- Award of Excellence for Corporate Reporting in Financial Services-highest average ranking among banking peers.
- Honourable Mention for Excellence in Financial Reporting-BMO ranked 2nd best overall among all industry sectors
TORONTO, ONTARIO--(Marketwire - Nov. 29, 2011) - BMO Financial Group has again been recognized for excellence in financial reporting by the Canadian Institute of Chartered Accountants (CICA). The CICA assessed 56 TSX listed companies across multiple industry sectors for excellence in financial reporting, corporate governance disclosure, electronic disclosure and sustainable development reporting.
Award of Excellence for Corporate Reporting in Financial Services
BMO was ranked best among its banking peers for Corporate Reporting in Financial Services.
Judges noted that BMO's annual report presents full disclosure in a clear and timely manner; that its vision, mission and strategic priorities are defined and complemented with a discussion on the business; and that the management discussion is thorough and geared to the future.
Judges commended BMO for addressing both negative and positive aspects; long and short-term goals, particularly for earnings per share and return on equity; and for presenting a clear commitment to corporate social responsibility.
They also praised BMO for its clear and detailed explanation of accounting policies and future changes, such as the adoption of International Financial Reporting Standards (IFRS), as well as its explanation of continued risks and uncertainties. BMO's interactive online annual report was deemed to provide information in a variety of formats for easy downloading with numerous features to ensure that "anyone who wants to understand the bank can get what they need."
Honourable Mention for Excellence in Financial Reporting
BMO's financial reporting was ranked second amongst all companies across all industry sectors.
Judges felt the bank clearly demonstrated its dedication to communicating with all stakeholders (retail investors, customers and employees), citing a "solid job" discussing 2010 results and details on company and industry issues, noting that meaningful metrics and ratios are conveyed and that non-GAAP measures are also identified and explained. "The hard copy report makes many references to the website where an abundance of additional information can be found. The risks and uncertainties are discussed in forward looking manner and not a rear view mirror approach."
In accepting the awards, Tom Flynn, Chief Financial Officer, BMO Financial Group, stated, "This award is a testament to the commitment of the professionals in BMO's Finance, Investor Relations, Legal and Corporate Communications units who work hard to present the bank's results in a straightforward way, making complex financial information easy for our shareholders and stakeholders to understand - qualities that align directly with the BMO brand. The BMO team works hard to continually improve our processes and end-product, and this recognition of the quality of our reporting validates our effort and commitment."
Ralph Marranca, Toronto
Sarah Bensadoun, Montreal
Laurie Grant, Vancouver