ferc 2015/16 midyear report · pdf fileo acquired cloudworks energy inc in 2011 •...
TRANSCRIPT
S t u d e n t s ’ S o c i e t y o f M cG i l l U n i v e r s i t y A s s o c i a t i o n é t u d i a n t e d e l ’ U n i v e r s i t é M cG i l l FinancialEthicsResearchCommittee OfficeoftheVice-President(Finance&Operations) BureauduVice-Président(FinanceetOpérations)
1200-3600rueMcTavishMontréal,QCH3A0G3Tel:514-398-6800Email:[email protected] 1
FERC 2015/16 Midyear Report Presented to Council on:
December 3rd, 2015
Ben Ger – FERC Coordinator
S t u d e n t s ’ S o c i e t y o f M cG i l l U n i v e r s i t y A s s o c i a t i o n é t u d i a n t e d e l ’ U n i v e r s i t é M cG i l l FinancialEthicsResearchCommittee OfficeoftheVice-President(Finance&Operations) BureauduVice-Président(FinanceetOpérations)
1200-3600rueMcTavishMontréal,QCH3A0G3Tel:514-398-6800Email:[email protected] 2
Introduction&BriefSummary:
SincethepassingoftheEthicalInvestmentPlan(EIP),theFinancialEthicsResearchCommittee(FERC)hasbeeninchargeofbi-annualreviewsofSSMU’sInvestmentportfolio.Theseinvestmentsarerunthroughasetofscreens,anddependentontheoutcome,arecommendationforfurtherresearch,maintainingtheholding,orimmediatedivestmentwillbemadetoSSMUcouncil.Thescreensinclude:
1. AnyinvolvementinTarSands,2. Tobacco/Gambling/Pornography,3. ArmamentsManufacturing,4. Companiesthatdobusinesswithoutconsentonnativeland,5. Companiesthatlobbytodobusinesswithoutconsentonnativeland.
Thecommitteedoesrecognizeafourthrecommendationoptionentitled“ShareholdersAdvocacy”thatinvestmentsmayalsobelabeledasiftheyviolateoneormoreofthescreens,butstilldisplaypromisingbehaviorotherwise.InthesecasestheFERCwouldbemandatedtocontactthecompanyandexpresstheirconcerns,towhichafollowingdecisionondivestmentwouldbemadebasedonthosediscussions.However,noholdingslistedinthis2015/2016reportwerelabeledassuch.Theportfoliocurrentlyconsistof56holdings,alltogethervaluedat~$2.8million($2,770,717.47).However,thisreportwillonlybedocumenting&reviewing46ofthose56,since10oftheseholdingsareindifferentpartsofthesamecompany.Theduplicateinvestmentsareasfollows:
Bell Cominar CorusEntertainment Sherritt Sirius DirectCash LaurentianBank QuebecoreMediaInc
BELLCANADA
COMINARREIT
CORUSENTRGS SHERRITT SIRUSCB17 DIREC144AC16 DIREC144AC16 DIREC144AC16
BELLCDAM32
COMINARS1
CORUSENTERTAINMENT-BNV
SHERRITTS1C17
SIRUSXMCDAHLDGSINC
DIRECTCASHPAYMENTSINC
DIRECTCASHPAYMENTSINC
DIRECTCASHPAYMENTSINC
BELLCDAM36
- - - - - - -
BCEINC - - - - - - -
Thesubsequentreviews&divestrecommendations(7intotal)aredoneconsideringinformationfrompreviousyearsreports,aswellasnewresearchdonebythe2014/2015FERCcommitteemembers:JustinChisholm,ZacheriahHouston,JimmyHuang,BulandJunenjo,GabeMiller,KristenPerry,andMarinaSmailes.
S t u d e n t s ’ S o c i e t y o f M cG i l l U n i v e r s i t y A s s o c i a t i o n é t u d i a n t e d e l ’ U n i v e r s i t é M cG i l l FinancialEthicsResearchCommittee OfficeoftheVice-President(Finance&Operations) BureauduVice-Président(FinanceetOpérations)
1200-3600rueMcTavishMontréal,QCH3A0G3Tel:514-398-6800Email:[email protected] 3
PreliminaryNumbers:SociallyResponsibleInvestments:42
DivestmentRecommended:7
MoreResearchNeeded:7
NoInformationFound:0
Growth&ChangeinthePortfolio:
SociallyResponsibleInvestments
Therehasbeenas8%increaseinpercentageoftheportfoliomadeupby,andnumbertheholdinglabeledassociallyresponsibleinvestmentssincelastyear(67%in2014/15,75%in2015/16).
DivestmentsRecommended
Therehasbeenadecreaseinthenumberofinvestmentsbeingrecommendedfordivestment(13%in2014/15,12%in2015/16),howeverthenumber(seven(7))hasactuallystayedthesame.
MoreResearchNeeded
Therehasbeenanincreaseinthenumberofinvestmentsthatrequiremoreresearchtomakeaninformeddecisionon(11%in2014/15,13%in2015/16).
75%
12%
13%
PreliminaryBreakdown- RequestedActiononInvestments
SoicallyReponsibleInvestments
DivestmentRecommended
MoreResearchNeeded
S t u d e n t s ’ S o c i e t y o f M cG i l l U n i v e r s i t y A s s o c i a t i o n é t u d i a n t e d e l ’ U n i v e r s i t é M cG i l l FinancialEthicsResearchCommittee OfficeoftheVice-President(Finance&Operations) BureauduVice-Président(FinanceetOpérations)
1200-3600rueMcTavishMontréal,QCH3A0G3Tel:514-398-6800Email:[email protected] 4
FERC–InvestmentPortfolioHoldingsAnalysis1ResearchCreditedtoJustinChisholm
GLACIERMEDIAINC(NOTSOCIALLYRESPONSIBLE)InformationonGlacierMediaInc.wasreadilyavailableontheirwebsiteaswellasthroughgeneralsearchengines.ThisislikelybecauseGlacierMediaispubliclytraded.Financialperformanceandacquisitioninformationwaseasytolocate,however,itisdifficulttostronglylinkmediapublicationstoanythingbeyondtheirpublishedcontent.BriefBackgroundInformation:
• GlacierMediaInc.isaninformationandcommunicationscompanyfocusedontheprovisionofessentialinformationandrelatedservicesthroughprintanddigitalmedia.Theyoperateintwosegments:
• CorporateheadquartersislocatedinVancouver.• Communitymediaandtradeinformationgroup:ThisiscomposedoftheGlacierCommunity
MediaGroup,whichincludesdailypapers,onlineofferingsinBC,Sask.,Manitoba,andAlberta.• Businessandprofessionalinformationgroup:ThisiscomposedofERISLtd.(EnvironmentalRisk
InformationService),RealEstateWeely,GlacierFarmMedia,JuneWarren-Nickle’sEnergyGroup,andotherbusinessand/orprofessionalinformationcompanies.
• ThetradingvalueofGlacierMediaInchasfalleninfourofthelastfiveyears,includingthisyear.
• Annualgrowthdatethisyear,todate,is-59.60%.• GlacierMediaInc.acquiredAlta.NewspaperGroup(Alberta)in2006.
• FoundedonMarch23,1988RecentActivityofNote:November11th,2007
1. GlacierMediaInc.mergedJuneWarrenPublishingwithNickle’sEnergyGroupin2008tocreateJuneWarren-Nickle’sEnergyGroup.Thiscompanymergertookplaceinparttoexpandinformation“toserveCanada’soilandgasindustry”(GVIC2007).
• BillWhitelawistheCEOofJWNEGandisontheboardfortheCanadianHeavyOilAssociation,theCanadianSocietyforUnconventionalResourcesandtheCanadianPetroleumHallofFame
2011
1. $85.6billiontoacquire20papersandtheVictoriaTimesColonistfromPostmediaInc.October2015
1. ClosedthreeBritishColumbiacommunitynewspapersinOctober,inadditiontoothermorerecentclosures.
S t u d e n t s ’ S o c i e t y o f M cG i l l U n i v e r s i t y A s s o c i a t i o n é t u d i a n t e d e l ’ U n i v e r s i t é M cG i l l FinancialEthicsResearchCommittee OfficeoftheVice-President(Finance&Operations) BureauduVice-Président(FinanceetOpérations)
1200-3600rueMcTavishMontréal,QCH3A0G3Tel:514-398-6800Email:[email protected] 5
INNERGEXRENEWABLEENERGY(SOCIALLYRESPONSIBLE)InnergexRenewableEnergyisapublicallytradedcompanyandsoinformationonperformanceandsocialresponsiblitywerereadilyavailablethroughtheirwebsiteifnotalreadythroughmediacoverageandindependentreports.BriefBackgroundInformation:
• InnergexRenewableEnergy(INE)isanindependentpowerproductioncompanythatwasfoundedinQuebecandhassincespreaditsbusinessacrossCanada.INEheadquartersarelocatedinLongueuil,Quebec.
• INEinvestsinfourreportablesegmentsoftherenewableenergysector:hydroelectricproduction(26facilities),windpowerproduction(sixfarms),solarpowerproduction(onefarm),andsitedevelopmentandmanagement(NumbersrepresentsinstalledcapacityasofApril2015).
• INE’sstocktodaysitsataboutthemidpointbetweenitslowandhightradingvaluesthisyear.Itiscurrentlynearlyunchangedoverthelastyeartodate.
o -2.99%o AcquiredCloudworksEnergyIncin2011
• INE’sstocktodaysitsataboutthemidpointbetweenitslowandhightradingvaluesthisyear.Itiscurrentlynearlyunchangedoverthelastyeartodate.
o Foundedin1990andheadquartersinMontrealandVancouver.RecentActivityofNote:March2014
1. INEandHydro-Quebecsign$365milliondealwith3Mi’kmaqcommunitiesforGaspewindfarm.
March2015
1. INEhaltsdevelopmentoftheNodinosiwindprojectcitingthatthey“stronglybelieveina collaborative approach to project development, because social acceptability isessentialtoasuccessfulproject”(Morin2015).
April172015
1. INEandSaik’uzFirstNationofBritishColumbiasign50-50partnershiptodevelopawindenergyprojectatNulkiHills.
- "We have had a very positive relationship with Innergex to date and we are extremelypleased to enter into a partnership with them,” said Saik’uz First Nations Chief StanleyThomas. “Weareexcitedabout thenewopportunities theNulkiHillsprojectwillbring forourcommunity,andweareconfidentthattheywilltakeplaceinamannerthatisrespectfuloftheenvironment,ourcultureandourconstitutionalaboriginalrights,titlesandinterest”(StanleyThomas,Saik’uzFirstNationChief).
S t u d e n t s ’ S o c i e t y o f M cG i l l U n i v e r s i t y A s s o c i a t i o n é t u d i a n t e d e l ’ U n i v e r s i t é M cG i l l FinancialEthicsResearchCommittee OfficeoftheVice-President(Finance&Operations) BureauduVice-Président(FinanceetOpérations)
1200-3600rueMcTavishMontréal,QCH3A0G3Tel:514-398-6800Email:[email protected] 6
FIRSTCAP-K(SOCIALLYRESPONSIBLE)FirstCapitalReality(FIRSTCAP-K)ispublicallytradedontheTSX.TheBriefBackground,recentactivityandsubsequentethicaldeterminationisbasedoffthepublicinformationsuppliedbythecompanywebsiteandsubsequentsearches.
BriefBackgroundInformation:
• Canada’sleadingowner,developerandmanagerof,mostlygrocery,urbanproperties• Modelslongtermgrowththroughsustainablecashflowandpropertyappreciation.• Growthinthisyeartodateis4.77%andmorerecentlyhasbeengivena“consensusbuyrating”by
sixanalystscoveringthefirm.• SubsidiaryofGazit-GlobeInc.(44.1%owned)whichhassubsidiariesinGermanyandBrazil.• HeadquarterslocatedinToronto,ON.
RecentActivityofNote:
2014
1. Hasbeenreleasingannual“CorporateResponsiblityandSustainability(CRS)Reports.”Mostrecently,recognizedasthehighestrankingCanadianrealestatecompanyandsixthcompanyoverallinCorporateKnightsInauguralFuture40ResponsibleCorporateLeadersinCanada.
GUARDIANCAPITALCORP(SOCIALLYRESPONSIBLE)GuardianCapitalCorporation(GUARDIANCAPITALCORP)ispublicallytradedontheTSX.TheBriefBackground,recentactivityandsubsequentethicaldeterminationisbasedoffthepublicinformationsuppliedbythecompanywebsiteandsubsequentsearches.
BriefBackgroundInformation:
• Canadianfinancialservicescompanythatownsoperatessubsidiariesprovidinginvestmentmanagement,financialadvisory,generalcorporateservices,andreatildistributionofmutualfundsandinsurance.
• Growthinthisyeartodateis-8.40%anditsstatuswasdowngradedto“hold”from“buy”inAugustofthisyear.
• CurrentlyasubsidiaryoftheBankofMontreal(BMO),soitsvalueislinkedtothatofBMO• HeadquarterslocatedinToronto,ON.• PublicallylistedontheTSEasof1969,foundedin1962
RecentActivityofNote:
**Nothingrelevantintermsof“good”or“bad”activity.
S t u d e n t s ’ S o c i e t y o f M cG i l l U n i v e r s i t y A s s o c i a t i o n é t u d i a n t e d e l ’ U n i v e r s i t é M cG i l l FinancialEthicsResearchCommittee OfficeoftheVice-President(Finance&Operations) BureauduVice-Président(FinanceetOpérations)
1200-3600rueMcTavishMontréal,QCH3A0G3Tel:514-398-6800Email:[email protected] 7
INPUTCAPITALCORP(SOCIALLYRESPONSIBLE)InputCapitalCorporation(INPUTCAPITALCORP)ispublicallytradedontheTSX.TheBriefBackground,recentactivityandsubsequentethicaldeterminationisbasedoffthepublicinformationsuppliedbythecompanywebsiteandsubsequentsearches.
BriefBackgroundInformation:
• Canadianagriculturalcommoditystreamingcompanythatenterscommoditystreaming,(mostlycanola)contractsacrosswesternCanada.Paysfarmersupfrontamountforfixedamountofcanolaproducedannually.
• Growthinthisyeartodateis22.73%anditsstatusislistedas“buy”accordingtosevenanalystssurveyedbyReuters.
• HeadquarterslocatedinSaskatchewan,SK.• Thereislittlehistoricalbackgroundinformationonthiscompanyasmostavailableinformation
decribeshowtheydobusinesstoday.ThisleadsmetobelieveRecentActivityofNote:
**Nothingrelevantintermsof“good”or“bad”activity.
GREATCANADIANGAMING(NOTSOCIALLYRESPONSIBLE)GREATCANADIANGAMING(GRTCDN)ispublicallytradedontheTSX.TheBriefBackground,recentactivityandsubsequentethicaldeterminationisbasedoffthepublicinformationsuppliedbythecompanywebsiteandsubsequentsearches.
BriefBackgroundInformation:
• GreatCanadianGamingisacompanythatoperatesgaming,entertainment,andhospitalityfacilitiesacrossCanada.
• Growthinthisyeartodateis-16.71%anditsstatusislistedas“buy”accordingtofiveanalystssurveyedbyReuters.
• HeadquarterslocatedinCoquitlam,BritishColumbia.• Vision“...istobetheleadinggaming…companyinourchosenmarkets,”whichviolatesoneofthe
negativescreensoftheFERC,thatbeinginvolvementingambling.RecentActivityofNote:September9th,2015
• TheGreatCanadianGaminggroupwinsrightstoOLGbettingzonesinEasternOntario,furthergrowingitsinterestsinthegaming/gamblingservicemarket.
S t u d e n t s ’ S o c i e t y o f M cG i l l U n i v e r s i t y A s s o c i a t i o n é t u d i a n t e d e l ’ U n i v e r s i t é M cG i l l FinancialEthicsResearchCommittee OfficeoftheVice-President(Finance&Operations) BureauduVice-Président(FinanceetOpérations)
1200-3600rueMcTavishMontréal,QCH3A0G3Tel:514-398-6800Email:[email protected] 8
GFLENVRGS(SOCIALLYRESPONSIBLE)GreenForLifeCorporation(GFL)ispublicallytradedontheTSX.TheBriefBackground,recentactivityandsubsequentethicaldeterminationisbasedoffthepublicinformationsuppliedbythecompanywebsiteandsubsequentsearches.However,tradinginformationonthiscompanywasnotreadilyavailableatthetimeofthisreport.
BriefBackgroundInformation:
• GreenForLifeCorporationisacompanythatoperatesinliquidandsolidwastemanagementthatrangesfromindustrial/commercial/insitutional(ICI)tomunicipalandresidential.
• Growthinthisyeartodateis???• HeadquarterslocatedinVaughan,ON.
RecentActivityofNote:
2014
• PreviouslyworkingoutofcentralCanadabutin2014madesixacquisitions,fromAtlanticCanadatoAlberta,totalling$200million.FurthersolidifyingitscommitmenttogrowingitswastedisposalbusinessacrossCanada.
I/R-EMERACV(TOBEDECIDED)EmeraInc.(EMA)ispublicallytradedontheTSX.TheBriefBackground,recentactivityandsubsequentethicaldeterminationisbasedoffthepublicinformationsuppliedbythecompanywebsiteandsubsequentsearches.
BriefBackgroundInformation:
• EmeraInc.isanenergyandservicescompanythatownsandinvestsinelectricitygeneration,transmissionanddistribution,gastransmission,utilityservices,energymarketingandtradingservices,andotherenergy-relatedmanagementservices.
• Growthinthisyeartodateis11.21%• HeadquarterslocatedinHalifax,NS.
RecentActivityofNote:
2014
• PreviouslyworkingoutofcentralCanadabutin2014madesixacquisitions,fromAtlanticCanadatoAlberta,totalling$200million.FurthersolidifyingitscommitmenttogrowingitswastedisposalbusinessacrossCanada.
S t u d e n t s ’ S o c i e t y o f M cG i l l U n i v e r s i t y A s s o c i a t i o n é t u d i a n t e d e l ’ U n i v e r s i t é M cG i l l FinancialEthicsResearchCommittee OfficeoftheVice-President(Finance&Operations) BureauduVice-Président(FinanceetOpérations)
1200-3600rueMcTavishMontréal,QCH3A0G3Tel:514-398-6800Email:[email protected] 9
FERC–InvestmentPortfolioHoldingsAnalysis2ResearchCreditedtoBenGer
SHAWCOMM(SOCIALLYRESPONSIBLEINVESTMENT)BriefBackgroundInformation:
• Providesbroadcastcabletelevision,Internet,andsatelliteservices.• LocatedinCalgaryCanada.
RecentActivityofNote:
March,11,2015
1. ShawCommunicationsunderpaidatleasttwoemployeesbydeclaringthemindependentcontractorswhentheyshouldhavebeenfull-timeemployees.
CAPSTONECV(SOCIALLYRESPONSIBLEINVESTMENT)BriefBackgroundInformation:
• Preciousandbasemetalsminingcompany• ProjectsinCanada,Mexico,andChile• HeadofficeislocatedinVancouver,Canada• Ownsthefollowingcompanies:
o PintoValleyCopperMining§ PreviouslyownedbyBHP’sBillitonLtd.
o FarWestMining§ InpartnershipwithKoreaResourcesCorporation
o NevadaCopperCorp
RecentActivityofNote:
**Nothingrelevantintermsof“good”or“bad”activityfromCapstoneoranyofitssubsidiaries.
BLACKSTONEVENTURES(SOCIALLYRESPONSIBLEINVESTMENT)BriefBackgroundInformation:
• Mineralexploitationscompanyo OnlyownsassetinSulphiteNickelmineso 100%ofthemarelocatedNorthernSweden
• BasedoutofVancouver,BC.
S t u d e n t s ’ S o c i e t y o f M cG i l l U n i v e r s i t y A s s o c i a t i o n é t u d i a n t e d e l ’ U n i v e r s i t é M cG i l l FinancialEthicsResearchCommittee OfficeoftheVice-President(Finance&Operations) BureauduVice-Président(FinanceetOpérations)
1200-3600rueMcTavishMontréal,QCH3A0G3Tel:514-398-6800Email:[email protected] 10
RecentActivityofNote:
**Nothingrelevantintermsof“good”or“bad”activityfromCapstoneoranyofitssubsidiaries.
RONACB(SOCIALLYRESPONSIBLEINVESTMENT)BriefBackgroundInformation:
• Provides“homeimprovement”andgardeningtoolstocommercialandresidentialcustomers.• HeadquarterslocatedinQuebec.
RecentActivityofNote:
**Nothingrelevantintermsof“good”or“bad”activity.
VIDEOTRON(SOCIALLYRESPONSIBLEINVESTMENT)BriefBackgroundInformation:
• OwnedbyQuebecorMediao Broadcastingcompanythatalsooperatesinthefollowingfields:
§ Publishing,distribution,multimedia,andbroadcasting• Videotronworksinthecommunicationssector
o CableTVo InternetServiceso TelephoneServices
RecentActivityofNote:
(September16th,2015)
• SubsidiaryVideotrontospent$40milliontobuildMontrealdatacentrea. http://www.quebecor.com/en/comm/videotron-spend-40-million-build-montréal-data-
centre
SANDVINECORP(SOCIALLYRESPONSIBLEINVESTMENT)BriefBackgroundInformation:
• BasedoutofWaterloo,ON• Developandmarketbroadbandnetworkmanagementtoolsforinternetserviceproviders.
RecentActivityofNote:
**Nothingrelevantintermsof“good”or“bad”activity.
S t u d e n t s ’ S o c i e t y o f M cG i l l U n i v e r s i t y A s s o c i a t i o n é t u d i a n t e d e l ’ U n i v e r s i t é M cG i l l FinancialEthicsResearchCommittee OfficeoftheVice-President(Finance&Operations) BureauduVice-Président(FinanceetOpérations)
1200-3600rueMcTavishMontréal,QCH3A0G3Tel:514-398-6800Email:[email protected] 11
VERESENINC(SOCIALLYRESPONSIBLEINVESTMENT)BriefBackgroundInformation:
• BasedoutofCalgary,AL• OwnsandoperatesenergyinfrastructureassetsacrossNorthAmerica• Currentlyhasnumerousprojectsinwindfarm,naturalgasextraction,andnaturalgaspipelines.• Thoughonememberofitsboardcomesfromabackgroundinoil-sandsextraction,nonetheits
companiesprojectsorinvestmentsareintarsands,orcoalburningpowerplants.
RecentActivityofNote:
**Nothingrelevantintermsof“good”or“bad”activity.
SAVARIACORPORATION(SIS)(SOCIALLYRESPONSIBLEINVESTMENT)BriefBackgroundInformation:
• BasedoutofLaval,QC• Designs,manufactures,anddistributesequipmentforpeoplewithspecialneeds.
o VerticalLiftso InclinedLiftso Stairliftso Wheelchairaccessiblevanso Residential(home)&commercialelevators
• TheycurrentselltobothCanadianandAmericanmarkets.
RecentActivityofNote:
**Nothingrelevantintermsof“good”or“bad”activity.
CLCINDUSTRIES(SOCIALLYRESPONSIBLEINVESTMENT)BriefBackgroundInformation:
• BasedoutofBloomingdale,IL• Electricalcontractor,providing
o Lightingsolutionso HighVoltageInstallationso OutdoorLightingo Maintenanceo ServicingElectricalsystems
RecentActivityofNote:
**Nothingrelevantintermsof“good”or“bad”activity.
S t u d e n t s ’ S o c i e t y o f M cG i l l U n i v e r s i t y A s s o c i a t i o n é t u d i a n t e d e l ’ U n i v e r s i t é M cG i l l FinancialEthicsResearchCommittee OfficeoftheVice-President(Finance&Operations) BureauduVice-Président(FinanceetOpérations)
1200-3600rueMcTavishMontréal,QCH3A0G3Tel:514-398-6800Email:[email protected] 12
FERC–InvestmentPortfolioHoldingsAnalysis3ResearchCreditedtoJimmyHuang
CORUSENTERTAINMENT(SOCIALLYRESPONSIBLEINVESTMENT)BriefBackgroundInformation:
• HeadquarteredinToronto.• CorusEntertainmentisapublicmediaandbroadcastingcompanyknownforCanadianspecialty
televisionprimarilyforchildren• Corusowns:
o YTVo Teletoono Nelvanaanimationstudioo KidsCanPressbookpublishero LocalizedversionsofNickelodeon,CartoonNetwork,andDisneyChannelo Operate39Canadianradiostations
• ItistobenotedthatwhiletheShawfamilyownmajoritycontrolofbothCorusaswellasShawCommunications,andCoruswasformedfromShawCommunications’mediaassets,theyarebothindependentpubliccompanieswithdifferentmanagementteamsthoughtheydoseemtohaveacloserelationship.
• Forfullinformationoncorporatestructure:http://www.crtc.gc.ca/ownership/eng/cht032c.pdf• CorusEntertainmenthasbeendoingfairlypoorly:
o From$25to$13.3stockpricedeclinewithinthepastyear(partlyduetodecliningcabledemand)
o Adrevenuefell11percentcomparedtolastyear’sthirdquarter(July2015)o Subscriberrevenuefell3percentandradiorevenuefell7percent
RecentActivityofNote:
2015-
1. SomespecialtytelevisionsubsidiariesofCorusEntertainmentregularlyencourageculturaldiversity,equity,andeducationalprogramsforchildren.
2. TheKidsCanPressbookpublisherisveryresponsiblewhenitcomestodiversityandequity.
March,11,2015
1. ShawCommunicationsunderpaidatleasttwoemployeesbydeclaringthemindependentcontractorswhentheyshouldhavebeenfull-timeemployees.
2. SinceShawCommunicationshavecloserelationswithCorusEntertainmentI’veincludedthisevent,however,itistobenotedthattheyarecompletelydifferentcompanieswithdifferentmanagementanddirectors.
S t u d e n t s ’ S o c i e t y o f M cG i l l U n i v e r s i t y A s s o c i a t i o n é t u d i a n t e d e l ’ U n i v e r s i t é M cG i l l FinancialEthicsResearchCommittee OfficeoftheVice-President(Finance&Operations) BureauduVice-Président(FinanceetOpérations)
1200-3600rueMcTavishMontréal,QCH3A0G3Tel:514-398-6800Email:[email protected] 13
COMINAR(SOCIALLYRESPONSIBLEINVESTMENT)AsalargeREITwithover6100customers,itisnotaguaranteethatallofCominar’sleaseespracticesocialresponsibility.ThisreportisolatesCominar’sactionsfromtheactionsofitsleaseesaslongasCominardoesnotencourageanyleaseeactionsthatfailourscreens.
BriefBackgroundInformation:
• CominarREITisanunincorporated,closed-endREITwithpublicallytradedunitsstartedbyJulesDallaireinQuebecCity
• CominarREITwascreatedin1998byacquiringCominarInc.’scommercialrealestateportfolioandintegratingallofCominarInc.’sstafftoCominarREIT
• ThethirdlargestdiversifiedREITinCanadawith564retail,office,andindustrialproperties• Has$8.3billioninassetslocatedinOntario,Quebec,AtlanticProvinces,andWesternCanada
RecentActivityofNote:
August,16,2014
1. CominarREITacquired15propertiesinQuebecandOntariofor$1.527billionfromIvanhoeCambridgeInc.
DIRECTCASHPAYMENTSINC(SOCIALLYRESPONSIBLEINVESTMENT)BriefBackgroundInformation:
• DirectCashPaymentsInc.isafullserviceproviderofpaymentprocessingandATMsolutions;theydeploy,operate,andserviceATMs
• Providestransaction-processingservicesforfinancialinstitutions,corporations,retailers,andthegovernment.
• TheiroperationsaresegmentedinCanada/Mexico,Australia/NewZealand,andEurope.
RecentActivityofNote:
**Nothingrelevantintermsof“good”or“bad”activity.
EQUITABLEGROUPINC(TOOBEDECIDED)BriefBackgroundInformation:
• EquitableGroupInc.isafinancialservicescompanythatwhollyownsandoperatesthroughthefederallyregulatedandToronto-basedschedule1bank,EquitableBank.
• Startedin1970asTheEquitableTrustCompany,EquitableBankgainedapprovaltoformaSchedule1bankin2013
• EquitableBankprovidesmortgageloanstocommercialborrowersaswellasfamiliesandbusinesses.Theyusuallyusebrokerstotargethigh-riskborrowerslikenewimmigrantfamiliesathigherinterestratestocompensatefortheaddedrisk.
• EquitableBankalsoprovidessavingsaccountsandGICs.
S t u d e n t s ’ S o c i e t y o f M cG i l l U n i v e r s i t y A s s o c i a t i o n é t u d i a n t e d e l ’ U n i v e r s i t é M cG i l l FinancialEthicsResearchCommittee OfficeoftheVice-President(Finance&Operations) BureauduVice-Président(FinanceetOpérations)
1200-3600rueMcTavishMontréal,QCH3A0G3Tel:514-398-6800Email:[email protected] 14
RecentActivityofNote:
September,15,2011
1. InoneofthebiggestcasesofmortgagelendingfraudinCanada,ManzoorMoorshedKhan(presidentofChannelPropertyManagement)borrowedmoneyagainstcondoresidentswithouttheirknowledge.
2. Inthefollowingsuit,ithasbeenallegedthatKhanfakedabylawwithouttheboard’sknowledgeandfalsifiedaseriesoflegaldocumentsinordertoobtaintheloans.Misappropriationoffundsisestimatedbylawyerstoexceed$20million.
3. EquitableTrustlentmoneytoKhanthrough4differentloanstiedtoChannelPropertiesthattotaledtoapproximately$14million.OneofthecondocorporationsistakingactiontosueKhanandseveralotherfinancingfirms,includingEquitableTrustfor$3.1million.(NEEDSMORESOURCES)
4. Manyimmigrantfamiliesthatboughtthosecondoswereleftwithexuberantmanagementfeesafterthefraudandlowpropertyvalue.
5. ThoughEquitableTrustmayalsobeavictim,theyalsohaveafiduciaryresponsibility.Bylending,EquitableTrust’sallegedinvolvementinthefraudseemstobeatitsbestoversightandatitsworstcomplicity.
FAIRFAXFINANCIAL(TOOBEDECIDED)Asalargefinancialholdingscompanywithapproximately$31.7billioninassets,itisnotaguaranteethatallofFairfax’ssubsidiariesandinvestmentsaresociallyresponsible.Thisreportattemptstodetermine,toareasonabledegree,whetherFairfaxFinancialanditsdirectsubsidiariesactivelyengageinsociallyirresponsibleactions.
BriefBackgroundInformation:
• AfinancialholdingscompanybasedinTorontowithtotalassetsofapproximately$31.7billion.• FairfaxFinancialthroughitssubsidiariesengagesinlife,casualty,andpropertyinsurance.They
alsoengageininvestmentmanagementandinsuranceclaimsmanagement.• Fairfaxowns:
o OdysseyRe(whichinturnalsoowns4.8%oftheJordanKuwaitBank)o NorthbridgeFinancialo Crum&Forstero ZenithInsuranceCompanyo FalconInsuranceo FirstCapitalo TheU.S.runoffgroupo TheEuropeanrunoffgroupo CunninghamLindseyo MFXchangeo GroupReo ICICILombard
• Fairfaxanditssubsidiariesarealsoinvestedinahostofothercompaniesandcommonstocks(includingJordanKuwaitBank(4.8%),CanWestGlobalCommunications(22.41%),IntelCorp,etc.)
S t u d e n t s ’ S o c i e t y o f M cG i l l U n i v e r s i t y A s s o c i a t i o n é t u d i a n t e d e l ’ U n i v e r s i t é M cG i l l FinancialEthicsResearchCommittee OfficeoftheVice-President(Finance&Operations) BureauduVice-Président(FinanceetOpérations)
1200-3600rueMcTavishMontréal,QCH3A0G3Tel:514-398-6800Email:[email protected] 15
RecentActivityofNote:
May15,2014
3. Fairfax,thesecondlargestshareholderinBlackberryLtd.,sells5.2millionBlackberryshares.Itnowhas46.7millionshares(or8.9%stake)inBlackberry.
May31,2008
1. Fairfaxmadea$350millioninvestmentintoAbitibiBowaterInc.,whichisnowknownasResoluteForestProducts.
2. ResoluteForestProductsisapulpandpapermanufacturercompanythathasbeencriticizedbyGreenpeaceforadvancedloggingandroadbuildinginendangeredspecies’habitatinOntarioandQuebec.TheForestStewardshipCouncilin2013foundResoluteviolatingprinciplesrelatingtoindigenousPeople’srights,environmentalimpacts,andforestbenefits.
3. SinceFairfaxissuchalargeorganizationhandlingmanyinvestments,thisparticularinvestmenthasbeendeemednotsignificantenoughtoconstituteFairfaxFinancialanditsdirectsubsidiariesactivelyengaginginsociallyirresponsibleactions.
FPNEWSPAPERSINC(SOCIALLYRESPONSIBLEINVESTMENT)BriefBackgroundInformation:
• FPNewspapersInc.ownssecuritiesentitlingittoapproximately49%ofthedistributablecashofFPCanadianNewspapersLimitedPartnership(FPLP).
• FPLPowns:o TheWinnipegFreePresso TheBrandonSuno TheCanstarCommunitynewsstationo DerksenPrinters
• TheWinnipegFreePressandtheBrandonSunarenewspapercompaniesinManitoba.Derksenprintersisaprintingandpublishingcompany.
RecentActivityofNote:
**Nothingrelevantintermsof“good”or“bad”activity.
S t u d e n t s ’ S o c i e t y o f M cG i l l U n i v e r s i t y A s s o c i a t i o n é t u d i a n t e d e l ’ U n i v e r s i t é M cG i l l FinancialEthicsResearchCommittee OfficeoftheVice-President(Finance&Operations) BureauduVice-Président(FinanceetOpérations)
1200-3600rueMcTavishMontréal,QCH3A0G3Tel:514-398-6800Email:[email protected] 16
FERC–InvestmentPortfolioHoldingsAnalysis4ResearchCreditedtoBulandJunejo
SHERRITT7.5%(NOTSOCIALLYRESPONSIBLE)http://www.sherritt.com/Investor-Relations/Financial-Reports/Annual-Reports
http://www.sherritt.com/about-sherritt/history
BriefBackgroundInformation:
• SherrittInternationalCorporationisaTSX-listeddiversifiedresourcecompanythatoperatesprincipallyinCanada,CubaandMadagascar.
• Sherritt’scorebusinessunitsareinvolvedintheproductionofnickel,cobalt,oilandelectricity.• Combinedrevenuein2014was$1136.3millionwhereasin2013itwas$783.4million.• Havebeenintheminingbusinesssince1927andhavediversifiedintooilandgas,fertilizersand
powersince.
RecentActivityofNote:
1994–
• SherrittacquiresfertilizerassetsfromImperialOilLimitedandbecomesthelargestproducerofnitrogenandphosphatefertilizersinCanada.MetalsEnterprise,a50/50jointventurewithGeneralNickelS.A.,isformedcombiningminingoperationsatMoa,CubawithrefiningoperationsatFortSaskatchewan,Canada.
1997–
1. SherrittacquiresDynatecInternationalLtd.
1991–
1. 1991-SherrittacquiredCanadaNorthwestEnergyLimited,aCalgarybasedproducerofoilandnaturalgas.
S t u d e n t s ’ S o c i e t y o f M cG i l l U n i v e r s i t y A s s o c i a t i o n é t u d i a n t e d e l ’ U n i v e r s i t é M cG i l l FinancialEthicsResearchCommittee OfficeoftheVice-President(Finance&Operations) BureauduVice-Président(FinanceetOpérations)
1200-3600rueMcTavishMontréal,QCH3A0G3Tel:514-398-6800Email:[email protected] 17
SIRIUS(SOCIALLYRESPONSIBLE)http://www.siriusxm.ca/what-is-siriusxm/
https://en.wikipedia.org/wiki/Sirius_XM_Holdings#Post-merger
BriefBackgroundInformation:
• SiriusXMHoldingsisanAmericanbroadcastingcompany(headquartersNewYork)thatprovidesthreesatelliteradioservicesopertatingintheUSA,Siriussatelliteradio,XMsatelliteradioandSiriusXMradio.ThecompanyalsohasaCanadiansubsidiarycalledSiriusXMCanada,anaffiliatecompanythatprovidesSiriusandXMserviceinCanada.
• TherevisionistobetheleadingpremiumdigitalaudioentertainmentandinformationserviceproviderinCanada.Ourstrategyisfoundedontheprinciplesofacquiringsubscribersinacosteffectivemanner,retainingsubscribersthroughenhancingthevaluepropositionandimprovingbusinessefficiencies.SatelliteRadioinCanadaoffers120–130channels,includingcommercial-freemusicaswellasnews,talk,sportsandchildren’sprogramming.
• Annualrevenuewentupto$303.5millionin2014from$288.9millionin2013.• Onapril11th2011theCanadianradiotelevisionandtelecommunicationscommission(CRTC)
approvedthemergerofSiriusandXM’sCanadianaffiliatesinSiriusXMCanada.• AftercomingclosetofilingforChapter11onlymonthsafterthe2008merger,goingsofarasto
hirelawyerstoprepareapossiblebankruptcyfiling,SiriusXMwasabletoavoiddeclaringbankruptcywiththeassistanceofa$530millionloanfromLibertyMediainFebruary2009,whichMelKarmazinnegotiatedinexchangefora40%equitystakeinSiriusXM.
• Foundedonmay17th1990.• SiriusXMCanadaasubsidiarywasfoundedin2011.
RecentActivityofNote:
**Nothingrelevantintermsof“good”or“bad”activity.
SUPERIORCB-17(NOTSOCIALLYRESPONSIBLE)http://www.superiorpropane.com/about-superior/
http://www.superiorplus.com/
BriefBackgroundInformation:
• SuperiorPluswasfoundedonAugust2,1996andisheadquarteredinCalgary,Canada.• Superiorsenergyservicesdivisionprovidesdistribution;wholesaleprocurementandrelated
servicesinrelationtopropane,heatingoilandotherrefinedfuelsthoughoutCanadaandthenortheasternUnitedStates.
• EnergyservicesalsoprovidefixedpricenaturalgassupplyservicesinOntario,QuebecandBritishColumbiainadditiontoprovidingfixedpriceelectricitysupplyservicesinOntario.
• Grossprofitin2012–$846.3millionin2013-$868.8millionandin2014-$922.1millionshowsconstantgrowthovertheyears.
S t u d e n t s ’ S o c i e t y o f M cG i l l U n i v e r s i t y A s s o c i a t i o n é t u d i a n t e d e l ’ U n i v e r s i t é M cG i l l FinancialEthicsResearchCommittee OfficeoftheVice-President(Finance&Operations) BureauduVice-Président(FinanceetOpérations)
1200-3600rueMcTavishMontréal,QCH3A0G3Tel:514-398-6800Email:[email protected] 18
RecentActivityofNote:
DateNotRelevant–
1. Superiorisanoilcompanyanddirectlyviolatestheethicalinvestmentplan.
TELUSCORP(SOCIALLYRESPONSIBLE)http://ar.telus.com/investor-overview/2014-results-at-a-glance/#/intro
BriefBackgroundInformation:
• ThecompanyisbasedinVancouver,BritishColumbia.WasoriginallybasedinEdmonton,AlbertabeforeismergerwithBCTelin1999.
• TelusisaCanadiannationaltelecommunicationscompanythatprovidesawiderangeoftelecommunicationproductsandservicesincludingInternetaccess,voice,entertainment,healthcare,video,satelliteandIPTVtelevision.
• Havetheybeendoingwell?o TherewasapositiveannualgrowthastherewasincreaseintheEBITDA,operating
revenuesandtotalassetsfromtheyear2012–2014,o In1995,itacquiredEdmontonTelephonesCorporation(EdTel)fromtheCityofEdmonton
makingTelusthesoleprovideroftelephoneserviceintheprovince.In1998,TelusandBCTelannouncedaproposedmerger.Themergerwascompletedin1999,withthecorporatenameslightlymodifiedtoTelusCorporation.WhilethemergedcompanychosetoretaintheTelusname,itmoveditsheadquartersfromEdmontontoVancouver.
o Havenotbeacquiredbuthavebeenmerged.• Foundedin1990inEdmonton,alberta.
RecentActivityofNote:
**Nothingrelevantintermsof“good”or“bad”activity.
S t u d e n t s ’ S o c i e t y o f M cG i l l U n i v e r s i t y A s s o c i a t i o n é t u d i a n t e d e l ’ U n i v e r s i t é M cG i l l FinancialEthicsResearchCommittee OfficeoftheVice-President(Finance&Operations) BureauduVice-Président(FinanceetOpérations)
1200-3600rueMcTavishMontréal,QCH3A0G3Tel:514-398-6800Email:[email protected] 19
TENPEAKSCOFFEE(SOCIALLYRESPONSIBLE)
BriefBackgroundInformation:
• TheheadofficeofTenPeaksCoffeeCompanyInc.islocatedinBurnaby,BritishColumbia.• TenPeaksCoffeeCompanyInc.(TenPeaks)ownsalloftheinterestsoftheSwissWater
DecaffeinatedCoffeeCompanyInc.(SWDCC),apremiumgreencoffeedecaffeinatorlocatedinBurnaby,BC.ItalsoownsandoperatesSeaforthSupplyChainSolutionsInc.(Seaforth),agreencoffeehandlingandstoragebusinesslocatedinMetroVancouver.TenPeaksislistedontheTorontoStockExchangeandtradesunderthesymbol(TPK).
• Havetheybeendoingwell?o Durng2015,oursecondquartersalestotaled$20.2million,anincreaseof$4.2million,or
27%,overthesameperiodin2014.Theyhavehadanincreaseinthequarterlysalesreportsascomparedtotheyearsbefore.
• FormerlytheSwissWaterDecaffeinatedCoffeeIncomeFund(theFund),TenPeaksbecameapubliclytradedcompanyonJanuary1,2011throughanarrangementagreementwithSwissWaterDecaffeinatedCoffeeCompany.Underthearrangement,theFundwasconvertedtoacorporation,withunitholdersoftheFundreceivingonecommonshareofTenPeaksinexchangeforeachunitoftheFundheldatthetimeofconversion.
RecentActivityofNote:
**Nothingrelevantintermsof“good”or“bad”activity.
TSO3(SOCIALLYRESPONSIBLE)http://www.tso3.com/
BriefBackgroundInformation:
• TheyareactiveinbothCanadaandtheunitedstatesofAmerica,theirheadquartersareinquebeccity.
• TSO3hasdevelopedinnovative,low-temperaturesterilizationsystemstoeliminatemicrobialcontaminantsthatcauseinfection.Particularlyeffectiveinhigh-traffichospitalorclinicalsettings,sterilizationtechnologiessuchastheSTERIZONE®Sterilizers,createlimitlesscapacityforsterilizingsimpleandcomplexmedicaldevicesfortodayandtomorrow.
• Havetheybeendoingwell?o Theregrowthwasslowfrom2012to2013howevertheyhadbettergrowthascompared
to2013In2014.• Foundedin1998,TSO3originallydevelopedauniquesterilizationprocessbasedononlyozoneasthe
sterilizingagent.Itofferedmajorsavingsovercompetinglow-temperaturesterilizationmethods,greatersafetyforbothusersandpatients,andwasconsidereda“green”technology.
RecentActivityofNote:
**Nothingrelevantintermsof“good”or“bad”activity.
S t u d e n t s ’ S o c i e t y o f M cG i l l U n i v e r s i t y A s s o c i a t i o n é t u d i a n t e d e l ’ U n i v e r s i t é M cG i l l FinancialEthicsResearchCommittee OfficeoftheVice-President(Finance&Operations) BureauduVice-Président(FinanceetOpérations)
1200-3600rueMcTavishMontréal,QCH3A0G3Tel:514-398-6800Email:[email protected] 20
TVAGROUPINC(SOCIALLYRESPONSIBLE)https://en.wikipedia.org/wiki/TVA_Group
http://www.quebecor.com/en/content/history-tvagroup
http://groupetva.ca/
BriefBackgroundInformation:
• BasedinMontreal,QC• TVAGroup,Inc.(French:GroupeTVAInc.)isaCanadiancommunicationscompanywith
operationsinbroadcasting,publishingandproduction.QuebecorMediaholdsvotingcontrolofthecompanythroughnear-completecontrolofTVAGroup'sClassAshares;onlythenon-votingClassBsharesarecurrentlypubliclytraded.
• GroupeTVAownsandoperatesTVANetwork,thelargestprivateFrenchlanguagetelevisionnetworkinCanada.Italsooperateseightspecialtychannels,availableviacableandsatelliteacrossCanada.
• Havetheybeendoingwell?o TVAanditsspecialtychannelshavea69%shareofrevenueintheFrenchspeaking
market.ThetotalvalueoftheprivateFrancophonesectoris$361millionofwhich$249milliongoestoTVA
o Havethreesubsidiaries,TVAfilms,TVAproductions,andTVApublishing.o ParentcompanyisQuebecormedia(99.97%votinginterest)
• TVAGroupInc.wasfoundedin1960underthenameTélé-MétropoleInc.Today,itisthelargestprivateproducerandbroadcasterofFrench-languageentertainment,newsandpublicaffairsprogrammingintheAmericas.
RecentActivityofNote:
(Insertmonth,date,yearhere)–Forneutralcontentleavethiscolorblack
1. Feelfreetolistrelevantinformationthatyoufeelmayshowthatthisisagoodorbadinvestment(butisnotrelevanttothecompaniesethicalactions)here.
(Insertmonth,date,yearhere)–Anycontentthatyoufindthatmightshowthecompanyisperformingethicalactionsmusthaveitsdatetitledingreen
2. Explanationofwhatthatinformationis
(Insertmonth,date,yearhere)–Anycontentthatyoufindthatcrossesoneoftheethicsscreensmusthaveitsdatetitledingreen
1. Descriptionoftheevent
S t u d e n t s ’ S o c i e t y o f M cG i l l U n i v e r s i t y A s s o c i a t i o n é t u d i a n t e d e l ’ U n i v e r s i t é M cG i l l FinancialEthicsResearchCommittee OfficeoftheVice-President(Finance&Operations) BureauduVice-Président(FinanceetOpérations)
1200-3600rueMcTavishMontréal,QCH3A0G3Tel:514-398-6800Email:[email protected] 21
FERC–InvestmentPortfolioHoldingsAnalysis5ResearchCreditedtoGabeMiller
COMINARREIT(TOBEDECIDED)Informationfrom:Bloomberg,theMotleyFool
BriefBackgroundInformation:
• LocatedinVanier,Quebec• Unincorporatedclosed-endinvestmenttrust
o Holdoffice,retail.Industrial,andmixedusepropertiesthatproducesincome- Management:
o MichelDallaire:CEOo GillesHamel:CFO
- Services:o PWCLLP:auditoro NationalBankTrust:transferagent
KeyFinancialData
• ~170,000,000sharesoutstanding,atapriceof$16.14/shareo Totalmarketcap:$2.7bn
§ Netincomeupby15%to230m§ Revenueandoperatingincomehavegrownyearoveryearandprojectedto
continuetorise§ Netincomeexpectedtobe301M–highestsince2012
RecentActivityofNote:
(September30,2015)-Saleof8400-8500DécarieBoulevard,intheTownofMont-Royal,and210523rdAvenue,intheCityofMontréal,ProvinceofQuebecforanaggregateconsideration,paidincash,of98milliondollarstopayoffdebt
(September30th2014)–AcquiredarealestateportfoliofromIvanhoéCambridgeInc.,therealestatesubsidiaryofCaissededépôtetplacementduQuébec,foranaggregatepurchasepriceofapproximately$1.35billion.Theacquiredportfolio,comprisingatotalofapproximately5.0millionsquarefeetofgrossleasablearea,consistsof10shoppingmall(4.2millionsquarefeet),threeofficeproperties(0.7millionsquarefeet)includingonepropertyunderdevelopment,andoneindustrialandmixed-useproperty(0.1millionsquarefeet).
- Ivanhoe’sassetsareheldthroughmultiplesubsidiariesandlocatedmainlyinCanada,theUnitedStates,Europe,BrazilandAsia
- Cominarholds80%ofitspropertyinQuebec,therestinOntarioandintheprairieso Doubtfulthattheyillegallyoperateonnativeland,nodisputesinthenews
S t u d e n t s ’ S o c i e t y o f M cG i l l U n i v e r s i t y A s s o c i a t i o n é t u d i a n t e d e l ’ U n i v e r s i t é M cG i l l FinancialEthicsResearchCommittee OfficeoftheVice-President(Finance&Operations) BureauduVice-Président(FinanceetOpérations)
1200-3600rueMcTavishMontréal,QCH3A0G3Tel:514-398-6800Email:[email protected] 22
BELLCANADA(SOCIALLYRESPONSIBLEINVESTMENT)Informationfrom:Bloomberg,GlobeandMail
BriefBackgroundInformation:
- LocatedinMontreal,Canada- Provideavarietyofinternet,homephone,television,andothersubscriptionservices- GeorgeCope:CEO- GlenLeblanc:CFO
KeyFinancialData
- MarketCap:$49bn,850msharesoutstanding*$58.22/share- 2,83bnnetincomelastyear,projectedtofallto2.771bn- Grossprofithowever(beforesubtractingbusinessexpenses)expectedtorisefrom$8.5bnto
$15bn
RecentActivityofNote:
2014CorporateSustainabilityReport
1. Thereisreasontobelievethatthe2015editionofthereportwilldemonstratecontinuedcommitmentstosustainabilitygoals(e-billing),qualifications,communityinvestments,responsibleprocurement,andnewhealth&safetypolicies
2. Reportcanbefoundhere:http://www.bce.ca/assets/responsibility/corporate-responsibility/2014-cr-report/2014-csr-report.pdf
3. FeaturedasoneofMacLean’s50sociallyresponsiblecompaniesfor2014,andthejointwinnerofthetelecom/electronicscategory
4. TELUSwonthetelecom/electronicscategoryforthe2015editionofthereport,howeverBellwasstillmentionedasa“topcompany”(note:MacLean’snolongerawardsmultiplewinnersin2015,justone)
5. Theoverwhelmingamountofethicalpracticesthatbellengagesin,andwellastheircommitmenttoimprovingtheiroperationstoreducetheirimpactontheenvironmentshouldnotbeover-shadowedbythetwolawsuitsbelow.Theyhaveresolvedbothissuespromptlyandhavebeencommendedfortheirco-operationinbothdilemmas
October14th2015
1. Agreedtopay$1.25CDNforencouragingitsemployeestopostpositivereviewsandratingsofthecompany’sonlineapplications.AgreementwasfiledwiththeCompetitionBureau,whichviolatedthemisleadingrepresentationprovisions.
2. Bellhasagreedtoenhanceitscorporatecomplianceprogrambyamendingitssocialmediaguidelinestoprohibitpublicpostingofratings,rankings,orreviewsofbellproductsorappsbyemployees.
3. WillsponsoraworkshoponpromotingandenhancingCanadianconsumers’trustinthedigitaleconomy.
4. Bellwasveryco-operativeintheprocess,andseniormanagementquicklydealtwiththeissue.
S t u d e n t s ’ S o c i e t y o f M cG i l l U n i v e r s i t y A s s o c i a t i o n é t u d i a n t e d e l ’ U n i v e r s i t é M cG i l l FinancialEthicsResearchCommittee OfficeoftheVice-President(Finance&Operations) BureauduVice-Président(FinanceetOpérations)
1200-3600rueMcTavishMontréal,QCH3A0G3Tel:514-398-6800Email:[email protected] 23
April17th,2015
1. Bellfaces$750-millionlawsuitovertrackingofcustomer’scellphoneInternetusage2. Itseeks$750millionindamagesforbreachofprivacy,breachofcontractandbreachofthe
TelecommunicationsAct.AsimilarlawsuithasalsobeenlaunchedinQuebec,counselfortheplaintiffs,CharneyLawyersandSutts,StrosbergLLP,saidinastatementissuedThursday.However,theprivacycommissionersaidBellshouldnotassumebecausecustomersdidn’toptoutthattheywereconsentingtohavingvastamountsoftheirpersonalinformationusedinthisway.Inadditiontocancellingtheprogram,Bellsaidearlierthatitwoulddeleteallcustomerprofilescreatedunderit.
ASIANTELEVISIONNETWORKINTERNATIONALLMT(TOBEDECIDED)Informationfrom:Bloomberg,Sedar,CorporateWebsite
BriefBackgroundInformation:
- Startedin1997-televisionnetworkproviderthatoperates54televisionchannelsspecializinginSouthAsianprogramming
- HeadquartersinMarkham,ON- RunbyShanChandrasekar,selectedasEYentrepreneuroftheyear- SelectedasaTSXVenture50company
KeyFinancialData
- Tradingat$2.09pershare(ex-ante)àpayingadividendof$0.02onOctober31st- Netincomefor6monthsasofJune30thwas$883,272.9,down25%fromlastyear’s6months
BMO(SOCIALLYRESPONSIBLEINVESTMENT)Informationfrom:Bloomberg,BMOwebsite,WSJ
BriefBackgroundInformation:
- Foundedin1817inMontreal,Canada’soldestbank- HQinMontreal/Toronto- WilliamDowne:CEO- Ranked131ontheForbesglobal2000list,top20investmentbanksbysizeintheworld
KeyFinancialData
- Currentlytradesat$77.70pershare,-0.4.48%ontheyear- Marketcapof$50.339bn
RecentActivityofNote:
BMOFirstPrinciples
1. AnnualdocumentoutliningthestandardsandethicsthatBMOexpectsitsemployeestoadhereto,promotingthedocumentationandreportingofconcernsandunethicalbehavior
S t u d e n t s ’ S o c i e t y o f M cG i l l U n i v e r s i t y A s s o c i a t i o n é t u d i a n t e d e l ’ U n i v e r s i t é M cG i l l FinancialEthicsResearchCommittee OfficeoftheVice-President(Finance&Operations) BureauduVice-Président(FinanceetOpérations)
1200-3600rueMcTavishMontréal,QCH3A0G3Tel:514-398-6800Email:[email protected] 24
a. Reportcanbefoundhere:https://www.bmo.com/home/about/banking/corporate-info/codeofconduct/keybusinessconduct
BMOESGScorecard
https://www.bmo.com/cr/images/BMO_ESGscorecard2014en.pdf
1. Annualreportthatdocumentstheenvironmental,socialandgrowthgoalsofBMO2. Improvedonalloftheirmetricsincludingbutnotlimitedto:
a. Greaterpercentageofwomen,minorities,andthosewithdisabilitiesintheworkforceb. Increasingrenewableenergypurchases(new3yearcommitment)c. Reducefootprintbyanadditional10%by2017
3. In2014,thecharitableeffortsofBMOemployeesinMontrealearnedaSolidaireawardforBestEmployeeCampaignof1000+EmployeesfromCentraide
4. heawardrecognizesemployeeworkplacecampaignsthatexemplifyleadershipcommitment,effectiveawarenessbuilding,organizationalbestpracticesandothersuccessfactors.
5. Activelyinvolvedinthecommunitywithregardstolocalbusiness,promotionofthearts,andcharitablecauses
July16th2015
1. Agreedtopay16millioninsettlementtiedtoaPonzischemeledbyTomPettersandtheM&IBankfMinnesota(acquiredbyBMO)thatstolebillionsfrominvestors
2. Bankwaspurchasedafterthefraudwasdiscovered–notindicativeofBMO’spractices3. SimilareventhappenedwhenLehmancollapsedin2008;itwasacquiredbyBarclaysand
outstandinglawsuitsagainstLehmanweretransferredtoBarclays4. OngoingrelationshipwithWSG(worldfinancialgroup)àhavetoexplore
a. Sellsmutualfundsandinsurancethroughindependentsalesmenb. Pyramidschemethatinfluencedpeopletotakeamassivelineofcreditforamortgageand
paytheinterestoffeachmonth,andinvesttheprincipalthroughtheminthemarket
S t u d e n t s ’ S o c i e t y o f M cG i l l U n i v e r s i t y A s s o c i a t i o n é t u d i a n t e d e l ’ U n i v e r s i t é M cG i l l FinancialEthicsResearchCommittee OfficeoftheVice-President(Finance&Operations) BureauduVice-Président(FinanceetOpérations)
1200-3600rueMcTavishMontréal,QCH3A0G3Tel:514-398-6800Email:[email protected] 25
FERC–InvestmentPortfolioHoldingsAnalysis6ResearchCreditedtoKristenPerry
PRISMMEDICAL(SOCIALLYRESPONSIBLE)http://www.prismmedicalltd.com
BriefBackgroundInformation:
• BasedinConcord,ONandSt.Louis,MO• Foundedin1996,oneofthe“oldestceilingliftmanufacturersintheindustry”• Theymanufactureproductsintendedtoimprovemobilitysafetyinhomecare,acutecareand
long-termcare• Mission:“savethehealthcaresystemmoneyandimprovethequalityoflifeofthemobility
challengedandtheircaregivers”• Marketundermultiplebrandnames:PrismMedical,ErgoSafe,WaverlyGlenandNightingale• AcquiredAngelAccessibilitySolutionsLtd,representsstrengtheningofCanadianservices(basedin
BC)o http://www.prismmedicalltd.com/01-09-15-angel-accessibility-and-beka-hospitec-
acquisition.htmlo Focusingonanacquisitionstrategy
RecentActivityofNote:
1. (October16th,2015)Recallonceilinghoistsduetomanufacturingflaws:“free-fallprotectionsystemdidnotworkproperlyinthreedevices”
a. http://www.ibtimes.com/prism-medical-p300-c300-ceiling-hoists-recalled-over-manufacturing-flaws-2143635
2. (June18th,2015)TopinvestmentpickbyStephenTakacsy,chiefinvestmentofficerandportfoliomanageratLesterAssetManagement
a. http://www.bnn.ca/News/2015/6/18/Top-Picks-from-Stephen-Takacsy-Savaria-Prism-Medical-and-Ag-Growth.aspx
PLAZARETAIL(SOCIALLYRESPONSIBLE)Disclosureofwhereinformationcamefrom(websites,databases,etc.),andwhatinformationyouassumemightbemissing(aka“Thiscompanyisfullyprivateand,thoughstillvalid,theinformationisbasedonlimitedresources.”)
BriefBackgroundInformation:
• RealEstateInvestmentTrustthatdevelops,ownsandmanagesretailpropertiesinAtlanticCanada,ONandQC
• BasedinFredericton• 95%ofunitsareoccupied• 19projectsbeing(re/)developed
S t u d e n t s ’ S o c i e t y o f M cG i l l U n i v e r s i t y A s s o c i a t i o n é t u d i a n t e d e l ’ U n i v e r s i t é M cG i l l FinancialEthicsResearchCommittee OfficeoftheVice-President(Finance&Operations) BureauduVice-Président(FinanceetOpérations)
1200-3600rueMcTavishMontréal,QCH3A0G3Tel:514-398-6800Email:[email protected] 26
RecentActivityofNote:
1. (September29th,2015)Willinvest$13Min8projects(redevelopmentsandexpansions”to“furtherdiversifyourassetbaseandincreaseourcashflows”
a. http://plaza.mediaroom.com/2015-09-29-Plaza-Retail-REIT-to-Invest-13-Million-in-8-Projects
2. (June4th,2015)Announcedjointventure(withDewCor)tobuildashoppingcentreinSt.John’sa. http://plaza.mediaroom.com/2015-06-04-DewCor-and-Plaza-Retail-REIT-announce-joint-
venture-to-develop-large-format-retail-shopping-centre-in-St-Johns-NL
PARCLAWNCORP(SOCIALLYRESPONSIBLE)http://parklawncorp.com
BriefBackgroundInformation:
• BasedinToronto,ON• Acemetery,cremationandfuneralbusiness• Operates6cemeteriesintheGTA,aswellastheBramptonCrematoriumandVisitationCentre• Owns50%ofAmetyLtd,whichoperatesTubmanandCadieuxFuneralHomesinOttawaand
WesternQuebec.• Harmoniabusiness,basedinQuebecCity,Saint-Apollinaire,GatineauandSt.Georges,isunder
license
RecentActivityofNote:
1. (July9th,2015)AnnouncementofMausoleumexpansionattheParkLawnCemetery,tobeconstructed2015-2017–additionof20yearsworthofcryptsand30yearsofniches
a. http://www.marketwired.com/press-release/park-lawn-corporation-announces-mausoleum-expansion-at-park-lawn-cemetery-tsx-venture-plc-2037293.htm
2. (October13th,2015)“deathrateisexpectedtosignificantlyriseinthenextfewdecadesasthepopulationages”
a. http://business.financialpost.com/investing/buy-sell/when-everything-goes-pear-shaped-investors-can-always-count-on-death-and-taxes
3. Stockpricesincestartof2015istrendingdownwardsa. http://parklawncorp.com/content/9/investor
S t u d e n t s ’ S o c i e t y o f M cG i l l U n i v e r s i t y A s s o c i a t i o n é t u d i a n t e d e l ’ U n i v e r s i t é M cG i l l FinancialEthicsResearchCommittee OfficeoftheVice-President(Finance&Operations) BureauduVice-Président(FinanceetOpérations)
1200-3600rueMcTavishMontréal,QCH3A0G3Tel:514-398-6800Email:[email protected] 27
LOGITECH(SOCIALLYRESPONSIBLE)http://www.logitech.com/en-ca/home
BriefBackgroundInformation:
• Operatesatofficesaroundtheworld,distributesproductsinmorethan100countries• Manufacture“personalperipherals…withspecialemphasisonproductsforPCnavigation,gaming,
Internetcommunications,digitalmusicandhome-entertainmentcontrol”o http://www.logitech.com/en-ca/about/logitech-story
• LifesizeisasubsidiaryofLogitecho http://www.lifesize.com
RecentActivityofNote:
1. (October21st,2015)LogitechQ2DeliversBestRetailSalesGrowthSince2010a. http://www.logitech.com/en-ca/press/press-releases/12100
2. (October22nd,2015)Logitechprofitfallsnearly50%fromyearearliera. http://www.marketwatch.com/story/logitech-profit-falls-nearly-50-from-year-earlier-
2015-10-223. (September29th,2015)LogitechGUnveilsTenkeylessMechanicalGamingKeyboard
a. http://www.logitech.com/en-ca/press/press-releases/12072b. http://www.androidpolice.com/2015/10/28/logitech-k380-keyboard-review-one-
keyboard-to-rule-them-all-at-least-in-theory/c. http://www.theverge.com/2015/9/29/9411181/logitech-gaming-mechanical-keyboard-
g410
LAURENTIANBANK(SOCIALLYRESPONSIBLE)https://www.laurentianbank.ca
BriefBackgroundInformation:
• ACanadianbankthatwasfoundedover168yearsago• HeadofficeislocatedinMontreal• 215servicepointsacrossCanada,including152bankbranches,28commercialbankingcentres
and18brokerageoffices• Providesarangeofpersonalandbusinessfinancialproductsandservices
RecentActivityofNote:
1. (2014)Producedacorporatesocialresponsibilityreportdetailingtheirresponsiblegovernance,communitysupportandenvironmentalstewardship
a. https://www.laurentianbank.ca/en/about_lbc/my_bank/social_responsibility.html
S t u d e n t s ’ S o c i e t y o f M cG i l l U n i v e r s i t y A s s o c i a t i o n é t u d i a n t e d e l ’ U n i v e r s i t é M cG i l l FinancialEthicsResearchCommittee OfficeoftheVice-President(Finance&Operations) BureauduVice-Président(FinanceetOpérations)
1200-3600rueMcTavishMontréal,QCH3A0G3Tel:514-398-6800Email:[email protected] 28
MANULIFEFINANCIAL(TOBEDECIDED)https://www.manulife.ca/
BriefBackgroundInformation:
• OperatesinCanada,AsiaandtheUS• Offersfinancialservices,aswellasinsuranceandinvestmentproducts• Hasbeeninoperationforover125years
RecentActivityofNote:
1. (November12th,2015)ManulifeFinancialCorpprofitfalls43%asoilslumphurtsenergyinvestments
a. http://business.financialpost.com/news/fp-street/manulife-financial-corp-profit-falls-43-as-oil-slump-hurts-energy-investments
b. http://www.cbc.ca/news/business/manulife-earnings-1.3315913c. http://www.bloomberg.com/news/articles/2015-11-12/manulife-profit-slides-43-as-oil-
slump-hurts-energy-investments2. (November15th,2015)Manulifebeginsprogramtoscrutinizecoverageofpriceydrugs
a. http://www.theglobeandmail.com/report-on-business/manulife-launched-drugwatch-program-to-scrutinize-coverage-of-pricey-drugs/article27265898/
QUEBECORMEDIA(SOCIALLYRESPONSIBLE)http://www.quebecor.com
BriefBackgroundInformation:
• Foundedin1950• ACanadiancompanyspecializinginintegratedcommunications• HeadquarteredinQuebec• Ownsanumberofsubsidiaries
o Videotrono http://www.quebecor.com/en/content/communications-giant
RecentActivityofNote
1. (October20th,2015)QuebecorMediasignsmajorpartnershipwithmeltygroup,aFrenchcompanywithaglobalreach
a. http://www.quebecor.com/en/comm/quebecor-media-signs-major-partnership-meltygroup-french-company-global-reach
b. http://mediaincanada.com/2015/10/21/quebecor-pacts-with-french-co-to-reach-younger-audiences/
2. (October5th,2015)QuébecorGroupeMédiaannouncesthecreationofGoji,atalentcollectiveservingonlinevideocontent
a. http://www.quebecor.com/en/comm/québecor-groupe-média-launches-goji-talent-collective-serving-online-video-content-creators
S t u d e n t s ’ S o c i e t y o f M cG i l l U n i v e r s i t y A s s o c i a t i o n é t u d i a n t e d e l ’ U n i v e r s i t é M cG i l l FinancialEthicsResearchCommittee OfficeoftheVice-President(Finance&Operations) BureauduVice-Président(FinanceetOpérations)
1200-3600rueMcTavishMontréal,QCH3A0G3Tel:514-398-6800Email:[email protected] 29
FERC–InvestmentPortfolioHoldingsAnalysis7ResearchCreditedtoMarinaSmailes
ALIMENTATIONCOUCHE-TARD(NOTSOCIALLYRESPONSIBLE)Couche-TardisapubliclytradedcompanylistedontheTorontoStockExchangeunderTSE:ATD.AandATD.B.Informationcomesdirectlyfromtheirwebsiteandpressreleasesunlessotherwisestated.
BriefBackgroundInformation:
• CompanyislocatedinLaval,Quebecandopenedit’sfirststorein1980• Couche-TardoriginallystartedopeningconveniencestoresinQuebecandhassincebranchedinto
internationalconveniencestoresandgasstations.• AcquiredStatoilandhadpreviouscobrandingwithIrvingOil• AlsoacquiredCincoJ.Inc.,ThePantryInc.,GarvinOilCompany,TriStarMarketingInc.,etc.
(http://corpo.couche-tard.com/en/our-company/history/)• Generalhistoryofacquisitions• Couche-Tardcompleteditssixthstraightyearofrecordearningsin2014anddouble-digitgrowth
(http://corpo.couche-tard.com/wp-content/uploads/2014/06/WEB-Rapport-annuel-EN.pdf)•
RecentActivityofNote:
June19th,2012
1. Couche-TardhasbecometheprincipalownerofStatoilFuelandRetail(http://corpo.couche-tard.com/wp-content/uploads/2014/06/Press-Release-FINAL15.pdf)
2. “WithSFR,Couche-Tardtakescontrolnotonlyof2,300servicestationsinScandinavia,theBalticstatesandPolandbutalsoadozenfuelstorageterminalslocatedalongkeyspotsontheEuropeancoastline,some400roadtankers,and50depots.”(http://business.financialpost.com/news/energy/couche-tard-leaps-into-oil-business-with-statoil-purchase)
September3rd2014
1. Couche-TardsellsaviationfuelbusinesstoAirBP.(http://corpo.couche-tard.com/wp-content/uploads/2014/05/2014-08-28-Press-release-Final-EN.pdf)
March17th,2015
1.Couche-TardsignsagreementtoBuyShell’sRetail,CommercialFuels
andAviationbusinessesinDenmark,transactionsupposedtohappeninFY2016(http://corpo.couche-tard.com/wp-content/uploads/2014/05/Shell-Danemark-17-March-2015-En.pdf)
S t u d e n t s ’ S o c i e t y o f M cG i l l U n i v e r s i t y A s s o c i a t i o n é t u d i a n t e d e l ’ U n i v e r s i t é M cG i l l FinancialEthicsResearchCommittee OfficeoftheVice-President(Finance&Operations) BureauduVice-Président(FinanceetOpérations)
1200-3600rueMcTavishMontréal,QCH3A0G3Tel:514-398-6800Email:[email protected] 30
September22,2015
1.Couche-TardannouncesconsolidationofbrandsunderCircleK,previousbrandnamesincludeCircleK,Statoil,Mac’sandKangarooExpress(http://corpo.couche-tard.com/wp-content/uploads/2015/09/2015-09-15-Global-Circle-K-Brand.pdf)
AGGROWTHINTERNATIONINC(TOBEDECIDED)PubliclytradedcompanyontheTorontoStockExchangeunderAFNandlaunchedtheirIPOinMay,2004.
BriefBackgroundInformation:
• AGIisaleadingmanufacturerofgrainhandling,conditioningandstorageequipment.• Itisaholdingcompanyestablishedin1996.• Since2004,haveacquiredGrainGuard,Keho,HiRoller,Twister,UnionIron,Applegate,Mepu,
FranklinEnterprises,Tramco,Airlanco,REMGrainVacproductline,andWesteel.(http://www.aggrowth.com/history)
• Companiesmentionedabovecreateproductsforallaspectsofgrain,seedandfertilizerhandling.• In2014,81%ofsaleswereinNorthAmericaand21%overseas(AnnualInformationForm,March
2015)• June2009thecompanychangedstructurefromanincometruststructuretoabusiness
corporation.
RecentActivityofNote:
April2010
1. AGIhadfirstoffshoreacquisitionofMepu(Ylane,Finland).Thisisthefirstfootholdininternationalbusiness.
May2015
1. AGIannouncescompletionofWesteelacquisition,whichsolidifiesglobalfootholdinagriculturegrainhandling.(http://www.aggrowth.com/news/345/1-agi-announces-completion-of-westeel-acquisition?return=press-releases&page=0)
S t u d e n t s ’ S o c i e t y o f M cG i l l U n i v e r s i t y A s s o c i a t i o n é t u d i a n t e d e l ’ U n i v e r s i t é M cG i l l FinancialEthicsResearchCommittee OfficeoftheVice-President(Finance&Operations) BureauduVice-Président(FinanceetOpérations)
1200-3600rueMcTavishMontréal,QCH3A0G3Tel:514-398-6800Email:[email protected] 31
ALGONQUINPOWER&UTILITIESCORP(NOTSOCIALLYRESPONSIBLE)PubliccompanythattradesontheTorontoStockExchangeasAQN.
BriefBackgroundInformation:
• RenewableenergyandregulatedutilitycompanylocatedinOakville,ON• Establishedin1997,convertedfromanincometrusttoacorporationinOct,2009(Algonquin
PowerAnnualReport,2009)• Regulatedutilitybusinessprovideswater,electricityandnaturalgasutilityservices• Non-regulatedelectricgenerationsubsidiaryownsorhasinterestinrenewableenergyand
thermalenergyfacilities• It’stwooperatingsubsidiariesareAlgonquinPowerCompanyandLibertyUtilities• LibertyUtilitieshassixnaturalgasoperations
RecentActivityofNote:
Oct19th,2015
1. AlgonquinPowerandUtilitiesCorp.topartnerwithRenewableEnergySystemsAmericasInc.tobuilda150megawattwindfarminMichigan.
2. The20-yearpowerpurchasingagreementwithalocalutilityshowslongtermcommitmenttoinvestmentinrenewableenergy.
August2015,
1. WindlectricInc.(subsidiaryofAPUC)aimstomoveaheadwithacontroversialwindenergyprojectonAmherstIsland,asensitivehabitatareaknownforitsrestingplaceformigrationbirdsdespiteactivistcampaignagainsttheproject.(http://www.canadianmanufacturing.com/sustainability/controversial-amherst-island-wind-project-green-lighted-by-ontario-government-153546/)
November2014
2. “LibertyUtilities(Pipeline&Transmission)Corp.(subsidiaryofAPUC)hasjoinedwithKinderMorgantoformtheNortheastExpansionLLC’inordertobuildandownanaturalgaspipelinefromNewYorktoMassachussets.APUCwillinitiallyhave2.5%interestthatcouldriseupto10%inthefuture.(http://www.prnewswire.com/news-releases/algonquin-power--utilities-corp-to-partner-with-kinder-morgan-283776631.html)
S t u d e n t s ’ S o c i e t y o f M cG i l l U n i v e r s i t y A s s o c i a t i o n é t u d i a n t e d e l ’ U n i v e r s i t é M cG i l l FinancialEthicsResearchCommittee OfficeoftheVice-President(Finance&Operations) BureauduVice-Président(FinanceetOpérations)
1200-3600rueMcTavishMontréal,QCH3A0G3Tel:514-398-6800Email:[email protected] 32
ALTUSGROUP(SOCIALLYRESPONSIBLEINVESTMENT)AltusGroupisapubliccompanytradedontheTSXasAIF.InformationwasfoundontheAltusGroupwebsiteunlessspecificallymentionedbelow.
BriefBackgroundInformation:
• Companystartedin2005asanincometrustandassembledcommercialrealestateconsultants.• NowanInternationalcompanythathasover40acquisitionssinceitstarted10yearsago.• Mainservicesofthefirmincludevaluation,costconsulting,projectmanagementandtax
practices.• Providesquarterlydividendpaymentsof$0.15pershare.
RecentActivityofNote:
January5th,2015
1. 5thAnnualARGUSSoftwareUniversityChallengewasstarted.Over$60,000inprizemoneyandseveralhundredthousanddollarsinsoftwareisgiventouniversitystudents.
2. ARGUSprovidessoftwareendowmentsandprofessionaltrainingandcertificationtostudents.
July2nd,2015
3. AcquiredIntegrisRealEstateCounsellors,arealestatelitigationanddisputeresolutionfirm4. Strengthensserviceofferinginthisareaofexpertise
August28th,2015
1. AsubsidiaryofAltusGroup,ARGUSSoftwareInc.passeda1,000-customermilestoneforitsflagshipARGUSEnterpriseplatform(acomprehensiveassetandinvestmentmanagementsoftwareforcommercialrealestate).
2. Thisshowsacriticalmassofcustomersusingthissoftwareandsuggestsfurthergrowthandvalueaddedtothecompany.
3. HelpsalleviatepreviousinvestingfearsabouttakingondebttopayforARGUSSoftware(http://www.theglobeandmail.com/report-on-business/streetwise/ceo-of-altus-group-gone-amid-debt-worries/article619302/)
4. Sharesdoubledin2012and2013duetoArgusSofwareimprovement(http://www.bloomberg.com/news/articles/2014-07-11/altus-says-talking-with-canada-banks-on-real-estate-risk)
S t u d e n t s ’ S o c i e t y o f M cG i l l U n i v e r s i t y A s s o c i a t i o n é t u d i a n t e d e l ’ U n i v e r s i t é M cG i l l FinancialEthicsResearchCommittee OfficeoftheVice-President(Finance&Operations) BureauduVice-Président(FinanceetOpérations)
1200-3600rueMcTavishMontréal,QCH3A0G3Tel:514-398-6800Email:[email protected] 33
ANDREWPELLERLTD(SOCIALLYRESPONSIBLEINVESTMENT)ThecompanyispubliclytradedasADW.AandADW.BontheTorontoStockExchange.Informationonthecompanyismainlysourcedfromtheirwebsiteandpressreleasesunlessotherwisestated.
BriefBackgroundInformation:
• ProducerandmarketerofwinesinCanada,originallystartedasAndrésWinesLtd.In1961.• AndrewPellerhaswineriesinBC,ONandNS• Wholly-ownedsubsidiaryGlobalVintnersInc.producesandmarketswinegloballyintheUnited
States,Australia,China,Canada,theUnitedKingdomandNewZealand.• Showsstronggrowthin2015witha1-yearreturnof22.86%
(http://www.bloomberg.com/quote/ADW/A:CN)
RecentActivityofNote:
October7th,2015
1. AndrewPellerLtd.’ssubsidiaryGlobalVintnersInc.isoneoftheTop15ProjectsrecognizedbyClean50fortheirenvironmentalsustainability
2. UsedEnviro-StewardsEngineerstoreduceitsenvironmentalfootprintinputssuchaswater,electricity,naturalgasaswellasreducingthenumberofhectaresofvineyardusedtocreatethesamequantityoffinishedproduct.
3. Environmentallyfriendlyandprofitable.
2014
1. PellerEstatesnamed2014WineryoftheYearatthe2014WineAlignNationalWineAwardsofCanada.
2. Goodsignforbrandrecognitionandincreasedsales.
S t u d e n t s ’ S o c i e t y o f M cG i l l U n i v e r s i t y A s s o c i a t i o n é t u d i a n t e d e l ’ U n i v e r s i t é M cG i l l FinancialEthicsResearchCommittee OfficeoftheVice-President(Finance&Operations) BureauduVice-Président(FinanceetOpérations)
1200-3600rueMcTavishMontréal,QCH3A0G3Tel:514-398-6800Email:[email protected] 34
Conclusion:
AftertheFERChadconcludeditsresearch,theseseven(7)holdingswererecommendedfordivestment:
1. Aliment2. GreatCanadianGaming3. Sherritt
a. SHERRITTb. SHERRITTS1C17
4. Superior5. AlgonquinPower&Utilities6. GlacierMediaInc.
Aswell,thefollowingseven(7)holdingsrequiredmoreresearchtodeterminewhetherornottheywerefitfordivestment:
1. AltusGroup2. FairfaxFinancial
a. **ThisisthesecondyearinarowFairfaxhasrequiredmoreresearch3. EmergInc.4. AGGrowthInternationalInc.5. AsianTVNetworkInternationalLimited6. EquitableGroupInc.
Post-NoteonIncompleteAction:
Despitethe2014/2015FERC’srecommendationstodivestfromthefollowinglistofholdings,wehadnoticednoactionhadbeentakensowehavereachedouttoLesteronceagain.TheFERCwouldliketorestateit’sinitialrecommendationtodivestfromtheseholdingsimmediately:
Forfurtherinformationastowhy,pleasereferencetheFERC’s2014/2015EndofYearReport
1. Transglobe2. Parkland3. CanadianWesternBank4. VelandInc.5. NewaltaTACorp.6. BadgerDaylighting7. ComDevInternational