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14 Performance Measurement

14 Performance Measurement

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Published by tibip12345

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Published by: tibip12345 on Oct 17, 2009
Copyright:Attribution Non-commercial


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chapter 14
Performance Measurement
Accounting Matters!
Corporate Reporting Proves to BeFertile Ground
Launched as a Crown Corporation by the Province of Saskatchewan in 1975, Potash Corporation of Saskatchewan Inc. (PotashCorp) became a public company in 1989. With the world's largest integratedproduction capacity for the three primary nutrients (potash, phosphate and nitrogen)—their products areused by fertilizer, feed and industrial customers on six continents—PotashCorp takes the transparencyand accountability that comes with being a public company very seriously.The Saskatoon-based company took the Overall Award of Excellence at the Canadian Institute of Chartered Accountants' 2004 Corporate Reporting Awards. PotashCorp also won in the mining industrysector, and received awards of excellence for electronic disclosure and sustainable reporting, and anhonourable mention for excellence in annual reporting.Like all annual reports, PotashCorp's document presented the year's financial results, a message from thepresident and CEO, management discussion and analysis (MD&A), and information on the company'sdirectors. The report also stated what the company's goals for the current year were and how well it hadmet them, and listed targets for the next year. What impressed the judges was the fact that environmentalpolicies, as well as social and economic issues being faced, were included in the MD&A section.The annual report is the most important document a company produces. It is a crucial tool for investors,creditors, and regulators to gather the information they require. To help them, PotashCorp's annualreport includes a 10-year review of its financial performance, including production statistics, anddetailed explanations of risks and how the company manages them.PotashCorp also addresses corporate governance and sustainable development issues. The judgesdescribed the Board/Governance/Responsibility section of the company's website as “outstanding,”
http://edugen.wiley.com/edugen/courses/crs1562/pc/c14/content/kimmel6792c14_14_1.xform?course=crs1562&id=ref (1 of 3)14/04/2008 3:47:17 PM
providing all the information you could need on the corporate mission and governance. PotashCorp wasthe first publicly traded fertilizer company in North America to produce a separate sustainability reportto document its economic impact, social involvement, and progress in safety, health, and theenvironment.These accolades came from a year that was in fact poor in terms of financial performance. “We areespecially proud to earn recognition for our reporting [this year],” said Chief Financial Officer WayneBrownlee. “The fertilizer industry endured the sixth year of a down cycle and our company had thelowest financial returns in our history. We tackled that head on in our reporting.”By communicating effectively with its shareholders and other parties, the company demonstrates itscommitment to keeping investors and other stakeholders informed—one of the most important issues incorporate governance today.
http://edugen.wiley.com/edugen/courses/crs1562/pc/c14/content/kimmel6792c14_14_1.xform?course=crs1562&id=ref (2 of 3)14/04/2008 3:47:17 PM
The Navigator
Feature Story 
Study Objectives 
Chapter Preview 
Read text and answer
Before You Go On 
Using the Decision Toolkit 
Summary of Study Objectives 
Decision Toolkit—ASummary 
Demonstration Problem 
Self-Study Questions 
Complete assignments
Copyright © 2008 John Wiley & Sons Canada, Ltd. All rights reserved.
http://edugen.wiley.com/edugen/courses/crs1562/pc/c14/content/kimmel6792c14_14_1.xform?course=crs1562&id=ref (3 of 3)14/04/2008 3:47:17 PM

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