Annual Report

Transcription

1 Annual Report

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3 GISA was established to improve the governance, accountability and oversight, as well as the reliability and objectivity, of insurance statistical data in Member jurisdictions (Alberta, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island and Yukon). Vision To be an efficient, effective and respected statistical agency. Mandate To collect, and make available, timely statistical and financial information to support a healthy, accessible and responsive marketplace for property and casualty insurance. Core Values Accuracy Collaboration Efficiency Transparency Responsiveness Mission Statement We provide effective oversight of the statistical plans and related insurance data, ensuring that timely, reliable, accurate and value added information is efficiently produced to meet the needs of an evolving marketplace.

4 MESSAGE FROM THE CHAIR Timely statistical and financial information supports a healthy, accessible and responsive marketplace. It is an exciting time to be serving as Interim Chair of the General Insurance Statistical Agency (GISA), as this year marks GISA s 10 th anniversary and a significant point in the implementation of the GISA Strategic Plan. I commend GISA s staff, working groups, board committees and partners for their continued, strong commitment to delivering on GISA s strategic priorities in an evolving property and casualty insurance industry and regulatory environment in Canada. Throughout the pages of this report you can learn about the many important initiatives the GISA team worked on throughout Three initiatives stand out as particularly significant, not only for this past year, but also for the positive impact they will have in the years ahead. The Financial Information (FI) Enhancement & Annual Balance Reconciliation (ABR) Redevelopment initiative will modernize GISA s collection of data and enhance our efficiency. Following consultations with stakeholders this past year, GISA will begin streamlining the collection of both FI and ABR data through the current GISA Portal. This will centralize data collection through a more secure environment and will mark a key improvement since GISA started collecting FI in GISA s collaboration with the Financial Services Commission of Ontario (FSCO) on the Ontario Automobile Reform 2016 initiative is a prime example of the value of GISA s partnership with provincial regulators. Through their cooperation, FSCO and GISA helped improve the harmonized collection and reporting of accurate, timely and relevant data and supported regulators in monitoring and responding to the evolving marketplace. Lastly, the Exhibit Timeliness project has significantly improved the efficiency of publishing exhibits since the GISA Operations Team was established in Providing timely information is a key component of GISA s mission and this project s work will contribute to long-lasting positive outcomes. As we celebrate our 10 th anniversary and reflect on our many achievements in , I look forward to our work together over the coming year as we implement the final stages of our current Strategic Plan. Brian Mills Interim Chair General Insurance Statistical Agency G I S A R e p o r t o f t h e D i r e c t o r s Page 2

5 TABLE OF CONTENTS Mandate 1 Message from the Chair 2 Statistical and Financial Information 4 Governance 5 Board Committees 6 Strategic Priorities 8 Achievements EPS Consequence Process Integration Phase 1 9 Data Accuracy System Enhancements (DAS) 9 Data Query Tool Proof of Concept (POC) 9 Financial Information Enhancements and Annual Balance Reconciliation Redevelopment 10 ASP Renewed Environment Investment - Analytical Applications 10 Prince Edward Island Automobile Reform 10 Ontario Automobile Reform Exhibit Timeliness 11 Financial Procedure Review 11 Appendix A: Board and Committee Membership 12 Board Member Biographies 14 Appendix B: Audited Financial Statements 19 Visit GISA s website at for detailed information on GISA s business, objectives, governance structure, Board and Committee responsibilities and publications. G I S A R e p o r t o f t h e D i r e c t o r s Page 3

6 CLSP FI STATISTICAL AND FINANCIAL INFORMATION GISA collects statistics from two mandatory statistical plans as well as financial information: Automobile Statistical Plan (ASP) insurers operating in Alberta, Ontario, New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland & Labrador, Yukon, Nunavut and the Northwest Territories must report statistics for automobile insurance under this plan. Ontario Commercial Liability Statistical Plan (CLSP) insurers operating in Ontario must report statistics for commercial liability insurance under this plan. Financial Information (FI) insurers operating in Alberta, Ontario, New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland & Labrador, Yukon, Nunavut and the Northwest Territories must report financial information for automobile insurance under this reporting requirement. GISA started collecting financial information from automobile insurers beginning with the 2012 automobile insurance experience. The statistical and financial data is collected to support participating member jurisdictions with fulfilling the following public policy objectives: Monitoring the adequacy of rates to ensure that they are not excessive or unfairly discriminatory; Monitoring the adequacy of market structure and performance, and taking steps, if necessary, to restore competition or remedy the problems caused by market instability; and Providing aggregate industry experience to assist industry in making informed pricing decisions. GISA publishes a series of exhibits and reports on the automobile insurance experience and financial information which are compiled from data that has been collected from all licensed automobile insurers by GISA and contains experience from all participating jurisdictions. G I S A R e p o r t o f t h e D i r e c t o r s Page 4

7 GOVERNANCE GISA has established the following governance structure to fulfill its mandate and carry out its activities: The structure creates a direct link between the statistical agency, the provider of statistical services to the agency and its stakeholders. It provides provincial and territorial regulators with oversight of the statistical plans and clarifies that the integrity of the data assembled is ratified by a body independent of the industry. In short, this governance structure best serves the industry and the public interest. Board of Directors GISA is governed by a Board of Directors comprised of nine Member Directors, three Industry Directors and two Public Directors. During the year, GISA s Board met three times to address matters referred to it for decision and to receive progress reports on GISA s strategic initiatives and matters related to its operations. G I S A R e p o r t o f t h e D i r e c t o r s Page 5

8 The Board undertook its annual performance review and competency inventory matrix in order to examine the Board s effectiveness and make improvements where necessary. Board Committees The GISA Board has established the following Committees: Executive Committee Finance & Audit Committee Statistical Plan Committee Industry Advisory Committee Executive Committee The Executive Committee provides stewardship and strategic management for GISA. Its mandate is to provide ongoing oversight and direction in the operation of the agency. The Executive Committee: provides ongoing direction and advice to GISA Management in implementing decisions of the Board; acts as the Nominating Committee for appointments to the Board and its Committees; reviews and approves key communication documents and correspondence; establishes priorities and approves agenda for Board meetings; and makes ongoing decisions as necessary. Committee Members Brian Mills, Interim Chair Angela Mazerolle Brigid Murphy During the year, the Committee met five times. Finance & Audit Committee The Finance & Audit Committee assists the Board in fulfilling its financial oversight responsibilities. The Committee reviews GISA s financial risks, results, and reporting systems and provides advice and makes recommendations to the Board with respect to: external audits; internal control and risk management; financial performance and planning; and any other issues as requested by the Board. Committee Members: Ralph Peterson, Chair Robert Bradley Bonnie Lovelace Angela Mazerolle Brigid Murphy William Ngu During the year, the Committee met four times. G I S A R e p o r t o f t h e D i r e c t o r s Page 6

9 Statistical Plan Committee The Statistical Plan Committee assists the Board in fulfilling its oversight responsibilities pertaining to the collection, analysis and reporting of statistical and financial information. The Committee oversees, provides advice and makes recommendations to the Board with respect to: GISA s Data Rationalization Strategic Initiative; GISA s Data Collection, Analysis and Reporting Strategic Initiative; Non-financial aspects of the Technology Renewal Program (TRP); Systemic issues affecting statistical plan data integrity; and Any other issues as requested by the Board. During the year, the Committee met four times. Committee Members: Dan Carlson, Chair Brian Mills John Mitchell Sylvie Paquette Barry Cotnam Del Dyck Industry Advisory Committee A newly struck committee assists the Statistical Plan Committee and GISA in providing advice on technical and business issues pertaining to the mandated statistical plans and other statistical data. The committee serves an important role and is expected to draw upon a wide range of industry expertise. During the year the Committee was formed, but did not meet. Committee Members Representatives from: Aviva Canada CAA Cooperators Desjardins Intact G I S A R e p o r t o f t h e D i r e c t o r s Page 7

10 STRATEGIC PRIORITIES The Board approved GISA s Strategic Plan for in June 2014, and the corresponding Implementation Plan in October GISA has focused on the following four strategic priorities: 1) Improve the harmonized collection and reporting of accurate, timely and relevant data. 2) Enhance GISA s operational capabilities. 3) Foster a better understanding of GISA s role. 4) Support regulators by monitoring and responding to the evolving marketplace. This year we have: Established the Industry Advisory Committee (IAC) to support numerous GISA initiatives as required from time to time. The IAC is convened to provide advice on technical and business issues pertaining to the mandated statistical plans (Automobile Statistical Plan (ASP), GISA Financial Information (FI) and the Commercial Liability Statistical Plan for Ontario (CLSP)) and other statistical data as requested by the Statistical Plan Committee. Conducted surveys of regulators/rate boards and the reporting companies. The objectives of the surveys were to aid in: identifying emerging trends; identifying changes to data collected and reported; understanding insurer s awareness of roles related to GISA. The surveys were approved by the Board at its meeting on September 30, 2015 and were distributed on October 7, All jurisdictions responded to the survey as well as 84% of reporting companies. Completed a GISA Stakeholder Survey report based on the survey results. The draft survey report was approved at the March 2016 Statistical Plan Committee (SPC) meeting. The survey report provides a summary of the responses received related to the work being undertaken by the Data Management Working Group to further its work on several strategic initiatives, with responses outlined for the objectives of the survey. With SPC s approval, further consultation to confirm some of the results will be conducted with the three stakeholder groups before making any recommendations based on the result of the survey. Exhibits and data related results will be communicated to the Industry Advisor Committee in June Developed a Strategic Communications Plan. The purpose of the Communication Plan is to target communication accurately, to give structure to determine who to reach and how, and to make communication efforts more efficient and effective. It is the first formal communication plan that GISA has developed since inception. G I S A R e p o r t o f t h e D i r e c t o r s Page 8

11 ACHIEVEMENTS This section highlights GISA s accomplishments from April 1, 2015, to March 31, EPS Consequence Process Integration Phase 1 Exhibit Production & Publication System (EPS) consists of the application modules and supporting processes to generate and analyze exhibits for both Automobile Statistical Plan (ASP) and Commercial Liability Statistical Plans (CLSP). It includes the functionalities to manage exhibit report rules, the construction of data exclusions and adjustments, the certification of the product content, and the publication of the final EPS products. All EPS consequences are developed through a consequences process. The objective of the project is to automate the consequence process from a highly manual process to a more automated process, which will be more time efficient, easier to complete and more accurate. Data Accuracy System Enhancements (DAS) 1 The Data Accuracy System includes management of the business rules for purpose of identifying any potential data issues. A single integrated issue management system with a warning mechanism to identify potential issues with the specific fields in the reported Auto Statistical Plan (ASP) and Commercial Liability (CL) data, DAS tracks corrective actions taken to adjust the reported data. The objective of the enhancement project is to enhance DAS by adding the functionality to allow DAS business users to create new Anomaly Rules into production, reducing the time and manual effort required to do so. Data Query Tool - Proof of Concept (POC) In this fiscal year, the project team conducted a Proof of Concept (POC) project by using a new architectural design for the current data query tool, so that there would be no impact to exhibit production, while still giving regulators the ability to create ad-hoc reports. The POC project is now completed and the findings were shared with regulators. Hands-on training was also conducted with regulatory representatives to enhance their understanding and utilization of the tool. 1 Also known as Early Warning System (EWS) G I S A R e p o r t o f t h e D i r e c t o r s Page 9

12 Financial Information (FI) Enhancement & Annual Balance Reconciliation (ABR) Redevelopment During this fiscal year, discussions took place around an option that would aim to: streamline the collection of both FI and ABR data into the current GISA Portal; incorporate past data migration; interface with the existing Deficiency Fees System and CEO Report functionality; and, allow for the future integration of anomaly and edit rules. As a result of discussions with GISA, regulatory representatives and staff from GISA s Statistical Service Provider, it was decided to combine ABR and FI collection into an ABR-FI system. An ad hoc group of industry representatives were consulted on the initiative were supportive of the proposed changes. GISA committed to early and frequently communication with respect to the changes to ensure reporting companies will have sufficient time to implement changes. GISA will continue to collect ABR and FI submissions separately in 2016, with combined submissions planned for 2017 as part of this ABR-FI Technology Project. This will support GISA s commitment for sufficient regular communication with the industry. ASP Renewed Environment Investment Analytical Applications The Analytical Renewed Environment Investment project is the second refresh project to be delivered in the renewed environment. The project objective is to review the components of the analytical environment and ensure the analytical systems are in line with current technology, meet with vendor supportability requirements and maintain cost effectiveness. Prince Edward Island Automobile Reform On October 1, 2015, Prince Edward Island amended the data collection codes to accommodate splitting Third Party Liability coverage into Bodily Injury, Property Damage and Direct Compensation Property Damage. This project was initiated to accommodate the changes with respect to the Automobile Statistical Plan (ASP) PEI collection and reporting requirements. The project was completed successfully. G I S A R e p o r t o f t h e D i r e c t o r s Page 10

13 Ontario Automobile Reform 2016 In August 2015, changes to the Automobile Insurance regulations were announced to include a Winter Tire Discount and amendment of the Statutory Accident Benefits Schedule with respect to Optional Accident Benefits. In order to accommodate the 2016 Auto Reform requirements, this project was initiated to make specific changes to the Automobile Statistical Plan (ASP) Ontario collection and reporting requirements. All collection changes were completed and are promoted to production. Exhibit Timeliness The Exhibit Timeliness project was initiated to undertake an analysis of the exhibit review and approval process with the objective of identifying opportunities for improved efficiencies in support of reduced process delays. A report outlining the current exhibit review and approval process and recommendations for improvement was produced and approved at the March 2016 SPC meeting. The documentation of the process will ensure a common understanding of accountabilities is maintained. The project recommendations also included an improved process for communication with exhibit review and approval participants. An implementation plan has been developed. Financial Procedure Review With the restructuring of GISA operations, the previous financial policies and procedures that were developed in 2009 required review and revision to provide appropriate guidance with respect to GISA s accounting decisions and transactions. In March, June and December 2015, GISA completed a review and updated the Capitalization Policy, Policy on Investment of GISA s Assets and Procedure for Payment/Expenditure Accounting Transaction. Commencing in June 2015, GISA began a review of internal financial procedures. Six procedures will be reviewed, reorganized and rewritten. GISA has engaged its auditor, PwC, to perform the final review of updated financial procedures and advise on the adequacy of existing control procedures and policies, in accordance with Canadian accounting standards for not for profit organizations. GISA completed the review of Payment and Expenditure Transaction Procedure in December The draft procedure was reviewed by PwC. The final version agreed upon by GISA management, FSCO Chief Accountant and GISA s auditor were endorsed by GISA s Finance & Audit Committee and approved by the GISA Board at its December 2015 meeting. G I S A R e p o r t o f t h e D i r e c t o r s Page 11

14 APPENDIX A: GISA Board and Committee Membership (As of the period ending March 31, 2016) Brian Mills Interim Chair Member Director Committees: Executive Statistical Plan Mark Prefontaine Chair Member Director Committees: Executive Statistical Plan Angela Mazerolle, Vice-Chair Member Director Committees: Executive Finance and Audit Robert Bradley Member Director Committee: Finance and Audit Micheal Noseworthy Member Director Dan Carlson Member Director Committee: Statistical Plan Doug Doak Member Director William Ngu Member Director Committee: Finance and Audit G I S A R e p o r t o f t h e D i r e c t o r s Page 12

15 John O Brien Member Director John Mitchell Industry Director Portage Mutual Committee: Statistical Plan Brigid Murphy Industry Director Travelers Canada Committees: Executive Finance and Audit Sylvie Paquette Industry Director Desjardins Committee: Statistical Plan Bonnie Lovelace Public Director Committee: Finance and Audit Ralph Peterson Public Director Committee: Finance and Audit G I S A R e p o r t o f t h e D i r e c t o r s Page 13

16 Board Members Biographies Brian Mills Brian Mills was appointed Interim CEO and Superintendent of Financial Services, in October Brian previously served as FSCO s Deputy Superintendent, Pensions. Mr. Mills has over 29 years of experience in both the private and public sectors. He began his career in the Ontario Public Service working in policy at several ministries including the Ministry of Financial Institutions. He spent five years as Vice President of Pension Administration at the Ontario Pension Board. Mr. Mills was also a Managing Partner at Towers Perrin, responsible for running the firm s pension and benefit outsourcing business operations in Canada, Europe, Australia and Latin America. Brian has an honours degree in Economics from Queen's University. In addition to his role as Interim Chair of GISA, Mr. Mills is a Vice-Chair of the Canadian Association of Pension Supervisory Authorities, the Canadian Council of Insurance Regulators and the Mortgage Broker Regulators Council of Canada. Mark Prefontaine Mr. Prefontaine was the Assistant Deputy Minister, Financial Sector Regulation and Policy with Alberta Treasury Board and Finance. This position includes the roles of Superintendent of Pensions, Superintendent of Insurance, and Superintendent of Financial Institutions. Mr. Prefontaine has been with Alberta Treasury Board and Finance since 2003, joining the pension area first as a Senior Compliance Officer, then Senior Manager, Risk Management; and most recently (since August 2007) as the Deputy Superintendent of Pensions. Prior to joining Alberta Treasury Board and Finance, he worked in a family financial planning practice for eight years, and was an officer in the Canadian Armed Forces for five years. He has obtained certification as a Financial Planner and is a Chartered Financial Analyst. Angela Mazerolle Angela Mazerolle is the Superintendent of Pensions and the Superintendent of Insurance for the Financial and Consumer Services Commission in New Brunswick. As Superintendent, she is responsible for the administration and enforcement of New Brunswick's Pension Benefits Act and Insurance Act. Ms. Mazerolle has been involved for over fourteen years in both the regulation of pension plans and policy development. She took on the Superintendent of Insurance role in January G I S A R e p o r t o f t h e D i r e c t o r s Page 14

17 In addition to her role as Vice Chair of GISA, Angela is the Chair of the Canadian Association of Pension Supervisory Authorities. She is also an active member of the Canadian Council of Insurance Regulators, the Canadian Insurance Services Regulatory Organizations, the Joint Forum of Financial Market Regulators, the International Pension & Employee Benefits Lawyers Association, the Canadian Bar Association, and the Law Society of New Brunswick. Ms. Mazerolle received her Bachelor of Commerce degree (Honours - Economics) from Mount Allison University and her Bachelor of Laws degree from the University of Alberta. Robert Bradley Robert Bradley is the Superintendent of Insurance with the Office of the Attorney General for Prince Edward Island. He was previously the Deputy Superintendent of Insurance. As Superintendent, Mr. Bradley serves on the Canadian Council of Insurance Regulators. Mr. Bradley has also held public sector positions with the Office of the Auditor General and in the health administration area. In the private sector he has held positions with a major accounting firm and a regulated electrical utility. Mr. Bradley holds a Bachelor of Business Administration from the University of Prince Edward Island and a Chartered Accountant designation which was acquired while employed with the Office of the Auditor General of Prince Edward Island. Dan Carlson Dan Carlson is the Superintendent of Insurance and Director of Fiscal Policy for the Government of Nunavut. Prior to joining Nunavut's Department of Finance in 2009, he worked with the federal Department of Finance Canada. He holds an Honours BA in Economics from Queen's University, as well as a Masters of Public Administration and a Masters of Economics from Dalhousie University. Douglas Doak Douglas Doak was appointed Superintendent of Insurance of the NWT on February 24, 1998, and of the Territory of Nunavut on April 1, As Superintendent of Insurance, Mr. Doak oversees the licensing of insurers and agents and administration of licensing fees and premium tax. Prior to joining the GNWT, Mr. Doak was the chief financial officer of public companies in Vancouver, Jakarta and Hong Kong. From 1982 to 1988, he was Director of Finance for Bell G I S A R e p o r t o f t h e D i r e c t o r s Page 15

18 Canada International, providing risk and cash management services for Bell s Saudi Arabian telephone installation contract. From 1974 to 1981, Mr. Doak worked with Genstar Ltd. Initially he prepared the consolidated accounts and managed the Montreal corporate office accounts. From 1976 to 1980 he was chief financial officer of a Genstar joint venture in Saudi Arabia. Returning to Montreal in 1980, he was appointed assistant treasurer of Genstar. Mr. Doak obtained a Bachelor of Arts from Concordia University in Montreal in In 1973, he became a chartered accountant after articling with Clarkson, Gordon and Co. in Montreal. Micheal Noseworthy Mr. Noseworthy was a lawyer in private practice in Newfoundland & Labrador prior to moving to Yukon to work with the Yukon Government in He previously received both his law degree and a Bachelor of Arts in Political Science from Dalhousie University, and a Certificate in French as a Second Language from the Université du Québec à Montréal. He was called to the Yukon bar shortly after moving to Whitehorse, in Mr. Noseworthy began his career in Yukon Government working in the areas of professional regulation including working as Assistant Superintendent of Insurance and Manager of Professional Licensing in the Department of Community Services. He then worked for several years in the areas of employment and residential tenancy law regulation, as Director of Employment Standards & Residential Tenancies before moving back to the branch which regulates insurance in Yukon, this time as Director and Superintendent of Insurance. John O Brien Mr. O Brien was appointed Superintendent of Insurance on September 8, 2015 with the Financial Services Regulation Division of Service Newfoundland and Labrador. Prior to joining the Department, Mr. O Brien was a partner with a national accounting firm and he has over 20 years experience in financial accounting, securities and regulatory matters. John has a bachelor of Commerce (Hons.) from Memorial University and Fellow Chartered Professional Accountant (FCPA). Mr. O Brien has served in a number of leadership roles within the firm and the community including as Chair of the Institute Chartered Accountants of Newfoundland and Labrador ( ) and Co-Chair CPA Transition Steering Committee. G I S A R e p o r t o f t h e D i r e c t o r s Page 16

19 John Mitchell John Mitchell is the President and CEO of Portage Mutual Insurance. He has held several positions, including Junior Computer Programmer, Computer Programmer, Business Analyst, Marketing Representative, Corporate Marketing Analyst, Corporate Marketing Manager, Manager Corporate Business Strategies and Vice President. He holds a Diploma in Computer Programming from Red River Community and a Diploma from Canada Risk Management. He is also a Fellow of the Insurance Institute of Canada. Brigid Murphy Brigid Murphy is Vice Chairman of Travelers Canada. She is also a director of Travelers Canada. Ms. Murphy was most recently the President and Chief Executive Officer of Travelers Canada; she retired in August 2015 to take the Vice Chair role and continues with the organization in an advisory capacity. Ms. Murphy joined The Dominion in 1996 and held a number of senior management roles before being appointed President in August 2012 followed by President and CEO in January Following the acquisition of The Dominion by Travelers in 2013, Ms. Murphy assumed the leadership role of Travelers Canada. Her past directorships include The Dominion of Canada General Insurance Company, Insurance Bureau of Canada, Guardian Insurance Company of Canada, Canadian Group Underwriters and Oceanic Insurance. Ms. Murphy was on the Board of Directors of The George Hull Centre for Children and Families for 10 years (chair for seven years), and was a trustee of The George Hull Centre Foundation. She continues to support and advocate for Children's Mental Health. Ms. Murphy was born in Wexford, Ireland. She currently lives in Toronto. Sylvie Paquette Sylvie Paquette is President and Chief Operating Officer of Desjardins General Insurance Group (DGIG) and Senior Executive Vice-President and General Manager of Property and Casualty Insurance at Desjardins Group. Ms. Paquette joined DGIG in 1984, and has held a number of progressive leadership positions, including Senior Executive Vice-President of Corporate Development, prior to being appointed to her current roles. G I S A R e p o r t o f t h e D i r e c t o r s Page 17

20 Ms. Paquette is currently Chair of the Insurance Bureau of Canada and is also a Member of the Board of the of the Centre de développement en assurances et services financiers (Centre for insurance and financial services development) in Quebec. She has an Actuarial Sciences degree from Laval University and is a Fellow of both the Canadian Institute of Actuaries and the Casualty Actuarial Society. Bonnie Lovelace Bonnie Lovelace is currently Executive Director of the Waugh Family Foundation. Ms. Lovelace has held several positions in the public and private sectors, including Assistant Deputy Minister of Strategic Services, Senior Financial Officer, CIO, business planner and tax policy analyst for Alberta Finance; Commercial Officer with TD Bank; private Management Consultant; and as a Regional Director in Alberta for the Public Service Commission of Canada. She holds a Bachelor of Commerce (Hons) from the University of Manitoba and an MBA from the University of Alberta. Ralph Peterson Ralph Peterson was a partner with PricewaterhouseCoopers. Between 1994 and 1998, he was Managing Partner of the Edmonton office. In 2003, he left public practice to join industry and performed as Vice President, Finance, Corporate Risk & Strategy and Chief Financial Officer. In 2011, he was appointed Chief Executive Officer of a private equity held steel fabrication company. In 2013, he semi-retired to devote more time to his family and his Corporate Boards and other activities. His professional qualifications include: Chartered Accountant and Member of both the Alberta and Ontario Institutes, Fellow Chartered Insolvency and Restructuring Professional (FCIRP (Ret)), Institute-Certified Director and member of the Edmonton Chapter Executive of the Institute of Corporate Directors. G I S A R e p o r t o f t h e D i r e c t o r s Page 18

21 APPENDIX B: Audited Financial Statements G I S A R e p o r t o f t h e D i r e c t o r s Page 19

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