Year In

Globally, 2022 was fraught with uncertainty, including inflation, supply chain disruption, and geopolitical unrest. Despite this, 2022 was a very good year for CBV Institute.


Automated content. Automated testing. Automated systems. Clearly, AI-generation is here to stay. Enter AI-generated images. The CBV Institute Year in Review team decided to put AI to the test in the development of the front cover.

Using Canva’s AI image generator (also known as text to image), “2023 a study in contrasts” was entered and what you see on the front cover was one of the images generated.


JOINT Leadership Message

On behalf of CBV Institute’s Leadership, we are proud to present this review of shared accomplishments in 2022. The following pages point to numerous successes achieved throughout the year.

The CBV profession continues to grow and achieve impact; and the Institute has continued to deliver on its 2022-2025 Strategic Plan, including the following initiatives:

  • Enhancements to course notes for several courses, to ensure that the Institute’s Program of Studies remains best in class;
  • A refocused marketing team and strategy, which led to increased capacity and further brand development and awareness via exciting new initiatives such as website updates, thought leadership video series, and increased outreach to Canadian universities, including the first annual university Business Valuation Challenge;
  • Enhancements to our practice standards and processes to further elevate the stature of the CBV profession around the world;
  • Expansion of professional development activities, including a return to in-person Congress in June 2022 in Vancouver;
  • Increased solicitation of Member/Registered Student feedback on Institute activities and the building of a stronger CBV community through regular Member/Registered Student Roundtables, our annual Member/Registered Student Survey, and the establishment of our Equity, Diversity and Inclusion Working Group; and
  • Collaboration with valued external organizations and associations in Canada and around the world to ensure that the Institute remains at the forefront of business valuation-related developments.

The strength of CBV Institute is in our people, and we could not accomplish all that we do without our passionate network of professionals. We wish to express our appreciation to our Board Directors for their dedicated service, and to the many CBVs and Registered Students who contribute their time to help us on an array of Institute functions. Last but certainly not least, thank you to Institute staff for their leadership and diligence. We remain motivated and excited as we work together to shape a brighter future for the CBV community.



CBVs are indispensable in the world of business and finance.

When parties need to determine the value of their business, they turn to a Chartered Business Valuator (CBV) for answers. CBVs combine technical knowledge with real-life practical experience to put forward globally respected valuations of a business, a business interest, and/or intangible assets.

Holders of the prestigious CBV designation have the skills and expertise to meet the challenging dynamics of business valuation, litigation support, corporate finance, and private investments.


From January to December 2022, the profession grew as we welcomed 127 new CBVs into membership. Congratulations to all individuals who were welcomed into CBV membership in 2022.


CBV Institute membership grew 4.5% in 2022.


CBV Institute educates, accredits and governs Chartered Business Valuators across Canada and all over the world, representing the CBV profession internationally.




CBV Institute’s actions and behaviour are guided by our Purpose, Mission &
Vision, and informed by our Values.

To lead, build, and evolve the valuation profession

Elevate the power and stature of the CBV designation

Inspire an unwavering commitment to valuation excellence


Work ethically with stakeholders to continuously improve the profession in the public interest

Be courageously inquisitive to advance the future of the profession

Operate with agility, and embrace change with integrity

Enhance and celebrate the diversity of the profession geographically, demographically, and culturally



On June 14, 2022, CBV Institute was pleased to host its annual Awards & Honours Ceremony. Dr. Christine Sawchuk, CBV Institute President and CEO was joined by Anish Chopra, 2021-2022 Chair, CBV Institute Board of Directors to recognize a select cohort of Members and Registered Students and their achievements.

The following CBV Members and Registered Students were recognized for their achievements. (Their remarks were broadcast on YouTube via livestream and are available here)

Awards for Academic Excellence


In Recognition of Achievement on the 2021 MQE.

In honour of George Ovens, CBV, one of the founding Members of CBV Institute, this award is presented to the Membership Qualification Examination (MQE) candidate who achieves the highest mark in a particular year. Special recognition also goes to the second and third highest marks on the MQE.

1st Place MQE
Janece Boersma

1st Place MQE
John Drake

2nd Place MQE
Eric Boehm

3rd Place MQE
Claire Neale

3rd Place MQE
Micheal Zelma

CBV Awards of Excellence


This award is presented to a CBV under 40 who has demonstrated success in a broad diversity of interests, brought distinction to the profession, and has given outstanding service.

Kevin Hutchinson


This award is granted annually to a CBV or Registered Student who, through their volunteer contributions, has had a significant impact on the advancement of CBV Institute programs, services and objectives. This award includes a donation to the charity of the recipient’s choice.

Jennifer Samarco

STRATEGIC PLAN 2022 – 2025


In March 2022, CBV Institute’s 2022 – 2025 Strategic Plan was released. It was developed following robust consultation with hundreds of stakeholders from inside and outside the Institute community.

This Strategic Plan guides the initiatives that CBV Institute pursues on behalf of the CBV profession.

Members and Registered Students can read the CBV Institute’s 2022 – 2025 Strategic Plan here.


Strategic Priority:
Advance Valuation Knowledge

Advance Valuation Knowledge by providing best-in-class business valuation education, Continuing Professional Development (“CPD”), and thought leadership.

Strategic Priority:
Advance Professional Excellence

Advance Professional Excellence by supporting CBVs with best-in-class professional standards and services, for the benefit of the public interest.

Strategic Priority:
Advance Brand Strength

Advance Brand Strength by promoting CBV Institute, its Members and Registered Students as leaders in business valuation and valuation professionals of choice.

Strategic Priority:
Advance Stakeholder Value

Advance Stakeholder Value by enhancing the value proposition of the CBV designation and building a more diverse and stronger CBV community.

STRATEGIC PRIORITY – ADVANCE VALUATION KNOWLEDGE by providing best-in-class business valuation education, thought leadership, and Continuing Professional Development (“CPD”).



The CBV Program of Studies is the first step to a career full of exciting, diverse, challenging, and purpose-driven work. The Institute’s world-renowned program provides the foundational education and training necessary to develop advanced CBV skills and expertise that provide credibility, differentiation, and a breadth of opportunities in the business world. The unique skills learned provide job security and tremendous growth potential, ultimately leading to higher levels of job satisfaction.

In 2022, the CBV Program of Studies continued to advance its curriculum with the completion of four revised courses. Additional courses were refreshed with new content and were in circulation in 2023. We continued to integrate the latest relevant topics into our globally renowned curriculum.

With 1,593 registrations in the CBV Program of Studies in 2022, enrolment remained comparable to 2021.



Continuing Professional Development (CPD) enables CBVs to advance the professional excellence expected of the CBV profession in a rapidly evolving business world.

That is why ongoing CPD is a requirement of CBV Institute. CPD enables CBVs to maintain the skills and knowledge to stay up to date and at the cusp of the latest thinking to provide trusted valuation advice for today’s business challenges.

In 2022, we were pleased to be able to offer our first in-person Congress since the outbreak of the pandemic. CBV Congress 2022 was held June 6 & 7 in Vancouver and lived up to its billing as the signature event of the year, dedicated to leadership in business valuation excellence. A total of 335 delegates from across the country joined us to hear the latest on a variety of topics, including technical business valuation content and cutting-edge thinking on trends which are impacting business and the valuation profession. The fulsome agenda included expert speakers, engaging panel discussions and strong networking opportunities, all while earning CPD hours.

Here’s what attendees had to say:

“Congratulations to everyone involved in making the event a wonderful success!”

“Great conference. Well organized, great venue and food. Loved that there were a lot of female presenters.”

“Great to see an in-person Congress after three years! Good job and congratulations to the organizing committee!


In 2022, CBV Institute also offered webinars and presentations on a diverse range of topics to ensure we are delivering relevant content for all CBVs. We hosted a total of 25 events, with nearly 1,300 attendees and delivered more than 5,600 CPD people hours.

Professional development events included:

  • Valuing Warrants with Acceleration Clause
  • After the Boom of 2021: The State of the Crypto Asset Market and Regulation in Early 2022
  • The Role of CBVs in Indigenous Litigation
  • Why IVS Matters to You
  • Disclosure and Confidentiality: What do the Courts Require of CBVs?
  • Valuation of Pharmacies
  • E-Discovery in Valuation and Litigation
  • What Role do ESG Considerations Play in Capital Allocation for Mid-market Private Equity Firms?
  • Putting the E in ESG

Emerging Leaders in Valuation* Events: CBV Institute was pleased to host three well-attended networking events for CBVs and Registered Students. The events ranged from a cocktail gala at CBV Congress 2022 to a rock climbing social.

  • Vancouver Cocktail Gala
  • Toronto Networking Social
  • South-Western Ontario Rock Climbing Social

*Formerly “Young Professionals in Valuation” Network



CBV Institute continues to develop contemporary and relevant thought leadership, reinforcing the Institute’s profile as a leader in the global valuation community. In 2022, we shifted from the production of an annual Journal of Business Valuation to more frequent, bi-monthly thought leadership publications. This change enables us to respond more quickly to emerging topics of interest.

By leveraging the business valuation leadership and expertise of CBVs, we were able to publish content on varied topics such as pre-judgment interest and reliance vs expectation damages.

Thought Leadership Video Series

A video series exploring the role of CBVs in litigation support engagements was successfully launched in 2022. The videos released last year covered the topics of shareholder disputes and matrimonial proceedings. Both are available to view below.

Shareholder Disputes:

Matrimonial Proceedings:

STRATEGIC PRIORITY – ADVANCE PROFESSIONAL EXCELLENCE by supporting CBVs with best-in-class professional standards, for the benefit of the public interest.



Adherence to professional standards is of utmost importance to CBVs. Practice inspection is one of the important elements CBV Institute carries out to deliver on its commitment to excellence in practice.

2022 represents the completion of the first full four-year cycle of inspections. As initially contemplated, the first cycle of inspections focused on successfully setting up and optimizing the operation of the Program, ensuring a robust, efficient, and fair process. During this period, we gradually expanded the Program, adding Institute inspectors and refining the requirements of the Mandatory Practice Inspection Policy and related procedures. The Program has been instrumental in providing insight into the areas of the standards that require greater clarity and has enabled CBV Institute to better understand the wide variety of work that is undertaken by our diverse membership base and the challenges they face in delivering high quality analyses and conclusions to their clients.

Looking ahead, the Program will remain focused on education and sharing best practices by providing valuable feedback to individual practitioners, both from an overall practice management perspective to engagement-specific technical issues; key practice inspection findings and examples will continue to be published in a Practice Inspection Program Summary Report, ensuring transparency with membership.


Each year, CBV Institute asks Members and Registered Students to attest as to whether they perform work which would make them eligible for practice inspection. The results of the 2022 attestation are below. Exempt individuals are those who have retired or disability status with CBV Institute.

2022 Practice Inspection
Declaration Results – Members

2022 Practice Inspection
Declaration Results – Registered Students

Comprehensive review of the Valuation Practice Standards

In June 2022, CBV Institute published a Re-Exposure Draft with further proposed revisions to the valuation practice standards (Practice Standards Nos 110, 120, and 130), which was an update to the exposure draft dated June 3, 2021. This document proposed revisions to further raise the bar on our industry-leading standards and begin to align our valuation standards to International Valuation Standards, where possible. The targeted improvements were in response to Member feedback in areas which are challenging in practice, such as Calculation Valuation Reports and distinguishing between the three types of valuation reports. The latest revisions attempted to strike a balance between the desire to have more detailed standards (and a clearer demarcation of the required scope of work to be undertaken at each level), with an appropriate level of oversight, as the circumstances of each valuation engagement are unique.

Moving to adopt IVS

As a member and sponsor of IVSC, CBV Institute remains strongly engaged in a variety of matters of shared importance relating to the future of the global valuation profession, including regular enhancements and revisions to IVS via participation in IVSC working groups, contributions to IVSC perspectives papers, comments on IVSC exposure drafts, and attendance at IVSC meetings and virtual events. Institute participation affords the opportunity to liaise and collaborate with our counterparts around the world.

Earlier in 2022, CBV Institute hosted a presentation featuring Nick Talbot, CEO, IVSC, alongside several CBV leaders. The session addressed why IVS should matter to CBVs, and the Institute’s roadmap towards IVS adoption.

In December 2022, CBV Institute announced the release of an exposure draft for comment detailing its plan to formally adopt International Valuation Standards (IVS). The Exposure Draft proposed the adoption and permitted (optional) use of IVS as issued by the International Valuation Standards Council (IVSC) for independent valuation engagements, which would otherwise be performed in accordance with CBV Institute Practice Standards Nos. 100, 110, 120 and 130.

This decision was the culmination of years of thoughtful consideration by the Institute’s Professional Practice and Standards Committee and is a key step forward for CBV Institute, signalling our commitment to high quality and universally accepted valuation standards for the benefit of the public interest. IVS is used in more than 100 countries worldwide as a framework for valuation, bringing enhanced consistency and transparency to the complex valuation process, and building trust in the global valuation profession.

Incorporating ESG into the valuation process

Environmental, social and governance (ESG) factors impact all businesses by creating or eroding value, and such considerations will influence the role of CBVs in valuation engagements. CBVs will need to become more familiar with sustainability reporting frameworks and metrics and continue to assess how to build ESG data into their valuation analyses. Canadian pension plans are at the forefront of climate change and ESG valuation issues, and have been participating in CBV Institute events on the topic.

The Institute celebrated the creation of the International Sustainability Standards Board (ISSB) in 2022, including the establishment of a Canadian-based office in Montreal. CBV Institute supports the ISSB in their important endeavour of developing a set of comparable and consistent standards, which will allow businesses to build public trust through greater transparency of sustainability initiatives, and will give investors more relevant, reliable, and comparable information to assess the impact of significant sustainability-related risks and opportunities on future cash flows.

We actively worked as part of the global valuation profession to provide guidance on how ESG factors can consistently be reflected in business valuations, and formally commented on the ISSB’s proposed disclosure standards for sustainability-related financial information (IFRS S1) and climate change (IFRS S2). Our responses can be viewed here and here. In addition, we issued a joint response with IVAS and ASA. It is available here.

We also participated in the development of an IVSC survey looking at the evolution of ESG in valuation, which highlighted the growing demand for more information from investors and other users of valuations. The survey clearly highlighted a need for valuation standards and guidance in this area, as detailed in the IVSC Perspectives Paper – Unlocking the Value of ESG.

STRATEGIC PRIORITY – ADVANCE BRAND STRENGTH by promoting CBV Institute, its Members, and Registered Students as leaders in business valuation and the valuation professionals of choice.



In 2022, the Institute was very successful in its focus of generating increased earned media, which is coverage or promotion of a brand through organic means and is the most difficult type of media coverage to secure.

Among the media coverage was a November 2022 profile of Dr. Christine Sawchuk, President and CEO, CBV Institute in CPA Canada’s award-winning magazine, Pivot. In it, she discussed what is expected from today’s leaders and what we need future leaders to be.

Growing Our Social Media Footprint

In June 2022, CBV Institute established a CBV Program of Studies LinkedIn account and an Instagram account (posted content targets undergraduate business school and Program of Studies students). Both accounts gained an impressive following.

These are in addition to the Institute’s main LinkedIn account which increased 36% in 2022.


Follow Us:

Website Updates

In 2022, several significant updates were made to that greatly improved user experience and visual appeal. These efforts resulted in a 21% increase in the average time spent on the website.

First, the “Become a CBV” section underwent a complete refresh and was finalized and executed in June 2022. The resulting section is now intuitive to use and shares highly relevant information with website visitors.

Second, the “Find a CBV” section underwent a significant improvement. Both the on-page content and the search functionality were updated resulting in a more effective tool for members of the public looking to hire a CBV.

BV Challenge 2022

In October 2022, CBV Institute hosted its inaugural university case competition, “BV Challenge 2022”. This national case competition saw 19 teams and 57 students from several of Canada’s top business schools compete against each other in a test of their business valuation skills. We are pleased to share the results below:

  • 1st – Haskayne School of Business – University of Calgary
    Katherine Borger, Emily Chen, Jerry Qin, Lizelle Jansen van Vuuren
  • 2nd – Rotman School of Management – University of Toronto
    Andrew Koh, Jesse Wang
  • 3rd – UBC Sauder School of Business
    Tony Liaw, Ayush Malhotra, Matthew Stuart

The winning team from Haskayne was awarded $10,000. Second and third place received $5,000 and $2,500, respectively. In addition to the monetary award, members of the first-place team will receive complimentary enrolment to Level 1 in the CBV Program of Studies. We would like to thank our sponsorsf or enabling us to host this competition:

  • Platinum: KPMG, OMERS
  • Gold: Davis Martindale
  • Bronze: MNP

In the Spotlight

Launched in September 2022, “In the Spotlight” features profiles of active members of the CBV community. This monthly series is an opportunity for CBV Institute to showcase the diversity and leadership of our Members, and for CBVs to share their thoughts on how acquiring the CBV designation advanced their career path in the ever-changing world of finance.

TSX Market Open

On December 6, 2022, CBV Institute participated in the Toronto Stock Exchange market open ceremony. Dr. Christine Sawchuk, EdD, MEd, CPA, CA, CBV, President and CEO of CBV Institute was joined by CBV Institute’s Board of Directors (front row) and our Toronto-based staff.

The ceremony was an opportunity for us to celebrate our leadership in the business valuation profession for more than 50 years.

CEO Speaker Series

The CBV Designation: Opening Doors for Young Professionals

Hosted by the iiBV in August 2022, Dr. Christine Sawchuk, President and CEO, CBV Institute sat down with Ray Moran, Marketing Committee Chair, iiBV to discuss the many doors the CBV designation opens for young professionals and university students. You can watch the full video below.

Succession Planning

In November 2022, Dr. Christine Sawchuk, President and CEO, CBV Institute joined Jason Kwiatkowski, CPA, CA, CBV, ASA, CEPA, President, Valuation Support Partners Ltd., and Douglas Dunlop, Principal, Content, CPA Canada, for a panel discussion on succession planning. This event was part of the Chartered Professional Accountants of Canada (CPA Canada)’s Mastering Money Conference.

STRATEGIC PRIORITY – ADVANCE STAKEHOLDER VALUE by enhancing the value proposition of the CBV designation and building a more diverse and stronger CBV community


CBVs and REGISTERED Students shared their thoughts and ideas. We listened.

The Institute engaged in several initiatives in 2022 to better understand the needs, challenges, and opportunities of our Members, and to communicate the Institute’s progress and plans with respect to different areas of operations.

Member Roundtables

In October 2022, CBV Institute held well-attended virtual regional roundtables to provide an update to Members on Member/Registered Student demographics and the Institute’s progress on its strategic initiatives and professional practice matters. Members had an opportunity to provide their thoughts on the future of the valuation profession and raise concerns and ask questions in a constructive dialogue with Institute leadership. Input received was used to inform Institute planning and initiatives going forward.

Annual Member/Registered Student Survey

In November 2022, CBV Institute conducted its second annual Member/Registered Student survey. Results of the survey were used to inform CBV Institute’s strategic development for the year ahead. The Institute commits, on an annual basis, to taking the pulse of Members and Registered Students and reporting progress and challenges.

The survey results yielded informative feedback, including:

  • Suggestions for enhancements to the Program of Studies (which the Institute was already working on).
  • Suggestions for thought leadership, in terms of content and structure.
  • Suggestions for CPD.

Of note, 85% of respondents agree that the CBV provides good value and would recommend the designation.


CBV Institute recognizes that a diversity of people, backgrounds, and ideas serves to enhance creativity and performance, and creates value. The Institute is committed to promoting equity, diversity, and inclusion (ED&I) in the business valuation profession to foster the growth and participation of a diverse community of individuals in our network. This commitment is directly related to one of the Institute’s key corporate values, Inclusiveness, wherein the Institute commits to “enhancing and celebrating the diversity of the profession geographically, demographically, and culturally.”

Based on this commitment, in 2022 CBV Institute founded an Equity, Diversity and Inclusion (ED&I) Working Group. This group will provide the Institute with input and advice on issues of equity, diversity, and inclusion with respect to the CBV profession, and the valuation profession at large, and will suggest, and provide input on, specific initiatives.

2022 – 2023

2021 – 2022



2022 was fraught with uncertainty, including inflation, supply chain disruption, and geopolitical unrest. Unsurprisingly, these stressors had a negative impact on the value of CBV Institute’s investments, which comprised of a fixed income fund and a balanced core fund. In the interest of preserving capital, in December 2022, CBV Institute liquidated its portfolio and invested the funds in low-risk term deposits.

CBV Institute’s financial position remained strong, with net assets of $3.16 million. The financial strength provided by CBV Institute’s reserves enabled CBV Institute’s operations to continue during periods of disruption and allowed CBV Institute to pursue initiatives in support of strategic objectives. In 2022, CBV Institute invested in significant updates to its Program of Studies, including all four core valuation courses, as well as the Litigation and Valuation for Financial Reporting elective courses. These updates included emerging and innovative topics in the business valuation profession and served to support the work that will be done by future CBVs.

CBV Institute’s fund balances are reviewed annually by the Audit and Finance Committee and CBV Institute’s independent auditors and are in alignment with the practices of similar organizations and future requirements based on projected levels of expenditures.


As anticipated, course and examination revenues decreased slightly in 2022 as we returned to more typical levels following an influx of students to the Program of Studies in 2020 and early 2021 during the COVID pandemic. Similarly, there was a slight dip in the number of MQE writers in 2022, which partly contributed to the lower course and examination expenses in 2022.

Membership fee revenues increased due to new member growth in 2022, as well as a marginal increase in membership fees after several years of no increases. While CBV Institute has continued to be efficient in its operations, these fee increases were necessary due to significantly escalating costs of operations and strategic endeavours.

Continuing professional development revenues and expenses increased due to the return of an in-person Congress and young professionals’ events in 2022.

Salaries, office and administration expenses increased by 19% due to the resumption of travel and meeting activities which were curtailed during the prior year due to the pandemic, restructuring and increasing the staff contingent in order to execute on strategic objectives, and increases (beyond inflation) in most office and administrative costs.

Course and examination expenses decreased by 16% due to favourable renegotiated terms with several of CBV Institute’s contractors, as well as a slight dip in the number of MQE writers in 2022. Included in course and examination expenses in 2022 are the aforementioned expenditures related to the Program of Studies updates.

In 2022, CBV Institute took a deliberate and thoughtful approach in redeveloping its marketing and communications strategy to achieve objectives in the 2022-2025 strategic plan. As a result, the marketing and communications team was rebuilt, various online campaigns were reconsidered, and work that was historically contracted out in prior years was brought in-house in 2022.