TransAlta Board named a winner of the 2009 National Award in Governance
For the second straight year, TransAlta’s Board of Directors has been recognized for its corporate governance by the Conference Board of Canada and by Spencer Stuart, a global leader in Board and executive recruitment.
After being named as a finalist in the private sector division in 2008, TransAlta was chosen as an overall (and private sector) winner of the 2009 National Award in Governance. The award celebrates governance innovation and excellence in the public, private, and not-for-profit sectors.
Also recognized as an overall (and public sector) winner was Canadian Blood Services. The Saskatchewan Indian Gaming Society was named the winner in the not-for-profit sector.
The Conference Board said, “TransAlta’s Board has contributed greatly to the company’s long-term financial success as well as to success as defined by many other measures, including sustainable development.
“Excelling on many fronts means fulfilling the expectations of diverse constituents, and that requires exceptional governance so as not to be buffeted by the turbulence of the markets or the allure of short-term gains at the cost of longer term sustainability.”
The Conference Board identified TransAlta’s approach to enterprise risk management (ERM) as a key factor that makes that possible, stating that ERM provides “a sound measuring stick by which Board decisions can be made in an anticipatory manner, strategies can be set, performance evaluated, and the company’s future success ensured.”
In its submission, TransAlta highlighted the applicability of enterprise risk management to all organizations, large and small, public and private, for-profit and not-for-profit. As the submission concluded:
“The real value of ERM can never be experienced second hand. The real value lies not in the outcome or a finished report. It lies in the many discoveries that are made along the way. Being prepared and knowing what to expect can only help. If TransAlta can help others plan for similar journeys, we’ve very much like to see them off safely.”
2009 National Award in Governance winners
- Overall winners – TransAlta and Canadian Blood Services (tied)
- Public sector winner – Canadian Blood Services
- Not-for-profit sector winner – The Saskatchewan Indian Gaming Society
- Private sector winner – TransAlta
To view the Conference Board of Canada’s press release click here.