CFO Leadership Network announces initial projects which will contribute to the development of a sustainable economy in Canada

The recently established Canadian Chapter of The Prince's Accounting for Sustainability (A4S) CFO Leadership Network will be working on three initial projects.

TORONTO, July 28, 2017 – The recently established Canadian Chapter of The Prince's Accounting for Sustainability (A4S) CFO Leadership Network will be working on three initial projects.

The Network brings together a group of leading CFOs from large organizations seeking to embed the management of environmental and social issues into strategy and business processes.

The three projects were unveiled yesterday at a Chapter event in Toronto and they are:

• Managing the future today: ways to develop a strategic response to the risks and opportunities posed by major social and environmental trends

• Social and human capital accounting

• Incentivizing action: the role of the finance team in encouraging suppliers, customers, investee organizations and others along the value chain to take action on sustainability.

The Prince's Accounting for Sustainability Project is part of the Prince of Wales's Charities Foundation.

"Canada 150 provides us with the opportunity to look back, but also to consider what the future holds. We are facing a defining moment in history as we seek to build a prosperous, inclusive society in the face of huge challenges such as climate change," says Benita Warmbold, co-chair of the CFO Leadership Network in Canada and former CFO of the Canada Pension Plan Investment Board (CPPIB). "As CFOs, we have come together with the aim of making a tangible contribution by transforming approaches to finance and accounting so that the environment and society are truly integrated into decision making."

The projects identified will offer practical advice and solutions to support finance professionals to build sustainable business models and a resilient economy. They will develop new tools, guidance and case studies that will provide practical approaches for finance professionals to embed sustainability into decision making.

"These projects will help us and the wider finance community to utilize open discussion and collaboration among peers to address social and environmental challenges,” explains Brian Lawson, CFO of Brookfield Asset Management and CFO Leadership Network member. "For Brookfield, understanding the value of the social and human capital that we create is fundamental, both to our own success and the contribution that we make to society. Similarly, we can have a significant impact by analysing our value chain and identifying ways to incentivize action towards sustainable outcomes. "

Jessica Fries, Executive Chairman of A4S, adds, “Practical approaches and examples are needed to help organizations overcome ever-evolving challenges especially in today’s global economy. These projects will help CFOs and finance teams make a tangible contribution to their organization's purpose and profitability, as well as the wider economy, environment and society."

The Canadian Chapter is run in partnership with Chartered Professional Accountants of Canada (CPA Canada) and is supported by The Prince's Charities Canada.

“Collaboration can bring about real and effective change,” stresses Joy Thomas, president and CEO of CPA Canada. “The potential offered by the CFO initiative is enormous and we also believe it helps to cultivate the Canadian ideal of good business championed by our organization for its recognition that sustainable growth and social development are intertwined in today’s world.”

The event was hosted by CPA Canada and the Canadian Chapter founding members which includes the CFOs from the following organizations: British Columbia Investment Management Corporation, Brookfield Asset Management, The Co-operators Group, City of Vancouver, Manulife, Metrolinx, Ontario Municipal Employees Retirement System (OMERS), Telus and the Workplace Safety and Insurance Board (WSIB).

The CFO Leadership Network Canadian members are:
• Lawrence Davis, British Columbia Investment Management Corporation
• Brian Lawson, Brookfield Asset Management
• Benita Warmbold (retired CFO of the Canada Pension Plan Investment Board (CPPIB))
• Patrice Impey, City of Vancouver
• Bruce West, The Co-operators Group
• Steve Roder, Manulife Financial Corporation
• Robert Siddall, Metrolinx
• Jonathan Simmons, Ontario Municipal Employees Retirement System (OMERS)
• Douglas French, Telus
• Pamela Steer, Workplace Safety & Insurance Board (WSIB)

For more details on the CFO Leadership Network see: www.accountingforsustainability.org/canada or www.cpacanada.ca/a4s