Director, Sustainability & Financial Reporting Policy
City : Toronto, Ontario, Canada
Category : Full time
Industry : Public Services/Utilities
Employer : Healthcare of Ontario Pension Plan (HOOPP)
Why you’ll love working here:
high-performance, people-focused culture
our commitment that equity, diversity, and inclusion are fundamental to our work environment and business success, which helps employees feel valued and empowered to be their authentic selves
learning and development initiatives, including workshops, Speaker Series events and access to LinkedIn Learning, that support employees’ career growth
membership in HOOPP’s world class defined benefit pension plan, which can serve as an important part of your retirement security
competitive, 100% company-paid extended health and dental benefits for permanent employees, including coverage supporting our team's diversity and mental health (e.g., gender affirmation, fertility and drug treatment, psychological support benefits of $2,500 per year, and newly extended maternity/parental leave top of 26 weeks)
optional post-retirement health and dental benefits subsidized at 50%
yoga classes, meditation workshops, nutritional consultations, and wellness seminars
access to an annual wellness reimbursement program for health and wellness-related expenses for permanent and temporary employees
the opportunity to make a difference and help take care of those who care for us, by providing a financially secure retirement for Ontario healthcare workers
HOOPP operates within accounting, financial reporting, sustainability reporting, auditing and regulatory environments which are dynamic and increasingly complex. In addition, HOOPP is growing in size (net asset value) and complexity (new and evolving investment products and strategies). As a result, HOOPP needs to proactively monitor and manage accounting, financial reporting, sustainability reporting, auditing and regulatory (of a financial reporting nature) changes and ensure that the organization can comply with new and changing standards and regulations in an effective, efficient and timely manner.
Reporting to the Senior Director, Financial Reporting Policy, Risk & Controls (“Senior Director”), the Director, Sustainability & Financial Reporting Policy (“Director”) is a new role and is responsible for overseeing HOOPP’s financial reporting policy responsibilities, with a focus on HOOPP’s sustainability reporting, including the implementation of the new IFRS Sustainability Disclosure Standards and ongoing compliance with those standards.
This role is responsible for oversight of accounting, financial reporting, sustainability reporting and regulatory (of a financial reporting nature) research and policy development and will support the department’s ability to proactively influence financial reporting and sustainability reporting standards within the pension plan industry. The Director is also responsible for providing advice on accounting, financial reporting and sustainability reporting to various areas in the organization and assisting where needed in the external audit and assurance process. This role will also be required to participate in the design and implementation of the control environment over sustainability reporting.
The Director will provide direct support to the Senior Director and to the VP, Finance Governance & Tax in the Senior Director’s absence, and will be a key member of this central and specialized department. The Senior Manager, Financial Reporting Policy, will report to the Director.
What you will do:
In collaboration with other Divisions, such as Investment Management and Legal Services, lead the implementation of sustainability reporting for HOOPP in compliance with International Sustainability Standards Board (ISSB) standards. This includes developing a detailed, organization-wide project plan, and routine progress reporting to senior management and the Audit & Finance Committee. This also includes designing and developing a sustainability reporting template as a component of HOOPP’s annual integrated annual reporting, and a sustainability reporting disclosure checklist.
Determine specific measures that must be disclosed according to the ISSB standards and compare ISSB disclosure requirements to existing disclosure to determine where disclosure gaps exist. Develop a detailed plan to close those gaps, including requirements related to data collection and governance, calculations and valuation models, etc., and roles and responsibilities.
Lead ongoing sustainability reporting for HOOPP, in collaboration with Investment Management and other areas of Finance, including reporting to senior management and the Audit & Finance Committee. This includes ongoing external sustainability reporting in compliance with ISSB standards and progress relative to HOOPP’s climate strategy, as well as internal management reporting relative to HOOPP’s strategy and targets.
In collaboration with the Financial Reporting Risk & Controls team, lead the design and implementation of internal controls over sustainability reporting, including process design and documentation, the identification of key risks, and the design and implementation of mitigating controls.
In collaboration with the Financial Reporting & Business Planning department, lead the process to obtain internal audit and / or external audit assurance over sustainability reporting.
Monitor, identify and research new, emerging and changing sustainability reporting standards and guidelines from standard-setting and regulatory bodies, including the ISSB, the Sustainability Accounting Standards Board (SASB), the Canadian Sustainability Standards Board (CSSB), and the Financial Services Regulatory Authority of Ontario (FSRA). Perform detailed analysis to determine the relevance and impact to HOOPP.
Lead HOOPP’s responses to exposure drafts / requests for information issued by various standard-setting and regulatory bodies on sustainability reporting.
Coordinate and collaborate regularly with stakeholders across Finance departments and the Investment Management Division on sustainability-related financial reporting requirements.
Research and Analysis
Monitor, identify and research new, emerging, and changing accounting, and financial reporting, sustainability reporting standards and regulatory guidelines (of a financial reporting nature) on a timely and prioritized basis.
Oversee the detailed analysis to determine the degree of relevance and assess the impact of new, emerging and changing accounting, financial reporting, and sustainability reporting standards and regulatory guidelines (of a financial reporting nature) to HOOPP’s financial and regulatory reporting.
Oversee the maintenance of HOOPP’s financial statement template and annual disclosure checklist, and ensure they are current, complete and accurate according to the CPA Canada Handbook, the PBA and FSRA financial statement disclosure requirements. These documents are provided to HOOPP’s financial reporting team for use when compiling HOOPP’s annual financial statements.
Review, summarize and analyze financial reports published by peer pension plans across Canada. Contrast HOOPP’s financial disclosure and recommend enhancements to HOOPP’s financial statement template.
Perform a critical review of the annual financial statements, accompanying note disclosure and MD&A to ensure compliance with financial reporting standards from a policy perspective.
Support the annual external audit.
Support internal audits, as they arise.
Support the Internal Control over Financial Reporting (ICFR) program by ensuring timely provision of documentation and testing requests.
As unique and ad hoc accounting, financial reporting and regulatory (related to financial reporting) issues arise, lead research the issues, assess the impact to HOOPP’s financial reporting policies and reporting in collaboration with impacted teams, and recommend appropriate resolution.
Documentation and Communication
Maintain detailed, consistent and accessible documentation to evidence research and analysis performed, and issue resolution.
Maintain detailed, consistent and accessible ‘permanent’ documentation to evidence the research and impact analysis performed. Revisit and regularly review these ‘permanent’ issues, taking into account changes to the financial reporting and regulatory environments and any impact to current practice.
Disseminate research findings and analysis as required to other Finance departments and other HOOPP divisions, on an efficient and timely basis and collaborate with impacted teams to ensure that changes are well understood.
Maintain and ensure completeness and accuracy of desk procedures.
Maintain and ensure completeness and accuracy of internal control documentation.
Contribute to quarterly Audit & Finance Committee reporting and sustainability reporting research and policy perspective.
Automation and Reporting
Oversee the management of and further develop the capabilities of the Financial Reporting Research SharePoint site in collaboration with the IT team.
Oversee the collaboration with IT resources to develop, design, test and execute innovative ideas to improve automation and reporting with respect to the Financial Reporting Research SharePoint site.
Oversee the maintenance and update of, at least on an annual basis, the Finance suite of policies and create new Finance policies, when required.
Ensure that policies are in compliance with applicable accounting and financial reporting standards and regulatory guidelines.
Oversee the annual policy review process in collaboration with the Finance Leadership Team and representatives from other impacted divisions in line with agreed upon timelines in order to support the annual external audit planning process.
Projects and Initiatives
Provide direct support to the Senior Director, and the VP in the Senior Director’s absence, for various accounting and financial reporting and sustainability reporting issues, initiatives and projects, as they arise.
Establish a peer plan network from a financial reporting and sustainability reporting policy perspective, including representing HOOPP at peer group meetings when required.
Liaise with external auditors, accounting bodies (AcSB, IASB, PSAB, AASB), sustainability standard boards (ISSB, CSSB), the pension plan regulator (FSRA), and peer pension plans / industry groups on HOOPP’s behalf to discuss and influence new, emerging and changing financial reporting standards and sustainability reporting standards, including formally responding to requests for information, exposure drafts, etc. from accounting bodies, regulators, and the Provincial and Federal government in collaboration with other HOOPP divisions (e.g., IM, Legal, Government Relations).
Develop and facilitate education sessions to allow stakeholders to develop an understanding of sustainability reporting and sustainability related financial reporting standards.
Manage and supervise the Senior Manager, Financial Reporting Policy and ensure that they possess the necessary skills, knowledge and competencies to perform their function.
What you bring:
University degree (Commerce, Accounting, Business Administration).
Chartered Accountant Designation (CPA, CA).
Chartered Financial Analyst (CFA) designation is desirable.
Certification in sustainability reporting such as the Fundamentals of Sustainability Accounting (FSA) Credential considered an asset.
Over 10 years of progressive experience in accounting and financial reporting, and financial reporting policy development and implementation, as well as sustainability related financial reporting.
Over 10 years of progressive experience in the investment and / or pension industry, including strong knowledge of various investment classes including marketable securities and derivatives.
Excellent knowledge of accounting and financial reporting standards and regulatory guidelines impacting the pension industry.
Expert knowledge of the CPA Canada Handbook, including Parts I (IFRS), II (ASPE) and IV (Pension Plans).
Strong knowledge of Canadian and International Public Sector Accounting Standards.
Expert knowledge of the CPA Canada organization structure and due process.
Expert knowledge of standard setting bodies such as the IFRS Foundation, the Accounting Standards Board and the Audit & Assurance Standards Board.
Knowledge of sustainability related financial reporting standard setting bodies and relevant frameworks like the ISSB, the CSSB, the Task Force on Climate-Related Financial Disclosures (TCFD), Global Reporting Initiative Standards (GRI), the European Commission's Corporate Sustainability Reporting Directive (CRSD) and ESG reporting requirements of under the U.S. Securities Commission and Canadian Securities Administrators.
Strong knowledge of investment products and strategies, including fixed income, public and private equity, real estate, infrastructure and derivatives (including swaps, options, futures, forwards; vanilla and exotic).
Strong knowledge of the pension industry.
Excellent research and analysis skills.
Excellent verbal and written communication skills.
Excellent organizational skills.
Strong analytical and problem-solving skills with the ability to think critically, innovate and drive change.
Detail oriented, autonomous, and highly motivated with the ability to multi-task productively and to work independently.
Proficient with Microsoft Office suite.
Ability to lead, coach, influence and motivate individuals and teams.
Ability to establish and maintain strong effective working relationships at all levels of the organization and influence people from different levels of the organization.