2019

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.

COSO and Deloitte Issue Guidance on Cyber Risk

Dec 17, 2019

On December 17, 2019, in collaboration with Deloitte Risk & Financial Advisory, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) released Managing Cyber Risk in a Digital Age.

The guidance provides “an overview for business executives and board members on cyber risk management through principles defined in the COSO Enterprise Risk Management Framework.”

Review the press release and guidance on COSO’s Web site.

Cybersecurity is critical for all organizations – large and small

Nov 04, 2019

On November 4, 2019, the International Federation of Accountants (IFAC) released an article on how cybercrime is becoming big business and cyber risk a focus of organizations and governments globally. Monetary and reputational risks are high if organizations don’t have an appropriate cybersecurity plan.

The article discusses:

  • What is cybersecurity?
  • Cybersecurity governance
  • Protection from malicious software and external attack
  • Hardware maintenance plans
  • People and documentation
  • Policies and procedures
  • System use policy
  • Email use policy
  • Internet use policy
  • Remote access policy
  • Insurance

Review the full article on the IFAC's website.

Disrupting diversity and inclusion: The promise of behavioural design

Oct 30, 2019

On October 30, 2019, the Conference Board of Canada released an article on how we need to recognize workplace diversity and inclusion for what it is: a wicked problem. It is difficult to solve, deeply interconnected with other complex social issues, and wrought with systemic and individual biases.

The glacial progress indicates that our current approaches are not working. In Canada, less than one-fifth of all leadership roles are held by women. And women’s representation on company boards is also still low, changing at 1–2 per cent every year—not fast enough to reach long-term targets. Other under-represented groups’ experiences can be even worse, from consistently lower wages for immigrant workers to a dismal employment rate for people with disabilities.

Review the full article on the Conference Board of Canada's website.

Diversity vs. Inclusion: What’s the difference?

Sep 05, 2019

On September 5, 2019, the Conference Board of Canada released an article on how organizations think about diversity is shifting. Building a diverse organization remains a priority for employers, but there’s more to be done.

In today’s workplace, companies need to think strategically about their inclusion efforts in order to support their diversity; doing this can lead to a positive impact on company culture, innovation, and the bottom line. To get there, let’s start with identifying the difference between diversity and inclusion. We’ll also take a closer look at the concept of intersectionality.

Review the full article on the Conference Board of Canada's website.

Dr. Stavros Thomadakis reappointed as IESBA Chairman

Jul 25, 2019

On July 25, 2019, the International Ethics Standards Board for Accountants (IESBA) announced the reappointment of Dr. Stavros Thomadakis as IESBA Chairman for a further one-year renewable term commencing January 1, 2020, which was recently approved by the Public Interest Oversight Board (PIOB).

Dr. Thomadakis has chaired the IESBA since 2015. His dedication to high quality, fit-for-purpose ethics standards for the global accountancy profession is reflected in the IESBA’s ambitious Strategy and Work Plan 2019–2023.

ESG risks trickle into financial filings

Oct 21, 2019

On October 21, 2019, the NACD BoardTalk released a blog on how investors in 2019 have increasingly turned their attention to environmental, social, and governance (ESG) topics, and are demanding more information on how companies are thinking about the potential long-term risk and opportunities related to specific environmental and social factors.

As companies prepare for the 2020 proxy season and engage with shareholders, directors should understand the current state of ESG risk reporting in public filings.

Review the full blog on the NACD BoardTalk's website.

Filling the Pipeline: Advancing More Women into the C-suite and on Corporate Boards

Nov 20, 2019

In 2019, the Conference Board released a publication asking why have we not seen significant results from diversity and inclusion programs geared toward women? Why are we not seeing more representation in the C-suite and senior leadership roles?

Traditional D&I programs only scratch the surface of what it takes to help women move ahead. For one thing, women need both male and female sponsors—having only other women as mentors can hold them back. Further, many programs have been too focused at an individual level—effectiveness requires a holistic corporate-wide approach because, without a culture change within and throughout an organization, “second-generation” gender bias, stereotypes about women’s leadership abilities, and lack of access to male networks will continue to systemically impede women’s advancement.

Review the publication on the Conference Board's website.

Final report on EU climate benchmarks and benchmark ESG disclosures

Sep 30, 2019

On September 30, 2019, the European Commission (EC) published a final report on "EU Climate Benchmarks and Benchmarks’ ESG Disclosures" by its Technical Expert Group (TEG) on Sustainable Finance.

The report recommends a set of Environmental, Social and Governance (ESG) disclosure requirements, including the standard format to be used for the reporting.

Review the final report and supporting documents on the EC's website.

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