Executives want new Bank of Canada governor to maintain status quo: CPA Canada Business Monitor

TORONTO, June 3, 2013 /CNW/ - A strong majority (74 per cent) of the executives surveyed for the latest CPA Canada Business Monitor want new Bank of Canada governor Stephen Poloz to follow the same policies as his predecessor.

Chartered professional accountants and chartered accountants holding leadership positions were surveyed about the changing of the guard at the Bank of Canada with Poloz taking over for Mark Carney.

"There often is a greater comfort level with something you are familiar with versus the unknown," stressed Kevin Dancey, FCPA, FCA, president and CEO, Chartered Professional Accountants of Canada (CPA Canada). "Most of the executives surveyed are not looking for a shakeup."

For example, 84 per cent of the respondents believe that the bank should continue to warn Canadians to reduce their debt levels.

When asked if the selection of Poloz as Bank of Canada governor is positive for the economy, the majority of respondents (56 per cent) were neutral or withholding judgment. Twenty per cent viewed the selection as positive and just four per cent disagreed with the statement. The rest did not know.

There is basically a three-way split among the respondents when asked if the influence of Canada in the global economy will diminish with Carney's departure: 32 per cent agreed, 30 per cent disagreed, 30 per cent were neutral and the rest did not know.

Background Information

The CPA Canada Business Monitor is issued quarterly, based on a survey commissioned by CPA Canada. The report draws upon business insights of Canadian chartered professional accountants and chartered accountants in leadership positions in privately and publicly held companies.

For the Q2 2013 study, emailed surveys were completed by 322 of 4,337 identified by CPA Canada as holding senior positions (CFOs, CEOs, COOs and other senior executive roles). The response rate was 7.4 per cent, with a margin of error associated with this type of study at ± 5.5 per cent, with a confidence level of 95 per cent. The survey was conducted by Harris/Decima Inc. from May 7 to May 29, 2013.  A background document is available online at www.cica.ca/businessmonitor.

About CPA Canada

CPA Canada is the national organization representing the Chartered Professional Accountant (CPA) profession in Canada. The Canadian Institute of Chartered Accountants (CICA) and The Society of Management Accountants of Canada (CMA Canada) created the organization on January 1, 2013, to support unification of the Canadian accounting profession under the CPA banner. CPA Canada is responsible for providing services to CAs and CMAs on behalf of CICA and CMA Canada as well as to CPAs and CGAs participating in the unification effort. CPAs will serve the public interest across all sectors of the economy with integrity, sound ethical practices, disciplined regulation and proven strategic management and financial expertise. Accounting bodies representing almost 90 per cent of Canada's professional accountants are committed to unification or have already merged under the CPA banner.

SOURCE: CPA Canada