PotashCorp is big winner at CICA Corporate Reporting Awards

Canada’s Chartered Accountants announced today that PotashCorp has taken the Overall Award of Excellence at this year’s Corporate Reporting Awards Judging panels gave PotashCorp top scores across the four judging categories: annual reporting, corporate governance disclosure, electronic disclosure and sustainable development reporting. PotashCorp also won in the Mining industry sector and was the recipient of the Awards of Excellence for Electronic Disclosure and Sustainable Development Reporting. PotashCorp also received an Honourable Mention for Excellence in Annual Reporting.

“PotashCorp is dedicated to providing a transparent account of our operations, in all aspects of corporate reporting,” says William J. Doyle, President and CEO, PotashCorp. “We are pleased that the CRA judges have recognized these efforts not only in our annual report, but in all the ways we report on our company.”

Other big winners this year included TELUS Corporation, which won the Award of Excellence in Corporate Reporting in the Communications & Media industry sector and the Award of Excellence in Annual Reporting (across all industry sectors). A full listing of winners can be found below. Nexen Inc. and Petro-Canada tied for the Award of Excellence in Corporate Governance Disclosure.

“Corporate reporting is an increasingly complex activity that involves meeting the information needs of a broad range of stakeholders seeking to assess corporate performance,” said David Smith, President and CEO of the Canadian Institute of Chartered Accountants. “This year’s winners are excellent examples of how to achieve clarity in financial reporting. Their ongoing commitment to improving corporate reporting mirrors the same commitment of the CA profession. For over 50 years, the CICA has played a leadership role in producing these awards to ensure a forum exists for recognizing excellence in corporate reporting.”

The CRAs recognize excellence in financial and corporate reporting in Canada. Awards are given to companies who have shown leadership in annual reporting, electronic disclosure, corporate governance disclosure and sustainable development reporting. Eligible participants in the awards program this year were from the top 50 Canadian companies, measured by market capitalization as of March 31, 2004 in each of the industry sectors on the TSX.

This year's judging groups included the CICA, Toronto Society of Financial Analysts, Canadian Institute of Investor Relations, and the International Institute for Sustainable Development and the Institute of Corporate Directors. Winning companies are profiled in the Corporate Reporting Awards for 2004 Book of Judges’ Comments that is available by telephone at 416-204-3435 or online at www.cica.ca/news/upcomingevents/corporatereportingawards.

Sponsors of the CRAs for 2004 are Toronto Stock Exchange, PricewaterhouseCoopers LLP, CNX Marketlink, and Fasken Martineau.

2004 CORPORATE REPORTING AWARDS WINNERS

BY INDUSTRY SECTOR
Overall Award of Excellence	PotashCorp
Mining	PotashCorp
Oil & gas	Suncor Energy Inc.
Forestproducts	Abitibi-Consolidated Inc.
Diversified industries	Dofasco Inc.
Real estate	Brookfield Properties Corporation
Life Sciences/technology	MDS Inc.
Communications & media	TELUS Corporation
Industrials/energy	Enbridge Inc.
Consumer staples	George Weston Limited
Utilities & pipelines	TransAlta Corporation
Consumer discretionary	Canadian Tire Corporation, Limited
Financial services	BMO Financial Group
Awards of Excellence in Corporate Governance Disclosure	Nexen Inc. and Petro-Canada
Honourable Mention for Excellence in Electronic Disclosure	BMO Financial Group
TSX Award of Excellence in Electronic Disclosure	PotashCorp
Honourable Mention for Excellence in Annual Reporting	PotashCorp
Award of Excellence in Annual Reporting	TELUS Corporation
Honourable Mentions for Excellence in Sustainable Development Reporting	Placer Dome Inc. and Talisman Energy Inc.
Award of Excellence in Sustainable Development Reporting	PotashCorp

The Canadian Institute of Chartered Accountants (CICA), together with the CA institutes/ordre, represents approximately 68,000 CAs and 8,000 students in Canada and Bermuda. The CICA conducts research into current business issues and supports the setting of accounting and assurance standards for business, not-for-profit organizations and government. It issues guidance on control and governance, publishes professional literature, develops continuing education programs and represents the CA profession nationally and internationally.

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For more information, contact Angela Kooij, manager, communications, 416-204-3450, or Angela.Kooij@cica.ca.