1st Place MQE
Olivia Renshaw (nee Roberts)
CPA, CBV
Leadership Message
A Year Like No Other
The outbreak of COVID-19 devastated lives and livelihoods. The world changed instantly, and so did we. The disruption experienced this year was unlike any in the history of the CBV profession. The Institute was well-equipped. We mobilized quickly and overcame a myriad of challenges brought on by the pandemic. We are proud of our effective response and the many accomplishments you will see in this review of the year.
To our CBVs and Students, we are immensely proud of your resolve. You weathered crisis with extraordinary professionalism and showed once again what it means to be a CBV. The Institute has been doing what we can to help support the CBV community through this time and lend extra assistance when and where possible. Your success and well-being will always come first.
We have emerged from the year stronger, more effective and more responsive than ever. Still, the road ahead to a “new normal” will likely be bumpy until the virus is eradicated. Continued resilience is essential. Our efforts on behalf of CBVs, Students, the public, and our other stakeholders will only continue to expand in reach and scope as we work together for what we know is a bright future. We remain committed to our vision and strategic plan to guide the way forward.
Christine Sawchuk, CBV
President & CEO
Anish Chopra, FCBV
Chair, Board of Director
Global Map of Membership
CBV Institute educates, accredits and governs Chartered Business Valuators across Canada and all over the world, representing the CBV profession internationally.
Membership Growth
Who We Are.
Why We Are.
For almost half a century, CBV Institute has been leading governance and education for the CBV profession. We are committed to advancing professional excellence for business valuation globally. CBVs are established financial professionals who have invested in additional years of challenging CBV curricula to acquire the coveted CBV accreditation. With a course of study so rigorous and standards so high, we are an elite rarity with little more than 3,000 Members and Students in all the world.
The integrity of the CBV accreditation is protected by the demanding Membership Qualification Examination and upheld by our code of ethics, in the public interest.
1Members
1Students
CBVs BY AGE
Students by Age
What We Do.
Value Measurement
Valuation analysis provides a different perspective than accounting, audit, and tax. CBVs use financial information and dig deeper. A CBV is uniquely trained to uncover risks, find hidden value and enable wise, valuation-based business decisions. You will understand how each key business element impacts the value of your business.
Value Creation
CBVs have unique insight to define value drivers that will bring the most profitable opportunities for growth to your business. They will unlock intangible assets not on the balance sheet of the business – assets that will drive value, such as customer relationships, community relations, management capabilities, and alliances.
Value Protection
CBVs understand business risk. They also understand the actions required to safeguard business value. This not only protects the value already created, but allows for a long-term perspective on future goals to mitigate risk and maintain value. A CBV can protect your business with a constructive plan driven from valuation insight.
CBVs BY PROFESSION
Statement of Mission & Vision
THE PATH TO LEADERSHIP
Inspired by an unwavering commitment to professional excellence, we establish the highest standards of business valuation practice and education to elevate the stature of the CBV designation and the profession globally.
CBV analysis will be recognized as the essential instrument for informed business decision- making, transforming the power and authority of the Chartered Business Valuator.
This new dimension of professional opportunity will fuel demand for CBVs, open doors to career advancement and drive program enrolment.
OUR VALUES
Everything we say and do is governed by our code of ethics and grounded in the values of integrity and mutual respect, for the benefit of the public interest.
Awards and Honours
Awards Ceremonies 2020
Awards for Academic Excellence
George Ovens Award
In Recognition of Achievement on the 2019 MQE
In honour of George Ovens, one of the founding Members of CBV Institute, this award is presented to the Membership Qualification Examination (MQE) candidate who achieves the highest mark in a particular year. Special recognition also goes to second highest mark and third highest mark on the MQE.
2nd Place MQE
Balpreet Singh
CPA, CA, CFA, CBV
3rd Place MQE
Alex Wong
CPA, CA, CBV
Scholastic Achievement Award
In recognition of achievement throughout the 2019 terms in the Program of Studies.
This award, sponsored by EY, in honour of Ronald W. Scott, is granted annually to recognize the Student who achieved the highest average mark on all required courses in the CBV Program of Studies.
Alannah Walker
CPA, CA, CBV
CBV Awards of Excellence
Top CBV Under 40 In Memory of David Cornfield, CA, CBV
This award is presented to a CBV under 40 who has demonstrated success in a broad diversity of interests, brought distinction to the profession, and has given outstanding service.
Ashley Houldon
CPA, CA, CBV, CFF
Hall of Honours
FCBV
Granting of the Fellow designation is the highest honour CBV Institute confers. The FCBV recognizes those Members who have brought distinction to the business valuation profession and have achieved recognition in their professional lives and in their communities.
Aroon Sequeira
FCPA, FCA, FCBV, ICD.D
Richard Ginsberg
FCPA, FCA, FCBV
Life Member
The Life Member standing is granted to retired CBVs and FCBVs of eminence in their valuation careers who are retired from active practice.
Wayne Albo
FCPA, FCA, FCBV
Richard Wise
MCBA, CVA, FASA, FCA, CPA, CA, FRICS, CA•IFA, CFE, C.Arb MNP LLP
Awards & Honours 2020-2021
Awards and honours announced in 2019-20, to be presented at virtual awards ceremonies in June 2020.
Awards for Academic Excellence
George Ovens Award
In Recognition of Achievement on the 2019 MQE
In honour of George Ovens, one of the founding Members of CBV Institute, this award is presented to the Membership Qualification Examination (MQE) candidate who achieves the highest mark in a particular year. Special recognition also goes to second highest mark and third highest mark on the MQE.
1st Place MQE
Olivia Renshaw (nee Roberts)
CPA, CBV
2nd Place MQE
Balpreet Singh
CPA, CA, CFA, CBV
3rd Place MQE
Alex Wong
CPA, CA, CBV
Scholastic Achievement Award
In recognition of achievement throughout the 2019 terms in the Program of Studies.
This award, sponsored by EY, in honour of Ronald W. Scott, is granted annually to recognize the Student who achieved the highest average mark on all required courses in the CBV Program of Studies.
Alannah Walker
CPA, CA, CBV
CBV Awards of Excellence
Top CBV Under 40 In Memory of David Cornfield, CA, CBV
This award is presented to a CBV under 40 who has demonstrated success in a broad diversity of interests, brought distinction to the profession, and has given outstanding service.
Ashley Houldon
CPA, CA, CBV, CFF
Hall of Honours
FCBV
Granting of the Fellow designation is the highest honour CBV Institute confers. The FCBV recognizes those Members who have brought distinction to the business valuation profession and have achieved recognition in their professional lives and in their communities.
Aroon Sequeira
FCPA, FCA, FCBV, ICD.D
Richard Ginsberg
FCPA, FCA, FCBV
Life Member
The Life Member standing is granted to retired CBVs and FCBVs of eminence in their valuation careers who are retired from active practice.
Wayne Albo
FCPA, FCA, FCBV
Richard Wise
MCBA, CVA, FASA, FCA, CPA, CA, FRICS, CA•IFA, CFE, C.Arb MNP LLP
Meeting COVID-19 Head On
The Office of the Institute made a seamless transition to operating remotely. Despite challenges, we were able to quickly pivot and adapt plans, re-deploy resources, and find new solutions to deliver Institute programs and services. To that end, we took immediate action in the following ways.
MEMBERSHIP QUALIFICATION EXAMINATION (MQE)
Swift steps were taken in May to move the in-person MQE to online examination for all candidates. This followed consultation with other institutions, universities, and colleges, many of whom elected to cancel or defer exams for COVID-related reasons. Public health protocols compromised physical exam locations, seating capacity, and essential support functions for proctoring. As a result of early action, MQE 2020 proceeded on time and online September 30th, securely administered by remote proctoring. With the advance notice, all candidates enjoyed adequate time to prepare to write in September.
CBV PROGRAM OF STUDIES
Course registration, administration and exams within the Program of Studies continued as usual with minimal to no disruption to Students. The CBV Program was ahead of the game, being founded as a robust, virtual learning experience. Being well-established in online success, minimal adjustments were necessary.
ANNUAL MEMBER MEETING (AMM)
AMM 2020 was re-imagined from a live event to a virtual meeting, for the health and safety of attendees. At the first sign that public events would be limited for an extended period, we stepped up to plan a suitable technology platform to accommodate AMM logistics and required voting. Our first virtual AMM was held successful in June.
“We saw an 87% jump in attendance and great participation from the ease of virtual accessibility.”
COVID-19 IMPACT SURVEY
A survey was fielded to CBVs and Students in August to gauge the impact of pandemic conditions on their employment, study and careers. The insight enabled the Institute to improve areas of delivery in our programs and services to help support the immediate needs of our community. For example, to facilitate mandatory Continuing Professional Development (CPD) requirements, all archived webinars were made available for the year at no charge.
CBV Congress 2020: We made the difficult but necessary decision to cancel our annual Congress in June 2020, for the health and safety of all participants. Congress is the signature event of CBV Institute dedicated to showcasing leadership in business valuation. In short order, planning got underway to hold CBV Congress 2021 as an exciting virtual experience. It will be held June 16-18, 2021 on an interactive, state-of-the-art platform, which expand the reach and profile of Congress 2021 globally.
Latest CPD Content: Congress cancellation afforded the opportunity to repurpose many exciting Congress sessions into recorded webinars. Sessions were made available to CBVs and Students as virtual CPD, enhancing our library of leading-edge and thought-provoking materials for professional development.
Global Town Halls on COVID Impact: Co-hosted two Town Hall events with other leading valuation professional organizations. The revealing discussions aimed to share collective intelligence on the significant business and economic impacts on the business valuation and appraisal professions. The Town Halls in April and July received impressive international attendance.
Practitioner Roundtable on COVID: Dealing with COVID in Valuation Conclusions was held virtually in April, to share information and experiences as pandemic news was unfolding. This event connected practitioners across the country to facilitate immediate CBV curiosity on technical topics ranging from disclaimers, valuation ranges, and qualifications, to hindsight considerations and other valuation issues.
COVID Webinar Panel Discussion: Valuation and Deals in the Time of COVID, A Canadian Virtual Chat was hosted by CBV Young Professionals in Valuation on July 29th. A riveting discussion brought together industry leaders in their respective fields across Canada to share how COVID-19 was affecting their areas of practice.
Valuation Guide to COVID: A valuation guide was published, providing a centralized resource for relevant updates and communications on considerations for business valuation with developing insight on the COVID impact to business as intelligence became available.
Wellness Resources: As the potential risks of the pandemic to mental health became clear, the Institute compiled, published, and continues to share a menu of available resources for mental health and wellness. For those in need, or someone you may know.
Payments By Installment: To provide flexibility for CBVs and Students in a time of uncertainty, payment by installment was introduced as an option for transaction of annual membership fees, course fees in the CBV Program of Studies, and fees for candidates to write the MQE. We hope this will help meet the needs of those experiencing financial difficulty.
Electronic Voting: For improved accessibility to our Institute elections in the current climate and in the future, we are introducing electronic voting for the first time. In 2020, we began the intricate process of preparing for confident and secure implementation. Online voting begins in 2021 with Regional Director elections in the Quebec region and will roll-out to other regions over the next few years.
Advancing Professional
Excellence
CBV Institute maintains the highest standards of business valuation practice, for the benefit of the public interest. It’s a mandate we take seriously. Changes from the pandemic serve to remind us CBVs play an important role as business leaders. In disruptive and volatile market conditions, trust in the integrity of valuation advice becomes ever more significant. Maintaining CBV professional excellence requires keeping pace with rapid change and regularly anticipating what comes next. We advanced this progress in the year, at home and on a global level.
Practice Inspection Program
A second year of practice inspections finished successfully in 2020, despite the need to adapt our process to effectively navigate widespread business closures. This Program was launched in 2019 and rolled-out in 2020, adding new inspectors to expand the number of inspections. In the second year, almost all inspections moved virtually out of necessity. The Program aims to ensure ongoing observance and proper application of CBV Institute Practice Standards by CBVs and Students. Conclusions from annual inspections are published for our internal stakeholders, to facilitate the issuance of work products in accordance with our mandatory Practice Standards. Our report on 2020 inspections was published Q1 2021.
Eligibility for 2020 Practice Inspection
Academic Agility
Strength In Partnership
As a leader in the global valuation community, we amplify CBV leadership through continued collaboration with other valuation professional organizations and related partner organizations in our ecosystem. From these vital and important connections, the Institute exerts considerable influence on the latest thinking and the promotion of best valuation practices. We have done our part throughout 2020 to be a respected resource and came together with various alliances to deliver multiple outcomes.
International Valuation Glossary
The following VPOs collaborated to co-publish the International Valuation Glossary – Business Valuation, for public comment:
- AICPA – American Institute of Certified Public Accountants
- ASA – American Society of Appraisers
- CBV Institute - Chartered Business Valuators Institute
- RICS – Royal Institution of Chartered Surveyors
- TAQEEM – Saudi Authority for Accredited Valuers
A4S Essential Guide to Valuations and Climate Change
CBV Institute was proud to have been involved in this groundbreaking Guide, developed in partnership between CPA Canada, finance teams from the Accounting 4 Sustainability (A4S) CFO Leadership Network, global institutional investors and industry experts. Project team:
- Ontario Teachers’ Pension Plan
- New Zealand Superannuation Fund
- OMERS
- Brookfield Asset Management
- Caisse de dépôt et placement du Québec (CDPQ)
- CBV Institute - Chartered Business Valuators Institute
- Financial Reporting and Auditing Standards Canada
Igniting Insight
Continuing Professional Development (CPD) enables CBVs and Students to advance the professional excellence expected of the CBV profession in a rapidly changing business world. That’s why ongoing CPD is a requirement of CBV Institute. CPD events maintain the skills and knowledge that will enable our practitioners to stay up-to-date and at the cusp of the latest thinking to provide trusted valuation advice for today’s business challenges. Space permitting, CBV Institute events are open to the public.
1Total CPD Events held
1Total Event Attendees
1Total CPD Hours
1IVS Course Registrations
1FDRIO Event Registrations
CBV Institute Events
We offered a rich events portfolio in 2020, producing a record 32 new webinars on a variety of diverse topics and technical valuation content, including…
- Beneficial Ownership Reporting Requirements
- CBVs in Family Law – Current Issues in Canadian Practice
- Damage Quantification and Business Valuation in the Franchise Industry
- Cybertools for Forensic Accountants
- Repricing Risk – Valuation and Damages During COVID-19
- Infonomics: The Information Asset Valuation Imperative
- Valuation and Deals in the Time of COVID – A Canadian Virtual Chat
- Business Valuations and Concepts – Applications to Farm Producers and Agribusiness: General Tax Issues When Selling Your Business
- Valuation Caselaw Review – Sharpening your 20/20 Vision
- Contractual Language: Drafting Tips from the CBV Trenches
- The Rise of Family Offices: Investment Processes and Valuation Governance
- Introduction to Complex Financial Instruments
- Discerning Valuations Analysis
Business Valuation Resources (BVR)
Our formal partnership with BVR opens the door to a breadth of published valuation knowledge worldwide. The BVR portal provides free access to international valuation resources, research and archived webinars from around the globe. Exclusively for CBVs and Students.
CBV Young Professionals in Valuation
CBV Young Professionals is an inclusive series of networking events inspiring the next generation of CBVs leaders. The marquee event this year was Valuation and Deals in the Time of COVID – A Canadian Virtual Chat.
2020 Operations
Operations Overview
CBV Institute's Financial Position Remains Strong
The financial strength provided by the $2.9 million investment portfolio enables CBV Institute operations to continue during periods of disruptions and allows it to pursue initiatives in support of strategic objectives. The amount maintained in the investment portfolio is reviewed annually and is in alignment with the practices of similar organizations and future requirements based on projected levels of expenditures.
Net assets increased to $3.4 million, primarily from gains on the investment portfolio.
Fees for 2020 were held at 2018 levels, as operations are at break even levels and CBV Institute has a healthy financial position.
Excess of revenue over expenditures increased to $287,435
- Course and examination revenues continued at 2019 levels. The increase in enrolments experienced in 2018 due to the shift in the number of terms per year to three from two was sustained.
- Membership fee revenues increased 5% as the profession continues to grow.
- Continuing Professional Development revenues decreased as Congress 2020 was cancelled due to the COVID-19 pandemic and the resulting restrictions on travel and social gatherings. While other CPD offerings were enhanced with content planned from Congress 2020, these events were offered at no cost.
- Salaries, office and administration expenditures increased marginally, primarily due to general inflationary increases.
- Course and examination expenditures decreased slightly.
- Marketing and communications expenditures decreased by 27% as digital advertising efforts were delayed due to the general disruption in the business community by the COVID-19 pandemic.
- Continuing Professional Development expenditures decreased significantly due to the cancellation of Congress 2020 and the avoidance of all facility cancellation penalties.
- Investment income and gains of $286,179 were the result of holding investments during the market declines in the Spring of 2020 and the generally strong performance during the balance of year. The investment portfolio is comprised of pooled funds that are professionally managed, the significant majority of which are investments in bonds
Marketing & Communications
The financial strength provided by the $2.9 million investment portfolio enables CBV Institute operations to continue during periods of disruptions and allows it to pursue initiatives in support of strategic objectives. The amount maintained in the investment portfolio is reviewed annually and is in alignment with the practices of similar organizations and future requirements based on projected levels of expenditures.
1Impressions in major markets across Canada
1YouTube video advertising impressions, at an extraordinary 98%
view-through of ads
1Web site traffic increased in each month of advertising
1More Visitors Over the Campaign
1YOY Increase in LinkedIn Followers
Board of Directors
Anish Chopra
Chair
Portfolio Management Corporation
Managing Director & Portfolio Manager
Toronto, ON
Luc Lafontaine
CPA, CA, CF, CBV
Vice Chair / Quebec Region
Deloitte
Partner
Montreal, QC
Charlene Rodenhiser
CPA, CA, CBV
Secretary / Treasurer / Atlantic Region
ChartingValue Advisory Services Inc.
President
Halifax, NS
Amanda Vella
CPA, CA, CBV, CEPA, MPAcc
ATB Financial
Senior Director, Business Advisory and Transition Consultant
Edmonton, AB
Richard Davies
CPA, CA, CBV, CFE, CFF
Toronto Region
Cohen Hamilton Steger & Co. Inc.
Senior Manager
Toronto, ON
Susie Foley
CPA, CA, CBV
British Columbia Region
KPMG
Partner
Vancouver, BC
Brian Gibson
CPA, CA, CBV
Western Region
KPMG
Senior Manager
Calgary, AB
Cameron L. McInnis
FCPA, FCA, CPA (Illinois)
Ontario Securities Commission
Chief Accountant
Toronto, ON
Dennis Leung
CPA, CA, CBV, CF
Grant Thornton LLP
Partner
Toronto, ON
Chris Polson
MBA, CPA, CMA, CFA, CBV, CFF
PwC Canada
Partner, Advisory & Disputes
Toronto, ON
Kevin Hutchinson
CPA, CA, CBV, FRM
OMERS
Vice President, Investment Finance - Valuations
Toronto, ON
Derek Sanders
CPA, CA, CBV, CFA
Spence Valuation Group
Partner
Kelowna, BC
Patrick Coady
FCPA, FCA, FCBV
KPMG Corporate Finance
Partner, Managing Director
Ottawa, ON
Bill Armitage
CPA, CA, CBV
Past Chair
EY
Partner
Toronto, ON
Office of the Institute
Christine Sawchuk
CPA, CA, CBV, MEd
President & CEO
Robert Boulton
CPA, CA, FCBV
Executive Vice President & COO
Catalina Miranda
CPA, CA, CBV
Director, Professional Practice
Saam Bandari
CPA, CA, CBV, CFA
Director, Education & Accreditation
Kathy Richards
Director, Strategic Marketing
Judith Roth
BEng, MEng
Senior Manager, Business Systems and Compliance
Deborah Hanlon
Manager, Administration and Events
Isabel Natale
Registrar & Manager, Education
Kevin Floether
Communications Associate
Carol Walford
Member Services Coordinator
Debadatta Laskar
Program Coordinator
Judy Justice
Administrative Services Coordinator