Peter Flynn graduated with a Ph. D. in Chemical Engineering from the University of Alberta, in 1974, and joined Syncrude Canada Ltd., a major oil sands project, as an engineer. He was quickly “vacuumed up” into management and subsequently executive roles, mainly in Canada’s energy industry. He served as president of CNG Fuel Systems, the largest supplier of equipment to enable vehicles to use compressed natural gas as a fuel, from 1984 to 1988, closing the company in response to falling oil and rising natural gas prices. He served as president of Corod Industries Inc., a major supplier of equipment and services to the oil and gas industry, from 1988 to 1991, a “significant downturn” period for the industry. Peter notes that one is forced to become a better manager in hard times than in easy times. His transition into executive roles in two companies, and subsequent service on a number of Boards, taught him the critical importance of understanding financial statements for all senior managers: even the best ideas must be financed, and good companies can and do fail from poor financial management. In 1999, after further positions in the energy industry, Peter returned to the University of Alberta to hold the Poole Chair in Management for Engineers. He enhanced financial education for undergraduate engineering students and oversaw a graduate program in Engineering Management. His research group focused on renewable energy economics, including biomass as a carbon neutral energy source, on power price patterns in deregulated markets around the world, and on the shortcomings of the annual performance appraisal process. Peter served as a Board Director in numerous settings, including the electrical power industry in Alberta, Canada and a publicly traded green energy company, as well as several non-profit organizations. On these Boards he served on and chaired many Audit and Financial Committees. Peter retired in 2011 but continued to teach, including a one-day course in Understanding Financial Statements from which this course is derived.
