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2019

Adopting a smarter cybersecurity strategy

Apr 25, 2019

On April 25, 2019, the National Association of Corporate Directors (NACD) published a blog on enterprise cybersecurity. Cybersecurity was once considered an information technology (IT) function and a challenge for the IT team, but it’s safe to say that most directors of companies understand that much has changed in the past decade.

Today, cybersecurity is a strategic business imperative—boards and senior executives are actively involved in cybersecurity strategy because it has become a closely entwined part of enterprise risk management. Enterprises are increasingly digital, and decisions made at the board and C-suite level will ultimately have tremendous influence over an enterprise’s future business success or failure.

Review the full blog on the NACD's website.

CBCA corporations must begin tracking controlling shareholders

Jan 21, 2019

On January 21, 2019, Torys LLP published an article on how CBCA corporations will soon have to establish a securities register detailing all individuals with significant control over the corporation.

The new regulations under Bill C-86 Budget Implementation Act, 2018, No. 2 become effective on June 13, 2019. Existing record-keeping obligations under the CBCA pertain to registered shareholders only—those named on the corporation’s share certificates, who are often intermediaries holding shares on behalf of beneficial shareholders. The new share register requirements pertain to all individual shareholders, registered or beneficial, who have significant control, direct or indirect, over the corporation.

Review the full article on Torys LLP's website.

Change the conversation: Redefining how companies engage investors on sustainability

Feb 06, 2019

On February 6, 2019, Ceres, a sustainability nonprofit organization, released the report "Change the Conversation". Drawing from their interviews with Ceres investor partners, the report highlights key trends in investors’ evolving expectations for corporate sustainability.

It presents nine recommendations to guide companies toward more meaningful and effective investor engagement on ESG issues, helping them to not only meet investor expectations, but also capture competitive advantage.

Review the report on Ceres' website.

Consultation document released on tax challenges of digitalization

Feb 13, 2019

On February 13, 2019, as part of the ongoing work of the OECD/G20 inclusive framework for the global implementation of the BEPS project, the Organisation for Economic Co-operation and Development (OECD) released a consultation document "Addressing the Tax Challenges of the Digitalization of the Economy." Comments are requested by March 1, 2019.

The consultation document sets out four proposals under consideration by the members of the inclusive framework as they work towards reaching a new consensus-based long-term solution in 2020. Options under consideration are:

  • Three proposals to revise existing profit allocation and nexus rules based on the concepts of (i) "user participation," (ii) "marketing intangibles" and (iii) "significant economic presence;" and
  • A global anti-base erosion proposal comprising income inclusion and denial of deduction rules to permit countries to tax profits where income is subject to no or very low taxation.

The consultation document makes clear that countries have agreed to look at a range of proposals on a "without prejudice" basis to allow for necessary further work without commitment at this stage to a particular course of action.

Review a summary and the consultation paper consultation paper on the OECD's website.

IESBA Meeting Highlights March 11-13, 2019

Mar 27, 2019

On March 27, 2019, the International Ethics Standards Board for Accountants (IESBA) released the highlights of its March 11-13, 2019 meeting.

Discussion points included:

  • Rollout of the Revised Restructured Code
  • Alignment of Part 4B with ISAE 3000
  • Technology
  • Role and Mindset
  • Fees
  • Non-assurance Services (NAS)
  • IESBA Working Processes Report-Back
  • e-Code
  • Long Association

Review the highlights and the podcast on the IESBA's website.

IESBA Staff release updated FAQs on Long Association

May 09, 2019

On May 9, 2019, the Staff of the International Ethics Standards Board for Accountants (IESBA) released an updated Q&A publication to support the adoption and implementation of the revised long association provisions "Changes to the Code Addressing Long Association of Personnel with an Audit or Assurance Client".

This publication is a revised version of the Staff Q&A publication published in May 2017. It contains additional frequently asked questions and is aligned to the revised and restructured International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code), issued by the IESBA in April 2018.

Review the press release and FAQ on the IESBA's website.

Practice Aid: helping you navigate International <IR> Framework requirements

Feb 28, 2019

In February 2019, the International Integrated Reporting Council (IIRC) published the IIRC Practice Aid designed to help preparers navigate International <IR> Framework requirements.

Organizations around the world use the International <IR> Framework, with its set of Guiding Principles and Content Elements, to develop an effective integrated report that communicates their value creation story.

The <IR> Framework takes a principles-based approach that ensures it is usable by organizations of any size and in any sector. It also includes a small number of requirements that are to be applied before an integrated report can be said to be in accordance with the <IR> Framework.

This is part of the IIRC's ongoing efforts to support report preparers as they adopt and advance integrated reporting in their organization and to remind report preparers of these requirements.

Review the practice aid on the IIRC's website.

Proactive defense for tomorrow’s security demands

May 13, 2019

On May 13, 2019, the National Association of Corporate Directors (NACD) published an article on how the digital age brings many benefits—but opening the door to cyberattacks is not one of them.

According to the Accenture Ninth Annual Cost of Cybercrime Report, in 2018, the average annual cost of cybercrime in the United States was $27.37 million, up more than 25 percent on the year before. Although a relatively modern phenomenon, cybercrime is increasing both in numbers and in scope. The average number of breaches in the United States was 178 in 2018, up 14 percent from the year before, with malware, botnet attacks, and malicious insider incidents all up in 2018. Whatever the industry, these are worrying trends. But aside from the costs needed to resolve cybercrime, there is another far more dangerous consequence—the erosion of trust.

Review the full article on the NACD's website.

Protocol helps facilitate the mainstreaming of measurement and valuation of people and communities

Mar 05, 2019

The Social & Human Capital Coalition (SHCC) launched the Social & Human Capital Protocol. The protocol provides a consistent process to guide businesses as they assess their relationship with social and human capital.

It offers an overarching framework for collaborative action to bring together different approaches for social and human capital measurement and valuation and is designed to be used alongside the Natural Capital Protocol to understand the full spectrum of business interactions with people, society and the environment.

Review the protocol on the SHCC's website.

Register of individuals with significant control

Apr 30, 2019

In April 2019, the Government of Canada announced that as of June 13, 2019, all Canada Business Corporations Act (CBCA) corporations ― except some distributing corporations ― will be required to create and maintain a new type of register. This is in addition to the registers corporations maintain for shareholders and directors.

The objective of the Register of individuals with significant control, or ISC Register, is to provide greater transparency over who owns and controls a corporation, and to help law enforcement agencies expose activities like money laundering and tax evasion.

The announcement covers:

  • Defining 'individual with significant control'
  • What is an ISC Register?
  • What a corporation needs to do
  • Access to the ISC Register
  • Choosing not to create or maintain an ISC Register

Review the announcement on the Government of Canada's website.

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