(The following report appeared on the Globe and Mail website on April 13.)
TORONTO — Claude Mongeau, Canadian National Railway Co.’s chief financial officer and executive vice-president, has been named Canada’s CFO of the Year for 2005.
An independent committee of prominent Canadian business leaders selected Mr. Mongeau for the honour.
The award honours and recognizes “the quality, insight, direction and leadership of Canada’s senior financial leaders,” organizers said in a statement.
Mr. Mongeau will receive the award at a dinner April 20 in Toronto. Canada’s CFO of the Year Award is presented annually by Financial Executives International Canada (FEI Canada) and PricewaterhouseCoopers LLP, in association with Caldwell Partners International.
“Now in its third year, the award continues to strive to highlight the central role that CFOs play in our capital markets and in fostering integrity and quality within their organizations,” said Kevin Dancey, Canadian senior partner and chief executive officer of PricewaterhouseCoopers. Mr. Mongeau made outstanding contributions to Montreal-based CN and his community, Mr. Dancey said.
Canada’s largest railway posted a record profit of $1.26-billion last year. The company will release its first-quarter results on April 20 and holds its annual meeting the following day in Montreal.
Award organizers said the selection committee judged nominees on several key criteria: vision and leadership, corporate reporting and performance, social responsibility, innovation and global competitiveness.
CEOs, directors, executives and analysts nominated candidates.
“CFOs play the integral role of creating the spirit of transparency that corporations strive for,” said Isabel Meharry, president and CEO of Financial Executives International Canada.
Canada’s CFO of the Year Award is supported by American Express Corporate Services, the Canadian Institute of Chartered Accountants, Certified Management Accountants of Canada, law firm Fasken Martineau, commercial insurance brokerage Marsh Canada Ltd. and Bank of Nova Scotia. The Globe and Mail is the media sponsor.
Last year, CN acquired BC Rail Ltd.’s freight operations from the B.C. government. The railway also benefited from the acquisition of two U.S. rail operations.