CCR Meeting Minutes

April 3rd, 2008

11:00am EST

Chair: / Alister Cowan, Vancouver Chapter
Vice Chairs: / Vic Wells, Hamilton Chapter
Members
Nicole Archibald,
KarynBrooks, Montréal Chapter / Debbie Stein, Calgary Chapter
Akhil Wagh, Toronto Chapter
John Weedenburg, N.C.R Chapter
Sean Carleton, Calgary Chapter
Sujeet Kini, Toronto Chapter
Paul Karr,
Nancy Lala, Toronto Chapter
Neil Robertson, Calgary Chapter / Mark Malouin,
Guests
FEICanada / Mark Walsh, Toronto Chapter
Serge Phelange, Montreal Chapter
Ramona Dzinkowski
Michael Conway

MEETING AGENDA: April 3rd,11:00am EST

Dial-in connection: (416) 640-4122(877) 579-4178Participant passcode: 552493#

1. Call to order and new member welcome
  • Attendance and introduction of any new members:
Cheryl Yaremko (Participating as of June), Chief Accounting
Officer of B.C. Hydro
Debbie Stein, VP Finance & CFO at Altagas / A. Cowan
Discussion Items
2.Review minutes of March 2008 meeting
Minutes wereaccepted as written
3. Review/update rolling agenda/work plans
  • CSA Concept Paper 52-402 (April 13)
Sean Carleton Spearheaded this one. Draft response has been circulated. All comments and questions are invited. Alister highlighted that we need to be consistent with comments we’ve made in the past.
All comments should be emailed to Alister and Sean by end of day April 4thto be incorporated into the final document. An updated draft will be circulated with all comments included, before the final submission is made.
  • CSA – Executive Compensation Disclosure Proposals
Vic Wells reported that there was not a large response and the memo was re-circulated on April 2. He re-evaluated the paper and suggests that we withdraw from commenting – Paul Karr and Lucio Milanovich concur. Proposed to put this on WATCH for future and not to respond currently.
The discussion of the consensus was focused on whether the CCR should comment simply that the CCR concurs with the proposal. Vic Wells to draft a comment and will circulate to the entire committee before submission.
  • CPRB – Improved Communication with Non-GAAP Financial Measures (April 30)
Taskforce was assembled at previous meeting and Lucio Milanovich has agreed to chair this taskforce. Others include: Susan Campbell, Nancy Lala, Tyrone Cotie, Bob Eisner & Nicole Archibald. Lucio will be in touch with the taskforce members next week to work on this.
Karyn Brooks proposed thatshe and Vic will go through this at the CCR at the face-to-face meeting in May.
  • CSA – Staff Notice 51-716 re: Environmental Reporting
Karyn Brooks mentioned that she has heard some emotional reactions to this report. Alister mentioned that this is simply a work summary and not requesting comment. Mark Walsh suggested possibly discussing this with John Carchrae in terms of next steps.
Ramona Dzinkowski added that currently FEI Canada is working on multiple efforts on this issue, beginning with “The Greening of Accountancy” National Breakfast Seminar series this April, a roundtable on May 7th in Toronto on Corporate Sustainability reporting, and a survey on Corporate Sustainability reporting and environmental reporting will be a large aspect of the survey. She suggested that the CCR act in an advisory role and add to the study where possible. If anyone is interested in attending the forum contact Ramona at (416) 366-3007 ext. 5114
Alister suggested that we keep this as a topic for the face-to-face meeting in May, to follow up with comments as deemed necessary in the face-to-face meeting.
Vic Wells suggested that if anyone has a particular interest in this topic that they step forward and take the lead on this.
Joanne Boyes also interested in this area and to be added to task force.
  • IASB: Financial Instruments with Characteristics of Equity (Sept 5)
Mark Walsh clarified that what this is really looking at is: what is equity and what is a liability. The current pension subcommittee, lead by Bob Eisner, will take a look at this and they believe that Frank D’Andrea will also be interested in looking at this. Ramona Dzinkowski mentioned that there is a subcommittee on IPAC lead by Peter Donovan, who might also be interested in contributing to this. Marc Malouin has asked to withdraw from this subcommittee. Paul Karr would like to join the subcommittee. Ramona to let Bob know what is going on with this subcommittee.
  • IASB: Reducing Complexity in Reporting Financial Instruments (Sept 19)
Debbie Stein is interested in joining Akhil Wagh, Paul Karr and the entire subcommittee on this issue. Alister suggested that the taskforce read this and then decide whether the CCR should respond.
  • IAS 19, Employee Benefits (Sept 26)

4. Other Business
  • Face-to-Face meeting, scheduled onMay 15

Meeting Adjourned