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TORONTO, July 28, 2009 – A new publication from the Chartered Accountants of Canada provides a series of questions corporate directors can ask relating to the business implications of climate change. The Risk Management and Governance Board of the Canadian Institute of Chartered Accountants (CICA) commissioned the publication titled “Climate Change Briefing – Questions for Directors to Ask” to increase awareness among corporate board members about the business impacts and governance issues associated with climate change. The publication was co-authored by Julie Desjardins and Alan Willis, experienced CAs who have contributed valuable guidance relating to climate change for many years. “At a company level, climate change is a business and shareholder value issue affecting strategy, risk management and financial performance,” said Desjardins. “The need to address the effects of climate change is coupled with the need to consider the impacts of anticipated government regulations which are expected to progressively put a price on carbon." There are two aspects of climate change for companies to address. First is adaptation or what action is being taken to respond to the anticipated effects of climate change on company operations, such as extreme weather conditions. Second is mitigation or what is being done to reduce the company’s own greenhouse gas emissions that contribute to climate change. The questions raised in the CICA publication are intended to provide insight and stimulate discussion on climate change matters. “On-going board vigilance is required to keep abreast of the fast evolving business impact of climate change,” said Willis. “Directors are key players in providing the necessary leadership, tone and management oversight in determining how climate change issues are factored into a company’s strategic decisions.” The publication is available on-line in the climate change section of the CICA’s website (www.cica.ca/climate). Other products produced by the CICA relating to climate change can be found in the special section as well. The Canadian Institute of Chartered Accountants (CICA), together with the provincial, territorial and Bermuda Institutes/Ordre of Chartered Accountants, represents a membership of approximately 75,000 CAs and 12,000 students in Canada and Bermuda. The CICA conducts research into current business issues and supports the setting of accounting, auditing and assurance standards for business, not-for-profit organizations and government. It issues guidance on control and governance, publishes professional literature, develops continuing education programs and represents the CA profession nationally and internationally. CICA is a founding member of the International Federation of Accountants (IFAC) and the Global Accounting Alliance (GAA). – 30 – For more information or to arrange an interview, contact:
Tobin Lambie, Manager, Media
CICA
(416) 204-3228
tobin.lambie@cica.ca
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