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IR MagazIne InvestoR PeRCePtIon stUDYCanaDa 2013

IR Magazine1 Sekforde Street, London, EC1R 0BE, UKTel: +44 20 7107 2555 Fax: +44 20 7107 2571 Email: [email protected] 2324-7142

www.InsideInvestorRelations.com

canada 2013INvESToR Winning companies, winning IR strategies

PeRCePtIon stUDY

CANADA 2013Investor Winning companies, winning Ir strategies

PercePtion Study

Foreword

IR Magazine commissioned Mary Maude Research to carry out an investor perception study among portfolio managers and analysts to identify the companies that are currently the leading exponents of investor relations in Canada. The survey also questioned respondents on their views about advisory shareholder votes on executive pay, the influence of proxy advisers and the 10 percent rule for share ownership disclosure.

This report and the IR Magazine Awards are part of a continuing series of studies and events organized by IR Magazine in the US, Brazil, Asia and Europe.

We would like to thank all the members of the Canadian investment commu-nity who kindly gave their time to speak to us.

Katharine WhiteKellie BatchelorSharon DuceKatie McCorkindale

Mary Maude ResearchLondonJanuary 2013

2 IR MAgAzInE InVESTOR PERCEPTIOn STUDy – CAnADA 2013

INTRODUCTION

It’s not news that resources are important to Canada’s economy but how did companies in the minerals, mining and energy sectors fare in IR terms this past year? Let’s start by looking at the highest climbers in the Top 50 since 2012 (see Moving up the ranks, below). Of these 10 leading movers, only one was even in the Top 50 last year: Alamos gold, ranked joint 42nd in 2012 but now in joint 13th position.

It’s another gold company, however, that is the most glittering example of the rising stars. yamana gold made the biggest leap of all companies this year: from joint 143rd to 25th – up an impressive 118 places. yamana didn’t win any awards in 2013 but the company should be proud of clocking up 159 points this year against just 23 in 2012.

Parkland Fuel is the next highest riser, up 112 places, followed by Aimia, up 108. The latter is not in the resources business: it’s the company that runs a range of well-known customer loyalty schemes, such as Aeroplan, nectar and Air Miles Middle East. Aimia also wins the award for most progress in IR this year, underlining the improvement that has moved it so dramatically up the Canada Top 50. As for Parkland Fuel, although its name might suggest resources, it is in fact a marketer and distributor of fuels, so it’s at one remove from the mainstream resources sector.

A further step away is genivar, an engineering consulting firm that does work in the energy and mining sectors but also in areas like transport, telecommunications and construction. It is the fourth-highest riser and runner-up for the most progress award behind Aimia. genivar moves up from joint 114th to 30th and wins two presti-gious awards this year: the grand prix for the best small-cap company and best IR by a small-cap CEO. The company’s IRO comes third in the best IRO at a small cap award.

CgI, the IT outsourcing company that last year merged with the Anglo-Dutch firm Logica, is fifth in the list of rising stars; Russel Metals, a metals distributor headquartered in Mississauga, is sixth. next come general retailer Canadian Tire, pulp & paper company Domtar, Alamos gold and BMO Financial group.

So the top 10 movers in fact represent a pretty diverse range of industries. But what about the fastest risers at the very top of the Canadian IR ranks? Top 10 changes (opposite) shows this year’s and last year’s top 10 companies – a net total of 16 – and the changes in their positions over the past 12 months. Of course, it’s harder to get big upward moves at this level; indeed, it’s impossible for top-ranked TD Bank, which is in the top slot for the second year in a row.

All that glisters

Janet Dignan details the movers and shakers in this year’s Canada top 50

Moving up the ranks

CANADA TOp 50 RANk

2013 2012 Company Change

25 =143 Yamana Gold +118

31 =143 Parkland Fuel +112

=39 =147 Aimia +108

30 =114 Genivar +84

48 =129 CGI Group +81

50 =121 russel Metals +71

29 73 Canadian tire +44

=39 =82 Domtar +43

=13 =42 Alamos Gold +29

=39 =67 BMo Financial Group +28

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3IR MAgAzInE InVESTOR PERCEPTIOn STUDy – CAnADA 2013

INTRODUCTION

Of the 16 companies, however, four have achieved double-digit rises: Baytex, Agrium, PotashCorp and Rogers Communications. Again, the difference between winning awards and doing well in the Canada Top 50 is clear: Baytex wins two awards

this year, for best IRO at a small-cap company and best in the energy sector, against just one last year for its CEO. yet in the overall Top 50 ranking, which gives equal value to all votes given by investors and analysts, Baytex has moved from 30th place to fourth.

Second-fastest riser Agrium (up 23 places) is runner-up in two award categories this year and joint fourth in another, after failing to get into any short lists in 2012; and PotashCorp, short-listed for two awards last year and five this year, shoots up from joint 19th to sixth.

The only other company whose move up the Top 50 made it into double figures is Rogers Communications, up 10 places from 13th to third and now just one behind Cn in the Top 50, which is itself up a spot from 2012, to second place. Rogers’ Bruce Mann also takes the award for best large-cap IRO this year: last year’s winner was the recently retired Bob noorigian at Cn.

So does any of this analysis amount to anything? Well, for me, yamana gold’s appearance in – and dramatic climb up –

the Canada Top 50 chart alone vindicates the decision to introduce the Top 50 ranking. yamana’s performance might well have gone unacknowledged in the past when, until two years ago, the published results of the investor perception research focused solely on award winners and runners-up.

In other words, the IR Magazine Awards are about recognizing good and improving investor relations, regardless of sector or size and regardless of whether the quality of the IR results in awards. And the information in this publication offers useful insights not only into which companies are the standard-setters of Canadian IR but also into what matters to the investment community and how that can best be provided. Oh, and if you study it, and learn the lessons on offer, it might just help you win an award.

Congratulations to all this year’s winners and runners-up; good luck for next year to their many hard-working peers at companies with ever-improving investor relations.

Janet DignanFounder, IR Magazine

Top 10 changes

CANADA TOp 50 RANk

2013 2012 Company Change

4 30 Baytex energy +26

8 31 Agrium +23

6 =19 PotashCorp +13

3 13 rogers Communications +10

7 16 Manulife Financial +9

10 14 ArC resources +4

2 3 Cn +1

9 10 BCe +1

1 1 tD Bank Group 0

5 5 Bombardier 0

11 4 teLUs -7

16 8 rBC -8

=13 2 Goldcorp -11

21 6 Canadian natural resources -15

23 7 Agnico-eagle Mines -16

=35 9 enbridge -26


IR MAGAZINE CANADA TOp 50

2013 2012 20112013

vs 2012

Company (large caps in bold) Awards total

points

Company profile page

1 1 2 Y TD Bank Group 8 888 14

2 3 =15 O CN 2 441 22

3 13 5 O Rogers Communications 2 385 24

4 30 40 O Baytex energy 2 354 27

5 5 41 Y Bombardier 2 332 30

6 =19 1 O potashCorp 1 299 33

7 16 =54 O Manulife Financial 280 35

8 31 8 O Agrium 279 36

9 10 9 O BCE 1 270 37

10 14 10 O ArC resources 267 38

11 4 6 T TELUS 248 39

12 29 21 O Finning International 243 39

=13 =42 =29 O Alamos Gold 241 40

=13 2 23 T Goldcorp 241 40

15 11 =17 T Scotiabank 239 41

16 8 4 T RBC 235 41

17 26 =31 O Cenovus Energy 1 230 42

18 17 =56 T Crescent point Energy 212 43

19 25 45 O Corus entertainment 1 209 44

20 37 =26 O stantec 1 200 46

21 6 17 T Canadian Natural Resources 182 47

22 12 =15 T Suncor Energy 175 48

23 7 =29 T Agnico-eagle Mines 1 174 48

24 38 =59 O CAe 162 50

25 =143 – O Yamana Gold 159 50

26 21 =31 T shoppers Drug Mart 1 157 51

27 18 =12 T snC-Lavalin 151 52

28 23 =118 T Intact Financial 146 52

29 73 14 O Canadian tire 133 53

30 =114 =93 O Genivar 2 132 54

31 =143 – O Parkland Fuel 128 56

32 22 =59 T IAMGold 123 56

33 32 =52 T Canadian pacific Railway 1 116 57

34 36 19 O Teck Resources 114 59

=35 9 3 T Enbridge 1 110 60

=35 56 =54 O Inmet Mining 110 61

=35 =52 =52 O new Gold 110 62O rank up T rank down Y same + new

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CONTENTS

IR MAGAZINE CANADA TOp 50

2013 2012 20112013

vs 2012

Company (large caps in bold) Awards total

points

Company profile page

38 =61 =67 O Brookfield Asset Management 108 62

=39 =147 – O Aimia 1 105 63

=39 =67 =42 O BMO Financial Group 105 64

=39 =82 =118 O Domtar 105 65

42 =40 =24 T Magna International 104 65

43 35 =56 T Precision Drilling 93 66

44 – – + Dundee reIt 1 89 67

45 =42 =46 T Hudbay Minerals 86 68

=46 =65 – O Peyto exploration & Development 84 68

=46 – – + Westernone 1 84 69

48 =129 =56 O CGI Group 83 70

49 =45 – T Dollarama 82 71

50 =121 =65 O russel Metals 81 71O rank up T rank down Y same + new

Editor samuel Bakowski | Chief copy editor Kathleen Hennessy | Contributor Jeff Cossette | Founder Janet

Dignan | Research manager Lloyd Bevan | Art & design Mariel tabora Foulds | printed by Premier Corporate

Mail, Units 11-12, the I o Centre, seymour street, royal Arsenal, London se18 6ss, UK

the report

6 Non-domestic bliss takeovers of Canadian companies by foreign firms can be fraught with difficulties, as Jeff Cossette discovers

8 Having their sayWhat investors and analysts feel about say on pay and the role of proxy advisers in Canada

10 Winners and short-listed companies 2013Breakdown of this year’s awards

the rankings

13 Canada Top 50Profiles of the highest-ranking companies in Canada

74 The chasing packAward-winning companies outside the Canada top 50

the research

78 Research process – survey methodology – respondents– Questionnaire

81 Ranked companies’ points breakdown

86 Index of companies


MERGERS & ACqUISITIONS

Some especially jumpy ones might be ready to dump your stock. If too many do, the downward price pressure might even cause the bidder to re-evaluate the initial offer.

To avoid this kind of unpleasantness, you’ll need to set market expectations straight from the start. Don’t be coy with investors: acknowledge heightened deal risk. That way, when the crunch comes, they’ll be more likely to listen to your regular updates on how you are working through the process and addressing issues.

Make steady progress Few are better versed in the whimsy of government than greg Kist, vice president of marketing, corporate and government relations at Progress Energy Resources. When Ottawa initially rejected the natural gas producer’s C$5.5 bn sale to Malaysia’s state-owned Petronas, it also introduced significant volatility to Progress’ stock. While the proposal was being rejigged, Kist was left to manage the situation.

given that a substantial part of the review process with Investment Canada is proprietary and confidential – ‘you can’t even say there is going to be a meeting at a particular time,’ notes Kist – he could only reiterate what was already in the public domain. ‘When we received word [that the transaction had been delayed] we issued a news release and updated it a week later

and two weeks after that,’ says Kist. ‘you try to keep people up to speed on progress but the challenge is you may not be dealing with a lot of new information you can share.’

While falling back on the consistent message that a deal would be of net benefit not only to shareholders but

also to Canada, Petronas’ and Progress’ deal makers made a point of emphasizing unity and a commitment to seeing the deal through. ‘In a situation like that, the market can fear the foreign party might get spooked by the government’s decision and decide to move on,’ says Kist.

Ultimately, Kist concludes that it is critical for investor relations officers to make no assumptions about the approval process. ‘In these sorts of transactions it is important for IROs to clearly outline the steps needed for a successful transaction,’ he says. ‘But you have to be equally clear that the process is subject to forces that can be neither guaranteed nor relied upon. That’s important because people will make investment decisions based on the confidence level an IR professional shows about approvals on such and such a date.’

Canadian IR professionals are girding their loins for another busy year as foreign companies are poised to acquire more Canadian assets.

What can IR professionals do to prepare? Firstly, when developing communication plans, expect the unexpected, particularly when it comes to government approvals. Regulatory intrigue added a sharp frisson to Canada’s M&A market last year and, despite federal government moves to create greater clarity, future cross-border takeover deals will still evolve in the political environment. And hand in hand with politics comes uncertainty.

Political influence In recent years, major deals have been sidelined, sometimes permanently, while politicians and government bureaucrats, often in obscure capitals, sort things out. Last year, for example, a seemingly ironclad $6.1 bn deal between Swiss commodity trader glencore International and grain handler Viterra was put on hold for months while the Chinese government digested its own internal management changes; Viterra had a small Chinese operation and that part of the deal required assent from Beijing. Closer to home, politicians in provincial capitals have proved more than willing to offer lengthy analysis and commentary, as seen in the TSX transaction saga.

‘Even when all signs point to ‘go’, you can never have complete assurance your [cross-border] deal will get approval,’ comments Wesley Hall, chief executive of Kingsdale Shareholder Services.

From wherever it comes, when the dark cloak of governmental uncertainty descends upon your deal, you’ll find yourself getting a lot of phone calls from nervous shareholders.

takeovers of Canadian companies by foreign firms can be fraught with difficulties, as Jeff Cossette discovers

non-domestic bliss

‘You have to be clear that the process is subject to forces that can be neither guaranteed nor relied upon’


MERGERS & ACqUISITIONS

the deal from a financial perspective, you are also selling the company doing the acquiring,’ adds David Mason, president of Equicom. ‘Investors will want to know about its track record and the steps it will be taking post-close. All this must be well planned out beforehand by both companies as part of their message.’

Third, while talking about the national interest is OK in a friendly deal, avoid playing the ‘Canadian card’ in a hostile bid. ‘It can be a double-edged sword,’ warns Mason. ‘If your objective is never to sell to a foreign firm, you can wave the flag. But if you’re just not happy with the initial pricing, that argument could work against you if the firm raises its offer.’

Finally, to avoid a hostile bid, understand what shareholders think of management. If they think your boss sucks, tell him/her. ‘Pull no punches,’ advises Barnes. ‘good, bad or indifferent, you need to know how your share-holder base will react to a hostile bid and have a plan in place to react. Of course, you could get fired by a CEO who thinks you just aren’t communicating how wonderful he or she is. Using a third party might be a good way to go.’

Keep the home side happyThe second tip is to be sure to get your ducks in a row. By now, foreign investors looking to Canada should be very sensitive to regulatory, political and other potential pitfalls. ‘Canadian investors want to see more than just cash,’ says Ken Barnes, president of Barnes Communications. ‘While they certainly want the anticipated bump in share price, they also want to see evidence of intelligence behind the offer that indicates there’s a good chance the government will approve it. They want assurances, for example, about things like employment, adherence to Canadian governance standards or a board and management that includes Canadians as key decision makers.’

‘In a transaction involving a foreign firm, you aren’t just selling

even a deal as seemingly secure as the Glencore acquisition of viterra can hit unexpected snags, according to Wesley Hall (above left), Ceo of Kingsdale shareholder services

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RESEARCH

regulation to this end. This split, however, does not represent a radical difference of opinion on say on pay within the buy side, but is more a consideration of the practicalities of having mandatory regulation for all companies, and also a reflection of the relative importance of regulation to tackle this issue.

Those in favor of a mandatory vote cite ‘ridiculously high’ executive pay in some cases. The need to address the actions of some companies, and for there to be say-on-pay regulation for certain classes of companies, logically leads to universal legislation. As one buy-sider puts it: ‘Perhaps it should be mandatory for underperforming firms. But then the question is: what constitutes an underperforming company? And that’s difficult to determine. So it has to be ‘yes’ for all companies.’

There are several reasons cited by survey respondents for being against or unsure of a mandatory vote, the most common being that they considered such compulsion to be unnecessary as many companies already hold votes on executive pay. Others who say ‘no’ to a mandatory vote make the point that this would be more difficult for smaller companies to implement, while simultaneously pointing out that it is less necessary for smaller companies to hold such a vote in the first place.

A few opponents of mandatory say on pay are against the outcome rather than the process, with one interviewee making the point: ‘If there is a pay ceiling it may take away the initiative that would otherwise be there.’ Others simply don’t see what the fuss is all about. One buy-sider, echoing the sentiments of others, states: ‘There are nuances in companies and the board usually understands these best. If I was dissatisfied with management remuneration, I would just sell my shares or remove the board.’

Exerting an influenceOur interview responses show a clear majority on the buy side does not view the influence of proxy advisers to be a problem. Just one in four buy-side respondents (25 percent) think advisers such as ISS and glass Lewis have too much influence in the Canadian market. The general view coming from interviews with the buy side on this issue is that expressing a view should be the responsibility of the shareholders and that proxy firms are merely advisers. There is disagreement among interviewees, however, as to the extent to which this is the case in reality. As one puts it: ‘They are too influential but this is not of their own doing – it is the abdication of responsibility of investment managers. For some, ISS or glass Lewis is their default position.’

Where proxy advisers are considered too influential, blame is apportioned to both ends of the investor spectrum, with one buy-sider saying: ‘Too many big institutional firms and pension funds outsource their voting to these people.’ Another claims: ‘They may have too much influence on retail investors.’

As part of our research in Canada, Mary Maude Research interviewed 85 buy-side investors and analysts to gauge their views on proxy issues.

Particular focus was given in these interviews to the issue of say on pay and the role of proxy advisers such as ISS and glass Lewis. The following analysis shows that, while the topline data results for each question here present a straightforward reading of buy-side sentiment, the underlying interview comments (see opposite) show a more complex picture.

When faced with the question of whether an advisory say-on-pay vote should be manda-tory for all Canadian companies, the Canadian buy side is evenly split, with just under half (48 percent) of respondents agreeing with

Having their say

Yes

No

Not sure48%

46%

6%

Mandatory or not?

Should it be mandatory for all Canadian companies to hold an advisory vote on executive pay?

Yes

No

Not sure

Don’t know

25%

60%

12%3%

Influential advisers

Do you think proxy advisers are too influential in Canada?


RESEARCH

advisers. As one interviewee puts it: ‘I’m not sure whether the advisers should be regulated but they have too much power and don’t necessarily satisfy expectations. The result is that they bully, although maybe not intentionally.’

Some interviewees, though, are happy to give credit to the value proxy advisers provide. One makes the point that ‘most institutional investors are unaware of the performance metrics of the compensation, so perhaps they are necessary as people need to be much better informed.’ Another states: ‘They serve a purpose and usually get it right.’ That said, this particular interviewee goes on to tell the story of one good CEO who, when dealing with a demanding takeover, fell foul of a particular proxy adviser as he hadn’t attended enough board meetings.

The issue of proxy advisers appearing influential may be down to some investors using proxy recommendations as cover for their own intentions. One interviewee makes this point: ‘I think some people hide behind what the proxy advisers say.’ And, certainly, one can see how advantageous it is to have a third-party recommendation when explaining your proxy votes.

Most buy-side respondents think proxy advisers should not be regulated: 70 percent of interviewees answered ‘no’ to this question, while only 8 percent positively believe they should be regulated. As we have seen, however, this reticence for regulation does not translate into an uncritical view of the role of proxy

Yes

No

Not sure

Don’t know

70%

6%

16% 8%

regarding regulation

Should proxy advisers be regulated?

SHOULD CANADA LOWER THE 10 pERCENT RULE FOR SHARE OWNERSHIp DISCLOSURE TO BE CLOSER IN LINE WITH INTERNATIONAL STANDARDS?

NOYES

DON’T KNOW‘It works well currently, so I would leave it alone’

‘I own between 7 percent and 10 percent of many small companies and I have no interest in a takeover; I just want the stock. At 10 percent I have to go through a lot of regulatory procedures and as a result it puts me off owning 10 percent of a company’

‘I don’t want to declare any more than I do at the moment’

‘ten percent is not enough to influence things unduly so I don’t understand why you would bother to change’

‘I don’t want anything that makes my job harder’

‘I never want people to know what I own!’

‘As one of the largest institutional investors in Canada, if it were to go down to 5 percent we’d have so much more reporting to do, it would make our life very difficult’

‘Definitely not – it’s already fairly concentrated. very few companies make up the vast majority of the market. the rest are too small to worry about. they’re just not important enough’

‘once you hit 5 percent you should start reporting’

‘Anything that brings Canada in line with international standards is a good thing’

‘It’s an international world and rules should be the same

for all of us, so pick a number and make it the rule’

‘Although I am not keen on regulation, I do like anything that means we have global standards, so I would be happy to be in line with the Us’

‘We are a big investor and so clearly show up more and there is always the aim for greater transparency, so it should definitely be lowered’

‘A number of companies have been taken out of the market, but if we had had earlier signs of intentions, it would have been more beneficial for us’

‘With smaller companies it’s easy to get to 10 percent but personally I wouldn’t

object to it being a lower percentage’

47%47%

6%


CANADA AWARDS 2013: WINNERS AND RUNNERS-Up

GrAnD PrIx For Best overALL Investor reLAtIons – LArGe CAP chart p15

1 TD Bank Group 2 Rogers Communications3 Cn 4 PotashCorp

GrAnD PrIx For Best overALL Investor reLAtIons – MID-CAP chart p31

1 Bombardier 2 Baytex Energy3 ARC Resources4 Alamos gold

GrAnD PrIx For Best overALL Investor reLAtIons – sMALL CAP chart p54

1 Genivar=2 Torex gold Resources=2 WesternOne 4 newalta

Best Investor reLAtIons oFFICer – LArGe CAP chart p25

1 Rogers Communications ................... Bruce Mann2 TD Bank group ..................................... Rudy Sankovic3 Cn .....................................................Robert noorigian 4 Manulife Financial ................................Anthony Ostler5 BCE ...................................................Thane Fotopoulos

Best Investor reLAtIons oFFICer – MID-CAP chart p28

1 Baytex Energy .................................... Brian Ector2 Bombardier ..........................................Shirley Chénier3 ARC Resources ..........................................David Carey4 CAE ..................................................... Andrew Arnovitz

Best Investor reLAtIons oFFICer – sMALL CAP chart p75

1 Dundee International REIT ........Barbara Wallner2 Churchill Corporation ........................ Andrew Apedoe=3 genivar .................................................. Isabelle Adjahi=3 Killam Properties ..............................Dale noseworthy

Best Investor reLAtIons BY A Ceo – LArGe CAP chart p16

1 TD Bank Group ............................. Edmund Clark2 BCE ...........................................................george Cope3 Cn ..................................................... Claude Mongeau=4 Agrium ..................................................Michael Wilson=4 Rogers Communications ................... nadir Mohamed

Best Investor reLAtIons BY A Ceo – MID-CAP chart p49

1 Agnico-Eagle Mines .............................Sean Boyd2 Bombardier ........................................ Pierre Beaudoin=3 ARC Resources ...................................... John Dielwart=3 Corus Entertainment ........................... John Cassaday=3 Finning International ........................... Michael Waites

Best Investor reLAtIons BY A Ceo – sMALL CAP chart p55

1 Genivar ...........................................pierre Shoiry2 Descartes Systems group ..........................Art Mesher=3 Richelieu Hardware .................................Richard Lord=3 WesternOne ......................................... Darren Latoski

Best Investor reLAtIons BY A CFo – LArGe CAP chart p17

1 TD Bank Group .........................Colleen Johnston2 Cn ................................................................. Luc Jobin3 TELUS .............................................. Robert McFarlane4 PotashCorp .......................................Wayne Brownlee

Best Investor reLAtIons BY A CFo – MID-CAP chart p47

1 Stantec ............................................. Dan Lefaivre2 Corus Entertainment ...........................Thomas Peddie3 Dollarama ...............................................Michael Ross=4 Finning International ................................. Dave Smith=4 Shoppers Drug Mart .............................Bradley Lukow

Best Investor reLAtIons BY A CFo – sMALL CAP chart p69/74

=1 Descartes Systems Group .......... Stephanie Ratza=1 WesternOne ................................................Carlos yam



Best FInAnCIAL rePortInG chart p18

1 TD Bank Group 2 PotashCorp 3 Cenovus Energy4 ARC Resources

Best InvestMent CoMMUnItY MeetInGs chart p19

1 TD Bank Group 2 Cn 3 Rogers Communications4 Baytex Energy

Best Use oF teCHnoLoGY chart p20

1 TD Bank Group 2 Baytex Energy3 PotashCorp 4 BCE

Most ProGress In Investor reLAtIons chart p63

1 Aimia 2 genivar3 Manulife Financial4 Vermilion Energy Trust

Best CorPorAte GovernAnCe chart p21

1 TD Bank Group 2 Cn 3 Baytex Energy4 TELUS

Best sUstAInABILItY PrACtICe chart p43

1 Cenovus Energy2 Agrium3 Suncor Energy

Best Ir DUrInG A CorPorAte trAnsACtIon chart p38

1 BCE – Ongoing attempted acquisition of Astral Media 2 Scotiabank

– Acquisition of Ing Canada, April 20123 Crescent Point Energy

– Several acquisitions in 2012, including Reliable Energy

4 genivar – Acquisition of WSP group, August 2012

Best CrIsIs MAnAGeMent chart p57

1 Canadian pacific Railway – Proxy battle resulting in senior managers stepping

down 2 SnC-Lavalin

– Allegations of corruption at Libya operations, March 2012

3 Enbridge – Opposition to Enbridge’s northern gateway pipeline

Best Ir BY A tsx ventUre exCHAnGe-LIsteD CoMPAnY chart p77

1 Raging River Exploration2 Entrec Corporation3 Brixton Energy

Best Ir BY A CAnADIAn CoMPAnY In tHe Us MArKet chart p23

1 CN2 Valeant Pharmaceuticals3 nexen4 Westport Innovations



MAterIALs

1 potashCorp 2 Agrium=3 Alamos gold=3 goldcorp

reAL estAte

1 Dundee REIT 2 Boardwalk REIT3 Allied Properties REIT

teCHnoLoGY

1 Rogers Communications2 BCE3 TELUS4 CgI group

trAnsPort

1 CN 2 Canadian Pacific Railway 3 WestJet Airlines4 Air Canada

UtILItIes & PIPeLInes

1 Enbridge2 TransCanada3 Keyera4 Superior Plus

Sector awardsConsUMer GooDs & servICes

1 Shoppers Drug Mart2 Canadian Tire 3 Dollarama 4 Tim Hortons

enerGY

1 Baytex Energy2 ARC Resources3 Cenovus Energy4 Crescent Point Energy

FInAnCIALs

1 TD Bank Group 2 Manulife Financial3 Scotiabank4 RBC

InDUstrIALs

1 Bombardier 2 Finning International3 Stantec4 CAE

LeIsUre & MeDIA

1 Corus Entertainment 2 Cineplex Entertainment3 Transcontinental4 Thomson Reuters

TOP 50CANADA

2013

‘We are the leaders in service and convenience. Everything we do, we do from a customer standpoint. We take those same values and we translate them into how we think about

our IR brand. We are accessible, we are responsive, we add value and we’re transparent. That is all part of our broader strategy and I think that has put us in very good stead’

COLLEEN JOHNSTON, CFO, TD BANK (RANK 1) Winner of BeST inVeSTor reLATionS BY A Cfo – LArGe CAP (See PAGe 17)

‘At Baytex, we pride ourselves on telling investors what we are going to do and how we are going to execute our capital program, and then we go out

and do it. And there is nothing I enjoy more than representing our company – all 440 full-time employees and field contractors who work extremely hard every day to deliver the results we report – to the investment community’

BRIAN ECTOR, VICE PRESIDENT OF INVESTOR RELATIONS, BAYTEX ENERGY (RANK 4) Winner of BeST inVeSTor reLATionS offiCer – MiD-CAP (See PAGe 27)

‘All that planning and execution simply comes down to being good at your job, having the right people and the right relationships, and being obsessed

about that last 10 percent of the executional detail being perfect’

BRUCE MANN, INVESTOR RELATIONS OFFICER, ROGERS COMMUNICATIONS (RANK 3) Winner of BeST inVeSTor reLATionS offiCer – LArGe CAP (See PAGe 25)

‘It’s a very exciting year for us. Some of the products we have been working on for the last five years are going to start to fly this year. This makes it

an exciting year for me because not only do we get to tell a great story but also we get to demonstrate the delivery of long-term investment’

PIERRE BEAUDOIN, CEO, BOMBARDIER (RANK 5) Winner of GrAnD PriX for BeST oVerALL inVeSTor reLATionS – MiD-CAP (See PAGe 30)


CANADA TOp 50

1 TD Bank Group AWARD WINNER (see below) | BEST IN SECTOR (see page 72)

Listing informationLarge captoronto stock exchangeFinancials

ceo ed Clark

cFo Colleen Johnston

Head of ir rudy sankovic

ir team Kelly Milroy, Gillian Manning, Deirdre neary, David Lambie, Jason Milne, Bojana Mutic

ir team size eight

ir awards

Grand prix for best overall investor relations – large cap Best investor relations by a Ceo – large cap Best investor relations by a CFo – large cap Best financial reporting Best investment community meetings Best corporate governance Best use of technology Best in sector – financials

contact information www.td.com [email protected] +1 416 308 7857

2012 ranking 1

Investor/analyst feedback

‘When talking with Colleen Johnston I am always impressed by her holistic view of the business and the confidence with which she speaks. the information provided by tD bank is more than adequate for our analysis and its presentations are excellent’ – sell side

‘the Ir team provides the best access to senior management of any bank’ – buy side

‘the Ceo of tD is the most learned across all the points of the business and has the capacity to micro-manage. He goes out of his way to talk to investors in clear, strong detail about the bank and the banking business’ – buy side

‘tD continues to give good guidance for each business sector, which often answers questions before they have been asked. It really focuses on what we need to know. And the Iro calls us each quarter to highlight any topics not necessarily discussed at earlier meetings’ – sell side

‘tD will provide an extraordinary range of information should you need it’ – sell side

‘All the banks are good at Ir, but tD probably provides the most comprehensive materials. It also has a large Ir team, making it possible to understand banking from a number of individuals’ – sell side

‘Although all the banks’ Ir is more or less the same, as they all follow regulations closely, the reason tD stands out is for its response time. It is never slow – nor should it be with such a large Ir team’ – sell side

‘It is not without good reason that tD Bank is a perennial winner. It is a well-oiled machine that provides great investor relations, year on year’ – buy side

‘I have to say that tD employs people with insight and knowledge, not only of the sector but also of the regulations, and they can always answer my questions and never waste my time’ – buy side

... see opposite for more


CANADA TOp 50

Another year brings another record for TD Bank group. In 2013 the Canadian bank has scooped a staggering seven awards from a record-breaking eight nominations. The commitment shown to investor relations throughout

the core of the organization is key to this success, according to Colleen Johnston, who wins the award for best IR by a CFO for the third year in a row.

‘The Canadian banks performed very well during the financial crisis and the resilience of the TD model was definitely aired in full view,’ explains Johnston. ‘I think working with great executive team [members] who believe in investor relations, make their time available, and are transparent and well versed in the story is a really important part of us having a good IR group.’

When Johnston joined the bank in 2006 she spent a great deal of time ‘cultivating relationships with investors’ because she was new to the role and believed ‘getting to know all of your investors’ was paramount. She considers the leadership shown by TD Bank’s CEO Ed Clark – who wins the award for best IR by a CEO for a fourth time this year – is critical to the bank’s successes and provides leverage in the field.

‘Ed is very committed to the process and personally spends a great deal of time working with the broader team to think about investor messages at any important time,’ Johnston explains. ‘I think that is probably different from many other organizations, so that’s a real positive for us and I think that type of leadership really shows the way.’

Rudy Sankovic, who has now been in his role as head of IR for 18 months, believes the ‘high level’ of activity over the previous year has been paramount in the IR department’s phenomenal achievements. He points to the fact the company once more conducted more than 400 face-to-face interactions through one-on-ones, group meetings, conferences, roadshows, bank tours and social events.

grand prix for best overall investor relations – large capTD Bank Group

Rogers Communications

CN

PotashCorp

Agrium

BCE

Manulife Financial

Yamana Gold

Scotiabank

Goldcorp

RBC

Suncor Energy

Crescent Point Energy

TELUS

Enbridge

Teck Resources

81

69

63

63

58

53

50

48

44

44

43

42

35

30

95

152

Grand prix for best overall investor relations – large cap

In 2011 TD Bank group collected five IR awards for its communication efforts, including the grand prix for large-cap companies and the individual awards for best IR by a CEO and best IR by a CFO. In 2012 the bank added the best corporate governance gong to the five awards it retained from 2011. This year, it appears the aim ‘to benchmark the online facility against companies in Europe and the US’ in order to ‘reach out to the non-traditional investor’ has delivered, with the bank adding the technology award – for which it was runner-up in 2012 – to its impressive trophy total.

This persistent commitment to achieve excellence has seen the bank beat its previous record awards haul, taking seven awards seven years after the decision to make investor relations a ‘strategic advantage’.

‘I have no time to make comments except to say that tD Bank is head and shoulders above all the others’ – sell side

‘the meetings at tD are just so good, as are the succinct descrip-tions of strategy and expectations. Colleen Johnston is approachable and has an exceptionally strong grasp on financials and strategy. tD has the strongest executive team, and the Ceo is great at explaining the environment and how tD is going to deal with it’ – sell side

‘there are plenty of opportunities to ask questions at tD’s quarterly conference calls’ – buy side

‘Before the global financial crisis, ed Clark clearly laid out things he didn’t want his bank to do, and delivered on that. Although a plain-talker, his manner isn’t brusque, and he always explains the business well’ – sell side



CANADA TOp 50

ciate that we try to be transparent and don’t round the corners. I think, in fact, that if they had a criticism of us it is that we tend to be a touch too pessimistic and self-critical. But if [you’re going to have] a fault, they would rather that fault than the opposite.’

Clark’s commitment to being straightforward and balanced in his dealings with investors, rather than letting promotional messaging distort the discussions, pervades the bank’s approach to IR. ‘I feel quite strongly there has been too much tendency for CEOs to build up expectations, with people saying things like, Why don’t you sell me stock and then I can decide whether I want to buy it?’ said Clark. ‘That’s not my job. My job is to explain what I’m trying to do, do what I’m trying to do, and then be transparent about weakness as well as strength. If I’m pessimistic about the outlook, I’m pessimistic about the outlook!’

In the interview Clark maintained that in 2013 the IR philosophy at TD Bank will remain ‘open, honest and transparent’ as the tougher economic environment continues. ‘It’s going to become even more important that you don’t exaggerate what you can do,’ he said. ‘you can’t pretend you can run zero costs if you can’t run zero costs. Be open to the challenge, but at the same time try to be clear where you think the opportunities are for continued out-performance. I think it’s going to be a more challenging period so it’s important to be more open.’

Ed Clark, chief executive tD Bank

TD Bank Group Edmund Clark

BCEGeorge Cope

CN Claude Mongeau

AgriumMichael Wilson

Rogers CommunicationsNadir Mohamed

GoldcorpCharles Jeannes

Canadian Natural ResourcesSteve Laut

Suncor EnergySteve Williams*

Crescent Point EnergyScott Saxberg

Manulife FinancialDonald Guloien

PotashCorp William Doyle

Canadian Pacific Railway Hunter Harrison**

ScotiabankRick Waugh

*Steve Williams succeeded Richard George as CEO of Suncor Energy in May 2012**Hunter Harrison succeeded Fred Green as CEO of Canadian Pacific Railway in June 2012

53

42

42

36

33

27

24

24

24

21

20

69

163

Best investor relations by a Ceo – large cap

Ed Clark, chief executive of TD Bank since 2002, does not covet praise, nor is he ‘big on being proud of things’. But in winning the best IR by a CEO for

a fourth time in 2013 – adding to his accolades in 2009, 2011 and 2012 – admiration from the investment community and effusive work colleagues at the Canadian bank is becoming harder to avoid.

Colleen Johnston, TD’s award-winning CFO, believes the accessibility, honesty and thought leadership offered by Clark is a cornerstone of the bank’s IR success. ‘Ed Clark is considered a real go-to-person as CEO and he will always be very open about his concerns on the global economy and macroeconomy. He does this with tremendous intelligence and thought leadership,’ explains Johnston. ‘He will always make sure the bank is performing – and investors appreciate that.’

As one impressed buy-side survey respon-dent says: ‘The CEO of TD is the most learned across all the points of the business and has the capacity to micro-manage. He goes out of his way to talk to investors in clear, strong detail about the bank and the banking business.’

In an interview shortly before he won the award for the fourth time, Clark was quizzed on why he believes the investment community continually singles him out for special men-tion. His response: ‘I’m a little surprised I’ve won it three times! I do think investors appre-

Best investor relations by a CEO – large cap


CANADA TOp 50

Colleen Johnston, CFo tD Bank

Best investor relations by a CFO – large capTD Bank Group Colleen Johnston

CN Luc Jobin

TELUSRobert McFarlane

PotashCorp Wayne Brownlee

Rogers CommunicationsTony Staffieri*

RBCJanice Fukakusa

BMO Financial GroupTom Flynn

Barrick GoldAmmar Al-Joundi**

ScotiabankSean McGuckin***

AgriumStephen Dyer

Brookfield Asset Management Brian Lawson

*Tony Staffieri succeeded Bill Linton as CFO of Rogers Communications in May 2012**Ammar Al-Joundi was appointed as CFO of Barrick Gold in June 2012, taking over from Jamie

Sokalsky who was appointed CEO ***Sean McGuckin succeeded Luc Vanneste as CFO of Scotiabank in January 2012

36

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27

26

24

24

21

21

42

102

Best investor relations by a CFo – large cap

where my role comes into play, and I have to be very schooled in that.’

As one sell-side respondent puts it this year: ‘With Colleen Johnston I am always impressed by her holistic view of the business and the confidence with which she speaks. The information provided by TD is more than adequate for our analysis and its presentations are excellent.’

Praise from Ed Clark, Johnston’s CEO, is just as effusive. ‘She does all the work and I get all the glory!’ he laughs. ‘To be honest, she runs a great IR department and gets us great coverage.’ Clark also commends Johnston for the honesty and ‘transparency’ in her work: ‘Colleen couldn’t speak a mistruth even if she was required to do so.’

In her early years as CFO, Johnston says she spent lots of her time ‘cultivating relation-ships with investors’, explaining that because she was new to the role, she needed both to get to know the investment community and work actively with the analysts. She feels this time was fruitful as investors now trust her and ‘feel they can reach out to me.’

The customer-oriented approach at TD Bank group is also vital, according to Johnston. ‘Accessibility, responsiveness, value-added and transparent: these are the key themes,’ she says.

In the year Colleen Johnston achieved a hat-trick of best IR by a CFO awards – adding the 2013 award to the two she collected in 2011 and 2012 – she continues to sweep personal plaudits aside and focus on the bank’s IR as a collective. ‘We spend a

lot of time thinking about the key themes, thinking about how we want to communicate with investors,’ she explains. ‘We make sure we can anticipate the most important concerns from the perspective of our investors and that we can communicate effectively. I get to bask in the reflected glory.’

After beginning her career at PwC, Johnston spent 15 years at Scotiabank before joining TD Bank in 2004. She was elevated to CFO in late 2005 and is now entering her eighth year in the role. So what are her primary responsibilities as a CFO with respect to the company’s investor relations program? She believes she needs to be able to communicate across the spectrum, ‘to talk on behalf of the organization on the full range of topics, from all of the businesses, the bank’s strategy and philosophy to the view on acquisitions and dividends.’

Johnston also believes a key part of her role as CFO, which differentiates her from the chief executive, is that she can go deeply into the numbers and actually respond to a very detailed question, whether it’s on a specific number or an accounting issue. ‘I think your investors expect you to go broad and deep, and that in a way is the uniqueness of the CFO role. I think that is


CANADA TOp 50

Rudy Sankovic, head of investor relations at TD Bank since March 2011, is enjoying the increased responsibility time in the role has

afforded him. After 18 months he has now met the entire investor base and all the analysts and knows the TD story. This is important, he believes, as he now feels ‘much more confident in doing one-on-ones without management.’

Best financial reporting

Best investment community meetings

TD Bank Group

PotashCorp

Cenovus Energy

ARC Resources

Manulife Financial


Scotiabank

Baytex Energy

CN

TELUS

SNC-Lavalin

RBC


Bombardier

Finning International

Alamos Gold

47

42

41

38

37

36

36

36

35

34

33

32

32

30

51

103

Best financial reporting

One of the key changes implemented by Colleen Johnston, CFO of TD Bank, is personally ringing each of the analysts covering the stock to discuss the

company’s performance on each earnings call.

‘It helps accelerate their understanding, helps them under-stand the pluses and minuses of the results, and helps them maneuver,’ she explains. ‘I think it has helped build relationships and trust in the process and has been a fantastic way to really get to know the analyst community. We clearly lay out our strategy and business model, our goals and our performance. We talk about our concerns but also our upside and I think our investors have certainly come to appreciate that level of candor, that level of openness.’

Reflecting on how TD Bank has adapted to a more wide-ranging investor base, Ed Clark, CEO, mentions the varied approach to communications for different market places: ‘In every one of those market places we need to adapt and recognize they have different ways of looking at stock. you have to adapt and find the right kind of information they want.’

Clark is not only keen to please, but also believes availability and responsiveness to investors is paramount. ‘If, after our fourth quarter earnings, one of our big investors says, I need something clarified. Can you give me half an hour? I have to respond, Yes, I’ll be there because you own the company.’

Rudy Sankovic, head of IR at TD Bank, is pleased with the progress the firm has made with the website in 2012. ‘We did things like share price tools and we also put some of our financial information into Excel, rather than just have it in PDF,’ he says. ‘We launched that back in August/September and we’ve received fairly good reviews.’

Johnston believes placing strong emphasis on service and convenience and seeing things from the customers’ perspective have been essential to the bank’s success in IR over the years. ‘We are the leaders in service and convenience. Everything we do, we do from a customer standpoint,’ she explains. ‘We take those same values and we translate them into how we think about our IR brand. We are accessible, we are responsive, we add value and we’re transparent. That is all part of our broader strategy and I think that has put us in very good stead.’

In 2012 the Canadian bank focused on increasing its US investor base. Although it enjoyed some limited success, it was a steep learning curve for the bank. Despite attending three large conferences – the Barclays conference and two Morgan Stanley events – and flying the management team to new york and Baltimore to partake in ‘30-35 investor meetings’, TD discovered fairly early on that the appetite to invest was not strong.

‘There doesn’t seem to be a lot of appetite for Canadian banks among the US investor base and the issue is valuation,’ explains


CANADA TOp 50

TD Bank Group

CN


Baytex Energy

Cenovus Energy

Manulife Financial

Bombardier

Corus Entertainment

Goldcorp

Canadian Natural Resources

Scotiabank


Parkland Fuel

Agrium

AltaGas

57

51

48

46

44

44

42

39

36

33

33

30

30

64

125

Best investment community meetings

Rudy Sankovic Head of Ir, tD Bank

Sankovic. ‘Because Canadian banks have done so well over the last four or five years, particularly during the financial crisis, they are very expensive by comparison with US or European banks. We found that while investors like to talk to us, I don’t think they are that interested in investing. They feel better off buying into a cheaper US bank.’

While the bank will still focus on the US this year, Sankovic feels it is more likely to ‘pull back a bit in 2013, until the Canadian and US banks are more aligned in terms of valuation.’

One of the other most important priorities in 2012 was ‘forging better relationships with the bank’s existing top 100 investors.’ Sankovic feels this was very beneficial and the bank has managed to pinpoint the shareholders that deserved more activity from the investor relations team. ‘We identified those investors in our top 100 that we don’t see that often, for whatever reason, and we

reached out to them,’ he explains. ‘We did a luncheon series or invited them to meet with our key executives over a social lunch or in a formal meeting.’

A high-level of IR activity is also highlighted. ‘We did almost 400 meetings last year,’ Sankovic notes. ‘That’s probably 20 percent to 30 percent more than most IR departments in Canada would do. We probably have the most active marketing team among all the Canadian banks.’

The shift to more IR-led meetings has also been important, according to Sankovic. ‘I’d say we shifted our focus so that IR did more meetings on its own this year,’ he says. ‘We went to the nomura conference in Japan and the UBS London conference without management, which I feel was very fruitful for us.’

Incorporating special events for investors into the IR calendar has been another important development. ‘There are lots of headwinds in the banking industry, so we had an investor day where lots of our top shareholders and analysts listened to the TD story,’ explains Sankovic.

‘We also tried to do special events for investors. For example, for one of the events we had Frank McKenna, a local politician, and David Dodge, a former Bank of Canada governor, and we had investors come and chat with folks who could give a broader view of the economy, both in Canada and in the US.’

In 2013 the plan is ‘to be a little smarter and get investor relations to step up a little more in its proactive contact with

‘We did almost 400 meetings last year. that’s probably 20 percent to 30 percent more than most Ir departments in Canada would do. We probably have the most active marketing team among all the Canadian banks’

investors’, in addition to pushing into the Middle East and Asia as the bank continues to try to internationalize its investor base.


CANADA TOp 50

TD Bank’s CEO and CFO, yet again, win individual awards for their IR efforts this year. Investors and analysts could be forgiven for running out of superla-

tives given the number of awards bestowed on the IR of senior management members at the Canadian bank. But the feedback this year is as strong as ever from investors and analysts alike. As one buy-side respondent comments: ‘It is not without good reason that TD Bank is a perennial winner. It is a well-oiled machine that provides great IR, year on year.’

The emphasis placed on giving investors

use of technology – a category for which it was runner-up in 2012 – how has this been achieved?

‘We’ve spent a good deal of time this year thinking through what we want our website to look like,’ says Sankovic. ‘We looked primarily at other Canadian and US banks and a little bit into Europe. It helped us to figure out what the best practices might have been across the world and meant we tried to adopt those practices that were fairly easy to implement.

‘The basics of our new website are: a clean look, simple to use, having all the information readily available and a new layout. We also put some financial information into Excel rather than PDF. We launched this back in August/September and we’ve had fairly good reviews.’

‘As the world changes you need to adapt the ways you commu-nicate to be as modern and appropriate as possible,’ says Colleen Johnston, CFO at the Canadian bank. ‘We now have an online version of our annual report so you can go to the website and, by clicking on Ed Clark, you can hear the TD Bank story. Or by clicking on Colleen Johnston, you can hear me talking about the numbers. It’s more personal, friendlier – it’s not a long text but it’s something you can actually spend five minutes listening to and really get the essence of the story.’

This ability to boil down information, making it useful and meaningful, is where Johnston believes great progress has been made at the bank. This commitment to delivering information with candor and openness is clearly something investors have come to appreciate. As one sell-side analyst responds in this year’s research survey: ‘All the banks are good at IR, but TD probably provides the most comprehensive materials. It also has a large IR team, making it possible to understand banking from a number of perspectives.’

Rudy Sankovic, head of IR at TD Bank group, says it was the need to ‘benchmark against companies in the US and Europe’ that drove IR to ‘use

the bank’s online facility for greater outreach’ last year. With the Canadian bank going one better this year in collecting the award for best

Best use of technology

Best corporate governance

TD Bank Group

Baytex Energy

PotashCorp

BCE

CN


ARC Resources

RBC

Bombardier


Talisman Energy

Parkland Fuel

39

33

30

30

27

25

24

24

23

21

48

66

Best use of technology

time with management at the bank appears to be pivotal to this success. Ed Clark, who picks up the best IR by a CEO award for the fourth time this year, says: ‘I think we give fantastic access, which is another key feature of the bank’s IR. I am very keen that

‘every single senior executive of our team is ready, willing and able to get involved in Ir. It’s probably important that you have a strong Ir team but more important that you’ve got the complete commitment of the entire organization’


CANADA TOp 50

investors see the management strength below me and we give a lot of access to that team.’

Rudy Sankovic, head of IR, thinks accessibility is key. ‘We make sure, whether it’s an analyst or investor, that we are very responsive to the request either for management meetings or other information needed,’ he says. ‘Accessibility is vital so people can definitely meet management when it’s important.’

Colleen Johnston, who wins this year’s award for best IR by a CFO for the third consecutive year, believes the strength of the executive team and its commitment to IR also plays an important role. ‘Every senior executive of our team is ready, willing and able to get involved in investor relations,’ she says. ‘They are all very knowledgeable on the story and that’s true of our team members across the bank. I guess in my mind it’s probably important you have a strong IR team, but more important that you’ve got the complete commitment of the entire organization – the leverage from that is absolutely enormous.’

Colleen Johnston, TD Bank’s CFO, says setting high standards for the bank in wanting to comply with all disclosure requirements is the foundation of the company’s IR building. This is where Johnston says

the bank focuses a great deal of its time and energy, so it gets all the technical requirements right and makes sure all the information is useful to investors and analysts.

‘I think the key is really that we are communicating all of our results and business in a way that is understandable and helps users of our financial statement, and our financial information to be able to digest complex information and understand it more easily,’ explains Johnston.

Best in sector – financials

TD Bank Group

CN

Baytex Energy

TELUS

PotashCorp

RBC

Bombardier

Cameco

Stantec

36

36

27

21

18

18

18

54

88

Best corporate governance

TD Bank Group

Manulife Financial

Scotiabank

RBC

Intact Financial

Brookfield Asset Management

BMO Financial Group

Canadian Imperial Bank of Commerce

239

235

146

108

105

74

280

888

Best in sector – financials

The constant striving for excellence is key to the bank’s vision of becoming a world-class finance team, according to Johnston. She believes constant appraisal of every aspect of how it does business is one reason why the bank has achieved such steady improvement and tangible results.

‘TD Bank is a world-class organization so we have looked at every dimension of how we do business and we’ve tried to up our game,’ she points out. ‘We’re drivers of shareholder values; we’re respected as a valued business partner; we want to ‘execute with excellence’ – which means we have very good systems and processes that are modern in every way; and we are as efficient as possible in how we deliver our support to the bank.’

Ed Clark, CEO, believes the company’s approach and commitment to providing answers is why the bank’s investor relations department continues to win accolades. ‘The feedback we get is that we’re very service-oriented. That’s probably another characteristic I can’t emphasize enough,’ he says. ‘On the ground, day to day, if someone needs information, do your people have the same culture? I’m always somewhat surprised when people tell us they ask someone else the same question and don’t get a response.’


CANADA TOp 50

Stepping into the shoes of an investor relations legend would be daunting for many. But a little more than 16 years since she joined the company, Janet

Drysdale was asked to do just that: take over from Bob noorigian as vice president of investor relations. And Drysdale is relishing the opportunity.

‘When I was approached to come back to

IR as the head of the department, I was extremely excited,’ she recalls. ‘I think it’s a fantastic place to be within the company as you have the perspective to look out over all the things the organization is doing.’

Drysdale joined the company in 1996 – incidentally, the same year as noorigian – soon after the company went public in november 1995 by listing on Toronto Stock Exchange and the nySE. Drysdale was hired by former CEO Paul Tellier as part of a management development plan to bring ‘fresh blood’ into the

2 CNAWARD WINNER (see below) | BEST IN SECTOR (see page 73)

Listing informationLarge captoronto stock exchange and nYsetransport

ceo Claude Mongeau

cFo Luc Jobin

Head of ir Janet Drysdale

ir team Paul Butcher, rose Barbieri

ir team size three

ir awardsBest Ir by a Canadian company in the Us market Best in sector – transport

contact information www.cn.ca [email protected] +1 514 399 0052

2012 ranking 3


‘My questions are consistently answered in an honest, forthright manner by Cn. It provides accurate disclosure, with various projects illuminated in detail. It gives its time. What more can I ask for?’ – sell side

‘responsive and highly professional is how I’d sum up Cn’s Ir. that and the fact that the executive team is available six times a year for discussions’ – sell side

‘every aspect of Cn’s reporting is of the highest standard. I have an excellent relationship with the Ceo, CFo and Iro, and this makes them easy to communicate with’ – sell side

‘Cn’s Ir team is highly knowledgeable about the sector’ – buy side

‘the most professional investor relations department is at Cn. the staff are all knowledgeable and ask us for feedback. star Ir performers’ – buy side

‘Cn provides plenty of access to operational management, and this is very helpful’ – buy side

‘Cn provides frequent meetings, the Ir team is accessible, the website has an excellent depth of information, and I trust the management team. All my companies do a good job with Ir but I give Cn the nod’ – buy side

Best IR by a Canadian company in the US market


CANADA TOp 50

ability performance – will all need to be addressed. There is no titanic shift we are looking to achieve, but I think, with all these tweaks, you’ve got to adapt in order to stay at the pace the world is operating at around you.’

When pushed on why Cn has been nomi-nated for the best IR by a Canadian company in the US market award, Drysdale suggests it is the company’s commitment to attend non-Canadian conferences. ‘We have analysts who cover us in Canada and the US, so we make a commitment to have a presence at various south-side conferences,’ she explains. ‘We follow very closely who owns our shares in the US and try to be as transparent and open as possible to those shareholders.’

organization. Her first role was as a marketing manager for the petroleum chemical business unit, a role she felt was very beneficial to her development. ‘It was a fantastic job because these are the roles where you have a really small piece of the Cn pie and try to expand your business and understand the market and how to drive growth,’ she says.

Drysdale first got to know noorigian when she moved to a revenue planning function. She enjoyed the diversity of this role and discovered a great deal about IR through regular contact with noorigian. As she explains, this role was pivotal in the development of her working relationship with him: ‘Being a railway, we’re a good bellwether for what’s happening in all kinds of areas, whether it’s consumer markets, the economy, forest products, grain, coal – you name it, we’re involved in it. So Bob and I would speak on a regular basis because the majority of investor questions are really about your market.’

After this role, she spent four years working with noorigian in IR. When Claude Mongeau – certainly no stranger to IR success, having won best IR by a CFO award in 2008, 2009 and 2010 – was elevated to the CEO role in 2010, Drysdale had the ‘good fortune of moving into a position in the financial planning department where the objective was to get some on-the-job training and learn more about the financial side of the business.’

She believes this was very much the final piece in the jigsaw for her move into IR. ‘My team was responsible for putting together the financial plan – not only the numbers but also tying it to the strategic plan, and then learning how to communicate it,’ she explains. ‘It was a wonderful experience and excellent training for me to come back into an IR role.’

So, is there anything Drysdale will be changing in Cn’s IR program now she has taken the reins? ‘As I’ve said, Bob is a legend so I don’t want to change or adapt his winning formula,’ she says. ‘The goal really is to build on his accomplishments.’

That said, Drysdale acknowledges that the world is changing, so some change in IR is needed: ‘Economic and market volatility, increased demand for disclosure and transparency – including on matters concerning the company’s environmental and sustain-

CN

Valeant Pharmaceuticals

Nexen

Westport Innovations

Canadian Pacific Railway

Brookfield Asset Management

Suncor Energy

lululemon

Agnico-Eagle Mines

RBC

45

42

36

33

32

21

18

17

47

56

Best Ir by a Canadian company in the Us market

This year, the award for best IR in sector for transport has been won by Cn for the second consecutive year. The transparency and accessibility at Cn are vital, according to Janet Drysdale, the company’s new vice president of

investor relations. ‘you don’t need to have a middleman to come in and talk to the investor relations team,’ she points out. ‘We really want to be directly accessible to the investment community and I think that accessibility allows us to make the information as digestible as possible.’

Best in sector – transport The publication of an investor fact book,

which is released every 18 months, provides detailed information about the company and its business. The IR team also conducts large analyst meetings where the team attempts to bring in management members the investor community may not have had the chance to meet on a regular basis, and this also contrib-utes to an effective and award-winning


CANADA TOp 50

sure, with various projects illuminated in detail. It gives its time. What more can I ask for?’ Another sell-side respondent states: ‘Responsive and highly professional is how I’d sum up Cn’s investor relations. Plus the executive team is available six times a year for discussions.’

The small IR department at Cn relies heavily on other depart-ments contributing to its work, something Drysdale believes provides a connection to the company. ‘I think maybe that’s why we’ve been effective, because we really need to keep that network and that pulse to the various departments throughout the organization,’ she says. ‘So our IR role becomes a conduit of information flowing from the depths of the company up to the investment community, trying to understand what is going on out in the capital markets and then trying to bring that knowledge back into the company.’

investor relations program, explains Drysdale.One enamored sell-side respondent in this

year’s research says: ‘My questions are consistently answered in an honest, forthright manner by Cn. It provides accurate disclo-

CN

Canadian Pacific Railway

WestJet Airlines

Air Canada

80

59

116

441

Best in sector – transport

3 Rogers CommunicationsAWARD WINNER (see below) | BEST IN SECTOR (see page 73)

Listing informationLarge captoronto stock exchange and nYse technology

ceo nadir Mohamed

cFo Anthony staffieri

Head of ir Bruce Mann

ir team Dan Coombes, Deborah Deroche

ir team size three

ir awardsBest investor relations officer – large cap Best in sector – technology

contact information www.rogers.com [email protected] +1 416 935 3532

2012 ranking 13


‘everyone on the Ir team at rogers is responsive and knowledgeable about the company and sector. If ever I need any further information, it is tracked down immediately’ – sell side

‘rogers has a consistent approach to Ir, and it works. everyone in the team knows how to get things done’ – buy side

‘rogers has been consistently good at Ir for several years and it always has someone who can discuss the industry’ – buy side

‘the Ir people are good at fixing up meetings with executives, who are always helpful’ – buy side

‘rogers is extremely adept at getting the right people out to meetings and making sure they are well briefed, so questions get answered. Highly professional and helpful’ – buy side

... see page 26 for more


CANADA TOp 50

Best investor relations officer – large cap

Since winning the best IRO award for the first time in 2007, Bruce Mann, IRO at Rogers Communications, has been a permanent fixture in the top three of this award category. In 2013 he wins the award for the fourth time, adding it to

his wins in 2007, 2010 and 2011.Mann began his IR career at US West Communications in

Denver, Colorado in the late 1980s. After 11 years at the company, predominantly in finance and accounting but also in investor relations for his final two years, Mann made the transition to Canada to help Metronet go public in 1998. It was here Mann met the late Ted Rogers, founder of Rogers Communications, who was on the board at Metronet.

Reflecting on his time as an IR officer at Rogers, Mann believes strongly in the relationship he has formed with the Street and the reputation he has built for being proactive and accessible. ‘I really think, more than anything, that the Street recognizes and appreciates the combination of how dedicated we are to the speed of our responsiveness and our in-depth knowledge of our business and industry,’ he points out.

After more than a decade at Rogers Communications, Mann combines in-depth knowledge of the company and its sector with a willingness to go the extra yard to deliver. ‘All that planning and execution simply comes down to being good at your job, having

Rogers CommunicationsBruce Mann

TD Bank Group Rudy Sankovic

CN Robert Noorigian

Manulife FinancialAnthony Ostler

BCEThane Fotopoulos

Crescent Point EnergyTrent Stangl

AgriumRichard Downey

RBCAmy Cairncross

ScotiabankPeter Slan

GoldcorpJeffrey Wilhoit

Cenovus EnergySusan Grey

TELUSJohn Wheeler

Yamana GoldLisa Doddridge

81

59

48

46

45

38

38

36

31

28

27

83

90

Best investor relations officer – large cap

Bruce Mann, Iro rogers Communications

the right people and the right relationships, and being obsessed about that last 10 percent of the executional detail being perfect,’ he explains. ‘And – more than anything – being out there as much when the news is bad as when it’s good. There’s no magic.’

Mann spearheads a team of just three IR staff at Rogers: one other professional and a co-ordinator. But he believes that, despite the team’s small size, it works well as a unit, something to which the number of awards it has picked up attests. ‘We’re a pretty small but tight team that’s worked together for a number of years,’ says Mann. ‘We understand each other’s strengths and weaknesses and have pretty much the same values and work ethic, so we get on pretty well as a result.’

‘I think, more than anything, the street appreciates the combination of how dedicated we are to the speed of our responsiveness and our in-depth knowledge of our business’


CANADA TOp 50

Rogers Communications takes pride in both the approach and discipline with which it runs its effective IR program. Bruce Mann, IRO at the Canadian

communications and media company, believes the tight-knit team members who have worked together for a number of years in his IR department understand each other’s strengths and weaknesses and share the same values and work ethic.


BCE

TELUS

CGI Group

OpenText Corporation

Descartes Systems Group

248

83

69

61

270

385

Best in sector – technology

Best in sector – technology

Mann identifies ‘electronic disclosure’ as the key game-changer since he began his role in IR. ‘Websites and email have changed many, if not most, aspects of the IR role since I began in the mid-1990s,’ he explains.

Responding to the news that Rogers Communications was short-listed for the best in sector technology award, Mann points to the approach taken to IR at Rogers. ‘I think it’s all about our overall discipline,’ he says. ‘Velocity in terms of responsiveness; being very consistent to minimize the perception of surprise; doing what it takes to be as knowledgeable about our business and industry as anybody else in the company; being transparent in our disclosure; and providing relatively broad but controlled access to management.’

The praise the company has received from this year’s respondents certainly suggests Mann and his IR team continue to achieve excellence. One buy-side respondent comments: ‘The IRO, Bruce Mann, has been at Rogers a long time, so his understanding of the business is truly comprehensive. The CEO tells it how it is, and the firm has the best disclosure in my sector.’

Another buy-side respondent singles out Mann for special mention: ‘The communications are good all round from Rogers but the stand-out factor is Bruce Mann. He gets back on questions quickly and his answers are full of insight.’

If resources were unlimited, would Mann enlarge the small IR team, create a bigger budget or have greater access to senior management’s time? ‘Probably add one extra manager or director-level person so we had more of a bench and a bit more bandwidth for the crunch periods. But we wouldn’t do things materially different from how we do them today,’ he says.

Mann firmly believes the devil is in the

detail – the mantra pasted onto his computer and spread among his small team is: Capital flows where it’s invited, and it stays where it is made to feel welcome.

Quoting his colleague Dan Coombes, Mann reveals how driven the team is when it comes to achieving excellence: ‘A few months ago, after our earnings call, my colleague Dan said, I look at what we do as air traffic control: if we screw up, people die. It sounds a little dramatic but when the team wakes up every morning with that in the front of its mind, people start to realize that we take this very seriously.’

‘rogers has a good annual report and its conference calls are always worth listening to’ – buy side

‘rogers is the most proactive of my coverage. so sometimes I don’t need to go to it, it comes to me’ – sell side

‘the Iro, Bruce Mann, has been at rogers a long time, so his understanding of the business is truly comprehensive. the Ceo tells it how it is, and it has the best disclosure in my sector’ – buy side

‘the Ir person at rogers has been there for a while and understands the nuances of the business and sector. I imagine the Ir would change drastically if Bruce Mann were ever to leave’ – sell side

‘rogers provides good disclosure and answers to questions. But when it comes to manage-ment access it seems to cut out the sell side, which is frustrating’ – sell side

‘the communications are good all round from rogers but the stand-out factor is Bruce Mann. He gets back on questions quickly and his answers are full of insight’ – buy side



CANADA TOp 50

Best investor relations officer – mid-cap

4 Baytex EnergyAWARD WINNER (see below) | BEST IN SECTOR (see page 72)

Listing informationMid-captoronto stock exchangeenergy

ceo James Bowzer

cFo Derek Aylesworth

Head of ir Brian ector

ir team Cheryl Wilks, erin Cripps, Andrea Beblow

ir team size Four

ir awardsBest investor relations officer – mid-cap Best in sector – energy

contact information www.baytex.ab.ca [email protected] +1 587 952 3000

2012 ranking 30


‘I get detailed, reliable information from the highly knowledgeable Iro at Baytex, and plenty of access to the Ceo and CFo as well. this Ir program is run so effectively that Brian ector deserves credit for his professionalism’ – buy side

‘the Iro’s history as an analyst means he gives us the answers before we ask the questions’ – sell side

‘there is consistent, active and engaging Ir from Baytex, with comprehensive presentations on the website’ – sell side


Brian Ector spent 15 years working as a sell-side analyst covering oil & gas companies before joining Baytex Energy in 2009, initially as director of investor relations. He was no stranger to receiving plaudits during his seven

years doing research at Scotia Capital where he was consistently ranked as one of the top analysts in Canada.

Before Ector joined Baytex, IR had been largely the domain of the CEO. But the company recognized the importance of having a senior officer involved full time in the function and, given Ector’s experience interacting with IROs, Baytex Energy analysts and their shareholder base during his research career, identified him as the one to lead the transition.

Today, as vice president of investor relations at the oil and gas corporation, Ector has increased the size of the IR team to four full-time employees. ‘In addition, we have expanded the role of several of our executive officers, so now many of them participate in investor conferences and roadshows,’ explains Ector.

The support the IR team receives from the board and senior officers allows close communication with the Street, according to Ector. ‘We have great support from our board and our executive officers – they look to us to set the IR strategy and then implement it,’ he explains. ‘We co-ordinate all our marketing efforts, all of the conferences we attend and all of the one-on-one meetings we do throughout the year. We all recognize the importance of communicating with the Street.’

In 2012, Baytex Energy was certainly doing just that. ‘We conducted approximately 400 institutional investor meetings and participated in 23 institutional investor conferences,’ says Ector. These are high figures indeed for such a small IR department.


CANADA TOp 50

Baytex EnergyBrian Ector

BombardierShirley Chénier

ARC ResourcesDavid Carey

CAEAndrew Arnovitz

Alamos GoldAllan Candelario

Agnico-Eagle MinesDavid Smith

Finning InternationalMauk Breukels

SNC-Lavalin Denis Jasmin

Shoppers Drug MartJohn Caplice

56

48

42

36

36

35

34

63

68

Best investor relations officer – mid-capBrian Ector, Iro Baytex energy

‘A well-rounded Ir team that understands both the geography and the sector. everything we get from Baytex is streamlined to our needs. the website explains clearly the new technologies being adopted’ – sell side

‘Baytex’s Iro Brian ector really understands the technicalities. And when the Ceo resigned earlier this year, he contacted us immediately’ – sell side

‘Baytex has good corporate governance with a strong board composition’ – buy side

‘Baytex is proactive and provides information at a macro level on events and trends that affect its business. the information disclosure is good, as are its relations with investors’ – sell side

‘there is constant communication from Brian ector, who never tries to sell to us but provides quality information. He produces summaries of everything, explains pricing each quarter, and makes sure our models are correct’ – sell side


There have also been attempts to internationalize the investor base over the previous year, with trips being made further afield to attract new investment. ‘About 5 percent of our shareholders are from Europe and Asia. We are typically in Europe two to three times per year,’ says Ector. ‘We have also been to Tokyo, Singapore and Sydney in the past year. We are starting to see some new shareholders as a result of these trips.’

Ector is enthusiastic about further outreach and continuing to grow the share-holder base in 2013. ‘We are participating in a number of energy conferences and marketing trips in Canada, the US and Europe,’ he says. ‘I look forward to getting our executive team on the road to tell the Baytex story.’

As one buy-side analyst notes in this year’s research: ‘I get detailed, reliable information from the highly knowledgeable IRO at Baytex, and plenty of access to the CEO and CFO as

well. This IR program is run so effectively that Brian Ector deserves credit for his professionalism.’

Ector’s career path – spending more than a decade on the research side of the business – has certainly enabled him to grasp and appreciate the importance of building relationships with shareholders. ‘At Baytex, we pride ourselves on telling investors what we are going to do and how we are going to execute our capital program, and then we go out and do it,’ he says.

‘And there is nothing I enjoy more than representing our company – all 440 full-time employees and field contractors who work extremely hard every day to deliver the results we report – to the investment community.’

‘We have great support from our board and our executive officers – they look to us to set the Ir strategy and then implement it. We all recognize the importance of communicating with the street’


CANADA TOp 50

Baytex Energy

ARC Resources

Cenovus Energy


Canadian Natural Resources

Suncor Energy

Precision Drilling

Peyto Exploration & Development

Vermilion Energy Trust

Talisman Energy

AltaGas

230

212

182

175

93

84

80

78

71

267

354

Best in sector – energy

Best in sector – energy

Despite the May 2012 resignation of Anthony Marino, two-time winner of the best investor relations by a CEO award, Baytex Energy has made a noticeable impact in this year’s Canada Top 50 rankings. The Canadian

company has climbed from 30th place in 2012 to fourth place this year. In addition, Baytex is runner-up in the grand prix for best IR by a mid-cap company and collects both the best in sector award for energy and the mid-cap best IRO award for Brian Ector.

Ector is singled out for praise in this year’s feedback, both for his professionalism and his sharp response in relaying informa-tion to the investment community as soon as news broke of the CEO’s departure. As one sell-side respondent reports: ‘Baytex’s IRO Brian Ector really understands the technicalities. And when the CEO resigned earlier this year, he contacted us immediately.’

The company’s ability to communicate with investors and understand their needs in the energy sector is underlined by Ector’s response to IR Magazine’s survey regarding the key IR issues faced by Baytex in 2012: ‘We are an oil-weighted company – about 85 percent of our production is weighted toward crude oil – and, of that, we have a particular emphasis and expertise in heavy oil. Our heavy oil production typically receives a price below that of light oil, and that differential (or discount) has been somewhat volatile this past year – and that price volatility is likely to continue into 2013.

‘We strive to mitigate this volatility in heavy oil prices through an active hedging program and through the use of rail, via which we can access higher-priced markets such as the gulf Coast.

This is very topical with investors right now, and we spend a great deal of time in our investor meetings discussing our overall marketing strategy for crude oil.’

In total, 20 sell-side analysts follow Baytex Energy – this is unusually high for a mid-cap company and would normally be associated with firms in the large-cap category. In addition, 80 percent of Baytex’s investor base is institutional and more than 75 percent of these investors are based in Canada. The high number of institutional investors again suggests a large cap rather than a mid-cap company, and the fact that 75 percent of those are based in Canada is revealing.

Ector believes building relationships through regular investor contact will continue into 2013. ‘There doesn’t seem to be any down time any more – we meet with the analysts who cover us regularly, and that won’t change,’ he explains. ‘We will continue

to meet regularly with our shareholders and will always be looking to target new investors. I’m pretty sure we will remain as busy as ever as we move forward.

‘If, after every single meeting, people walk away understanding our story better, if we have addressed all of their questions and/or concerns in an open and honest manner and communicated effectively, then I would view our marketing as a success.’

Ector’s description of Baytex Energy’s IR philosophy as ‘open, honest communication’ certainly chimes with the feedback received from the investment community this year, and is underlined by the company’s leap up the Canada Top 50 rankings in 2013.

‘If, after every single meeting, people walk away understanding our story better, if we have addressed all of their questions and/or concerns in an open and honest manner and com-municated effectively, then I would view our marketing as a success’


CANADA TOp 50

5 BombardierAWARD WINNER (see below) | BEST IN SECTOR (see page 72)

Listing informationMid-captoronto stock exchangeIndustrials

ceo Pierre Beaudoin

cFo Pierre Alary

Head of ir shirley Chénier

ir team Yan Lapointe

ir team size two

ir awardsGrand prix for best overall investor relations – mid-cap Best in sector – industrials

contact information www.bombardier.com [email protected] +1 514 861 9481

2012 ranking 5


‘the Ir at Bombardier is improving in every way, and I commend its efforts in getting us to its european facilities. the only downside is that the accounting seems a bit muddled at times’ – sell side

‘regular meetings with the CFo, together with easy access to the Ir people, make Bombardier easy to cover’ – sell side


grand prix for best overall investor relations – mid-cap

pierre Beaudoin Ceo, Bombardier

Bombardier is a world leader in the design, manufacture and support of aviation and rail products. As the third-largest civil aircraft manufacturer and the largest train manufacturer in the world, Bombardier Aerospace

and Bombardier Transportation revenues totaled $18.3 bn for year-end January 2012. A record-breaking $7.8 bn order from Swiss charter operator VistaJet for up to 142 aircraft received in november 2012 highlights the Canadian company’s success in an expanding segment of the market.

The management of two portfolios is invariably a challenge, yet tangible progress in investor relations at Bombardier is displayed by its steady march up the Canada Top 50 rankings: having been ranked at 41 in 2011 and five in 2012, it retains its

‘We spend a lot of time making sure we have a good MD&A at the beginning of the year that serves as a basis for good communications with investors’


CANADA TOp 50

Telling the Bombardier story to a broader audience is important to Beaudoin, who believes that unless you go on the road and tell the story, you will struggle to be heard. He says he realized this when embarking on trips to Europe and further afield in 2012.

‘Whether it’s the train business where the cities are expanding worldwide and we have the products that ensure people can move within the cities, or the products that permit people to move between the cities in airplanes, if we look at how the world is developing with larger cities and more and more international movement, we have a great story to tell!’ he enthuses. ‘We did a tour of southern France, the Middle East and Asia last year, and I realized that unless you get out on the road and tell your story, people won’t pay attention to your company.’

Bombardier is looking forward to 2013 with typical gusto. ‘It’s a very exciting year for us,’ says Beaudoin. ‘Some of the products we have been working on for the last five years are going to start to fly this year. This makes it an exciting year for me because not only do we get to tell a great story but also we get to demonstrate the delivery of long-term investment. The delivery of physical products makes the story in 2013 more thrilling as there are more tangible products for investors to see, rather than just figures on paper.’

fifth place in 2013. Pierre Beaudoin, CEO at Bombardier, believes strong forward planning at the beginning of each year and a clear internal alignment to ensure the team pays attention to giving the right information to investors is integral to the firm’s approach. ‘We are very transparent and spend a lot of time making sure we have a good MD&A at the beginning of the year that serves as a basis for us to have very clear communications with investors both in Canada and in the US, as well as on our roadshows to Europe and Asia,’ he explains.

Communication between senior management at Bombardier and the small IR team is strong, which enables the message to be clear across the organization. Shirley Chénier, head of IR, says her conversations with Beaudoin are important. ‘We have an open communication and look back over the questions we were not perhaps expecting on roadshows and then realign,’ she explains. ‘This enables us to be perfectly aligned on future messages.’

Senior management involvement in IR is vital, according to Beaudoin. ‘I think it’s crucial that senior executives go out on the road and tell the story, but once you’ve told the story you need key support from the IR department in the sense of giving more detail and clarifying points that may not have been clear,’ he says.

Bombardier

Baytex Energy

ARC Resources

Alamos Gold


Agnico-Eagle Mines

Corus Entertainment

Stantec

CAE

Shoppers Drug Mart

Parkland Fuel

Canadian Tire

64

57

52

48

45

43

41

37

35

32

67

71

Grand prix for best overall investor relations – mid-cap

Shirley Chénier Head of Ir, Bombardier

‘We look back over the questions we were perhaps not expecting on roadshows, and then realign. this enables us to be aligned on future messages’


CANADA TOp 50

Bombardier claims the best in sector award for industrials in 2013 for the second consecutive year. The small IR department, which benefits from

a supportive management team, continues to garner praise from respondents in this year’s research. As one sell-side analyst says: ‘Regular meetings with the CFO, together with easy access to the IR people, make Bombardier easy to cover.’

After so much recent success, what are the key challenges that face Shirley Chénier, head of IR? ‘I’d say the challenge is talking to short-term investors about the potential of the company in the long run,’ she says. ‘We are investing in a lot of new products that will generate extremely high revenues in the future, but if investors are focused only on the next quarter it is a bit of a challenge communicating to them what we are doing.’

The other challenge facing Chénier is time – specifically, having enough of it to accommo-date all the analysts who cover the company. ‘We have 23 analysts and they all need a bit of us,’ she explains. ‘We have a partnership approach with them, so I realize they need us and we need them. We therefore have to be fair

Best in sector – industrials

and allocate our time to where we think it is going to have the biggest bang for our buck, as it were.’

The senior management team is aware of the importance of IR in the modern business landscape and according to CEO Pierre Beaudoin it is important that they instill this approach across the company. ‘It’s hard for operators to really pay attention to IR,’ he says. ‘So, for me, it’s important that Shirley’s requests are viewed as an important request, like building an airport or a train.’

Interestingly, both Beaudoin and Chénier touch on the evolving nature of IR. ‘In a world where investors are going more short term, I think the role of IR has to evolve,’ says Beaudoin. ‘Because we’re not financial products but in manufacturing, the products in which we make our investment are five years ahead of first delivery. This means the type of presentation and the type of shareholders we need to attract has to evolve.’

Chénier, for her part, feels this evolution of IR is what makes her work so attractive: ‘As the Street evolves and as the management team progresses toward its objectives, IR evolves. It’s a moving target – and that is what makes it so interesting.’

Bombardier


Stantec

CAE

SNC-Lavalin

Genivar

Parkland Fuel

Aimia

Magna International

200

162

151

132

128

105

104

243

332

Best in sector – industrials

‘the Ceo of Bombardier gave us a detailed plan for the future of the company and then stuck to it. He is the most honest and straightforward of the managers I deal with’ – sell side

‘Bombardier has the best online reporting, but I think its conference calls were better when it had a greater range of management present’ – sell side

‘We are regularly invited to on-site visits, where we meet management and operations staff from every level’ – buy side

‘Bombardier has really improved its Ir over the past year and is much more open with the investment community. We have also been taken on more site visits than previously’ – buy side

‘the chief executive at Bombardier is frank and candid. I just wish I could see him more frequently’ – buy side


‘We have 23 analysts and they all need a bit of us. We have a partnership approach: they need us and we need them. We therefore have to be fair and allocate our time to where it is going to have the biggest bang for our buck’


CANADA TOp 50

‘Listen, learn and communicate’ is the IR philosophy at PotashCorp, according to Denita Stann, vice president of investor and public relations at the fertilizer company headquartered in Saskatoon.

Stann began at PotashCorp back in December 2006, learning the IR role through ‘immersing herself in her new team and spending many hours early on getting to grips with the existing IR program’. She believes her ‘fresh eyes’ were useful in enabling her to ‘stand back and validate that PotashCorp was communicating our value proposition in the most effective way.’

When Stann joined the company, much of the emphasis was placed on educating the investment community and introducing it

to the workings of the agriculture and fertilizer sector. This year she believes ‘there’s a significantly higher level of knowledge about the agriculture and fertilizer business and this affects the demands of my team considerably – as it does the level of market intelligence and insight required to add value.’

Back in 2006, PotashCorp had only eight sell-side analysts covering the company; today there are more than 30, so the need for Stann’s small IR team to be well versed in its investment area has become integral to its

6 potashCorpBEST IN SECTOR (see page 73)

Listing informationLarge captoronto stock exchange and nYseMaterials

ceo William Doyle

cFo Wayne Brownlee

Head of ir Denita stann

ir team Kelly Freeman, ryan shacklock, norma Deaver

ir team size Four

ir awards Best in sector – materials

contact information www.potashcorp.com [email protected] +1 306 933 8698

2012 ranking =19


‘excellent financial reporting from Potash’ – buy side

‘Potash has the most robust Ir program. It has a huge dataset on its website and holds quarterly webcasts where investors can submit questions outside of the conference-call format’ – buy side

‘Potash publishes feedback and surveys that demonstrate its understanding of investors’ needs’ – buy side

‘there is a consistency in Potash’s clear, simple message’ – buy side

‘Potash has one of the most complete websites, with plenty of data tools. And we get regular access to management team members, although sometimes it’s obvious that there are too many people trying to get their time’ – sell side

Best in sector – materials


CANADA TOp 50

delivery of the IR strategy. She believes this involvement is necessary: ‘If we’re carefully listening to questions and concerns, then if one investor has a question, there are probably others wondering the same thing.’

Stann’s expertise in investor relations and public affairs is recognized by her management team and supported throughout the organization. ‘My portfolio includes both investor relations and public affairs – which means my extended team is responsible for communications and engagement with many of the company’s external stakeholders,’ she points out. ‘Our investor and public affairs strategy must support the broader company objectives and knit together our approach regarding shareholder engagement and communications.’

Stann attributes part of the success of the approach taken to investor relations at PotashCorp to the foundations laid by her team, spending time with the investment community without management being present, helping investors get up to speed with their business and industry. Once these have been put in place, future meetings are organized that will generally include a member of management.

Another key success of PotashCorp’s IR approach has been

the development of virtual management meetings. These allow investors to participate in live online Q&A sessions with members of the management team.

Business performance at the Canadian fertilizer company has grown in north America. But these figures have been offset by a decline in offshore demand during 2012. ‘Strong demand in north America and Latin America demonstrated the powerful motivators in place for farmers today, although not all global potash markets moved as quickly to capitalize on these favorable conditions,’ points out PotashCorp president and CEO Bill Doyle.

‘While Chinese and Indian customers have not engaged consistently, their need for improved soil fertility to increase food production has not subsided. Our diversified fertilizer business and global footprint helped support our results for the quarter and – we believe – position us well to drive improved results as demand grows.’

Stann divulges that outside of north America, Europe is the firm’s primary focus. But the company continues to evaluate when the time may be right to begin IR outreach into Asia. With more than 500 meetings with investors lined up, either at their offices or at conferences and facility tours, 2013 is set to be another busy year for the PotashCorp IR team.

PotashCorp

Agrium

Alamos Gold

Goldcorp

Agnico-Eagle Mines

Yamana Gold

IAMGold

Teck Resources

Inmet Mining

New Gold

Hudbay Minerals

First Majestic Silver

241

241

174

159

123

114

110

110

86

78

279

299

Best in sector – materials

Denita Stann, vice president of investor and public relations, PotashCorp

‘If we’re carefully listening to questions and concerns, then if one investor has a question, there are probably others wondering the same thing’


CANADA TOp 50

7 Manulife FinancialListing information

Large captoronto stock exchangeFinancials

ceo Donald Guloien

cFo steve roder

Head of ir Anthony ostler

ir teamAnique Asher, robert veloso, Jonathan Pinto, rebecca Duan, Jennifer Belder, Marisa Gozun, ellenie Chan

ir team size eight

contact information www.manulife.com [email protected] +1 416 926 5471

2012 ranking 16


‘Manulife is really the only company in my sector that makes any effort with Ir’ – sell side

‘Manulife has put resources behind its Ir effort, and this works’ – buy side

‘the insurance business is extremely complicated, and most insurance companies are not good at explaining. Manulife gives a clear account of the key drivers and makes it easier for us to understand’ – sell side

‘Manulife is undoubtedly the best at Ir in the insurance sector. It is so hard to be transparent in the sector, but Manulife really makes an effort’ – sell side


Manulife Financial is a leading Canada-based financial services group with operations in Asia, Canada and the US. As the fast-paced financial services industry continues to evolve, Manulife Financial is committed

to growing its investment base in new markets. The prospects for Manulife’s continued growth look promising,

according to Donald guloien, who was appointed CEO in 2009. After the release of the 2012 third quarter results, guloien made the following comment: ‘Despite the continuing headwinds, we have been able to grow our sales, improve our product mix and protect our margins. Our growth in funds under management is a clear signal that customers around the world continue to see Manulife as strong and reliable and a destination for their investment needs. I am confident our strategies are the right ones, and they will continue to yield results for shareholders.’

The research for the IR Magazine Investor Perception Study – Canada 2013 reveals an improved performance, as Manulife Financial breaks into the top 10 of the IR Magazine Canada Top 50. Anthony Ostler, Manulife’s IRO, finishes fourth in the short

Steady performancelist for best investor relations officer in the large-cap category. In addition, the company achieves a respectable third-place ranking in the award for most progress in investor relations and a runner-up position in the best in sector financials award.

Feedback from the investment community is strong in this year’s research. One sell-side respondent notes: ‘In general the communica-tions from Manulife have improved since it has added to its IR department. TD has set the bar in IR standards, and that’s a given, but right now Manulife is great to work with.’

Another sell-side respondent takes the time to compliment the work of Ostler: ‘Life insurance companies are complicated, but Anthony Ostler manages to keep us up to speed. He responds well to requests and questions, and is definitely on the ball.’


CANADA TOp 50

8 AgriumListing information

Large captoronto stock exchange and nYseMaterials

ceo Michael Wilson

cFo stephen Dyer

Head of ir richard Downey

ir team todd Coakwell, Melanie thompson, Mark thompson

ir team size Four

contact information www.agrium.com [email protected] +1 403 225 7357

2012 ranking 31


‘the Ir team at Agrium is a great help. the people produce informative annual reports and fact books, and at meetings there is always a good blend of managers present’ – buy side

‘Agrium has started to publish a handbook about the global fertilizer industry. It is every bit as good as the one Potash publishes. Also, management is responsive and the Ceo is candid’ – sell side

‘the Iro at Agrium, richard Downey, takes the initiative and makes contact’ – sell side

‘Agrium’s investor days teach us something new every time, with good disclosure and lots of color on business segments’ – buy side


Agrium achieves three short-list places in this year’s research, leaping into the top 10 in the IR Magazine Canada Top 50 after finishing 31st

in last year’s research. Michael Wilson finishes a respectable joint fourth in the award for best IR by a CEO in the large-cap category. In addition, the company is runner-up for best sustainability practice and the best in sector award for the materials sector.

Agrium is a leading retail supplier of agricultural products and services in the Americas and Australia and a global producer, marketer and distributor of crop nutrients such as nitrogen, phosphate and potash. It is listed on both Toronto Stock Exchange and the nySE and the publicly traded company believes in creating ‘sustainable long-term shareholder value’.

Business performance at the company is

Top 10 finishstrong. Commenting on the third quarter results for 2012, Wilson says: ‘gross profit from our nitrogen business was the highest for a third quarter in our history, while retail EBITDA nearly matched the outstanding results reported in the third quarter of 2011. Looking ahead, we are in an excellent position to continue to benefit from the robust agricultural fundamentals, as growers strive to make the most of the attractive crop price environment by optimizing their use of Agrium’s line of crop inputs and services.’

The commitment to investor relations displayed by manage-ment at the Canadian company continues to win plaudits from the investment community, as the feedback shows. One sell-side respondent comments: ‘Agrium has started to publish a handbook about the global fertilizer industry. It is every bit as good as the one Potash publishes. Also, management is responsive and the chief executive is candid.’

Another buy-side respondent is similarly effusive, commending the IR program at the company: ‘Agrium is a world-class company with an investor relations program to match. Its expertise is head and shoulders above other companies, though this may be due to resources.’


CANADA TOp 50

BCE wins this year’s award for best IR during a corporate transaction for its endeavors during the protracted takeover bid for Astral Media. george Cope, BCE’s CEO, narrowly misses out on the best IR by a CEO award in the

large-cap category, finishing runner-up in this year’s research. Thane Fotopoulos, the firm’s head of investor relations, also improves his position this year, finishing fifth in the best large-cap IRO category. The company is also short-listed for the best use of technology and the technology sector awards in 2013.

BCE signed a deal in March 2012 to buy Astral Media for $3.38 bn in cash and stock. But the Canadian Radio-television and Telecommunications Commission (CRTC) later rejected the deal over concerns it enabled BCE to gain too much control over the Canadian television market.

Best IR during a corporate transactionBCE has now submitted a new takeover

proposal in a bid to win approval from Canada’s broadcast regulator to close the deal. The CRTC has previously said the deal between the two Montreal-based companies would concentrate too much power over English and French language broadcasting assets. The companies say the new proposal addresses the CRTC’s concerns and sets out the steps the companies would take to comply with the relevant viewership thresholds.

Despite the drawn-out process of the takeover, feedback in this year’s research suggests respondents are impressed with

9 BCEAWARD WINNER (see below)

Listing informationLarge captoronto stock exchangetechnology

ceo George Cope

cFo siim vanaselja

Head of ir thane Fotopoulos

ir team Lyne roy, richard Bengian

ir team size three

ir awards Best Ir during a corporate transaction

contact information www.bce.ca [email protected] +1 800 339 6353

2012 ranking 10


‘I would say BCe’s Ir people are resourceful and the Ceo candid. It is good at every aspect of Ir, but especially the website and its reporting, which is full of segmented detail’ – buy side

‘BCe is proactive and happy to get the Ceo and other managers out at regular intervals. It made it easy to follow the Astral acquisition’ – buy side

‘Companies could be more proactive when informing us during corporate transactions. I have voted for BCe and Intact Financial, as they are good examples of how it’s possible to keep us updated and well informed throughout the process’ – buy side

‘BCe has been open to questions over the Astral deal, and didn’t run away from the conversation’ – sell side

‘BCe takes great pains at investor events to ensure management visibility. It has recently stepped up its game and is now much more open when we visit’ – buy side



CANADA TOp 50

responsiveness. The company retains its top 10 position in the Canada Top 50 this year, moving up to ninth from its 10th place finish in last year’s research.

how BCE has handled the protracted court-ship. As one buy-side respondent comments: ‘Companies could be more proactive when it comes to informing us during corporate transactions. I have voted for BCE and Intact Financial, as they are good examples of how it’s possible to keep people updated and well informed throughout the process.’

Another sell-side respondent praises Cope for his accessibility and knowledge: ‘no question about it, george Cope, CEO of BCE, is best at IR in the sector. He is forthright and accessible, with a focus on shareholder value, together with a deep understanding and respect for how investors and analysts think.’

As the feedback demonstrates, the investor relations team and senior executives continue to receive praise from the investment commu-nity for their accessibility, transparency and

BCEOngoing attempted acquisition of Astral Media

ScotiabankAcquisition of ING Canada, April 2012

Crescent Point EnergySeveral acquisitions in 2012, including Reliable Energy

GenivarAcquisition of WSP Group, August 2012

CGI GroupAcquisition of Logica, May 2012

Alimentation Couche-TardAcquisition of Statoil's fuel retail outlets, June 2012

NexenOngoing takeover proposal by CNOOC

Yamana GoldAcquisition of Extorre Gold Mines, August 2012

48

45

30

27

24

24

63

92

Best Ir during a corporate transaction

10 ARC ResourcesListing information

Mid-captoronto stock exchangeenergy

ceo Myron stadnyk

cFo steven sinclair

Head of ir David Carey

ir team niki Anderson, Megan Patterson, evan thies, val Munro

ir team size Five

contact information [email protected] [email protected]

+1 403 503 8624

2012 ranking 14


‘there is a good crew of knowledgeable Ir people at ArC. As a result, I seldom need to ask for meetings with members of senior management’ – sell side

‘David Carey is both financially and technically conversant’ – sell side

‘David Carey has been at ArC a long while, and is very good at finding nuggets of information that are relevant to us’ – sell side

‘ArC’s Ir is consistent and full of disclosure to the market. It has excellent guidance and does a good job of managing expectations’ – sell side


CANADA TOp 50

11 TELUSListing information

Large captoronto stock exchange and nYsetechnology

ceo Darren entwistle

cFo John Gossling

Head of ir John Wheeler

ir team robert Mitchell, Darrell rae, Ian McMillan, Carmen Palencia

ir team size Five

contact information www.telus.com/investors [email protected] +1 604 697 8455

2012 ranking 4


‘the outstanding aspect of teLUs’ Ir is its disclosure. But it also has a decent website, a helpful Ir team and both the Ceo and CFo are good communicators’ – buy side

‘I complained, and teLUs listened!’ – buy side

‘Great disclosure from teLUs that is both regular and consistent’ – buy side

12 Finning InternationalListing information

Mid-captoronto stock exchangeIndustrials

ceo Michael Waites

cFo David smith

Head of ir Mauk Breukels

ir team eva Ulicna, Ilona rojkova

ir team size three

contact information www.finning.com [email protected] +1 604 331 4934

2012 ranking 29


‘the Ir team at Finning is knowledgeable, responsive and good at getting access to management’ – sell side

‘the Ceo of Finning is extremely good at reaching out to investors and responsible for excellent disclosure’ – buy side

‘Finning provides me with comprehensive information about what’s going on within the company. If I have any specific questions, it is quick to respond’ – sell side



CANADA TOp 50

=13 Alamos GoldListing information

Mid-captoronto stock exchangeMaterials

ceo John McCluskey

cFo Jamie Porter

Head of ir Jo Mira Clodman

ir team size one

contact information www.alamosgold.com [email protected] +1 416 368 9932 ext 401

2012 ranking =42


‘I like that Alamos communicates to the whole spectrum of investors’ – sell side

‘Alamos warns us when there is impending news so we can prepare’ – sell side

‘the Ceo of Alamos is very comfortable talking to the street because he understands the industry well’ – sell side


=13 GoldcorpListing information

Large captoronto stock exchangeMaterials

ceo Charles Jeannes

cFo Lindsay Hall

Head of ir Jeffrey Wilhoit

ir team Lynette Gould, Christine Marks

ir team size three

contact information www.goldcorp.com [email protected] +1 604 696 3000 ex 274

2012 ranking 2


‘We get very good access to Goldcorp’s management, especially to the Ceo, Charles Jeannes, who regularly goes out on roadshows. He knows how to perform and how to make his company perform’ – buy side

‘Goldcorp has a really good story at the moment, and it tells it faultlessly’ – sell side

‘Goldcorp produces a good sustainability report and hosts a useful morning for investors who are interested in environmental issues. there is access to the chief executive and other management with a Csr role. this is appreciated by all interested investors’ – buy side



CANADA TOp 50

15 ScotiabankListing information


ceo rick Waugh

cFo sean McGuckin

Head of ir Peter slan

ir team Mark Michalski, Jason Chan, sarah robertson, David Pruitt

ir team size Five

contact information www.scotiabank.com [email protected] +1 416 933 1273

2012 ranking 11


‘the Iros at scotiabank have the most improved Ir in the sector’ – buy side

‘there is overall excellence in communications and – were it not for tD being in the same sector – scotiabank would win awards’ – sell side

‘there are quite a few M&As going on at the moment, and scotia has been admirably clear about its rationale for acquiring InG Canada’ – sell side


16 RBCListing information


ceo Gordon nixon

cFo Janice Fukakusa

Head of ir Amy Cairncross

ir team Karen McCarthy, robert Colangelo, robert Poole, Luxmi Jeyavel, Lauren Hopkinson, eisee sylvester

ir team size seven

contact information www.rbc.com [email protected] +1 416 955 7802

2012 ranking 8


‘Disclosure during the acquisition of the remaining 50 percent of Dexia was excellent, as was the way rBC dealt with concerns expressed over european sovereign debt’ – sell side

‘rBC is proactive at calling up after conference calls and results to see whether we have further needs’ – sell side



CANADA TOp 50

17 Cenovus EnergyAWARD WINNER (see below)

Listing informationLarge captoronto stock exchangeenergy

ceo Brian Ferguson

cFo Ivor ruste

Head of ir susan Grey

ir team Marijane Ashforth, tracy Bialowas, Graham Ingram, Bill stait

ir team size Five

ir awards Best sustainability practice

contact information www.cenovus.com [email protected] +1 403 766 7711

2012 ranking 26

Investor/analyst feedback ‘Cenovus delivers a clear message and we always know what to expect. the CFo is both accessible and articulate. And the Iro is top-notch, too’ – sell side

‘Cenovus gets out on the road come rain or shine. Unlike some other energy companies, it doesn’t just spread the word when it is doing well; it also talks about its difficulties’ – buy side

‘I like Cenovus’ website, conference calls and its speed of response’ – sell side

‘the great management team, and its Iro, make for excellent meetings at Cenovus’ – buy side

‘Cenovus stands out for its remarkably professional approach to Ir. It conducts multiple tours of its assets and provides first-rate financial information. In addition, it is open to discussing all the different aspects of the company’ – sell side

‘With regards to sustainability, Cenovus has many initiatives for reducing carbon emissions. It is the one company I deal with where management is passionate about the subject. Many of its peers seem merely to pay lip service to it’ – sell side

The juggling act of achieving maximum value for shareholders while achieving a balance of economic, social and environmental sustainability is

paramount at Cenovus Energy. ‘This commit-ment is outlined in our corporate responsibility policy and is integral to the way we conduct our business across all operations,’ says Susan grey, director of investor relations at the Canadian oil company.

It has been a productive year for Cenovus Energy: it collects the award for best sustain-ability practice at the IR Magazine Awards – Canada 2013, following similar recognition it

Best sustainability practicereceived from the Dow Jones Sustainability World Index. ‘It’s a great achievement and a strong indication we’re on the right track,’ remarks grey. ‘One of the challenges we face as an industry is ensuring people understand our business. At Cenovus we’re proud of the work we do and we’re committed to developing new ideas, new technologies and better approaches to producing energy resources safely and responsibly.’

When grey joined the team in 2002, it consisted of eight members. This has been slimmed down to five: a director, two senior analysts, one analyst and one administrator. In detailing the Cenovus approach to investor relations, grey says: ‘We have an active program. As a company we strive to have predictable, reliable growth and transparent, consistent communications.’ She also reveals that there is a great deal of support for the IR


CANADA TOp 50

according to grey. ‘We currently have more than 140 technology projects in various stages of development, with the goal of reducing our environmental footprint and C02 emissions, increasing our efficiency and lowering costs,’ she says. This commitment has enabled the company to ‘establish itself as an employer of choice in the industry and has been able to attract and retain some very bright people,’ grey points out.

function within the company, with a management team that is generous with its time.

In 2012 the IR team participated in approximately 20 conferences and hosted more than 300 investor meetings. This was no more and no less than in 2011, and 2013 will largely be a continuation of the previous year, according to grey. ‘We want to maintain open dialogue with our existing shareholders while also continuing to reach new investors,’ she explains. ‘now we have a few years of independent operations behind us, our communications are less about creating awareness of the company and more about building an understanding of our strategy and future plans.’

In this year’s awards research, one buy-side respondent states: ‘Cenovus gets out on the road come rain or shine. Unlike some other energy firms, it doesn’t just spread the word when it is doing well; it talks about its difficulties, too.’

Another sell-side respondent praises the company’s approach to sustainability: ‘Cenovus has many initiatives for reducing carbon emissions. It is the one company I deal with where management is passionate about the subject – many of its peers seem merely to pay lip service to it.’

The commitment to development, continuous improvement and innovation at Cenovus Energy is key to the company’s success,

Cenovus Energy

Agrium

Suncor Energy

Goldcorp

IAMGold

PotashCorp

Stantec

24

18

18

18

18

30

39

Best sustainability practice

18 Crescent point Energy Listing information

Large captoronto stock exchangeenergy

ceo scott saxberg

cFo Greg tisdale

Head of ir trent stangl

ir team Michelle Magnan (plus a rotating position)

ir team size three

contact information www.crescentpointenergy.com [email protected] +1 403 693 0020

2012 ranking 17


‘Crescent Point always provides fast yet thorough information on any acquisition news, with a good summary’ – sell side

‘the Ceo at Crescent Point knows exactly how much to say’ – sell side

‘trent stangl, the head of investor relations at Crescent Point, is always available and is great at getting access to senior management’ – sell side



CANADA TOp 50

Corus Entertainment has scooped the award for best IR in the leisure & media sector for the second consecu-tive year. The company ranks at

number 19 in the Canada Top 50 in 2013, improving on its 25th place finish in 2012. This year, John Cassaday finishes joint third in the short-listing for best investor relations by a CEO in the mid-cap category while his colleague, Thomas Peddie, who won the award for best IR by a CFO last year, claims the runner-up prize in 2013.

The small IR team at Corus is complemented by the hands-on approach to investor relations taken by Cassaday and Peddie, whose influence

19 Corus EntertainmentBEST IN SECTOR (see page 73)

Listing informationMid-captoronto stock exchangeLeisure & media

ceo John Cassaday

cFo tom Peddie

Head of ir n/A

ir team Heidi Kucher

ir team size one

ir awards Best in sector – leisure & media

contact information www.corusent.com [email protected] +1 416 479 7000

2012 ranking 25


‘Without doubt, Corus holds the best annual investor days in the sector, as it provides detailed information and we can meet a plethora of divisional managers’ – sell side

‘Corus does a great job of talking about both good news and bad’ – buy side

‘the CFo is pragmatic and helpful, and Corus is one of the only companies that has continued to give me guidance in a difficult climate’ – sell side

‘Corus has been consistently helpful, with its information and its time’ – sell side

‘the conference calls with Corus are very in-depth. I also meet the firm frequently on roadshows, when it continues to give direct answers’ – buy side

Best in sector – leisure & media

Corus Entertainment

Cineplex Entertainment

Transcontinental

Thomson Reuters

Shaw Communications

38

37

20

69

209

Best in sector – leisure & media

enables the messaging to be strong. The commitment to IR displayed by management at the Canadian media company continues to win plaudits from the investment community, as the feedback shows. One sell-side respondent comments: ‘The CFO


CANADA TOp 50

is pragmatic and helpful, and Corus is one of the only companies that has continued to give me guidance in a difficult climate.’

Corus Entertainment has a well-respected annual investor day where the firm welcomes the opportunity to provide financial guidance to its investment community. Peddie explains the shift to an annual investor day – away from the more traditional AgM – last year: ‘We couldn’t get enough depth on our story at the AgM so we decided to have an annual investor day. That let the investors see people other than the CEO and CFO. We felt it was important for investors to see more than just the top two people in the organization. People need to see the strength and depth in management so they can feel comfortable that there are internal succession candidates for the CEO role.’

As one enthusiastic sell-side respondent notes: ‘Without doubt, Corus holds the best annual investor days in the sector, as it provides detailed information and we can meet a plethora of divisional managers.’

Thomas peddie, CFo Corus entertainment

investors and analysts think’ – sell side‘BCE has an effective IR program, but

the IRO tends to worry too much about the regulatory environment, and therefore errs on the side of caution’ – sell side

‘BCE has provided the best IR over the last year. It is quick to respond and strong in terms of the detail of the response. you never get a ‘no comment’ from this company’ – sell side

12 O Finning International (from page 39)

‘Finning holds a good annual investor day and gives me the information I need. It provides the best IR service’ – sell side

‘Finning is the only company of the eight I follow that holds an investor day with the executive management team present, as well as managers from the different geographical business segments. They run through the entire business, with corporate strategy and financial outlook, and this provides a benchmark for the year ahead’ – sell side

FURTHER INVESTOR/ANALYST FEEDBACk

7 O Manulife Financial (from page 35)‘Manulife offers a chance to meet the whole IR team and

management each year at a two-day investor event’ – buy side‘In general the communications from Manulife have im-

proved since it has added to its IR department. TD has set the bar in IR standards, and that’s a given, but right now Manulife is great to work with’ – sell side

‘Life insurance companies are complicated, but Anthony Ostler, the IRO at Manulife, manages to keep us up to speed. He responds well to requests and questions, and is definitely on the ball’ – sell side

‘Anthony Ostler has a tough job. Manulife has had its fair share of problems recently, but he hasn’t shied away from the bad news, preferring to put himself out there in front of people’ – buy side

8 O Agrium (from page 36)‘Agrium is a world-class company with an IR program

to match. Its expertise is head and shoulders above other companies, though this may be due to resources’ – sell side

9 O BCE (from page 37)‘no question about it, george Cope is best at IR in the sector.

He is forthright and accessible, with a focus on shareholder value, together with a deep understanding and respect for how


CANADA TOp 50

20 StantecAWARD WINNER (see below)


ceo Bob Gomes

cFo Dan Lefaivre

Head of ir Crystal verbeek

ir team Aleen sidhu

ir team size two

ir awards Best investor relations by a CFo – mid-cap

contact information www.stantec.com [email protected] +1 780 969 3349

2012 ranking 37


‘stantec puts out the most information of any of my companies, and it also hosts great meetings’ – sell side

‘What I like about the Ir team at stantec is that it seems to understand both what is going on in the executive suite and in operations. I think the team must have regular meetings with people across the company’ – sell side

‘I like that the Ir people at stantec send you up-to-date industry research. Also, the Ceo and CFo are accessible and understand the industry well’ – buy side

‘stantec hosts an excellent annual investors’ tour. It takes place in different locations, with operations people available in each one’ – sell side

Best investor relations by a CFO – mid-cap

Dan Lefaivre scoops the award for best IR by a CFO in the mid-cap category in 2013. Lefaivre replaced Don Wilson as CFO at Stantec in January 2009,

having previously been vice president of finance and treasury at the international professional services company. Prior to joining Stantec, Lefaivre accumulated experience at various roles within the oil & gas, geomatics and banking industries. A certified manage-ment accountant, Lefaivre originally joined Stantec in 1990, working first as an accounting manager before being promoted to vice president and corporate controller and then to vice president of finance and treasury in 2005.

His appointment as CFO was welcomed by Tony Franceschini, Stantec’s then president

and chief executive, who was confident in Lefaivre’s credentials for the role. ‘Dan Lefaivre is a very capable successor,’ Franceschini stated at the time. ‘He has helped navigate our company through a number of complex projects including the successful roll-out of our enterprise system, which has become one of Stantec’s competitive advantages in the industry. He has worked with Don for nearly two decades and is more than ready to take on the role of CFO at Stantec.’

The response from the investment community in this year’s research has been particularly effusive, with one sell-side respondent stating: ‘What I like about the IR team at Stantec is that it seems to understand both what is going on in the executive suite and in operations. I think the team must have regular meetings with people across the company.’

One buy-side respondent singles out the work of the executive team, noting: ‘I like that the IR people at Stantec send you up-to-date industry research. Also, the CEO and CFO are acces-


CANADA TOp 50

Dan Lefaivre CFo, stantec

StantecDan Lefaivre

Corus EntertainmentThomas Peddie

Dollarama Michael Ross

Finning InternationalDave Smith

Shoppers Drug MartBradley Lukow

Alamos GoldJamie Porter

Dundee REIT Mario Barrafato

CAEStéphane Lefebvre

Eldorado Gold Fabiana Chubbs

Russel MetalsMarion Britton

30

27

27

24

24

21

21

20

39

42

Best investor relations by a CFo – mid-cap

sible and understand the industry well.’ Another appreciates the annual investors’ tour: ‘Stantec hosts an excellent annual investors’ tour. It takes place in different locations, with operations people available in each one.’

Advancement of the Edmonton-based company’s investor

21 Canadian Natural ResourcesListing information


ceo steve Laut

cFo Douglas Proll

Head of ir Corey Bieber

ir team Mark stainthorpe, Jason Popko, Marah Graham, Leah Loyola

ir team size Five

contact information www.cnrl.com [email protected] +1 403 514 7777

2012 ranking 6


‘It is easy to understand the rationale in Canadian natural resources’ financial statements, and investor days provide us with the most detailed information’ – sell side

‘the large Ir team means you get an immediate response from Canadian natural resources, and you never have to chase it for information. It holds annual investor days and facilitates one-on-ones with senior executives’ – buy side

relations program has been recognized this year with Lefaivre’s best CFO award in the mid-cap category, and a 17-place rise up the Canada Top 50 rankings, with Stantec finishing in 20th place.


CANADA TOp 50

22 Suncor EnergyListing information


ceo steve Williams

cFo Bart Demosky

Head of ir steve Douglas

ir team Mark Illing, Jenna van steenbergen

ir team size three

contact information www.suncor.com [email protected] +1 800 558 9071

2012 ranking 12


‘As a major player in the controversial oil sands industry, suncor has had to be proactive, and it has managed this very well’ – buy side


23 Agnico-Eagle MinesAWARD WINNER (see below)

Listing informationMid-captoronto stock exchangeMaterials

ceo sean Boyd

cFo Ammar Al-Joundi

Head of ir Brian Christie

ir team Dmitry Kushnir, George Dikho and Adriana trlin

ir team size Four

ir awards Best investor relations by a Ceo – mid-cap

contact information www.agnico-eagle.com [email protected] +1 416 947 1212

2012 ranking 7


‘Agnico excels at informing the market about major events and news, regardless of whether the impact will be good or bad. In addition to its excellent disclosure, an Iro is always available when you need one’ – sell side



CANADA TOp 50

responded to a very difficult operating year in 2011,’ he says. ‘Firstly, we delivered on our promises. Secondly, when we were having our challenges, we sought out our shareholders and openly explained our issues and our plan to get operations back on track.’

When Sean Boyd became CEO of Agnico-Eagle Mines 15 years ago, he made a point of getting out of the office at every opportunity to meet current and potential new investors and outline the plan to build

value. According to Boyd, this proactive approach to getting out and telling the story has been rewarded with a strong level of trust built between the gold producer and its shareholder base.

The emphasis placed on investor relations, which the chief executive believes is an extension of his obligations to the shareholders – in terms of communicating the strategy, risks and opportunities in the business – rather than ‘something you get to when you have time’, provides great momentum for the IR operations at Agnico-Eagle Mines.

gold has taken on more prominence as an investment during the global financial crisis, something Boyd believes has broadened the level of interest among both investors and the media. ‘This has put more demands on our time and meant we have to work harder on our messaging and getting it out to all our stakeholders,’ he says. ‘Another significant change is that it is much more competitive for investors and capital today than it was 15 years ago. As a result, the IR function has had to become much more sophisticated and take on more importance within our management structure and major decision making.’

Looking back over his 15 years as CEO at Agnico-Eagle Mines, Boyd is most proud of the fact that the firm has dramatically outperformed the gold price, the XAU and the S&P/TSX gold Index, while managing to preserve the strong culture of – and make significant contributions to – the many communities the gold producer operates in.

The previous year was a busy one for Boyd as he spent more time meeting with investors thanks to a need to explain the operating challenges the company faced and the plan to rebuild value. ‘I probably spent 25 percent of my time in 2012 meeting with investors and analysts,’ he says.

In the year ahead, Boyd outlines two clear objectives for the Canadian gold producer. ‘Firstly, we will use the IR team to help us communicate to our employees the expectations of our shareholders in the context of our corporate strategy,’ he says. ‘This will help ensure our operating teams are aligned with our goal of building per-share value for our shareholders. Secondly, we are focused on simplifying our exploration story and ensuring the market appreciates and recognizes the value in our exploration potential.’

When asked why the investment community has singled him out for special mention – during a year when the goldex mine in northern Quebec was concluded to be unsafe and closed indefinitely, dramatically affecting the company’s production and cost profile – Boyd modestly deflects the praise on to his team. ‘I think I have been singled out due to how well our entire team

Agnico-Eagle MinesSean Boyd

BombardierPierre Beaudoin

ARC ResourcesJohn Dielwart

Corus EntertainmentJohn Cassaday

Finning InternationalMichael Waites

Peyto Exploration & DevelopmentDarren Gee

Baytex EnergyJames Bowzer*

Intact FinancialCharles Brindamour

Russel MetalsBrian Hedges

TransForceAlain Bédard

*James Bowzer succeeded Anthony Marino as CEO of Baytex Energy in August 2012

27

27

27

26

24

24

21

21

36

39

Best investor relations by a Ceo – mid-cap

Sean Boyd, Ceo Agnico-eagle Mines

Best investor relations by a CEO – mid-cap


CANADA TOp 50

24 CAEListing information

Mid-captoronto stock exchange and nYseIndustrials

ceo Marc Parent

cFo stéphane Lefebvre

Head of ir Andrew Arnovitz

ir team not provided

ir team size one

contact information www.cae.com [email protected] +1 514 734-5760

2012 ranking 38


‘CAe is responsive, and usually has the answer to my questions’ – sell side

‘the Ir team at CAe is responsive and communicates frequently. the company has a high degree of transparency and clarity of information’ – sell side

25 Yamana GoldListing information

Large captoronto stock exchange, nYse & London stock exchangeMaterials

ceo Peter Marrone

cFo Charles Main

Head of ir Lisa Doddridge


ir team size Five

contact information www.yamana.com [email protected] +1 416 815 0220

2012 ranking =143


‘I met the CFo at Yamana; he was good on strategy and gave me good guidance’ – buy side

‘Yamana has given a clear rationale for the acquisition of extorre, and the Iro is able to converse on all aspects of the company, including the challenges’ – sell side

‘Yamana has only a small Ir team, but is good nonetheless’ – sell side



CANADA TOp 50

26 Shoppers Drug MartBEST IN SECTOR (see page 72)

Listing informationMid-captoronto stock exchangeConsumer goods & services

ceo Domenic Pilla

cFo Bradley Lukow

Head of ir John Caplice

ir team Pamela Zalanyi

ir team size two

ir awards Best in sector – consumer goods & services

contact information www.shoppersdrugmart.ca [email protected] +1 416 493 1220

2012 ranking 21


‘John Caplice, the Iro at shoppers, has been with the company a long while and his knowledge is so good that there is no need to speak to anyone else’ – sell side


This year, Shoppers Drug Mart wins the award for best IR in the consumer goods & services sector for a second consecutive year and is short-listed for the best IR by a CFO in the mid-cap category. Despite moving five places

down the rankings in the Canada Top 50, from 21 in 2012 to 26 in 2013, the small IR team is still winning praise for its proactive approach. ‘Shoppers has an IRO who makes my life easier. I care about having my questions answered and not wasting time, and this is what I get,’ notes one buy-side analyst.

Drawing particular praise is John Caplice, head of IR, who continues to be applauded by the Canadian investment community. ‘I like John Caplice for his knowledge and candor. Speaking to him is as helpful as speaking to the CEO,’ says a buy-side respondent to this year’s research survey.

Business performance at the consumer business that professes to be the most ‘convenient’ retailer in Canada is equally impressive. The company’s third quarter sales exceeded C$3.2 bn, an increase of 3.2 percent over the same period last year. This has largely been due to strong volume growth in the pharmaceutical sector, where 19 new stores were bought in 2012, and front-of-store sales.

In announcing the results, Domenic Pilla, CEO and president of the company since november 2011, said: ‘We are pleased with

Best in sector – consumer goods & services

Shoppers Drug Mart

Canadian Tire

Dollarama

Tim Hortons

Metro

Maple Leaf Foods

82

78

70

51

133

157

Best in sector – consumer goods & services

our third quarter operating and financial results. This is a strong performance in the context of a challenging economic and competitive environment.

‘And while headwinds remain on the regulatory front, we are encouraged by the early success of our pharmacy growth initia-tives, along with the steps we have taken to further reduce costs and promote efficiencies.’


CANADA TOp 50

27 SNC-Lavalin Listing information


ceo robert Card

cFo Gilles Laramée

Head of ir Denis Jasmin

ir team Colleen sexton

ir team size two

contact information www.snclavalin.com [email protected] +1 514 390 8000 ext 7553

2012 ranking 18


‘the Ir team is always responsive and happy to help’ – buy side

‘the volume of information provided by snC-Lavalin is impressive, as is the segmentation by business. the Ir people have an obvious understanding of the technical side’ – sell side


28 Intact Financial Listing information

Mid-captoronto stock exchangeFinancials

ceo Charles Brindamour

cFo Mark tullis

Head of ir Dennis Westfall

ir team Maida sit, Michael nikov

ir team size three

contact information www.intactfc.com [email protected] +1 416 341 1464

2012 ranking 23


‘We were kept fully informed during the JevCo transaction, in line with Intact’s good disclosure. the management team is well rounded and provides excellent explanations of strategies and financials’ – sell side

‘Charles Brindamour does an excellent job of explaining the strategy and vision for Intact. He is always willing to meet investors, and able to answer any question thrown at him’ – sell side


CANADA TOp 50

29 Canadian Tire Listing information

Mid-captoronto stock exchangeConsumer goods & services

ceo stephen Wetmore

cFo Dean McCann

Head of ir Lisa Greatrix

ir team Jonathon Borland, Andrea orzech, Gabrielle sukman, susan Bentley

ir team size Five

contact information corp.canadiantire.ca [email protected] +1 416 480 8725

2012 ranking 73

Investor/analyst feedback ‘excellent follow-up after conference calls’ – buy side

‘Canadian tire puts a lot of effort into its Ir, provides good follow-up after conference calls and all of its guidance is unsolic-ited’ – buy side

‘Canadian tire is good at keeping in touch and coming to see us here in victoria’ – buy side

‘each quarter Canadian tire provides a Csr report on its environmental performance that is in line with the company financials’ – buy side

before the quarterly conference calls, making it easy to follow along’ – sell side

‘Alamos gold does a well put-together site visit’ – sell side

=13 T Goldcorp (from page 40)‘goldcorp has hosted some very well-

attended analyst days and site visits. The IR officer is proactive, gets us the information we need, and is well connected to manage-ment’ – buy side

‘I speak to two people in the IR depart-ment at goldcorp who are not only quick to return my calls, but also have a depth of knowledge that is deeper than anyone else I deal with. I also like the CEO, who is easy to talk to and happy to meet us’ – sell side

‘The IRO is well versed in all things goldcorp, and does a good job of organizing tours and conference calls’ – buy side


=13 O Alamos Gold (from page 40)‘This year Alamos has held two teach-ins around big events.

Even though organized at the last minute, they were well attended. The firm did an excellent job of clarifying the press releases and making sure everyone was on the same page’ – sell side

‘The investor relations at Alamos has really improved. It has employed additional people and is now more engaged with the community’ – buy side

‘The IR team is far from being an administration department. Team members are all prompt and knowledgeable about their operations, finance and the industry as a whole’ – sell side

‘Alamos tells me to expect a press release the previous day, provides transcripts of conference calls and answers my calls promptly’ – sell side

‘The former IRO at Alamos gold, Allan Candelario, was a great communicator, the best out there’ – sell side

‘Alamos gold makes my job easier and helps me out in any way possible’ – sell side

‘Alamos sends good email updates and we get transcripts


CANADA TOp 50

30 GenivarAWARD WINNER (see below)

Listing informationsmall captoronto stock exchangeIndustrials

ceo Pierre shoiry

cFo Alexandre L’Heureux

Head of ir Isabelle Adjahi

ir team sarah Mariage

ir team size two

ir awardsGrand prix for best overall investor relations – small cap Best investor relations by a Ceo – small cap

contact information www.genivar.com [email protected] +1 514 340 0046

2012 ranking =114


‘Genivar has really grown over the past year and as a result is now much more responsive’ – sell side

‘When Genivar acquired WsP Group it hosted excellent presentations, where management explained comprehensively how the newly formed company would work’ – sell side

‘since its major acquisition, Genivar has really improved its Ir and started to provide more unsolicited information’ – buy side

When Isabelle Adjahi joined genivar as IRO in January 2011, it was only two weeks after the company had transitioned from an income trust

to a corporation. The company previously had

grand prix for best overall investor relations – small capno investor relations function, so she spent the first year ‘under the radar’, spreading her time between ‘implementing IR basics and getting to know genivar and the industry.’

After 13 years at Axcan Pharma, Adjahi joined genivar well versed in IR and itching for the challenge presented to her. ‘The challenge was not learning the role, but to fully understand the industry as well as the expectations of the Street,’ she explains. ‘It has basically taken me two years to do that.’ It is only in the last year that Adjahi has increased her activity. ‘I have been much more proactive in 2012 and spent close to 50 percent of my time talking to analysts and investors,’ she says.

Her ambition for the future is to continue building the company’s reputation. ‘During the years to come, I intend to focus on bringing IR to the next level: bringing in the added-value that differentiates the company from its peers and increasing interaction with the Street, the extended executive team and the board of directors,’ she says.

Adjahi speaks highly of the working relationship fostered with her CEO and Alexandre L’Heureux, CFO at genivar. ‘Collaboration,

Genivar

Torex Gold Resources

WesternOne

Newalta

Air Canada

Cascades

18

17

15

15

18

28

Grand prix for best overall investor relations – small cap


CANADA TOp 50

GenivarPierre Shoiry

Descartes Systems GroupArt Mesher

Richelieu HardwareRichard Lord

WesternOne Darren Latoski

18

18

20

30

Best investor relations by a Ceo – small cap

Best investor relations by a CEO – small cap

interaction and trust would be key words,’ she notes. ‘From day one, Pierre has trusted my IR expertise and listened to my sugges-tions. I could say the same of Alexandre, whom I consider to be part of the IR team.’ She is similarly effusive about her working relation-ship with the rest of her IR team: ‘We have a long-standing rela-tionship and truly work in harmony, complementing each other.’

The strength of these relationships and those with the Street will certainly be tested in the years ahead. genivar has just completed an acquisition that transformed the company from a 5,000-person Canadian player to a 15,000-employee international concern. So far, the transaction has been well received by the investment community. ‘In the face of its major acquisition, genivar has really improved its IR and started to provide more unsolicited information,’ reports one buy-sider.

‘IR has become an important component of our business as we seek to provide stakeholders with timely and appropriate disclosure on our operations, our markets, key trends and outlook,’ explains Pierre Shoiry, winner of this year’s award

for best IR by a CEO in the small-cap category. ‘It is a strategic function for all our stakeholders, including investors, our people, clients and directors.’

genivar, an engineering and consulting firm, has emerged as the surprise package at the 2013 awards. The Montreal-based company has been nominated for five awards this year, winning two in the small-cap category: grand prix and best IR by a CEO.

Shoiry was appointed president and CEO of genivar in 1995. Since he joined, genivar has made more than 80 acquisitions, integrating an ambitious development plan aimed at ensuring sustained business growth. The integration of these new businesses and maintaining communication with the shareholder base are therefore vital.

Shoiry believes IR has become an important component of the business strategy at the firm, believing a straightforward, transparent approach is needed. ‘Our communications are aimed at ensuring the relevant information flow is clear,’ he says. ‘Our goal is to inform, build trust and maintain relationships.’

He says his role in genivar’s IR program involves ‘commitment, availability and support from the top.’ This contribution is appreciated by Isabelle Adjahi, IRO at genivar. When she joined the company she was reliant on Shoiry helping her to understand the new sector, having previously spent 13 years in the pharma-ceuticals industry.

‘Pierre has been extremely helpful in helping me understand the company, its peers and the industry,’ Adjahi says. ‘He made sure I had a good understanding of the players and access to various industry reports. He also involved me in various financial

These are challenges Adjahi believes will make 2013 a ‘critical year for investor relations’ at the company. She identifies managing Shoiry’s and L’Heureux’s time, integrating the transaction, and communicating enough with the Street so that it ‘understands the success of the integration is not tangible on a quarterly basis’ but on a long-term basis, as vital to further progress.

Adjahi views ‘honesty, availability, transparency and teamwork’ as key to the IR philosophy at genivar. Maintaining this ethos over the year ahead will see genivar continue to gain plaudits for its IR approach.

and operational transactions from day one.’As well as gleaning praise from his work

colleagues, Shoiry receives plaudits from respondents to this year’s research for his handling of presentations explaining the acquisition of the WSP group to the shareholder base. One sell-side respondent notes: ‘When genivar acquired WSP group it hosted excellent presentations, where management explained comprehensively how the newly formed company would work.’

Following this acquisition, which transformed genivar from a purely Canadian player to an international business, 2013 is viewed as a ‘critical’ IR year for the company, as it will take time, education and access for the Street to fully understand the integration capabilities and growth prospects of the Montreal-based company. given the success the IR team has enjoyed in 2012, it appears the company has the correct people in place to execute this strategy with aplomb.


CANADA TOp 50

31 parkland FuelListing information


ceo Bob espey

cFo Mike Lambert

Head of ir tom McMillan

ir team elizabeth Wilcox

ir team size two

contact information www.parkland.ca [email protected] +1 403 567 2533

2012 ranking =143


‘everyone involved in Ir makes a real effort at Parkland. the firm holds great presentations and gives good follow-up after conference calls’ – sell side

‘this year Parkland has introduced a monthly investor newsletter that looks at key business drivers. All good stuff’ – sell side


32 IAMGoldListing information


ceo stephen Letwin

cFo Carol Banducci

Head of ir Bob tait

ir team Diana truong, Laura Young

ir team size three

contact information www.iamgold.com [email protected] +1 416 360 4743

2012 ranking 22


‘toward the end of 2011, IAM started to set up quarterly meetings where it goes through our forecasts line by line, and tells us where its views differ. It really helps having such specific guidance’ – sell side

‘IAMGold has the best annual and quarterly reporting with an excellent section on sustainability’ – sell side

‘I get regular and reliable updates from IAMGold’ – sell side



CANADA TOp 50

33 Canadian pacific RailwayAWARD WINNER (see below)

Listing informationLarge captoronto stock exchangetransport

ceo Hunter Harrison

cFo Brian Grassby

Head of ir Janet Weiss

ir team Maeghan Albiston, Heather Zastawny

ir team size three

ir awards Best crisis management

contact information www.cpr.ca [email protected] +1 403 319 3591

2012 ranking 32


‘the highly professional Ir team dealt with the proxy battle – and the ensuing change of senior management – extremely well’ – sell side

‘It’s not been a good year for Canadian Pacific, with the proxy fight, but the Ir team pulled together and handled the conflict as best it could’ – sell side

‘the stepping down of the incumbent management was a big challenge for Ir, but the team handled it well and did a good job of getting the information out there’ – buy side

‘CP held some good meetings around the proxy fight, with the new management team explaining the forward strategy’ – sell side

Best crisis management

‘you cannot go through an experience like a proxy battle without picking up new skills and a strengthened appreciation of board governance and the proxy solicita-tion and voting process in Canada,’ reflects Janet Weiss,

Canadian Pacific Railway Proxy battle resulting in senior managers stepping down

SNC-Lavalin Allegations of corruption at Libya operations, March 2012

EnbridgeOpposition to Northern Gateway pipeline

Centerra GoldGovernment opposition to operations at Kumtar Mine

Manulife FinancialNegative impact of macroeconomic factors

30

18

18

33

36


vice president of investor relations at Canadian Pacific Railway.

Canadian Pacific Railway’s IR department won plaudits for how it handled its recent proxy battle. Weiss describes how her small IR team faced up to the battle and how it reassured investors, explaining the team’s integrated approach. ‘During the proxy battle, IR worked as a partner with the corporate secretary, communications, finance and our external advisers,’ she recalls. ‘Canadian Pacific’s management and board were both actively involved in dialogue with shareholders, media and the sell-side community. We also hosted an investor day, created a special micro-


CANADA TOp 50

website for housing relevant information and issued a new investor fact book that provided the key elements of the company’s strategy and specific financial targets.’

This approach was certainly appreciated by many respondents to this year’s Canada awards research, with glowing praise coming from one sell-side analyst: ‘The highly professional IR team dealt with the proxy battle – and the ensuing change of senior management – extremely well.’

So what did Canadian Pacific Railway’s IR team learn from the experience? A great deal, according to Weiss. ‘As one might expect, the list of things learned is significant,’ she expands. ‘At the highest level, the experience reinforced the value of strong internal process-es, the need for consistent communications on issues important to shareholders and the importance of teamwork.’ Weiss believes a proxy battle provides ‘significant opportunity for improving communications’ and provides ‘a litmus test for assessing the effectiveness of past and current communications by the company and its executives.’

Looking forward, she believes the Canadian railway firm is in a strong position. ‘What doesn’t kill you makes you stronger, and having survived [that crisis] we are most definitely a stronger IR department,’ she adds.

In 2013 Weiss believes there is a unique opportunity for renewal of the IR platform. With a new strategic plan and a new executive in place, efforts will now be focused on engaging the new shareholder base, refreshing key documents and communicating ongoing performance improvements. The December 2012 investor day started the discussion and the company is looking forward to continuing to shape its dialogue with the investment community this year.

In 2008 Canadian Pacific Railway’s performance began to trail that of the other five north American railway companies. When investment firm Pershing Square acquired 12.2 percent of Canadian Pacific’s shares in October 2011, the railway firm quickly attempted to restore market confidence in its board and leadership team.

In December 2011 the Canadian Pacific board appointed two new directors to provide a boost in the level of railroad experience at board level. During these appointments, the board also interviewed Bill Ackman, founder and CEO of Pershing Square, and offered him a place on the board. Ackman declined, stating a confidential standstill agreement as an unacceptable prerequisite to taking a seat on the board. This led to a public exchange of letters between Ackman and Canadian Pacific chairman John Cleghorn, after which all private dialogue and meetings ceased.

On January 24, 2012, Pershing Square began a proxy battle and put forward five director nominees for election at Canadian Pacific’s annual meeting of shareholders (Pershing Square eventually nominated seven directors). Throughout the ensuing proxy battle, the Canadian Pacific board lent public support to both the company’s strategic turnaround and CEO Fred green’s role, while Pershing Square stood firm in the belief Hunter Harrison, former chief executive of Canadian national Railway, should replace green.

In the lead-up to the annual meeting, several of Canadian Pacific’s major investors and a variety of proxy advisory firms went public in their support for the Pershing Square proposals, noting Canadian Pacific’s poor performance in comparison with its other north American peers as a deciding factor.

On May 17, 2012, with only hours remaining before the annual shareholder meeting, six directors, including green, declined to stand for re-election. The entire Pershing Square slate was elected to the Canadian Pacific board, and within two months Harrison was hired as the new president and CEO.

The crisis

‘A proxy battle provides a litmus test for assessing the effectiveness of past and current communications of the company and its executives’


Year Company Nature of crisis

2012 Agnico-eagle Minessuspension of Goldex mine operations due to flooding

2013 enbridgeoil spill into Kalamazoo river due to pipeline rupture


CANADA TOp 50

34 Teck ResourcesListing information

Large captoronto stock exchangeMaterials

ceo Donald Lindsay

cFo ronald Millos

Head of ir Gregory Waller

ir team edwin shadeo, ellen Lai

ir team size three

contact information www.teck.com [email protected] +1 604 699 4014

2012 ranking 36


‘teck resources is not necessarily having the best time at the moment but it is still putting in the effort with investors’ – sell side

‘teck resources’ Ir officer, Greg Waller, is consistent, logical and sensible. He knows the company well and is never caught off-guard’ – buy side

‘teck resources provides good, thorough investor days each year, with informative trips to different operations. It is good at packaging its diversified portfolio and is always an interesting company to follow’ – sell side

battle is responding to specific queries, and this is where Crescent Point shines’ – sell side

22 T Suncor Energy (from page 48)‘Suncor is the most frank of the compa-

nies I deal with, and I like this’ – buy side‘I like the recently appointed CEO at

Suncor, Steve Williams, because he came out and said the firm was only going to spend money to make money, and the share price responded positively. He understands the importance of profit’ – sell side

‘Suncor’s IRO has in-depth knowledge of the company and goes into lots of detail. you’d normally expect this from a CEO or CFO, but he understands what we’re looking for and is able to adapt management resources to suit’ – buy side


15 T Scotiabank (from page 41)‘Scotiabank has a consistent and knowledgeable IR team

and a great CFO’ – buy side‘Peter Slan, head of IR at Scotiabank, does a great job.

He has a good approach to the investment community, and is available and timely’ – sell side

‘A well-organized effort, Scotia Bank’s IR ensures senior executives are available when they need to be’ – buy side

16 T RBC (from page 41)‘I like the IR people at RBC a lot’ – sell side‘RBC’s top trump is its ability to explain its strategy’ – sell side‘RBC holds regular meetings when management is acces-

sible and the information is reliable’ – buy side

18 T Crescent point Energy (from page 43)‘Crescent Point has really grown this year, and has explained

clearly each of its acquisitions’ – sell side‘Trent Stangl is very knowledgeable and responsive. Half the


CANADA TOp 50

=35 EnbridgeBEST IN SECTOR (see page 73)

Listing informationLarge captoronto stock exchange and nYseUtilities

ceo Al Monaco

cFo richard Bird

Head of ir Jody Balko

ir team Jonathan Gould, sylvia neuert, teri Majer, Claudette Dionne, David trang

ir team size six

ir awards Best in sector – utilities & pipelines

contact information www.enbridge.com [email protected] +1 403 231 3916

2012 ranking 9


‘enbridge continues to offer a consistently solid Ir program, and is the only company in my sector to offer free transcripts of conference calls. Investor days are at the same time each year, so they’re easy to schedule’ – sell side

‘the CFo of enbridge has a wonderfully clear way of presenting financial data, which results in transparent disclosure. I think he has a lot of influence over the Ir department’ – sell side

‘the northern Gateway pipeline is still facing huge opposition, but enbridge is being clear and upfront about its position, which you have to respect. the retiring Ceo, Pat Daniel, has been exceptionally good and has always made an effort with investors, as he understands the importance of building relationships’ – buy side

Best in sector – utilities & pipelines

When IR Magazine spoke to Jonathan gould, appointed as director of investor relations at Enbridge in early 2011, he confessed to being

‘a newcomer to investor relations and slipping

Enbridge

TransCanada

Keyera

Superior Plus

Inter Pipeline Fund

49

45

22

54

110

Best in sector – utilities & pipelines

cautiously into the role.’ With the north American energy company claiming the best IR award in the utilities & pipeline sector for the second consecutive year, gould, who has been at the company for more than 13 years – most recently overseeing the financial risk management group – could be forgiven for underestimating his early achievements.

When asked to attribute the success in investor relations he has enjoyed since starting in the role, gould directs the praise elsewhere. ‘Investor relations has been a successful department at Enbridge for many years as the executive team fully understands the importance of the role and has been very generous with time and resources to support its development,’ he explains. ‘In fact, our new CEO was at one time the chief IRO of the company, and he therefore appreciates the effort we put in, as well as the benefits he can extract.’

When gould joined the IR team at Enbridge, he chose to learn


CANADA TOp 50

10 roadshows, seven conferences and many one-on-one meetings. In total, Enbridge reached roughly 250 institutional investors in the past year. gould also details that the firm is ‘ramping up the IR program for Enbridge Income Fund Holdings, and met with a significant amount of its current and prospective investor base.’

gould says Enbridge did one roadshow in Europe, which took in London, Frankfurt and Paris, but the former CEO, Patrick Daniel, also visited Beijing and incorporated a couple of IR meetings into the trip.

‘In 2013 we are trying to create a longer-term targeting program for each city, and are becoming more active in managing the brokers with which we have entrusted our roadshow,’ he says. ‘By that, I mean more selective in who gets the mandate, as well as pushing the sales desk on targets and schedule.’

the role by asking lots of questions of the various internal business unit contacts he had developed over the years. He identified early on that the breadth of company knowledge needed for the position was significant, but felt fortunate that there was a firm IR program in place and, as such, ‘there was not a great deal of reinventing the wheel required, just adapting the program to an evolving business model and changing competitive landscape.’

gould’s belief in the company and its future growth prospects remain undiminished. ‘With the fundamental changes in supply and demand patterns of crude oil in north America and globally, the opportunity for growth in our sector, and for Enbridge in particular, is immense,’ he says. ‘This is evidenced by the $27 bn of secured infrastructure and investment projects on our books over the next five years.’

Indeed this rate of growth is proving a key challenge for gould and his IR team. ‘For us, the biggest issue is keeping up with the pace of our business. We are in a very dynamic company in a rapidly evolving industry and have our hands full just managing the day to day inquiries and deliverables,’ he explains.

It was a busy year for the company in 2012 with more than

=35 Inmet Mining Listing information


ceo Jochen tilk

cFo James slattery

Head of ir Flora Wood

ir team Lindsay McKendry

ir team size two

contact information www.inmetmining.com [email protected] +1 416 361 4808

2012 ranking 56


‘Inmet does everything well. the people are all so hard-working and assiduously helpful’ – sell side

‘Inmet has become more proactive since it added a couple of Ir staff’ – buy side

‘every company has its strengths, but Inmet is very good at everything, especially providing financial disclosure to investors. Also, management seems to answer questions fully during conference calls and the accompanying presentations are detailed. I think it would be even better if it spent more time on one-on-ones’ – sell side


CANADA TOp 50

=35 New Gold Listing information


ceo robert Gallagher

cFo Brian Penny

Head of ir Hannes Portmann

ir team Julie taylor

ir team size two

contact information www.newgold.com [email protected] +1 416 324 6015

2012 ranking =52


‘Clear, concise financial communications are included in the quarterly reports’ – sell side

‘the chairman of new Gold goes out on meetings, and he is so able’ – sell side

‘there is a good, helpful Ir team at new Gold’ – sell side


38 Brookfield Asset Management Listing information

Large captoronto stock exchangeFinancial services

ceo Bruce Flatt

cFo Brian Lawson

Head of ir Katherine vyse


ir team size one

contact information www.brookfield.com [email protected] +1 416 682 3860

2012 ranking =61


‘Brookfield Asset Management has really upped its game in terms of disclosure’ – sell side

‘An excellent website, and a readily accessible Iro and CFo at Brookfield’ – sell side

‘each quarter, Brookfield’s Ceo issues a letter to the shareholders, and this has the best disclosure of any company I follow. rather than just tell me the numbers, it says what is happening and what the impact on the company will be’ – sell side



CANADA TOp 50

=39 Aimia AWARD WINNER (see below)


ceo rupert Duchesne

cFo David Adams

Head of ir trish Moran

ir team Jon reider

ir team size two

ir awards Most progress in Ir

contact information www.aimia.com [email protected] +1 416 564 4290

2012 ranking =147


‘Aimia’s Ir is responsive and its presentations have improved considerably over the past year’ – sell side

‘Aimia is a complex business model and correct information is not easily provided by the data-reporting services. trish Moran, head of Ir, has devised a method to simplify the process: she calls analysts and collates a qualitative consensus that is then redistributed to us. this is helpful as it gives a clearer picture than anything produced electronically’ – sell side

Most progress in investor relations

Aimia

Genivar

Manulife Financial

Vermilion Energy Trust

Bombardier

Nexen

Canadian Imperial Bank of Commerce

24

20

18

18

15

24

27

Most progress in investor relations

Aimia, the loyalty management company, has won the IR Magazine Award for most progress in investor relations in 2013. In addition, the company has made its way into the Canada Top 50 rankings. Ranked at joint 39th place

this year, it has moved up an impressive 108 places from its joint 147th showing in 2012.

Trish Moran joined Aimia in April 2005, when she was hired to guide the company through the IPO process – the world’s first IPO of an airline frequent flyer program. Prior to her role at Aimia, Moran served two of Canada’s largest banks in a senior investor relations capacity: BMO and TD Bank. ‘My business degree together with my previous IR experience for two of Canada’s largest financial institutions provided a solid background for my role at Aimia,’ she says. ‘In particular, the process and discipline around disclosure that I contributed to at BMO and TD Bank, and which I implemented at Aimia, was invaluable to enhancing management credibility from the get-go.’

It is only in recent years that the IR team has grown in num-

ber, with the first six years of Moran’s tenure spent working alone. A new vice president of strategic financial analysis and communication was hired two years ago to implement a


CANADA TOp 50

Moran devised a method to simplify the complex business model at Aimia through a qualitative consen-sus, something that is touched upon by one impressed sell-side respon-dent in this year’s research: ‘Aimia is a complex business model and correct information is not easily

provided by the data reporting services. Trish Moran, head of IR, has devised a method to simplify the process: she calls analysts and collates a qualitative consensus that is then redistributed to us. This is helpful as it gives a clearer picture than anything produced electronically.’

When asked to elaborate on this, Moran says: ‘We spend a lot of time working on providing clear, concise and transparent messaging. The key messages are crafted to ensure they will meet the needs of the Street and then reviewed by many internal constituents to ensure they meet our requirements for disclosure.’

In 2013 Moran says Aimia will continue to ‘selectively target investors that are focused on growth and ensure the shareholder base comprises both geographically diversified institutional investors and Canadian retail shareholders.’

number of improve-ments that, according to Moran, ‘helped to contribute to a signifi-cant step-up in the company’s valuation.’

As Aimia has developed over the years, growing from a single business entity in Canada into a multinational enterprise, Moran believes effectively communicating to the Street has become the most critical function of IR, with more than half her time spent meeting and talking with investors and analysts.

Her approach to IR is strategic – based on a sound framework – and intuitive. ‘I talk to analysts and investors a lot and listen carefully to what they are saying,’ she explains. ‘With nearly 20 years’ experience as an IR professional, I know how important it is to understand what the Street is saying and how to position the key messages.’

=39 BMO Financial GroupListing information

Large captoronto stock exchangeFinancial services

ceo William Downe

cFo thomas Flynn

Head of ir sharon Haward-Laird

ir team Andrew Chin, Melissa Wynne, sukhwinder singh, Mike Madill, Lina Lagemaat

ir team size six

contact information www.bmo.com [email protected] +1 416 867 6656

2012 ranking =67


‘We have meaningful communications with the CFo of BMo, who keeps us aware of progress. the Iro organizes some of the best investor days in the sector, where questions do get answered’ – sell side

‘BMo has the best disclosure of any of the banks. It is truly impressive; when you ask highly specific questions, it answers in specific detail’ – sell side

‘With nearly 20 years’ experience as an Iro, I know how important it is to understand what the street is saying and how to position key messages’


CANADA TOp 50

=39 DomtarListing information


ceo John Williams

cFo Daniel Buron

Head of ir Pascal Bossé

ir team nicholas estrela

ir team size two

contact information www.domtar.com [email protected] +1 514 848 5555

2012 ranking =82


‘You can always call Domtar and get quotes on details, as it is very co-operative and aware of investors. the website is well maintained and Ceo John Williams is highly articulate about his growth plans for the company’ – sell side

‘Domtar is conscientious and professional, both in its approach and execution of Ir. You get quality information, speed of response, a knowledgeable Iro, and the company takes corporate governance very seriously’ – sell side

42 Magna InternationalListing information


ceo Donald Walker

cFo vincent Galifi

Head of ir Louis tonelli

ir team stephanie Phillips, susanne Hickey

ir team size three

contact information www.magna.com [email protected] +1 905 726 7035

2012 ranking =40


‘Magna has recently been reaching out and communicating more with the street. It now calls before conference calls to make an appointment for afterwards, and it gives us opportunities to meet senior management’ – buy side

‘Consistent and well-prepared Ir’ – buy side


CANADA TOp 50

43 precision Drilling Listing information


ceo Kevin neveu

cFo rob Mcnally

Head of ir Carey Ford

ir team size one

contact information www.precisiondrilling.com [email protected] +1 403 716 4575

2012 ranking 35


‘Precision Drilling reaches out to us quickly and effectively, whenever there is news’ – sell side

‘the strong information flow and a proactive Ir department means I don’t have to contact Precision Drilling too often’ – sell side

‘the Iro of Precision Drilling is a former investment banker with a good knowledge of oil operations. Both he and the CFo are happy to chat through my questions’ – sell side

‘Shoppers has an IRO who makes my life easier. I care about having my questions answered and not wasting time, and this is what I get’ – sell side

‘I like John Caplice for his knowledge and candor. Speaking to him is as helpful as speaking to the CEO’ – buy side

27 T SNC-Lavalin (from page 52)‘The most responsive company I cover is SnC-Lavalin.

Its reporting is excellent, making it easy to drill down to the numbers’ – sell side

‘SnC-Lavalin has been pretty open, both with its communi-cations and with making itself available to the investment community. given the problems the firm has been facing, this is commendable’ – sell side

‘I was disappointed about the involvement in Libya, but SnC did the best job it could of reaching out to the investment community and managing the crisis’ – buy side

‘SnC has been upfront about the mysterious cash issues in Libya and has made an effort to put things back on an even keel’ – sell side


23 T Agnico-Eagle Mines (from page 48)‘Agnico sets up really useful operations

visits, when you can meet with managers and staff. The people are also happy to come here to our office. The CEO is both accessible and helpful’ – sell side

‘Agnico is in constant contact and gives really good guidance’ – sell side

‘Agnico is honest when things go wrong. It tells us how it will fix the problem and how long it will take’ – sell side

25 + Yamana Gold (from page 50)‘I recently asked for more disclosure

from all my companies. yamana was one of the few that could provide it, so it gets an ‘A’ for effort and willingness to help’ – sell side

26 T Shoppers Drug Mart (from page 51)‘IR people at Shoppers get back to you

quickly, and the CEO is very able’ – sell side


CANADA TOp 50

44 Dundee REIT BEST IN SECTOR (see page 73)

Listing informationMid-captoronto stock exchangereal estate

ceo Michael Cooper

cFo Mario Barrafato

Head of ir Carol Webb


ir team size not provided

ir awards Best in sector – real estate

contact information www.dundeereit.com [email protected] +1 416 365 3535

2012 ranking n/A

Investor/analyst feedback ‘Dundee was very clear about the rationale to buy Whiterock’ – sell side

‘What I like about Dundee is that it has a plan and sticks to it. It measures its performance, so it’s easier for us to do that, too’ – sell side

‘Last year Dundee made a successful IPo and has kept up its communications with the street in a clear and responsive manner’ – buy side

Best in sector – real estateDundee REIT

Boardwalk REIT

Allied Properties REIT

Northern Property REIT

RioCan REIT

Killam Properties

First Capital Realty

60

57

56

47

38

70

89

Best in sector – real estate

Dundee REIT is a real estate investment trust that provides investors with the opportunity to invest in a portfolio of central business district and suburban office assets totaling more than 23 mn square feet of gross leasable

area in major urban centers across Canada.It has been another strong year for the Canada-based trust.

‘This was another remarkable quarter for Dundee REIT,’ says Michael Cooper, vice chairman and CEO of the trust, in his letter to unit holders in the 2012 third quarter report. ‘Over the last few years, we’ve had the opportunity to make substantial changes to our business and improve it significantly. This quarter, we have further strengthened our balance sheet, improved our debt profile and restructured our portfolio.

‘With the sale of our industrial portfolio, our strategic transition into a pure-play office REIT is now complete. And with another quarter of adjusted funds from operations and comparative property net operating income growth, our results clearly demonstrate the performance capabilities of our portfolio.’

As well as strong business performance, the commitment shown to investor relations is rewarded this year by Dundee REIT claiming the gong for best in sector for real estate. It also

achieves a very respectable 44th place in the Canada Top 50.

This is clearly resonating with the invest-ment community, as one buy-sider comments on the success of Dundee’s communication efforts: ‘Last year Dundee made a successful IPO and has kept up its communications with the Street in a clear and responsive manner.’


CANADA TOp 50

45 Hudbay MineralsListing information


ceo David Garofalo

cFo David Bryson

Head of ir John vincic

ir team Dan Weinerman

ir team size two

contact information www.hudbayminerals.com [email protected] +1 416 362 0615

2012 ranking =42

Investor/analyst feedback ‘You get a lot of information from Hudbay, some might say too much!’ – sell side

‘the Ceo, David Garofalo, is front and center of Hudbay. He has taken on much of the Ir role in the past year and I give him credit for that’ – buy side

‘Hudbay has engaged with investors much more over the past couple of years, and now does all the usual Ir activities, such as site tours’ – buy side

‘the Ir team at Hudbay is very responsive, even when traveling. Last november I went on a Hudbay tour with a client who had not registered. A member of the Ir team kindly gave up his seat on the flight’ – buy side

=46 peyto Exploration & DevelopmentListing information


ceo Darren Gee

cFo Kathy turgeon

Head of ir Jim Grant

ir team size one

contact information www.peyto.com [email protected] +1 403 261 6081

2012 ranking =65

Investor/analyst feedback ‘Peyto always knows what all the other companies are doing and its place in the sector. It also has the best website in the sector; it is so detailed yet everything is easy to find’ – sell side

‘the Ceo of Peyto produces a monthly newsletter that gives us a good idea of where he thinks the company is going, and provides plenty of guidance’ – sell side


CANADA TOp 50

=46 WesternOneAWARD WINNER (see below)

Listing informationsmall captoronto stock exchangeFinancial services

ceo Darren Latoski

cFo Carlos Yam

Head of ir Andrew Greig

ir team Karen Cheung

ir team size two

ir awards Best investor relations by a CFo – small cap (jointly)

contact information www.weq.ca [email protected] +1 604 678 4042

2012 ranking n/A


‘Westernone does a good Ir job and has dedicated Ir people, which is unusual for a company of that size. the press releases are timely and the announcements clear, with good value-added information’ – sell side

‘the Iro at Westernone is easily accessible. I can call or email anytime and get a reply within an hour. I know larger companies that don’t even have an Iro’ – sell side

‘these young guys at Westernone are knowledgeable and tell a good story’ – sell side

Best investor relations by a CFO – small cap

Descartes Systems GroupStephanie Ratza

WesternOne Equity Carlos Yam

Newmont Mining Russell Ball

Sierra WirelessDavid McLennan

Black Diamond GroupMichael Burnyeat

Uni-SelectDenis Mathieu

15

15

12

12

18

18

Best investor relations by a CFo – small cap

Carlos yam, chief financial officer at WesternOne, has finished joint first in the award for best investor relations by a CFO in the small-cap category. yam was appointed as CFO of WesternOne in 2007, prior to which he worked

in the financial advisory services department at PwC in Vancouver, following which he spent four years as a director of financial planning at Intrawest ULC, the resort real estate development company.

At Intrawest, yam was responsible for the company’s real estate and played a lead role in the strategic review process in 2006 that later led to the sale of the company. Both these roles provided experience of working within public companies and private businesses that yam could transfer to his CFO role at the Canada-based income fund. He is also both a chartered and a US certified public accountant.

Business performance at the company appears strong, with the release of third quarter results in 2012 drawing praise from


CANADA TOp 50

chief executive Darren Latoski: ‘The solid growth WesternOne has achieved in the third quarter reflects our ability to execute growth in key strategic areas in the construction and infrastructure services sectors.’

There was plenty of praise from the investment community for the responsive, small IR team at WesternOne in this year’s research, with one respondent noting: ‘WesternOne does a good IR job and has a dedicated IR person, which is unusual for a company of that size. The press releases are timely and the announcements clear, with good value-added information.’ Another sell-side respondent adds: ‘The IRO at WesternOne is easily accessible. I can call or email anytime and get a reply within an hour. I know larger companies that don’t even have an IRO.’ Another sell-side respondent states: ‘These young guys at WesternOne are knowl-edgeable and tell a good story.’

WesternOne’s business strategy allows the management of each acquired company

to control the day-to-day activities of the company while the fund oversees the strategic, investment and capital-allocation decisions for the business. given that WesternOne is acquiring businesses with an established history of growth and profitability, it believes the existing management is well suited to continue this growth in the future.

At the close of 2012, the company changed its name from WesternOne Equity, obtaining a final order from the Supreme Court of British Columbia to convert its income trust structure to a publicly traded corporation named WesternOne Inc, under Section 192 of the Canada Business Corporations Act.

For a company that did not place in last year’s rankings, WesternOne has made considerable improvement, breaking into the Canada Top 50 to place joint 46th this year.

48 CGI GroupListing information

Mid-captoronto stock exchangetechnology

ceo Michael roach

cFo David Anderson

Head of ir Lorne Gorber

ir team Colin Brown

ir team size two

contact information www.cgi.com [email protected] +1 514 841 3200

2012 ranking =129


‘the Ir team at CGI is always there when you need it’ – buy side

‘CGI has responsive Ir and an accessible Ceo’ – buy side

‘the Iro at Westernone is easily accessible: I can call or email anytime and get a reply within an hour. I know larger companies that don’t even have an Iro’


CANADA TOp 50

49 Dollarama Listing information

Mid-captoronto stock exchangeConsumer goods & services

ceo Larry rossy

cFo Michael ross

ir team size 0

contact information www.dollarama.com [email protected] +1 514 737 1006 ext 1237

2012 ranking =45


‘Dollarama is now providing better disclosure and more detailed information. the Ceo and CFo are both present at conferences’ – sell side

‘the CFo at Dollarama is accessible and has visited us twice this year’ – buy side

‘Dollarama has good access to all levels of management at investor days’ – sell side

50 Russel MetalsListing information


ceo Brian Hedges

cFo Marion Britton

ir team sherri Mooser

ir team size two

contact information www.russelmetals.com [email protected] +1 905 816 5178

2012 ranking =121


‘It doesn’t have the glamour of the large corporations, but russel Metals tells it like it is: simply, clearly and with no fluff’ – buy side

‘We get great access to management at russel Metals, but the Ir is otherwise non-existent’ – sell side

‘russel Metals’ Ceo is candid, down-to-earth and very likeable’ – sell side


BEST IN SECTOR

FINANCIALS

1 TD BANk GROUp 888 pts

2 Manulife Financial 280

3 scotiabank 239

4 rBC 235

5 Intact Financial 146

6 Brookfield Asset Management 108

7 BMo Financial Group 105

8 Canadian Imperial Bank of Commerce 74

CONSUMER GOODS & SERVICES

1 SHOppERS DRUG MART 157 pts

2 Canadian tire 133

3 Dollarama 82

4 tim Hortons 78

5 Metro 70

6 Maple Leaf Foods 51

ENERGY

1 BAYTEx ENERGY 354 pts

2 ArC resources 267

3 Cenovus energy 230

4 Crescent Point energy 212

5 Canadian natural resources 182

6 suncor energy 175

7 Precision Drilling 93

8 Peyto exploration & Development 84

9 vermilion energy trust 80

10 talisman energy 78

11 AltaGas 71

INDUSTRIALS

1 BOMBARDIER 332 pts

2 Finning International 243

3 stantec 200

4 CAe 162

5 snC-Lavalin 151

6 Genivar 132

7 Parkland Fuel 128

8 Aimia 105

9 Magna International 104

2013 cAnAdA toP 50 by Sector

13

9

8

84

3

2 1

1 1


BEST IN SECTOR

REAL ESTATE

1 DUNDEE REIT 89 pts

2 Boardwalk reIt 70

3 Allied Properties reIt 60

4 northern Property reIt 57

5 rioCan reIt 56

6 Killam Properties 47

7 First Capital realty 38

TECHNOLOGY

1 ROGERS COMMUNICATIONS 385 pts

2 BCe 270

3 teLUs 248

4 CGI Group 83

5 opentext Corporation 69

6 Descartes systems Group 61

TRANSpORT

1 CN 441 pts

2 Canadian Pacific railway 116

3 WestJet Airlines 80

4 Air Canada 59

MATERIALS

1 pOTASHCORp 299 pts

2 Agrium 279

=3 Alamos Gold 241

=3 Goldcorp 241

5 Agnico-eagle Mines 174

6 Yamana Gold 159

7 IAMGold 123

8 teck resources 114

=9 Inmet Mining 110

=9 new Gold 110

11 Hudbay Minerals 86

12 First Majestic silver 78

LEISURE & MEDIA

1 CORUS ENTERTAINMENT 209 pts

2 Cineplex entertainment 69

3 transcontinental 38

4 thomson reuters 37

5 shaw Communications 20

UTILITIES & pIpELINES

1 ENBRIDGE 110 pts

2 transCanada 54

3 Keyera 49

4 superior Plus 45

5 Inter Pipeline Fund 22

Sector winnerS 2012

shoppers Drug Mart

Canadian natural resources

tD Bank Group

Bombardier

Corus entertainment

Goldcorp

rioCan reIt

teLUs

Cn

enbridge


AWARD WINNERS OUTSIDE THE CANADA TOp 50

=68 Descartes Systems GroupListing information

small captoronto stock exchangetechnology

ceo Arthur Mesher

cFo stephanie ratza

Head of ir not provided


ir team size not provided

ir awrads Best investor relations by a CFo – small cap (jointly)

contact information www.descartes.com [email protected] +1 519 746 6114 ext 2358

2012 ranking 55

Best investor relations by a CFO – small capDescartes Systems GroupStephanie Ratza

WesternOne Equity Carlos Yam

Newmont Mining Russell Ball

Sierra WirelessDavid McLennan

Black Diamond GroupMichael Burnyeat

Uni-SelectDenis Mathieu

15

15

12

12

18

18

Best investor relations by a CFo – small cap

Stephanie Ratza joined Descartes Systems group as CFO in 2007. Bringing more than a decade of finance experience with public technology

companies to the role, she is responsible for Descartes’ financial and administrative functions. Prior to joining Descartes, she served as CFO of IPICO, an Ontario-based company that manufactures and markets radio frequency identification solutions. She also brought public company finance experience from a five-year role as vice president of finance at Waterloo, Ontario-based MKS, and more than three years’ experience as a controller at OpenText Corporation.

When Ratza was appointed as CFO, Descartes’ CEO Arthur Mesher welcomed her

addition to the leadership team: ‘Stephanie’s credentials with leading Canadian public technology companies made her a natural choice to lead our finance organization.’

Business performance at the Ottawa-based Descartes is impressive. The company’s 2012 third quarter revenue exceeded C$93 mn, an increase of 10 percent over the same period the previous year. net income of C$8.2 mn is also up 9 percent on the C$7.5 mn figure in the same period a year ago.

‘We continue to deliver ahead of our plans, despite a challenging economic environment,’ says Ratza. ‘As the economy remains uncertain, we’re well positioned to handle the ups and downs with a healthy, well-calibrated business.’

‘We continue to deliver ahead of our plans. As the economy remains uncertain, we’re well positioned to handle the ups and downs with a healthy, well-calibrated business’



=105 Dundee International REITListing information

small captoronto stock exchangereal estate

ceo Jane Gavan

cFo rene Gulliver

Head of ir Barbara Wallner

ir team Megan Fostka

ir team size two

ir awrads Best investor relations officer – small cap

contact information www.dundeeinternational.com [email protected] +1 877 365 3535

2012 ranking =88

Best investor relations officer – small cap

Dundee International REIT Barbara Wallner

Churchill Corporation Andrew Apedoe

GenivarIsabelle Adjahi

Killam PropertiesDale Noseworthy

Torex Gold ResourcesGabriela Sanchez

TranscontinentalJennifer McCaughey

17

17

16

15

18

21

Best investor relations officer – small cap

Barbara Wallner’s first role in investor relations was at Dundee International REIT back in 2000, when the german real estate fund she was working for following her graduation from a master’s program in international

business in Austria was bought by Dundee Realty Corporation. After the takeover, the satellite office in charge of IR based in germany was replaced as Wallner was drafted into IR and did her learning on the job.

Describing how she picked up the role, Wallner says: ‘Mostly on the job – our IR team always shared an open office with our CEO and CFO who were sitting only a few feet away from the investor relations team and who are very focused on IR. I also

Barbara Wallner, Iro Dundee International reIt



took several courses, including the Canadian Securities Course, and I joined CIRI.’

Since Wallner has been at the company, the IR team has grown in tandem with the evolving business. When she first joined the company as manager of investor relations, she worked solely with a director of communica-tions. Today, Dundee International REIT has two vice presidents of communication, an investor relations manager and support staff.

‘We have grown our business significantly since I joined and added two public companies in the last two years alone,’ Wallner says. ‘In order to keep up with our growth, we added one full-time person and support staff to our team and will add a law clerk early in 2013.’

given that the company went from one public company to three within the last 18 months, making sure ‘we keep on top of everything’

neil Roszell, president and CEO of Raging River Exploration, places strong emphasis on cultivating trust with the junior oil and gas producer’s

=125 Raging River ExplorationAWARD WINNER (see below)

Listing informationsmall captoronto stock exchangeenergy

ceo neil roszell

cFo Jerry sapieha

Head of ir Jerry sapieha

ir team neil roszell

ir team size two

ir awrads Best Ir by a tsx venture exchange-listed company

contact information www.rrexploration.com [email protected] +1 403 767 1265

2012 ranking n/A

Best IR by a TSX Venture Exchange-listed company

and ‘keeping up with our ever-growing and evolving business’ are the key IR challenges at Dundee, according to this year’s winner of the best IRO award in the small-cap category. As the company continues to grow, the IR remit continues to expand, and Wallner believes her role at the company is ‘execution of the strategy’, something that has seen her ‘conduct a great number of meetings throughout 2012, both with institutional and retail investors.’

Despite meetings taking place with investors in Europe, north America retains the investor focus. ‘Most of our roadshows take place in north America,’ explains Wallner. ‘While we invest in real estate globally, our investor base is almost exclusively located in north America. Our executives have met with investors in germany, the UK, Switzerland and the netherlands, but our investor focus remains in north America.’

As Dundee International REIT continues to grow and build a reputation in the real estate industry, Wallner is finding that although roadshows and one-on-one meetings with institutional investors remain vital, new investors are beginning to target Dundee, rather than the other way round.

shareholders through ‘delivery of both the good and bad mes-sages to the investment community.’ In ‘such a small company’, Roszell describes his IR role as ‘all-encompassing’, stretching from taking the lead on the creation of presentations and investor



Raging River Exploration

Entrec Corporation

Brixton Energy

Kaminak Gold

H2O Innovation

Painted Pony Petroleum

Amaya Gaming Group

Lumina Copper

Sandstorm Gold

40

24

22

21

20

20

18

41

42

Best Ir by a tsx venture exchange-listed company

In terms of the company altering its approach to IR since its inception, Roszell identifies the need to increase the frequency of the corporate presentation to provide monthly updates. In addition, Raging River has added ‘more visits with the investment community to maintain our reputation and to keep the investment community aware of the direction of the company.’

As the company continues to grow, Roszell feels that at some point a dedicated IR professional who could concentrate on the smaller investor and retail network would be a valuable addition.

Raging River Exploration has no plans to alter its approach to IR in any particular way in 2013, although it intends to continue traveling to see investors on a quarterly basis around important news updates, as well as attending key oil & gas industry conferences.

messaging to delivering the same message to the investment and financial communities.

This can-do approach exists throughout the company. ‘Our IR department – me, CFO Jerry Sapieha and the vice president of exploration – all have other full-time roles, so I would say our working relationships are founded on developing our business and our roles are highly integrated,’ Roszell explains.

This access to the board has left one sell-side respondent in this year’s research particularly impressed: ‘Excellent commu-nications from Raging River. It handles market expectations at meetings very frankly. It has established a good network of trust.’

=35 + New Gold (from page 62)‘new gold is particularly good at making

the right people available for questions. There is a high degree of clarity in the press releases and it holds excellent analyst meetings with the senior management group’ – sell side

‘new gold’s CEO has an excellent track record on his promises, so we believe in his guidance’ – sell side

38 + Brookfield Asset Management (from page 62)

‘I like that Brookfield never assumes I don’t have a calculator’ – sell side


31 + parkland Fuel (from page 56)‘Parkland’s investor days are top-notch, more like some-

thing you’d expect from a mega-cap company. It does an exceptional job of explaining the story in a clear and concise way’ – buy side

‘We get regular presentations and email updates from Parkland, which really keeps us in the loop. It sends out monthly information on business drivers and other external factors that affect its business’ – buy side

32 T IAMGold (from page 56)‘IAM has exceptionally well-organized investor relations, and

is forthcoming with detailed disclosure; all the things an analyst looks for’ – sell side

‘our Ir department – me, the CFo and vice president of exploration – all have other full-time roles so our working relationships are founded on developing our business’


RESEARCH pROCESS

Methodology

The field research for this study was conducted by Mary Maude Research in London, which interviewed 255 Canadian investment professionals by telephone. On average, interviews took 10-25 minutes. The results for the award category of best IR in the US market are obtained from the research conducted for IR Magazine’s US investor perception study, which is due for publication in March 2013.

Points, rankings and awards

PoIntsThe respondents were asked to make three nominations per award category: first, second and third. A first-choice nomination earns six points, a second choice earns three and a third choice earns two. The total number of points is then calculated by multiplying by six the number of ‘firsts’, by three the number of ‘seconds’, and adding two points for each third. This points system is also used for most of IR Magazine’s perception studies around the world.

rAnKInGsThe points allow us to rank all companies in the entire investor perception study. The company with the most points obtains the number one ranking; as companies’ points decrease, so do their rankings. This year the lowest number of points a ranked firm can have is 20.

Only points in categories where all companies are eligible count toward the overall rankings. This therefore excludes any points for best IR during a corporate transaction, best crisis management, best IR for an IPO, best IR by a TSX Venture Exchange-listed company and best IR by a Canadian company in the US market.

AWArDsThere are a total of 32 awards in this report. Awards are given for each category asked within the survey. The company or individual with the most points in each category wins the award.

Leading companies are also classified according to the following sectors in each region:

Consumer goods & services

energy

Financials

Industrials

Leisure & media

Materials

real estate

technology

transport

Utilities & pipelines

The winners of the sector awards are determined by adding together each company’s points from all the other awards categories and then ranking them within their sector.

For the best investor relations officer, best IR by a CEO, best IR by a CFO and the grand prix awards there are separate short lists for large-cap, mid-cap and small-cap companies. Using the TSX and TSXV indices, a company’s market cap was determined as of July 2012 as follows:

C$1 bn Small capC$1 bn-C$10 bn Mid-capC$10 bn Large cap


RESEARCH pROCESS

RESpONDENTS BY SECTOR

Agriculture 4

All or most sectors 60

Basic materials – metals & mining 38

Consumer goods & services (including retail) 20

energy 46

Financials 29

Forestry & paper 4

Industrials (including construction) 27

Media & entertainment 10

real estate 9

small & mid-cap companies 16

technologies (including telecoms) 21

transport 6

Utilities 11

Forty-three respondents said they covered companies on the TSX Venture Exchange.

RESpONDENTS BY INVESTMENT ROLE

Buy-side analyst

Sell-side analyst

Portfolio manager

26%

57%

17%


qUESTIONNAIRE

IR in Canada

BUY sIDe onLY

Q1 Should it be mandatory for all Canadian companies to hold an advisory shareholder

vote on executive pay?

Q2a Do you think proxy advisers like ISS and glass Lewis are too influential in Canada?

Q2b Should they be regulated? yes no

sHAre oWnersHIP

Q1Should Canada lower the 10 percent rule for share ownership disclosure to be closer in line

with international standards? At what level would you like it to be?

tHe AWArDs

Q1Best FInAnCIAL rePortInG Which Canadian companies do you think have

the best financial reporting?

Q2Best InvestMent CoMMUnItY MeetInGs Which Canadian companies hold the best

meetings for investors and analysts?

Q3Best Use oF teCHnoLoGY Which companies use technology for IR

purposes well?

Q4Most ProGress In Investor reLAtIons Over the past year, which companies have

most improved the quality of their overall investor relations program?

Q5Best CorPorAte GovernAnCe Which companies have the best corporate

governance?

Q6BEST SUSTAInABILITy PRACTICE Which Canadian companies have the best

corporate sustainability practice? (consider quality of sustainability programs, CSR disclosure, environmental policies)

Q7BEST IR DURIng A CORPORATE TRAnSACTIOn Please name the company you think conducted

the best IR program, over the past year (2012) during a corporate transaction (M&A, divestment, joint venture, capital raising).

Q8BEST CRISIS MAnAgEMEnT Which company that faced a specific crisis

in the past year (2012) handled it best in terms of communications with the investment community?

Q9 BEST IR By A TSX VEnTURE EXCHAngE-LISTED COMPAny

Which companies listed on the TSX Venture Exchange that you are currently dealing with, or have dealt with in the past year, do you believe have the best IR programs?

Q10BEST IR By A CFO Which CFO does the best job of communicating

with the investment community? Please think in terms of financial integrity, financial/accounting/regulatory knowledge, communications skills, and so on.

Q11BEST IR By A CEO Which CEO does the best job of communicating

with the investment community in support of the company’s IR?

Q12BEST InVESTOR RELATIOnS OFFICER In your view, which IRO of a company in

Canada does the best job of communicating with the investment community?

Q13gRAnD PRIX FOR BEST OVERALL InVESTOR RELATIOnS PROgRAM

From all the Canadian companies you are currently dealing with, or have dealt with in the past year, which companies do you believe have the best overall IR?


RANkED COMpANIES’ pOINTS BREAkDOWN

ran

k Company (large caps in bold) Fi

nanc

ial r

epor

ting

Mee

tings

tech

nolo

gy

Mos

t pro

gres

s

Cor

p go

vern

ance

s ust

aina

bilit

y

CFo

Ceo

I ro

Gra

nd p

rix

tota

l poi

nts

1 TD Bank Group 103 125 66 0 88 6 102 163 83 152 888

2 CN 36 64 30 0 54 0 42 53 81 81 441

3 Rogers Communications 33 57 30 0 8 0 30 42 90 95 385

4 Baytex energy 36 51 48 3 36 6 15 24 68 67 354

5 Bombardier 32 44 24 18 18 12 14 36 63 71 332

6 potashCorp 51 14 39 0 27 18 33 24 24 69 299

7 Manulife Financial 41 46 8 24 6 0 14 24 59 58 280

8 Agrium 24 30 12 6 6 30 21 42 45 63 279

9 BCE 15 24 33 6 15 0 6 60 48 63 270

10 ArC resources 42 21 27 0 12 12 6 27 56 64 267

11 TELUS 36 10 18 12 36 12 36 18 28 42 248

12 Finning International 32 33 24 6 6 0 27 27 36 52 243

=13 Alamos Gold 30 28 16 12 9 8 24 15 42 57 241

=13 Goldcorp 23 42 11 3 12 18 12 36 36 48 241

15 Scotiabank 37 36 11 6 17 0 24 20 38 50 239

16 RBC 34 17 25 12 21 0 27 17 38 44 235

17 Cenovus Energy 47 48 12 0 12 39 3 12 31 26 230

18 Crescent point Energy 38 25 15 6 6 6 3 24 46 43 212

19 Corus entertainment 24 44 6 0 0 0 39 27 24 45 209

20 stantec 18 18 2 6 18 18 42 8 27 43 200

21 Canadian Natural Resources 24 39 6 6 12 14 2 33 17 29 182

22 Suncor Energy 11 12 6 6 6 24 14 27 25 44 175

23 Agnico-eagle Mines 15 18 12 0 0 0 6 39 36 48 174

24 CAe 12 19 0 0 3 0 21 18 48 41 162

25 Yamana Gold 6 28 3 12 0 0 18 12 27 53 159

26 shoppers Drug Mart 20 6 3 0 12 0 27 18 34 37 157

27 snC-Lavalin 35 20 6 3 0 6 12 6 35 28 151

28 Intact Financial 18 23 9 6 6 0 15 24 18 27 146

29 Canadian tire 21 8 9 12 0 3 12 12 24 32 133

30 Genivar 12 9 0 24 0 3 9 30 17 28 132

31 Parkland Fuel 6 33 21 9 0 0 6 6 12 35 128

32 IAMGold 12 9 3 12 12 18 12 12 12 21 123

33 Canadian pacific Railway 6 15 2 12 12 0 9 21 16 23 116

34 Teck Resources 6 9 6 0 6 6 18 12 21 30 114

=35 Enbridge 0 24 9 0 0 0 12 12 18 35 110


RANkED COMpANIES’ pOINTS BREAkDOWNr

ank Company

(large caps in bold) Fina

ncia

l rep

ortin

g

Mee

tings

tech

nolo

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=35 Inmet Mining 18 14 12 12 6 9 6 6 0 27 110

=35 new Gold 24 15 3 6 0 0 9 18 13 22 110

38 Brookfield Asset Management 15 3 6 12 3 0 21 12 15 21 108

=39 Aimia 0 24 12 27 3 3 0 12 12 12 105

=39 BMO Financial Group 17 8 8 12 3 0 26 6 9 16 105

=39 Domtar 12 9 18 0 12 9 3 12 12 18 105

42 Magna International 9 14 0 12 0 0 12 12 21 24 104

43 Precision Drilling 21 12 9 0 15 0 6 0 9 21 93

44 Dundee reIt 0 18 6 0 0 0 24 9 6 26 89

45 Hudbay Minerals 6 6 6 6 0 0 6 18 15 23 86

=46 Peyto exploration & Development 6 19 18 0 0 0 0 26 0 15 84

=46 Westernone 0 3 15 0 0 6 18 18 6 18 84

48 CGI Group 18 9 0 0 0 0 6 9 18 23 83

49 Dollarama 9 9 0 6 0 0 30 12 2 14 82

50 russel Metals 14 6 0 0 11 0 20 21 0 9 81

=51 vermilion energy trust 11 5 0 20 6 0 12 0 8 18 80

=51 WestJet Airlines 23 9 6 0 2 0 18 8 3 11 80

=53 First Majestic silver 6 6 6 6 12 6 6 12 6 12 78

=53 Talisman Energy 14 6 23 0 3 0 12 0 6 14 78

=53 tim Hortons 6 18 6 0 0 0 12 6 12 18 78

56 Canadian Imperial Bank of Commerce 4 8 0 15 2 0 7 8 14 16 74

=57 saputo 6 6 6 6 6 0 12 18 3 9 72

=57 transForce 12 6 0 6 6 0 12 21 0 9 72

59 AltaGas 6 30 0 0 0 0 5 6 12 12 71

=60 Boardwalk reIt 8 0 0 12 0 6 9 0 14 21 70

=60 Metro 12 15 0 0 0 0 12 0 17 14 70

=62 Calfrac Well services 18 3 0 0 2 0 6 12 11 17 69

=62 Cineplex entertainment 9 0 0 0 6 0 18 12 12 12 69

=62 opentext Corporation 6 9 0 0 0 0 6 18 12 18 69

65 Nexen 6 3 6 18 0 0 0 6 20 8 67

=66 MeG energy 3 3 0 6 0 6 12 3 18 12 63

=66 trican Well service 3 12 6 0 3 0 6 12 6 15 63

=68 Aecon Group 9 10 0 6 0 0 6 12 6 12 61

=68 Descartes systems Group 6 0 0 0 6 0 18 20 6 5 61

=68 silver Wheaton 0 8 8 0 6 0 12 0 15 12 61



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=71 Allied Properties reIt 12 6 3 6 6 6 0 6 6 9 60

=71 Franco-nevada 12 0 0 6 0 0 0 18 6 18 60

=73 Air Canada 12 8 0 0 0 0 6 6 12 15 59

=73 Cascades 6 2 6 6 6 0 0 6 12 15 59

75 eldorado Gold Corp 0 5 0 0 2 0 21 12 3 15 58

=76 northern Property reIt 6 12 0 0 0 0 9 0 12 18 57

=76 ritchie Bros Auctioneers 10 3 0 0 3 0 2 12 15 12 57

78 rioCan reIt 9 12 0 0 6 0 0 9 6 14 56

79 torex Gold resources 3 6 0 0 0 0 0 12 16 18 55

80 TransCanada 0 12 12 0 0 0 0 3 9 18 54

=81 Barrick Gold 15 3 0 0 0 3 24 0 0 6 51

=81 Maple Leaf Foods 3 12 0 6 0 6 0 6 9 9 51

83 Keyera 6 0 18 0 3 0 0 8 0 14 49

=84 Churchill Corporation 6 3 0 0 6 0 0 6 18 9 48

=84 Poseiden Concepts 6 9 2 0 6 0 9 8 0 8 48

=86 Cameco 0 3 0 0 18 0 0 8 6 12 47

=86 Killam Properties 6 6 0 0 0 0 6 6 17 6 47

=88 First Quantum Minerals 0 9 0 0 6 0 0 12 6 12 45

=88 superior Plus 0 12 0 6 0 0 0 6 12 9 45

=88 trinidad Drilling 8 9 3 6 6 0 2 0 6 5 45

91 newmont Mining 0 6 0 0 0 6 15 9 6 2 44

92 Mullen Group 6 6 6 0 6 0 0 6 6 6 42

93 Aurico Gold 0 0 6 2 0 0 18 0 6 9 41

=94 Centerra Gold 6 0 0 6 6 0 12 0 0 9 39

=94 Deethree exploration 0 3 0 12 0 0 6 3 6 9 39

=94 Gildan Activewear 3 3 0 0 6 0 0 3 12 12 39

=94 onex Corporation 6 6 0 0 0 0 6 0 9 12 39

=94 Pure technologies 6 6 0 6 0 0 0 3 6 12 39

=94 Uni-select 0 6 0 6 0 0 12 9 0 6 39

=94 Westport Innovations 0 9 6 6 0 0 0 0 9 9 39

=101 First Capital realty 3 6 0 0 0 6 12 3 3 5 38

=101 tembec 8 3 6 6 0 0 6 0 6 3 38

=101 transcontinental 2 0 0 0 0 6 3 0 15 12 38

104 Thomson Reuters 0 4 3 0 0 0 6 0 18 6 37

=105 Brookfield Infrastructure Partners 0 6 0 6 0 6 6 0 6 6 36


RANkED COMpANIES’ pOINTS BREAkDOWNr

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=105 Canadian Western Bank 3 0 9 0 0 0 6 3 6 9 36

=105 Dundee International reIt 0 3 0 3 0 0 0 3 21 6 36

=105 Home Capital Group 3 0 0 6 6 0 6 6 0 9 36

=105 Postmedia network Canada 3 6 0 6 0 0 6 0 6 9 36

=105 Primero Mining 6 6 6 0 0 0 6 0 6 6 36

=105 richelieu Hardware 6 6 0 0 0 0 0 18 0 6 36

=105 sierra Wireless 0 6 0 0 0 0 15 9 0 6 36

=113 Bonavista energy Corp 15 3 0 0 0 0 0 3 0 14 35

=113 Canfor 0 6 0 0 0 6 9 3 6 5 35

=113 newalta 0 6 0 0 0 0 6 0 6 17 35

=113 West Fraser timber 3 6 0 0 6 0 3 9 3 5 35

117 PetroBakken 2 6 12 6 0 0 6 0 0 2 34

=118 Canadian satellite radio 0 6 0 6 0 0 9 0 6 6 33

=118 Mercator Minerals 6 0 6 6 0 0 3 0 6 6 33

=118 semafo 8 0 6 0 3 6 3 3 2 2 33

=118 Sun Life Financial 6 9 0 0 6 0 3 0 3 6 33

=122 Ats Automation tooling systems 9 0 0 6 6 0 6 0 0 5 32

=122 Bauer Performance sports 0 8 6 0 0 0 6 0 6 6 32

=122 tMx Group 0 2 0 0 6 0 0 6 12 6 32

=125 Bell Aliant 0 0 0 0 0 0 0 6 12 12 30

=125 Capstone Mining 0 0 0 6 0 6 0 6 0 12 30

=125 Detour Gold 0 6 0 0 6 6 0 6 3 3 30

=125 equitable Group 0 6 0 0 0 0 6 6 6 6 30

=125 Foraco International 0 6 0 12 0 0 0 0 6 6 30

=125 Guyana Goldfields 6 0 6 6 0 0 0 0 6 6 30

=125 Pengrowth energy 0 6 0 12 0 0 6 6 0 0 30

=125 Progressive Waste solutions 6 8 0 6 0 0 0 0 2 8 30

=125 raging river exploration 0 6 0 0 6 0 0 12 0 6 30

=125 Valeant pharmaceuticals 6 6 0 0 0 0 6 6 0 6 30

=135 Encana 9 0 0 0 0 9 0 6 2 3 29

=135 tourmaline oil 0 6 0 0 0 0 6 9 0 8 29

137 Brixton energy Corp 6 6 0 0 2 0 2 0 6 6 28

=138 National Bank of Canada 0 0 0 6 0 0 6 3 9 3 27

=138 Quebecor 0 0 3 6 0 0 6 0 0 12 27

=138 redknee solutions 0 6 0 0 0 0 9 6 0 6 27



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=138 twin Butte energy 0 0 0 6 0 0 6 6 0 9 27

=142 Black Diamond Group 6 2 0 0 0 0 12 0 0 6 26

=142 Innergex renewable energy 2 0 0 6 0 0 6 0 6 6 26

=142 Linamar Corporation 0 5 0 6 6 0 0 6 0 3 26

=142 softchoice Corporation 0 3 0 6 0 0 3 6 0 8 26

=146 Alterra Power 0 6 0 0 0 0 6 0 6 6 24

=146 Canadian oil sands 6 0 0 6 0 0 0 0 6 6 24

=146 Canyon services Group 0 3 0 6 0 0 6 3 0 6 24

=146 Celestica 6 3 0 0 0 0 6 6 0 3 24

=146 Davis + Henderson Income Fund 0 3 3 0 0 0 0 12 0 6 24

=146 Loblaw Companies 0 0 0 12 0 6 6 0 0 0 24

=146 transGlobe energy 6 0 0 0 6 0 6 0 0 6 24

=146 viterra 6 0 6 0 0 0 0 0 6 6 24

=154 Cervus equipment 0 0 0 0 0 0 11 12 0 0 23

=154 CML HealthCare 0 0 5 0 0 0 6 0 9 3 23

156 Inter Pipeline Fund 5 0 5 0 0 0 0 6 0 6 22

=157 Alliance Grain traders 0 3 0 6 0 0 0 6 0 6 21

=157 Aurizon Mines 0 0 0 0 0 0 0 6 3 12 21

=157 enerflex systems 6 0 0 0 0 0 9 0 0 6 21

=157 ensign energy services 6 0 0 3 0 0 6 6 0 0 21

=157 extorre Gold Mines 3 0 6 0 0 0 0 0 6 6 21

=157 GWr Global Water resources 0 6 6 0 0 0 0 6 0 3 21

=157 High Liner Foods 6 0 6 0 0 6 0 0 0 3 21

=157 Mega Brands 3 0 0 0 0 0 6 6 0 6 21

=157 northland Power Income Fund 0 0 0 0 6 3 12 0 0 0 21

=166 Alimentation Couche-tard 6 5 0 0 0 0 6 0 0 3 20

=166 Canadian real estate Investment trust 6 0 0 0 12 0 0 0 0 2 20

=166 CI Financial Corp 0 0 3 0 0 0 3 9 0 5 20

=166 entrec Corporation 0 2 0 0 0 0 6 12 0 0 20

=166 MacDonald Dettwiler and Associates 0 0 0 0 0 0 12 2 0 6 20

=166 Major Drilling Group International 0 0 0 0 6 0 6 2 0 6 20

=166 shaw Communications 3 0 0 6 0 0 0 2 3 6 20


INDEx

Brookfield Infrastructure Partners ..................................... 5, 83

CAE ........................................ 4, 10, 12, 28, 31, 32, 47, 50, 72, 81

Calfrac Well Services ..............................................................82

Cameco .............................................................................. 21, 83

Canadian Imperial Bank of Commerce ............... 21, 63, 72, 82

Canadian natural Resources .......3, 4, 16, 19, 29, 47, 72, 73, 81

Canadian Oil Sands ................................................................85

Canadian Pacific Railway ............................4, 11, 12, 16, 23, 24, ............................................................................ 57-58, 73, 81

Canadian Real Estate Investment Trust .................................85

Canadian Satellite Radio .........................................................84

Canadian Tire .....................................2, 4, 12, 31, 51, 53, 72, 81

Canadian Western Bank ..........................................................84

Canfor .....................................................................................84

Canyon Services group ...........................................................85

Capstone Mining ......................................................................84

Cascades............................................................................ 54, 83

Celestica ..................................................................................85

Cenovus Energy .................................................4, 11, 12, 18, 19, .................................................................25, 29, 42, 43, 72, 81

Centerra gold .................................................................... 57, 83

Cervus Equipment ...................................................................85

CgI group ............................................2, 5, 12, 26, 38, 70, 73, 82

Churchill Corporation ................................................. 10, 75, 83

CI Financial Corp .....................................................................85

Cineplex Entertainment ........................................ 12, 44, 73, 82

CML HealthCare .....................................................................85

Cn ......................................... 3, 4, 10, 11, 12, 15, 16, 17, 18, 19, ...........................................................20, 21, 22-24, 25, 73, 81

Corus Entertainment .........................................4, 10, 12, 19, 31, .................................................................44-45, 47, 49, 73, 81

Crescent Point Energy .................................4, 11, 12, 15, 16, 18, ...........................................................25, 29, 38, 43, 59, 72, 81

Davis + Henderson Income Fund ............................................85

Aecon group ............................................................................82

Agnico-Eagle Mines.............................................3, 4, 10, 23, 28, ...........................................................31, 34, 48-49, 66, 73, 81

Agrium ......................................... 3, 4, 10, 11, 12, 15, 16, 17, 19, ...........................................................25, 34, 36, 43, 45, 73, 81

Aimia ..................................................2, 5, 11, 32, 63-64, 72, 82

Air Canada ........................................................12, 24, 54, 73, 83

Alamos gold ..................................................2, 4, 10, 12, 18, 28, ...........................................................31, 34, 40, 47, 53, 73, 81

Alimentation Couche-Tard ................................................ 38, 85

Alliance grain Traders.............................................................85

Allied Properties REIT ........................................... 12, 67, 73, 83

Altagas ................................................................... 19, 29, 72, 82

Alterra Power ..........................................................................85

Amaya gaming group..............................................................77

ARC Resources ..............................................3, 4, 10, 11, 12, 18, .....................................................20, 28, 29, 31, 38, 49, 72, 81

ATS Automation Tooling Systems ...........................................84

AuRico gold .............................................................................83

Aurizon Mines ..........................................................................85

Barrick gold ....................................................................... 17, 83

Bauer Performance Sports .....................................................84

Baytex Energy ..........................................3, 4, 10, 11, 12, 18, 19, ..................................................... 20, 21, 27-29, 31, 49, 72, 81

BCE ..........................................................3, 4, 10, 11, 12, 15, 16, ..................................................... 20, 25, 26, 37-38, 45, 73, 81

Bell Aliant ................................................................................84

Black Diamond group ................................................. 69, 74, 85

BMO Financial group ...............................2, 5, 17, 21, 64, 72, 82

Boardwalk REIT ..................................................... 12, 67, 73, 82

Bombardier ....................................................3, 4, 10, 12, 18, 19, ......................................... 20, 21, 28, 30-32, 49, 63, 72, 73, 81

Bonavista Energy Corp ............................................................84

Brixton Energy ............................................................. 11, 77, 84

Brookfield Asset Management ...........17, 21, 23, 62, 72, 77, 82

nUMBers In BoLD InDICAte tHe PAGe(s) WHere tHe CoMPAnY’s ProFILe CAn Be FoUnD


INDEx

Innergex Renewable Energy ...................................................85

Intact Financial .............................................4, 21, 49, 52, 72, 81

Inter Pipeline Fund ...................................................... 60, 73, 85

Kaminak gold ..........................................................................77

Keyera .................................................................... 12, 60, 73, 83

Killam Properties .................................................. 10, 67, 73, 75

Linamar Corporation ...............................................................85

Loblaw Companies ..................................................................85

lululemon .................................................................................23

Lumina Copper .................................................................. 77, 85

MacDonald Dettwiler and Associates .....................................85

Magna International ................................................ 5, 32, 65, 72

Major Drilling group International .........................................85

Manulife Financial ....................... 3, 4, 10, 11, 12, 15, 16, 18, 19, .....................................................21, 25, 35, 45, 57, 63, 72, 81

Maple Leaf Foods ........................................................ 51, 72, 83

MEg Energy .............................................................................82

Mega Brands ...........................................................................85

Mercator Minerals ...................................................................84

Metro ................................................................................. 51, 72,

Mullen group ...........................................................................83

national Bank of Canada ........................................................84

new gold.......................................................4, 34, 62, 73, 77, 82

newalta ........................................................................ 10, 54, 84

newmont Mining ......................................................... 69, 74, 83

nexen ................................................................11, 23, 38, 63, 82

northern Property REIT .............................................. 67, 73, 83

northland Power Income Fund ...............................................85

Onex Corporation.....................................................................83

OpenText Corporation ................................................. 26, 73, 82

Painted Pony Petroleum .........................................................77

Parkland Fuel ........................ 2, 4, 19, 20, 31, 32, 56, 72, 77, 81

Pengrowth Energy ...................................................................84

PetroBakken ............................................................................84

DeeThree Exploration ..............................................................83

Descartes Systems group ....................10, 26, 55, 69, 73, 74, 82

Detour gold .............................................................................84

Dollarama ........................................5, 10, 12, 47, 51, 71, 72, 82

Domtar ...................................................................... 2, 5, 65, 82

Dundee International REIT .................................... 10, 75-76, 84

Dundee REIT ................................................5, 12, 47, 67, 73, 82

Eldorado gold Corp .......................................................... 47, 83

Enbridge .................................. 3, 4, 11, 12, 15, 57, 60-61, 73, 81

Encana .....................................................................................84

Enerflex Systems .....................................................................85

Ensign Energy Services ...........................................................85

Entrec Corporation ..................................................... 11, 77, 85

Equitable group .......................................................................84

Extorre gold Mines ..................................................................85

Finning International .............................4, 10, 12, 18, 19, 20, 28, .....................................................31, 32, 39, 45, 47, 49, 72, 81

First Capital Realty ...................................................... 67, 73, 83

First Majestic Silver ..................................................... 34, 73, 82

First Quantum Minerals ..........................................................83

Foraco International ................................................................84

Franco-nevada .......................................................................83

genivar ...........................................................2, 4, 10, 11, 32, 38, .................................................................54-55, 63, 72, 75, 81

gildan Activewear ....................................................................83

goldcorp ...................................................3, 4, 12, 15, 16, 19, 25, .................................................................34, 40, 43, 13, 73, 81

guyana goldfields ....................................................................84

gWR global Water Resources .................................................85

H2O Innovation ........................................................................77

High Liner Foods .....................................................................85

Home Capital group ................................................................84

Hudbay Minerals................................................ 5, 34, 45, 73, 82

IAMgold...................................................4, 34, 43, 56, 73, 77, 81

Inmet Mining ..................................................... 4, 34, 61, 73, 82


INDEx

Peyto Exploration & Development ...............5, 29, 49, 68, 72, 82

Poseiden Concepts ..................................................................83

Postmedia network Canada ..................................................84

PotashCorp ................................. 3, 4, 10, 11, 12, 15, 16, 17, 18, ...........................................................20, 21, 33-34, 43, 73, 81

Precision Drilling ............................................... 5, 29, 66, 72, 82

Primero Mining .......................................................................84

Progress Energy Resources ......................................................6

Progressive Waste Solutions...................................................84

Pure Technologies ..................................................................83

Quebecor ..................................................................................84

Raging River Exploration ...................................... 11, 76-77, 84

RBC ................................................................3, 4, 12, 15, 17, 18, .....................................................20, 21, 23, 25, 16, 59, 72, 81

Redknee Solutions ..................................................................84

Richelieu Hardware ..................................................... 10, 55, 84

RioCan REIT ................................................................. 67, 73, 83

Ritchie Bros Auctioneers ........................................................83

Rogers Communications ........................3, 4, 10, 12, 15, 16, 17, ...........................................................18, 19, 20, 24-26, 73, 81

Russel Metals ................................................ 2, 5, 47, 49, 71, 82

Sandstorm gold .......................................................................77

Saputo ......................................................................................82

Scotiabank ....................................... 4, 11, 12, 15, 16, 17, 18, 19, ...........................................................21, 25, 38, 41, 59, 72, 81

Semafo .....................................................................................84

Shaw Communications .................................................... 44, 73

Shoppers Drug Mart ..........................................4, 10, 12, 28, 31, .................................................................47, 51, 26, 72, 73, 81

Sierra Wireless ............................................................ 69, 74, 84

Silver Wheaton .........................................................................82

SnC-Lavalin ......................................................4, 11, 18, 28, 32, ...................................................................... 52, 57, 66, 72, 81

Softchoice Corporation............................................................85

Stantec .................................................................... 4, 10, 12, 21, ...........................................................31, 32, 43, 46-47, 72, 81

Sun Life Financial ....................................................................84

Suncor Energy ........................................................ 4, 11, 15, 16, ...........................................................23, 29, 43, 48, 59, 72, 81

Superior Plus ......................................................... 12, 60, 73, 83

Talisman Energy .................................................... 20, 29, 72, 82

TD Bank group ...............................................2, 3, 4, 10, 11, 12, ...........................................................14-21, 25, 35, 72, 73, 81

Teck Resources ................................................. 4, 15, 34, 59, 73

TELUS ................................................ 3, 4, 10, 11, 12, 15, 17, 18, .................................................................21, 25, 26, 39, 73, 81

Tembec .....................................................................................83

Thomson Reuters .................................................. 12, 44, 73, 83

Tim Hortons ........................................................... 12, 51, 72, 82

TMX group ...............................................................................84

Torex gold Resources ............................................ 10, 54, 75, 83

Tourmaline Oil ........................................................................84

TransCanada .......................................................... 12, 60, 73, 83

Transcontinental ...............................................12, 44, 73, 75, 83

TransForce ......................................................................... 49, 82

Transglobe Energy .................................................................85

Trican Well Service ..................................................................82

Trinidad Drilling .......................................................................83

Twin Butte Energy ...................................................................85

Uni-Select .................................................................... 69, 74, 83

Valeant Pharmaceuticals ............................................ 11, 23, 84

Vermilion Energy Trust .....................................11, 29, 63, 72, 82

Viterra ................................................................................. 6, 85

West Fraser Timber .................................................................84

WesternOne ....................................5, 10, 54, 55, 69-70, 74, 82

WestJet Airlines ........................................................... 24, 73, 82

Westport Innovations ................................................... 11, 23, 83

yamana gold ....................... 2, 3, 4, 15, 25, 34, 38, 50, 66, 73, 81

IR M

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IR MagazIne InvestoR PeRCePtIon stUDYCanaDa 2013

IR Magazine1 Sekforde Street, London, EC1R 0BE, UKTel: +44 20 7107 2555 Fax: +44 20 7107 2571 Email: [email protected] 2324-7142

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