark return of 4%.

How has this nominee contributed to strategic decision-making and growth of the company?

In 2008, while acting CEO, Geri led with the executive team to create a case for change for a large transformational program to update ICBC’s processes, technology and corporate culture. That case for change is now well underway as ICBC has embarked

on a multi-year transformational program that will change the way the company does business.

The $400 million project is the largest in ICBC’s history and will convert the major legacy technology systems and processes to a customer-centric model, as well as move the culture of the organization to create a performance-driven, customerfocused business.

Geri’s leadership helped create the transformation program, and ICBC’s ability to realize its vision is directly a result of the company’s solid financial position and strength, which have been built under Geri’s governance.

How has this nominee demonstrated a commitment to sound ethics and reporting?

ICBC is a very complex business, offering basic and optional auto insurance under a tort system. Changes to ICBC’s basic insurance are regulated by the BC Utilities Commission.

As a Crown corporation, ICBC is accountable to the provincial government. ICBC must adhere to government reporting requirements, and ICBC’s revenue is reflected in the provincial budget. Geri, as a member of ICBC’s leadership team, plays a central role ensuring sound ethics and reporting.

Geri is the executive sponsor of ICBC’s corporate-wide risk-management program, which aims to create a risk-savvy workforce – where decisions proactively

consider and analyze the impact to customers, employees, corporate reputation and finances. The program was initiated in 2008 when Geri challenged the corporate risk team with a mandate to educate ICBC’s entire management team (500+ people) on ICBC’s approach to risk management and to enhance the application of the existing risk management framework to be more practical to ICBC’s business.

How has this nominee demonstrated contributions to sustainability and community initiatives?

In addition to Geri’s hard work and dedication to ICBC, she has served the community.

Geri volunteers her time as a member of the board of governors for Capilano University.

She chairs the audit committee and is a member of the Capilano Foundation Board, which manages over $5 million in endowments established by donors to provide support to students.

She is also a member of the presidential nominating committee for the BC Institute of Chartered Accountants and previously served on the Deloitte alumni judging panel.

Geri is seen as a role model not only to her mentees but countless others throughout ICBC and in the financial services community.

Under Geri’s leadership, ICBC became carbon neutral in 2010, preventing the release of more than 20,000 tonnes of carbon emissions annually. And she is dedicated to further reducing emissions by 33% from 2007 levels by 2020.

May 1–7, 2012 Business in Vancouver

BC CFO of the year

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B12 BC CFO of the year

Daily business news at www.biv.com May 1–7, 2012

small Private company

Michael Taylor CFO and chief compliance officer, Nicola Wealth Management

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ichael Taylor, CFO and chief compliance officer of Nicola Wealth Management (NWM) began writing a newsletter for the company shortly after he joined. Entitled Kaizen, a Japanese word meaning to continuously improve, it is a philosophy he helps the firm successfully achieve every day.

Taylor’s initial mandate when he joined the company in 2007 was to determine the feasibility of expanding beyond NWM’s single pooled fund at the time into a series of proprietary pooled funds. In less than five years, Taylor built a platform that expanded NWM’s offering from a single $70 million fund to 13 funds valued at $1.1 billion today.

with the BC Securities He spent months perCommission but also alforming due diligence lowed the firm to register and research to prepare as a portfolio manager, ina report exploring the fivestment fund manager nancial structures of proand exempt market dealer. prietary funds; it would John Nicola, chairman become the foundation for and CEO of NWM, said, NWM’s expansion into “While his skills and abilfund manufacturing. ities have certainly elevated Taylor co-manages the the firm’s business deNWM primary and balvelopment, Mike is a conanced mortgage funds, summate team player. His where he is responsible for creative problem-solving selecting the funds’ assets ability laid the groundand third-party suppliers work for the firm’s future and shares accountabilgrowth both financially ity for their performance.

After crafting the finan- and administratively, stewarding business initiatives cial structure that would that have brought both efallow the firm to become a ficiency and scalability.” • successful fund manufacturer, he deftly handled a litany of risk management and compliance issues that not only improved NWM’s standing “His creative problem-solving ability laid the groundwork

for the firm’s future growth both financially and administratively, stewarding business initiatives that have brought both efficiency and scalability” – John Nicola, Chairman and CEO, Nicola Wealth Management

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BC CFO of the year B13

May 1–7, 2012 Business in Vancouver

Nomination remarks from John Nicola, chairman and CEO, Nicola Wealth Management: How has the nominee demonstrated leadership in finance?

Since joining Nicola Wealth Management in late 2007, Michael Taylor has provided steady leadership, created innovative efficiencies and become a valued member of the firm’s senior management team and corporate culture.

As CFO, Mike Taylor brings a set of experiences rarely seen in a mid-sized firm. Previous to working with NWM, Mike held various positions at RBC Royal Bank involving credit and business risk-management issues on an international level, managing hundreds of employees across the globe. His combination of diverse business management and senior leadership experiences along with full P&L responsibility add unique and complementary insights to our already impressive management team.

Taylor has taken on a key leadership role, restructuring and shaping both the compliance and finance and administration teams, challenging the groups to enhance productivity by leveraging existing resources. He also [helped] develop a system to create efficiencies and improve recordkeeping.

How has the nominee demonstrated a commitment to sound ethics and reporting?

There is no better demonstration of Mike’s dedication to business ethics than his accomplishments as NWM’s chief compliance officer (a position that is registered with the BC Securities Commission). Part of Mike’s goal as CFO and CPO is to create, as he refers to it, “a culture of compliance within the firm.” There is no excuse for being sloppy and never a need to cut corners: “It is a false economy to think poor compliance is good business.”

After creating the administration process for NWM’s new series of funds, Mike worked closely with the BCSC to deal with new compliance issues facing the firm. He assessed the financial risk management concerns and established an enhanced compliance regime.

The risks Taylor manages on behalf of NWM are more than financial, they are reputational. The firm enjoys a 99% client retention rate with over 70% of new business coming from referrals.

How has the nominee contributed to strategic decision-making and growth of the company?

Mike’s initial mandate was to determine the feasibility of expanding beyond NWM’s single pooled fund into a series of proprietary funds. Not only would Mike succeed, he would exceed expectations, building a platform that expanded NWM’s offering from a single $70 million fund in 2007 to 13 funds valued at over $1.1 billion today.

Over the course of 2011, Taylor developed two more funds. NWM saw year-over-year growth in its 13 funds over 62% in 2011 while the firm’s assets increased by 39%.

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B14 BC CFO of the year

Daily business news at www.biv.com May 1–7, 2012

Not-for-profit

Tarunjeet Bhatia CFO, Association of Neighbourhood Houses of British Columbia

I

n his 10 years at the Association of Neighbourhood Houses of BC (ANHBC), CFO Tarunjeet Bhatia has seen the organization’s revenues grow from $7 million in 2002 to $17 million in 2011 and the number of employees increase by 60% over the same period.

One of B.C.’s first nonprofits, ANHBC is recognized by Business in Vancouver as the 11thlargest charity in the province.

Under Bhatia’s financial management, the

association has produced 10 years of clean audits and enjoys a reputation for its financial services acumen that is significantly better than many other non-profits across Metro Vancouver.

Throughout his tenure at ANHBC, first as manager of finance and in his current role as CFO, Bhatia has established new approaches and contributed to the organization’s nonprofit accounting and capital structures.

He transformed the ANHBC from a manual accounting process to a

Bravo!

Congratulations to the honourees of the 2012 BIV CFO Awards.

At Janet Helm we are proud to continue to support this important annual event recognizing influential leaders in business.

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BC CFO of the year B15

May 1–7, 2012 Business in Vancouver

“Increasingly during the last 10 years, there have been periods of market volatility, particularly in the non-profit sector, and Bhatia has ensured that ANHBC is well placed with a strong balance sheet and secure financial reserves” – Mamie Hutt-Temoana, CEO, Association of Neighbourhood Houses of British Columbia

sophisticated enterprise resource planning system.

Bhatia also developed performance reporting and diversity training as part of a transparency and accountability process and implemented a social enterprise model of shared financial services.

Bhatia’s role often expands beyond the general scope of a CFO. He has overseen project management of construction and socia-housing projects and was instrumental in developing a strategic plan for ANHBC, the first in its

117-year history.

In the last three years, ANHBC’s donor, membership and funding base has increased 21.4%.

Mamie Hutt-Temoana, ANHBC’s CEO, said “increasingly during the last 10 years there have been periods of market volatility, particularly in the nonprofit sector, and Bhatia has ensured that ANHBC is well placed with a strong balance sheet and secure financial reserves, such as ANHBC’s current $4.5 million investment portfolio.” •

Nomination remarks from Mamie Hutt-Temoana, CEO, Association of Neighbourhood Houses of British Columbia: How has the nominee demonstrated leadership in finance?

Within a precarious financial environment, change can be frightening. This presents a need for innovation, not just in ideas but in selling ideas with sound fiscal knowledge and an ability to remain accountable to the public at all times. Bhatia is consistently able to embrace this challenge while providing a clear focus on financial control.

How has the nominee contributed to strategic decision-making and growth of the company?

Building a strong financial foundation is arguably the only element of an organization’s competitive repertoire that defies copying and emulation. Bhatia is consistently able to build on this foundation by anticipating government, funder and stakeholder needs and adapting ANHBC’s operations, staffing, financial modeling and work practices to meet these needs, with effectiveness and efficacy.

How has this nominee demonstrated contributions to sustainability and community initatives?

He is a tireless fundraiser, securing both money and gifts in kind.

As a direct result of Tarun’s community investment, ANHBC has realized much positive change with the aim to create an organization that is financially sound, progressive and able to meet the changing environments of today’s global world.

2012

Congratulations!

American Express Global Business Travel recognizes the finalists and winners from the CFO of the Year Awards for their commitment to financial management practices and thought leadership.

Nominations open Visit biv.com.

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Nom i n dead ation l July ine: 20

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B16 BC CFO of the year

Daily business news at www.biv.com May 1–7, 2012

Large Publicly accountable Company

Bill Keen Vice-president finance, and CFO, North Shore Credit Union

A

s CFO of the North Shore Credit Union (NSCU) Bill Keen introduced a line of business profitability reporting and five-year strategic-plan forecasts and streamlined board and audit committee reporting. As chair of the asset and liability committee, he is a key resource for the audit committee and investment and lending committee of the board. He played a major role in a potential merger

with a similar-sized credit union – including due diligence, management structure proposals and strategic plan development.

Keen has a strong sense of global responsibility. He regularly donates his personal time to support local and global charitable initiatives. He is actively involved in raising funds and supporting humanitarian programs such as Embrace Rwanda, Reach Out

It's About More Than The Numbers.

Congratulations to all of the 2012 BC CFO of the Year Award winners for your outstanding leadership and dedication to the betterment of the finance industry.

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BC CFO of the year B17

May 1–7, 2012 Business in Vancouver

“Keen is admired for his ability to see the big picture and effectively balance business initiatives with financial impacts while managing risk rather than avoiding it” – Brett Calder, employee and corporate communications manager, North Shore Credit Union

to Africa and African Enterprise Canada, where he also sits on the board of directors as chair of finance. Additionally, Keen holds the positions of chair, North Lonsdale Mission, and trust and outreach committee chair of North Lonsdale United Church.

“With respect to strategic decision-making, one of Keen’s many strengths is his ability to protect the organization’s assets in times of change,” said co-worker

and nominator Brett Calder, employee and corporate communications manager.

“Throughout all enterprise-wide projects, Keen not only considers the capital costs but also the business opportunities in all his decisions. Keen is admired for his ability to see the big picture and effectively balance business initiatives with financial impacts while managing risk rather than avoiding it.” •

Nomination remarks from Brett Calder, employee and corporate communications manager, North Shore Credit Union: How has this nominee demonstrated leadership in finance?

Bill Keen is a passionate and visionary leader for North Shore Credit Union (NSCU) and B.C.’s financial institution industry. At NSCU, Keen is responsible for leading the organization’s finance, treasury and administration operations, as well as group businesses (commercial business centre, credit, broker services, North Shore Capital Corp. and leasing). Having responsibility over these areas, particularly group business, is a huge testament to Keen’s leadership and ability to deliver results. Most financial institutions would have a separate senior executive in charge of those areas, which do not typically fall to the CFO. How has this nominee contributed to strategic decision-making and growth of the company?

Keen is a key player in NSCU’s executive management team who transformed the organization from small community credit union to a sophisticated financial boutique. The organization’s new model, based on attracting high-net-worth individuals and growing share of wallet, was considered a vast change from the credit union’s humble roots and required visionary players

such as Keen to ensure its success. Although the model was considered risky by industry analysts and regulators, NSCU forged ahead. The result was tremendous organic growth over the past five years with assets under administration jumping from $1.8 billion in 2005 to $2.5 billion in 2011.

How has this nominee demonstrated a commitment to sound ethics and reporting?

Sound financial management of the organization is critical in Keen’s role. NSCU has a clear set of corporate values that guide its business, one of which is “360° accountability.” This refers to being accountable in all directions (to staff, clients, management and vice versa), which also applies to NSCU’s approach to its reporting and financial practices.

As a leader at NSCU, Keen is also committed to ensuring our financial reporting is made easily available to staff and clients. Keen sends a quarterly financial update to all staff highlighting major goals and accomplishments from the previous quarter, speaks regularly with the organization’s advisory team to discuss the future of the economy and to provide his opinions and insights, and meets on a consistent basis with each branch and department in face-to-face meetings.

On behalf of everyone at Nicola Wealth Management Michael Taylor is proud to accept the 2012 Business in Vancouver CFO of the Year Award in the small private company category.

thank you We would like to thank our clients and their families for the trust and confidence they have placed in us, and the close relationships we have built over the years. Your support has helped make Nicola Wealth Management one of the fastest growing Private Investment Counsel firms in Canada.

Mike and the team at Nicola Wealth Management are proud to serve the sophisticated investment and financial planning needs of high net worth business owners, entrepreneurs, and professionals, helping families in B.C. and across Canada reach their financial goals.

Our goal is to guide our clients dutifully, while continuing to improve and to deliver the highest level of service possible.

www.nicolawealth.com

B18 BC CFO of the year

Daily business news at www.biv.com May 1–7, 2012

2011 CFO Awards L

ast May, more than 300 people gathered at the Four Seasons Vancouver to celebrate Business in Vancouver’s – and B.C.’s – inaugural CFO of the Year Awards. Winners were chosen based on their leadership in finance, contribution to strategic decision-making and growth, commitment to sound ethics and reporting, and contributions to sustainability and community initiatives. •

Janet Helm, owner, Janet Helm, sponsor; Terry Krepiakevich, CFO, SouthGobi Resources, winner; and Peter Wong, CFO, Plutonic Power, nominee Brian Fulton, managing partner, Lawson Lundell, sponsor; and Sherry Tryssenaar, CFO, Ten Peaks Coffee, winner

Phil Lehn, vice-president, CIBC Business Banking, judge; and Cheryl Carter, vice-president, BIV Media Group

Paul Fletcher, managing partner, Deloitte, judge; Stephen Mavety, CFO, uniPHARM Wholesale Drugs, nominee; and Brian Pettipas, CFO, Global Container Terminals, nominee

Photos: Dominic Schaefer

Duncan Campbell, CFO and vice-president, systems development, Vancouver Coastal Health Authority, winner; Valerie Mann, partner, Lawson Lundell, sponsor; Cindy Turner, CFO, vicepresident finance and administration, Capilano University, nominee; and Hugh Notman, partner, Stirling Mercantile, judge

Congratulations 2012 Winners Business in Vancouver in partnership with the Institute of Chartered Accountants are pleased to announce the 2012 BC CFO of the Year Awards to be held on May 15, 2012.

Tuesday, May 15, 2012 The Fairmont Waterfront Hotel, 900 Canada Place Way 6:15pm – 9:00pm

Large Public Company Don MacDonald, QuadraFNX Mining (now KGHM International) Large Publically Accountable Company William H. Keen, North Shore Credit Union Large Private Company Annalisa King, Best Buy Canada Ltd. Small Private Company Michael K. Taylor, Nicola Wealth Management Ltd.

Price: BIV Subscribers - $125 • Non-Subscribers - $149

Not for Profit Company Tarunjeet Bhatia, The Association of Neighbourhood Houses of BC

Corporate branded tables – $2,250 (show your support)

Transformation Agent John Currie, lululemon athletica inc.

Nancy McKenzie, Seaspan Marine Corporation Geri Prior, Insurance Corporation of BC

Call 604.608.5197 for more information

Visit www.biv.com/cfoawards to purchase tickets Sponsored by:

BC CFO of the year B19

May 1–7, 2012  Business in Vancouver

2011 CFO of the year winners Transformation agent: Sarah Hoffman, Health Care Benefits Trust

Large public company: Allan Baydala, Port Metro Vancouver

Private company: Zvonko Maretic, Pharmasave Drugs

Transformation agent: Terry Krepiakevich, SouthGobi Resources

Small public company: Sherry Tryssenaar, Ten Peaks Coffee Company

Transformation agent: Duncan Campbell, Vancouver Coastal Health Authority

Transformation agent: Brian Pettipas, Global Container Terminals

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B20 BC CFO of the year

Boutique?

Daily business news at www.biv.com May 1–7, 2012

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