CEO Today Global Awards

www.ceotodaymagazine.com 52 CEO Today Global Awards 2019 Canada After having served for over ten years with Qikiqtaaluk Corporation (QC) as Director of Projects, Harry Flaherty was appointed President and CEO of Qikiqtaaluk Corporation on September 24, 2009 and has now completed his 7th fiscal year as President and CEO. In 2013, Qikiqtaaluk Corporation marked its 30th anniversary as the economic development arm of the Qikiqtani Inuit Association (QIA). Despite the world economic downturn in recent years, QC has maintained constant overall profitability. Under Harry Flaherty’s direction, the company business has increased its service diversification through new joint-ventures and has started regaining and increasing its high profitability, investing in larger projects and infrastructure development initiatives. 2014-2015 marked the 15th consecutive year of profitable growth for the QC Group of Companies, with consolidated earnings that have evolved over 5 years from almost $2M per year to close to $10M per year! Earnings attributed to QC’s interest in joint ventures Earnings attributed to QC’s interest in joint ventures in the 2013-2014 fiscal year has more than doubled as compared to the 2009-2010 fiscal year (an increase of $3.47M); and over the same period, earnings from the wholly-owned subsidiaries have increased by $3.48M for 2013-2014 and earnings in 2014-2015 were 8.4 times higher than six years ago. For 2014-2015, revenues have increased of $9.5M while expenses have increased at a slower rate than revenues (10% vs 8%) accounting for a Net Income of $2M. This represents an increase in net income of 28% compared to previous fiscal year! At the same time, QC continued building Inuit Capacity in the communities, by supporting employment and training and became an important contributor to Qikiqtani Youth Development Initiatives such as Post-secondary Scholarships (2014-ongoing), Student Ice program (2013-on- going), and Breakfast Program (2013). Other general Highlights: QC and its Group of Companies have been nominated for the Prime Minister’s Volunteer Award in the category “Business Leader” in 2014 for its impact and engagement the communities. QC supports volunteerism through policy, donations and its business practices. • In 2015, QC joined the World Ocean Council, a group of private leaders in corporate ocean responsibility. In a news release on the subject, the QC President said sustainable development, carried out with respect for the environment, was crucial to the North. • In 2013, QI/QIL was rated 100% in the Safe Advantage Programof the Workers’ Safety & Compensation Commission (WSCC) and earned a refund on its premiums. • In 2011, QC became the first 100% Inuit- owned company to obtain bid and performance bonding without external guarantors (Insurer: Intact Insurance/HUB Intern Summary of QC President’s Activity Highlights 2009 – 2016 In November 2009, shortly after the beginning of his mandate, the QC President initiated a review of QC’s short-term and long-term strategy in order to develop a comprehensive approach to support the direction of QC’s current and future operations for the years to come. In order to manage QC’S growth in a sustainablemanner, part of Harry Flaherty’s strategy has focused on improving the company structure: Set up of General Strategy, Business Plans, Structure and Policies • QC will annually declare and pay to QIA a dividend on the Class A Preferred Shares equal to 20% of the Net earnings (after income taxes) (2016) • Completion of the Five Year Business Plan for QC and Group of Companies (2015) • New QC Organizational Chart (2013) • QC’s Governance Policy Review and Update (2010 – Ongoing) • Upgrade of QC’s Website (2010 and 2015) • Development of a Bilingual Booklet and Workshop on the roles, responsibilities and functioning of a Board of Directors (2009-2010) Set up of Strong Financial back-ground to support QC’s development • Increased Overall Cost Control and Higher Implication of QC’s Managers in Budget and Business Planning (2011-ongoing) • Set-up of QC Investment Committee (2011) • Reorganization of Finance – Payroll – Accounting – Insurance/ Bonding – Assets Set up of a Long-term Investment Strategy in Human Resources • Development of Health & Safety Policies and Procedures (2013 – ongoing) • QC’s HR Review and Assessment • Inuit HR Community