b.c. cfo of the year 2012

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

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

contents

photography by

Dominic schaefer

By Frank O’Brien

The “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 sud-denly buzzing with mergers and acquisitions, debt control and unprecedented risk and govern-ment regulations, he said. Rees cited such recent changes as de-tailed filings under the Financial Transactions Reports Analysis Centre of Canada, meant in part to track potential terrorist fund-ing, as part of the dramatic new dynamic. “The financial world is so much more complex,” he said.

“Everything – from environ-mental 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 cele-brated 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 Corpor-ation of Vancouver.

“CFOs provide direction and execution at all levels as they af-fect 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 pos-ition, and all seem deeply in-volved in the strategic operations of their companies. There are

many areas in addition to ac-counting that the CFOs provide direction and execution in, such as operations, human resources, information technology and sys-tems, regulatory and financing at all levels on the balance sheet. Many are involved with multi-jurisdictional issues and ma-jor transformational changes in

their organization. Most of the candidates also find time outside the job to be involved with com-munity initiatives, charitable or-ganizations, and mentoring of employees and youth.”

The other judges this year are: Lawson Lundell LLP part-ner Valerie Mann, Deloitte man-aging partner Olin Anton, and CIBC Commercial Banking vice-president 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 sep-arate categories: large public com-pany; large publicly accountable company; large private company; small private company; trans-formation 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 As-sociation 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 financial-ly,” 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. •

Business leaders, highest standardsThe 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.

Sponsor’s Message

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

“After all, if your business

is not financially sound and

successful, what are you?”

– Richard Rees, CEO, Institute of Chartered Accountants of BC

Daily business news at www.biv.com May 1–7, 2012B2 BC CFO OF thE yEAR

In 2011, Don MacDon-ald, CFO of Quadra

FNX Mining Ltd., played an instrumental role in negotiating a joint ven-ture 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 real-ities for the parties on both sides of the deal, resulting in a fair and robust $764.2 miliion arrangement.

In the midst of nego-tiations with Sumitomo, MacDonald was also able to respond to a window of opportunity in the mar-kets and led Quadra FNX and his finance team through the successful completion of a $500 mil-lion offering of senior se-cured notes.

Along with his effect-ive financial leadership at Quadra, MacDonald uses his 25 years of experience in the mining industry to help advance the com-pany’s business objectives. He learns the business out-side of financial reporting by spending time with his fellow finance team mem-bers as well as the oper-ational teams at Quadra FNX’s mine sites.

He leverages his exten-sive experience to provide insight into strategic deci-sions and articulate to his colleagues potential future results or effects of pro-posed actions.

Andrew McLeod, part-ner 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.” •

Large pubLic company

Don MacDonaldCFO, Quadra FNX Mining (now KGHM

International)

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 busi-ness 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 com-mitment 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 man-agement skills, including communication, collaboration and fore-sight, 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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May 1–7, 2012 Business in Vancouver B3BC CFO OF the yeAr

Large Private ComPany

Annalisa KingSenior vice-president, Best Buy Canada

Providing 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 over-sees the information tech-nology, legal and real estate functions.

King is one of Can-ada’s most respected sen-ior business executives. She was inducted into the Canada’s Most Powerful Women: Top 100 Hall of Fame in 2010. Her dedi-cation to leadership has earned her a reputation as a dynamic business thought leader in the areas of cor-porate 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 re-tail environments and has become a significant pil-lar 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 re-sults at Best Buy Canada.”

King also leads Best Buy Canada’s women’s leader-ship network – dedicated to helping female lead-ers accelerate their careers and growing market share among women consumers.

Her pastimes include scu-ba diving, playing ten-nis and travelling with her husband. •

Sponsor’s Message

The answers are out there

True leaders know how

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questions customers have

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For over a century, Audi has

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result being vehicles that

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On behalf of the Vancouver

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congratulate all the nominees

for their successes. To

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Business in Vancouver CFO

nomination is a testament of

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leadership. Importantly,

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included in this esteemed list

of nominees.

“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

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.

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 stand-point, 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.”

Daily business news at www.biv.com May 1–7, 2012B4 BC CFO OF the year

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to the nominees and recipients of the 2012 BC CFO of the Year Awards, and to all the infl uential CFOs

shaping our province and country.

Well, you can’t be good at everything.

CONGRATULATIONS

May 1–7, 2012 Business in Vancouver B5BC CFO OF the year

Since joining Lulu-lemon 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 bil-lion from $711.7 million in fiscal 2010.

“His capacity for stra-tegic 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 de-liver a world-class operat-ing margin while growing,” said Deloitte partner, en-terprise risk, Shayne Gregg in nominating Currie.

In his five years at Lulu-lemon, Currie has built strong teams in finance, ac-counting, IT and store de-velopment by hiring and developing top talent.

With a keen eye for op-portunity, Currie leveraged his real estate knowledge during the recession to re-negotiate 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.

TranSFOrmaTiOn aGenT

John CurrieCFO, Lululemon Athletica

Sponsor’s Message

CIBC congratulates this year’s CFO

of the Year honorees

On behalf of all of my col-leagues at CIBC, I am thrilled to congratulate the five out-standing individuals who have been selected as this year’s Business in Vancou-ver CFO of the Year award recipients - [list winners].

This incredible achievement recognizes the significant contribution of the honorees to the success of their orga-nization in a challenging mar-ketplace. 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, stra-tegic 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 commit-ment, 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

Phil Lehn, Vice-President,

CIBC Commercial Banking

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

Before that, Currie, a chartered accountant, held senior financial pos-itions with telecommunica-tions service provider BCE Group and was a special-ist in international taxa-tion at Arthur Andersen &

Co., a predecessor firm to Deloitte.

In 2009, Currie won a Deloitte Alumni Award honouring his “outstand-ing leadership qualities” in helping his organiza-tion “grow and win in the marketplace.”

Currie, who received his bachelor of commerce de-gree from the University of British Columbia, volun-teers with Kiwanis Inter-national, Big Brothers and Vancouver Water Ski Club’s kids camp. •

“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”

– Shayne Gregg, partner, enterprise risk, Deloitte


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.

�e CFO ProgramA series of roundtable discussions


TransformaTion agenT

Nancy McKenzieChief financial officer, Seaspan Marine

“[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

As chief financial officer of Seaspan Marine

Corp., Nancy McKenzie is tasked with enhancing the financial performance of the company and its af-filiate, as well as providing leadership to its corpor-ate services functions comprising finance, IT, supply chain management, risk and insurance, and corporate communica-tions. 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 ser-vices and human resource departments.

In addition to her cor-porate role, she is the dir-ector of Washington Canadian Investments Ltd., a trustee with the Canadian Merchant Ser-vice Guild pension plan, the leadership chair for the Seaspan United Way campaign and the co-or-dinator of the goalie and peewee division of West Vancouver’s Minor Hockey Association.

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

Sponsor’s Message

CongratulationsIn the past, finance execu-tives 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, cut-ting costs, increasing rev-enue, satisfying customers, delivering and communicat-ing results, engaging stake-holders, 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. Increas-ingly, successful CFOs are judged not just on the finan-cial performance of their company but on their con-tributions 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 suc-cessful business results.

Deloitte is proud to be asso-ciated 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 abili-ties, 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 nomi-nees, as this is an achieve-ment to be recognized.

All the best, Olin Anton Managing Partner Deloitte

Olin AntonManaging Partner

Deloitte

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 contain-ment. 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 con-tract, 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 Cor-poration. 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 introdu-cing 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 signifi-cant 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 fund-raising and grant application processes. The busy mom of two boys, Nancy finds time for involvement in the West Vancouver Minor Hockey Association.


“CIBC For what matters.” is a TM of CIBC.


TransformaTion agenT

Geri PriorChief financial officer, ICBC

Decision-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 manage-ment functions, includ-ing corporate reporting, investments, actuarial services, audit and risk management, and cor-porate services such as fa-cilities management and procurement. As CFO, she oversees approximate-ly 420 staff and manages a divisional budget of $85 million.

When she joined ICBC in 1987, she worked in inter-nal auditing before leading teams in change manage-ment, cost containment and planning. She built the corporate project manage-ment practice in the mid-1990s and became CFO in 2000. She also served as in-terim 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 in-flation and remain below the industry average.”

Prior has received rec-ognition for both her professional and her com-munity achievements, most recently being named a fellow of the Institute of Chartered Accountants of BC and being given the De-loitte 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:

Sponsor’s Message

Celebrating

BC’s CFOs

L a w s o n L u n d e l l L L P

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

[email protected]

Brian D. Fulton, Managing Partner,

Lawson Lundell LLP

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 in-house. ICBC’s investment assets consist-ently outperform relative to market bench-marks 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, customer-focused 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 account-able 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 pro-gram, which aims to create a risk-savvy workforce – where decisions proactively

consider and analyze the impact to cus-tomers, 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 prac-tical to ICBC’s business.

How has this nominee demonstrated contributions to sustainability and community initiatives? In addition to Geri’s hard work and dedica-tion 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 endow-ments 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 through-out 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.

Daily business news at www.biv.com May 1–7, 2012B10 BC CFO OF thE yEar

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AUD1786_A6_BIV_CFO 9.75" x 14.5" 9.75” x 14.25”

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small Private comPany

Michael TaylorCFO and chief compliance officer, Nicola Wealth Management

Michael 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 success-fully achieve every day.

Taylor’s initial mandate when he joined the com-pany in 2007 was to de-termine the feasibility of expanding beyond NWM’s single pooled fund at the time into a series of pro-prietary pooled funds. In less than five years, Tay-lor built a platform that expanded NWM’s offer-ing from a single $70 mil-lion fund to 13 funds valued at $1.1 billion today.

He spent months per-forming due diligence and research to prepare a report exploring the fi-nancial structures of pro-prietary funds; it would become the foundation for NWM’s expansion into fund manufacturing.

Taylor co-manages the NWM primary and bal-anced mortgage funds, where he is responsible for selecting the funds’ assets and third-party suppliers and shares accountabil-ity for their performance.

After crafting the finan-cial structure that would allow the firm to become a successful fund manufac-turer, he deftly handled a litany of risk management and compliance issues that not only improved NWM’s standing

with the BC Securities Commission but also al-lowed the firm to register as a portfolio manager, in-vestment fund manager and exempt market dealer.

John Nicola, chairman and CEO of NWM, said, “While his skills and abil-ities have certainly elevated the firm’s business de-velopment, Mike is a con-summate team player. His creative problem-solving ability laid the ground-work for the firm’s future growth both financially and administratively, stew-arding business initiatives that have brought both ef-ficiency and scalability.” •

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“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”

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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 leader-ship, created innovative efficiencies and become a valued member of the firm’s senior manage-ment 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 record-keeping.

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 accomplish-ments as NWM’s chief compliance officer (a position that is registered with the BC Securities Com-mission). 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 expecta-tions, 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%.


Not-for-profit

Tarunjeet BhatiaCFO, Association of Neighbourhood Houses of British Columbia

In his 10 years at the Association of Neigh-

bourhood Houses of BC (ANHBC), CFO Tarunjeet Bhatia has seen the organ-ization’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 non-profits, ANHBC is rec-ognized by Business in Vancouver as the 11th- largest charity in the province.

Under Bhatia’s finan-cial 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-prof-its across Metro Vancouver.

Throughout his tenure at ANHBC, first as man-ager of finance and in his current role as CFO, Bhatia has established new ap-proaches and contributed to the organization’s non-profit accounting and cap-ital structures.

He transformed the ANHBC from a manu-al accounting process to a

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sophisticated enterprise re-source planning system.

Bhatia also developed performance reporting and diversity training as part of a transparency and ac-countability process and implemented a social enter-prise model of shared fi-nancial services.

Bhatia’s role often ex-pands beyond the gener-al scope of a CFO. He has overseen project manage-ment of construction and socia-housing projects and was instrumental in de-veloping a strategic plan for ANHBC, the first in its

117-year history. In the last three years,

ANHBC’s donor, member-ship and funding base has increased 21.4%.

Mamie Hutt-Temoana, ANHBC’s CEO, said “in-creasingly during the last 10 years there have been periods of market volatil-ity, particularly in the non-profit sector, and Bhatia has ensured that ANHBC is well placed with a strong balance sheet and se-cure 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 fright-ening. 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 finan-cial control.

How has the nominee contributed to strategic decision-making and growth of the company?Building a strong financial foundation is arguably the only ele-ment 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 mod-eling 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 organiza-tion that is financially sound, progressive and able to meet the changing environments of today’s global world.

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Nomination deadline: July 20

2012Nominations open

Visit biv.com. Click on Events to find award info and forms.

biv.com

“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

May 1–7, 2012 Business in Vancouver B15BC CFO OF THE yEAr

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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.

It's About MoreThan The Numbers.

Large PubLicLy accountabLe comPany

Bill KeenVice-president finance, and CFO, North Shore Credit Union

As CFO of the North Shore Credit Union

(NSCU) Bill Keen intro-duced a line of business profitability reporting and five-year strategic-plan forecasts and streamlined board and audit commit-tee reporting. As chair of the asset and liability com-mittee, he is a key resource for the audit commit-tee 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 develop-ment.

Keen has a strong sense of global responsibility. He regularly donates his per-sonal time to support lo-cal and global charitable initiatives. He is actively involved in raising funds and supporting humanitar-ian programs such as Em-brace Rwanda, Reach Out


We would like to thank our clients and their families for the trust and confi dence 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 fi rms in Canada.

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

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

www.nicolawealth.com

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

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

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

and nominator Brett Cal-der, employee and cor-porate communications manager.

“Throughout all enter-prise-wide projects, Keen not only considers the cap-ital costs but also the busi-ness opportunities in all his decisions. Keen is admired for his ability to see the big picture and effective-ly balance business initia-tives with financial impacts while managing risk rather than avoiding it.” •

Nomination remarks from Brett Calder, employee and corporate communications manager, North Shore Credit Union:

“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

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 busi-ness 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 institu-tions 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 manage-ment team who transformed the organization from small community credit union to a sophis-ticated 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 jump-ing 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 eas-ily available to staff and clients. Keen sends a quarterly financial update to all staff highlighting major goals and accomplishments from the pre-vious quarter, speaks regularly with the organ-ization’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.


2011 CFO AwardsLast 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 re-porting, and contributions to sustainability and com-munity initiatives. •

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

Brian Fulton, managing partner, Lawson Lundell, sponsor; and Sherry Tryssenaar, CFO, Ten Peaks Coffee, winner

Janet Helm, owner, Janet Helm, sponsor; Terry Krepiakevich, CFO, SouthGobi Resources, winner; and Peter Wong, CFO, Plutonic Power, nominee

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

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

Photos: Dominic schaefer

Sponsored by:

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.

Visit www.biv.com/cfoawards to purchase tickets

Tuesday, May 15, 2012 The Fairmont Waterfront Hotel, 900 Canada Place Way

6:15pm – 9:00pm

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

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

Call 604.608.5197 for more information

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.

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

Transformation Agent John Currie, lululemon athletica inc. Nancy McKenzie, Seaspan Marine Corporation Geri Prior, Insurance Corporation of BC


2011 CFO of the year winners

Large public company: Allan Baydala, Port Metro Vancouver

Small public company: Sherry Tryssenaar, Ten Peaks Coffee Company

Private company: Zvonko Maretic, Pharmasave Drugs

Transformation agent: Sarah Hoffman, Health Care Benefits Trust

Transformation agent: Duncan Campbell, Vancouver Coastal Health Authority

Transformation agent: Terry Krepiakevich, SouthGobi Resources

Transformation agent: Brian Pettipas, Global Container Terminals

Celebrating over 30 years of service to the international meeting and events industry.

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b.c. cfo of the year 2012

Documents

year awards exceptional

annual cfo

financial world

women of business

business executives

awards judge hugh notman

recent changes

regulatory filings