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Directors' Education and Accreditation Program: Competencies


  • What is corporate governance:  definitions and issues; ethics, corporate governance and corporate social responsibility
  • Directors and the board:  powers and duties of a director; effective boards; financial reporting and auditing
  • Directors and management:  the respective roles of the board and management; executive compensation
  • The board and shareholders:  shareholder powers and rights; shareholder relations

Financial Disclosure and Reporting

  • Financial objectives:  finance decisions; types of entities; regulatory framework; financial objectives; stakeholders; agency relationships; annual report; Canadian Securities Administrators; financial management decisions; financial functions; areas of responsibility; types of planning; budgets and forecasts; cash management; capital structure
  • Accounting concepts and financial statements:  conceptual framework of accounting; objectives of financial reporting; qualitative nature of accounting; recognition and measurement principles; components of financial statements; audit reports
  • Financial management:  financial markets – stock exchanges and other sources; costs of issuing; leasing; short-term financing; small business financing; dividend policy; cost of capital; investment risks; weighted average cost of capital; capital structure and leverage; key financial management areas
  • Ratio analysis:  liquidity ratios; asset turnover ratios; leverage ratios; profitability ratios; dividend policy ratios; cash flow ratios; market and combined ratios; balanced scorecard
  • Financial disclosures:  notes to financial statements; listed company disclosures; management discussion and analysis; annual information form; disclosure standards; statutory civil liability

Enterprise Risk Management (ERM)

  • The ERM Revolution:  more – and more complicated – risks; external pressures; portfolio point of view; quantification; boundaryless benchmarking; risk as opportunity
  • ERM definition and conceptual framework:  definition; conceptual framework; types of risk; process steps
  • ERM language, measures, models and tools:  overall corporate performance measures; risk measures; risk modeling; risk integration; risk prioritization; tool application for treating/exploiting risks; risk monitoring
  • ERM case studies:  risk assessment; distribution strategyu; performance measurement; asset allocation; strategic planning; product design; dividend strategy; risk financing
  • Practical considerations in implementing ERM:  designating an ERM “champion”; making ERM part of the enterprise culture; determining all possible risks of the organization; quantifying operational and strategic risks; integrating risks; lack of appropriate risk transfer mechanisms; monitoring the process; start slowly – build upon successes


  • Introducing strategy:  characteristics of strategic decisions; strategic thinking; Mintzberg’s 5 P’s; levels of strategy; elements of strategy;
  • Strategic management:  emergence of strategic management;
  • Rational model:  rational planning process; strategic analysis; strategic choice; strategy implementation; strategic management as fit or stretch; need for strategic planning; in support of the rational model; Ansoff; Peter Drucker; limitations
  • Emergent strategy:  crafting emergent strategies; strategy and objectives; a behavioural approach; incrementalism; significance of competition; opportunism
  • Strategic management in different contexts:  small business; multinational corporation; innovating organization; voluntary sector; professional service organizations

Armed with this toolkit, you will be able to address the challenges and opportunities of your directorship with confidence and skill.

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