Jim Balsillie is jointly spearheading a new task force that will develop a blueprint for Canadian accountants and businesses to better benefit from the digital economy , the Chartered Professional Accountants of Ontario announced on Wednesday.
The Competitiveness and Value Creation Task Force will bring together business executives and those active in trade and public policy, including John Ruffolo, founder and managing partner of Maverix Private Equity, Andrew Kennedy, chief financial officer at Capstone Infrastructure Corp., and Brice Scheschuk, managing partner of Globalive Capital Inc.
Balsillie said Canada needs more action and improved policies to address that assets such as intellectual property, data and artificial intelligence are now critical drivers of economic growth and national sovereignty .
Carol Wilding, chief executive of CPA Ontario, said the group's first assignment is to develop a playbook to be released in the coming months that will offer "practical guidance" on 13 core focus areas, including international technical standards governing the digital economy and so-called intangible assets, such as intellectual property, AI and digital tokens.
"This task force was formed to help CPAs and Canadian enterprises understand how value is created, how it's captured and make sure we protect it and scale it," she said. "That is what's going to get us our sovereignty."
For example, the group will look at the concept of a unified ledger, Canada's approach and what it means for financial markets and domestic businesses. The group will also support CPA Ontario's professional development courses.
"It's a guide on capacity if you need an IP strategy or how you start to govern AI for its opportunities and threats," Balsillie said. "It infuses the capacity for the 21st-century nature of capitalism with the advisory, governance and operational stewardship role that CPAs play. There's a heavy overlap between effective management and public policy."
Wilding said chartered professional accountants are the ideal cohort to target because they serve on company boards, run audit committees and provide advice, governance and controllership for businesses.
-
Don Tapscott: Seven things Canada must do to govern AI before it governs us
-
Terence Corcoran: Nvidia's Jensen Huang is the voice of AI reason
"They occupy a very influential position inside an organization in that they work across strategy, capital allocation, risk and governance," she said.
Balsillie has previously said Canada can capture a $500-billion opportunity if it overhauls domestic policies to mirror those of the United States that focus on owning and controlling key assets of the new economy, such as IP, data and AI.
"It's time to bring 21st-century statecraft to bear in Ottawa's economic policy," he said. "But we also need it in the curriculum so that it's at the company level, too."
• Email: ylau@postmedia.com
