2016 Frank S. Capon Award Acceptance Speech
By Mark Walsh

About a year ago, I retired from paid employment – I am on the board and audit committee of three charities, so I am still active in financial roles. Having made the decision to retire, I naturally looked back at my career – at the successes and at things I wish I had done better.

Part of this was considering the value of my FEI Canada membership of almost 30 years. That adds up to a lot of time at meetings and events, a lot of time in volunteer activities and a not negligible amount of money for my employers. My conclusion was that FEI Canada has been a significant contributor to my professional life – and definitely made me a better financial professional.

First, FEI Canada offers networking potential.  Most of us have relatively small networks, based largely on university and accounting firms where we worked – and we lose touch with a number of these people over time. Chapter meetings provide an instant networking opportunity with financial people from many different industries, with a range of experiences and from small, medium and large companies. Any new problem or challenge that I faced had been worked on by other Chapter members – and FEI Canada gave me the opportunity to meet them. Over time, I started going to the national conference – and then my network stretched from coast to coast. Yes, networking takes some effort – you have to go to meetings and get around and talk to different people. But the benefits can be immense.

Second, FEI Canada offers professional development.  The world moves with increasing speed. What I learnt in my CA program and my MBA was excellent then – but very outdated now. So there is really no option but to spend time on professional development – or we will be overtaken by others. Chapter meetings I have attended in 2016 included outstanding presentations (and Q&A sessions) on data analytics, mergers and acquisitions strategies and an annual technology update. At the annual conference in Montreal, I had excellent sessions on leadership, cybersecurity, a panel of leading CFOs and another roundtable on performance measures. FEI Canada has provided me with great professional development opportunities covering a broad range of topics important to financial executives – and at a price that is less than most other PD courses and conferences.

There are two aspects of FEI Canada that I have been fortunate to be involved in, but which I think are not well recognized by most members. CFERF produces some excellent research studies. These are not academic research studies full of long equations and simplifying assumptions. CFERF studies are on topics of current concern to financial executives and document the current state of the world – what are companies doing and what is working best for them. These studies are easy to read and are meant to provide practical insights and food for thought. I think they should be a key part of every FEI Canada member’s PD reading.

FEI Canada has 7 Thought Leadership Committees. I have been a long-term member of the Committee on Corporate Reporting (CCR).  This has given me the ongoing opportunity to sit down with over 20 fellow FEI Canada members and discuss financial reporting issues, including new proposals from accounting standard setters and securities regulators. Twice a year, CCR members meet with the Chair of the AcSB and the Chief Accountant of the OSC (representing the CSA) for an update on their current projects and a frank (but polite!) exchange of views. The quality of the conversations at CCR meetings and the insights I have gained have been invaluable.  Other Thought Leadership Committees are Governance and Risk Management, Information Technology, Pensions, Private Companies, Taxation and Treasury and Capital Markets. I am sure members of these committees get similar benefits to those I have found as a CCR member. These committees are not closed bodies – they welcome new members – and I would encourage all members to consider making one of these committees part of their professional development.

So, while I have retired from paid employment, I will continue to be an active FEI Canada member as I see ongoing benefits in my volunteer charity work – insights that I will be able to bring to them to help them accomplish their public benefit missions.