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INNOVATION PRODUCTIVITY PROSPERITY ANNUAL REPORT 2012


Source: Coril Holdings Ltd.

CCCE members collectively lead companies with:

$4.5

1.4

trillion in assets

million employees

$850

$3

billion in revenues

billion invested annually in R&D

Source: BHP Billiton Canada Inc.


CONTENTS

2 Message from the Chair 4 Message from the President and CEO 6 Taking the Lead 16 Year in Review 21 Events & Publications 22 Board of Directors

The Canadian Council of Chief Executives brings CEOs together to shape public policy in the interests of a stronger Canada and a better world.

24 Membership 29 Council Staff Cover photo courtesy of Canadian Light Source Inc.

ANNUAL REPORT 2012 CANADIAN COUNCIL OF CHIEF EXECUTIVES

Source: Husky Energy Inc.

1


Message from the

Chair Canadians have a reputation for modesty, but surely the time has come to bury the old stereotype. When we have something to celebrate, we don’t hold back. Witness the huge outpouring of national pride after the success of Canada’s “Own the Podium” drive at the 2010 Vancouver Winter Olympic Games. Confidence also seems to be driving Canadians’ views about our country’s long-term economic future. Since the recession began in 2008, our economy has continued to perform better than those of most other major development nations. Our banking system has been lauded as one of the most stable in the world and our government finances are in relatively good condition, with one of the lowest net public debt levels of any industrialized country. Prime Minister Stephen Harper recently spoke of Canada as a “great country rising,” adding that we are in much better shape fiscally than traditional economic powerhouses such as the United States, Europe and Japan. The Prime Minister then laid down a marker of sorts: the goal of making sure Canada is among the world’s “next generation of economic powers.” Can we do it? Can Canada prosper in a world in which older powers are struggling, and at a time when growth and investment are shifting to emerging markets? Arvind Gupta certainly thinks so. A professor of computer science at the University of British Columbia, Dr. Gupta was one of the founders of Mitacs, a non-profit research network that creates opportunities for promising young researchers and scientists. “Canada has all the advantages to own the economic podium,” he wrote in the Vancouver Sun recently. Canada, he added, is blessed with a high standard of living, strong communities and educated citizens. We also have a culturally diverse population and natural resources that are the envy of the world.

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ANNUAL REPORT 2012 CANADIAN COUNCIL OF CHIEF EXECUTIVES


Canadian companies and workers are more exposed than ever to global competition. But for those with the will and ambition to succeed, the opportunities in the global marketplace have also never been greater.

So we have the potential. Unfortunately, Canada falls short in two areas that are among the keys to success in the modern global economy: innovation and productivity. Despite strong macroeconomic fundamentals, our country’s performance in both areas is weak by the standards of other advanced economies. We need to fix that, or else we risk long-term economic decline.

In this annual report, we profile more than a dozen recent and ongoing R&D initiatives involving CCCE member companies in close partnership with universities and government. They vary widely, from a project aimed at protecting sensitive whale populations to the use of advanced simulation technology to train the healthcare professionals of tomorrow.

In particular, we need to find ways to maximize the economic spinoffs from Canada’s impressive levels of public investment in research and development. Our country is a world leader in terms of government spending on university research, yet in a 2007 comparison we ranked 14th out of 17 countries based on the number of patents per million population. To put it another way, we are clearly failing when it comes to the commercialization of knowledge.

As a country, we have our work cut out for us. Emerging economies such as China, India and Brazil are raising their own productivity levels, graduating large numbers of scientists and engineers, and improving their technological capacity.

As an organization composed of the CEOs and entrepreneurs of Canada’s leading companies, the Canadian Council of Chief Executives is keenly aware of the importance of improving Canada’s innovation record. In 2010, we helped forge a coalition of 50 leaders from business, academia and supporting organizations to develop a national innovation strategy. Later, CCCE member Tom Jenkins of Open Text Corporation was selected to lead an independent review of federal support for research and development.

Canadian companies and workers are more exposed than ever to global competition. But for those with the will and ambition to succeed, the opportunities in the global marketplace have also never been greater. It’s time to set our sights on the podium, identifying our strengths and working together to create the conditions that will enable Canadian players to become global champions. Hartley T. Richardson Chair

Dr. Gupta, who served on the federal review panel, says there are signs that the pace of collaboration between Canadian businesses and university researchers is picking up. Since 2007, Canada has climbed from 15th to 7th place in a ranking of countries with extensive university-business collaborations. And among the 34 developed countries that comprise the Organisation for Economic Cooperation and Development (OECD), Canada is number one in the share of university research expenditures financed by business.

ANNUAL REPORT 2012 CANADIAN COUNCIL OF CHIEF EXECUTIVES

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Message from the

President and CEO

In the economic history of our country, few dates hold as much significance as October 4, 1987. On that day, a quarter century ago, representatives of Canada and the United States completed negotiations on the Canada-U.S. Free Trade Agreement (FTA), a ground-breaking and, at the time, fiercely controversial treaty that put both countries at the leading edge of global trade liberalization. The FTA eliminated tariffs and reduced many nontariff trade barriers, but its real significance was that it launched an evolutionary process that continues to this day. It helped to change Canadians’ mindset, reversing decades of inward-oriented economic policies. And it inspired – in many cases compelled – growing numbers of Canadian companies to look beyond our borders for sales and opportunity. From the implementation of Canada-U.S. free trade in the late 1980s to the 1994 North American Free Trade Agreement, to current and pending trade liberalization talks with the European Union, India, Japan and the Trans-Pacific Partnership, Canadians are, to an increasing degree, reaching out to engage with the global economy. The theme of our annual report this year is “Innovation, Productivity, Prosperity” – three words that relate directly to Canada’s international trade agenda and to the competitive challenges that Canadian employers face in the global marketplace. Competition stimulates innovation and compels companies to become more productive, ensuring better jobs and a more prosperous future for Canadian individuals and families. Competition breeds excellence. It drives companies to invest in research and development, workplace training and new machinery and equipment. It forces them to become more responsive to customer needs.

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ANNUAL REPORT 2012 CANADIAN COUNCIL OF CHIEF EXECUTIVES


Canada overall has a lacklustre reputation for business innovation, and our country’s productivity performance is weak by the standards of other advanced industrialized economies. But businesses that are exposed to international competition, or that aspire to integrate themselves into global value chains, cannot afford to take anything for granted. To survive and grow, they must take risks, innovate and adapt quickly to the ever-changing marketplace. Elsewhere in this report, we highlight a series of examples of innovative thinking and practice by member companies of the Canadian Council of Chief Executives, often in close partnership with leading university researchers. Sometimes the innovation manifests itself in a new product or a productivity-enhancing business process. Sometimes it yields an environmental, health or social benefit. And sometimes it shows up in a new approach to recruiting and training the highly skilled workers that are increasingly in demand in the 21st century economy.

In 1985, a federal Royal Commission led by former Liberal finance minister Donald S. Macdonald described the prospect of reciprocal free trade between Canada and the United States as a “leap of faith.” Twenty-five years later, the leap has become a race – a race that Canadian companies run every day, in markets around the world. They, and Canada itself, are stronger and smarter because of it. The Honourable John P. Manley, P.C., O.C. President and Chief Executive Officer

The theme of our annual report this year is “Innovation, Productivity, Prosperity” – three words that relate directly to Canada’s international trade agenda and to the competitive challenges that Canadian employers face in the global marketplace.

ANNUAL REPORT 2012 CANADIAN COUNCIL OF CHIEF EXECUTIVES

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Taking the lead

Canada is a world leader in the share of university research financed by the private sector. Across the country, the pace of university-business collaboration – including joint R&D projects, industrial internships and cross-sector research networks – is on the rise. Some examples of innovative research partnerships involving CCCE member companies:

A different kind of liquidity The potential long-term effects of climate change are many and varied: from higher average temperatures and droughts to more intense rainfall and flooding. The consequences can include serious property damage, higher insurance costs, and changes to aquatic ecosystems due to the thawing of permafrost, fluctuations in snowfall and reduced water quality. Water conservation measures and improved resource management strategies can play important roles in mitigating these effects. To help understand the impact of climate change and develop strategies to improve our ability to adapt to it, Rio Tinto Alcan has partnered with Ouranos, a joint initiative of the Quebec government, HydroQuébec, Environment Canada, the Université du Québec à Montréal, Université Laval, McGill University, and INRS University. Named after the mythological Greek god of the sky, the non-profit research consortium is working to further research on climate change in the province, and studying the future impact of these changes on water management. Rio Tinto Alcan has invested $500,000 in the partnership and was the organization’s first private sector member. The company hopes the research will assist its water resource management operations and improve hydrological forecasting.

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ANNUAL REPORT 2012 CANADIAN COUNCIL OF CHIEF EXECUTIVES


Source: University of Guelph

Engineering success Canada is facing a future of dramatic demographic changes, shortages of skilled labour and intense competition from emerging economies. A key priority for the country is to equip younger Canadians with the skills and knowledge they need to succeed in a technology-based and innovation-dependent economy. Linamar Corporation, a leading supplier to the global automotive and mobile industrial equipment markets, recognizes the value of investing in, developing and motivating today’s students. In 2011, Linamar donated $1 million to the University of Guelph’s School of Engineering, enough to fund 10 entrance scholarships a year in perpetuity, each worth $2,500. Linda Hasenfratz, Chief Executive Officer of Linamar, says that the company’s ability to compete around the world depends on product and process innovation, and “the key to doing so successfully is plenty of strong engineers with a solid grounding in practical and theoretical knowledge.” In addition to nurturing tomorrow’s highly skilled engineers, the scholarship program enhances the university’s ability to attract top students who excel in design and innovation. Each year, five scholarships go to students arriving at the university directly from high school and five to students who are transferring from collegelevel and international technology programs.

A whale of a tale The North Atlantic right whale is among the world’s rarest and most endangered whale species. For centuries, they were hunted for their oil, meat and baleen (whalebone), to the point where there are now believed to be fewer than 500 in existence. The Bay of Fundy is a natural habitat for the North American right whale due to the area’s strong tidal currents, which concentrate large quantities of the tiny crustaceans on which the whales feed. Until a decade ago, however, the whale population in

Source: Irving Oil Limited

ANNUAL REPORT 2012 CANADIAN COUNCIL OF CHIEF EXECUTIVES

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the Bay of Fundy was in sharp decline as a result of collisions with large ships. Determined to lessen the impact on whales and reduce the likelihood of ship strikes, managers at Irving Oil Limited partnered with the New England Aquarium and Dalhousie University on a research project that recommended changes to the shipping lanes in the area, a plan that was adopted by the International Marine Organization. The relocation of the shipping lanes in 2003 – the first time shipping lanes had ever been altered to protect an endangered species – reduced the danger of ship collisions with whales by 90 percent, and since then there have been no known ship strikes in the Bay of Fundy. Irving Oil’s commitment to science-based conservation efforts continues through its ongoing involvement in, and financial support for, whale research, conservation and education efforts.

It’s good for you Located on the campus of the University of Manitoba, the Richardson Centre for Functional Foods and Nutraceuticals is at the forefront of research into the effects of diet on health and disease prevention. The centre has two primary roles: to investigate and develop foods with demonstrable health benefits beyond providing energy, vitamins and minerals; and to promote the development of an economically viable functional food and nutraceutical industry in western Canada based on crops important to the Prairie region, including cereals, pulses, oilseeds, berries and cherries and native plants. Winnipeg-based James Richardson & Sons, Ltd., Canada’s largest privately owned agribusiness, is a major financial supporter of the centre. Since its inception in 2006, the Richardson Centre for Functional Foods and Nutraceuticals has performed a wide variety of research projects on behalf of the agri-food, natural health product and pharmaceutical industries. For example, researchers have looked at ways to lower cholesterol in humans using naturally occurring products such as whole grains, dairy and oils. Other projects have focused on the health benefits of consuming canola, flax oils, pulses and buckwheat, improving heart health with herbs and spices, and improving levels of blood lipids, such as fatty acids, with plant extracts and high-fiber barley foods. One current study is aimed at determining whether expensive protein powders are any better than chocolate milk as a post-workout supplement to hasten muscle recovery and build strength.

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ANNUAL REPORT 2012 CANADIAN COUNCIL OF CHIEF EXECUTIVES


Accelerated outcomes

Source: Nordion Inc.

Nuclear medicine involves the use of tiny amounts of radioactive material to diagnose and treat a wide variety of diseases, including cancer and arthritis. At TRIUMF, one of the world’s leading subatomic physics laboratories, researchers from Nordion Inc. are developing new ways to enhance the health of patients around the world. Owned and operated by a consortium of 16 Canadian universities, TRIUMF operates the world’s largest cyclotron, a special type of particle accelerator that is used to conduct physics research. Nordion has had a 30-year commercial relationship with Vancouver-based TRIUMF, resulting in a number of pioneering developments in molecular imaging technology. Through TRIUMF, Nordion has also forged new partnerships with biopharmaceutical companies for the manufacture of products used in diagnosing cardiac disease and neurological disorders. Nordion and TRIUMF are planning future research and development activities in the areas of radiochemistry and biology that will explore new approaches for imaging, treatment and diagnosis of disease.

The right moves More than 100,000 Canadians live with Parkinson’s disease, a chronic degenerative disease of the central nervous system that can cause shaking, difficulty of movement and dementia. Although there is no known cure for Parkinson’s, exercise has been found to be effective in mitigating the symptoms. Sun Life Financial Inc. has committed $250,000 to support research at Wilfrid Laurier University into Parkinson’s disease, as well as other brain-related movement disorders such as Huntington’s disease and Tourette’s syndrome. The Sun Life Financial Movement Disorders Research & Rehabilitation Centre focuses on finding ways to slow the progression of Parkinson’s disease through the development of exercise regimes that are proven to benefit a patient’s balance, gait and coordination. With Sun Life’s support, the centre has built a reputation as the top Parkinson’s research facility in Canada.

ANNUAL REPORT 2012 CANADIAN COUNCIL OF CHIEF EXECUTIVES

Source: Sun Life Financial Inc.

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Driving research Source: Chrysler Group LLC

Launched in 1996, the Windsor, Ontario-based Automotive Research and Development Centre (ARDC) began as a $30 million joint initiative of Chrysler Canada Inc. and the University of Windsor. The first partnership of its kind in Canada, it has since attracted more than $600 million in investment. The goal of the centre is not only to produce smarter, more durable and safer cars, but to train new generations of Canadian engineers capable of leading-edge research and development in the global automotive industry. The 200,000-square-foot facility, equipped with six road-test simulators, enables Chrysler employees to work side-by-side with a wide range of researchers and students at all levels from the university. Priority research areas include alternative fuels and fuel efficiency, automotive lighting, recycling and corrosion resistance.

A sea change Scientists have known since the 1930s that omega-3 fatty acids are essential for normal human growth, but it was only in the 1990s that public awareness of its health benefits increased dramatically. A Canadian entrepreneur, John Risley, played a significant role in the commercialization of omega-3 supplements. Mr. Risley, the founder, president and chief executive officer of Clearwater Fine Foods Inc., began studying the possible health advantages of fish oil after seeing scientific evidence supporting its benefits for the heart and brain. In 1997 he launched Ocean Nutrition Canada. Working closely with experts, the company developed a breakthrough technology that transformed fish oil into a tasteless, odorless powder finer than flour – a supplement that could be added to a wide range of food products, from beverages to bread. Today, Ocean Nutrition is the world’s leading supplier of omega-3 ingredients to the dietary supplement and food manufacturing sectors – a multi-billion-dollar market, fueled by increasing media attention,

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ANNUAL REPORT 2012 CANADIAN COUNCIL OF CHIEF EXECUTIVES

Source: Ocean Nutrition Canada Ltd.


consumer awareness and proven health benefits. In May 2012, Ocean Nutrition was sold to a Dutch-based company for $540 million – compelling evidence of innovation’s potential to create value.

On track As cities around the world become increasingly congested, the need for smarter and more durable urban transportation solutions is growing more acute. Bombardier Inc., in partnership with Queen’s University, is testing a new generation of reinforced concrete that could be used to build stronger, longer-lasting transportation infrastructure. The company is working with a team of civil engineering students to build and evaluate a 1.5-kilometre-long monorail train track just outside Kingston, Ontario. Traditional reinforced concrete is built with steel rods, which are heavy and prone to rust, causing the concrete to crack and crumble. The new monorail test track is reinforced with fibreglass bars and rods, which weigh one-third as much and last much longer. “It’s a chance to test our technologies and designs in collaboration with a multinational company,” says Dr. Amir Fam, professor of structural engineering and Canada Research Chair in Innovative and Retrofitted Structures. Queen’s researchers have been doing pioneering work in the area of fibre-reinforced polymers for more than 17 years. With Bombardier’s involvement, the technology could soon be ready for real-world application in urban transportation systems.

Source: Bombardier Inc. and Queen’s University

Synchronicity Canada is among the world’s leading producers of nickel, and Vale Canada Limited is the country’s foremost producer of the metal. Nickel is a key ingredient in stainless steel as well as batteries and various other industrial and consumer products – but the toxicity of different chemical forms of nickel can vary significantly. For nickel producers, understanding the chemical differences that make some nickel compounds toxic and others harmless is the key to satisfying stringent regulatory requirements and validating safety standards. To protect its employees and the environment, Vale Canada works closely with scientists at Canadian Light Source (CLS), Canada’s national synchrotron research facility. Located at the University of Saskatchewan, the synchrotron is one of the largest science projects in Canadian history. Using radio frequency waves and powerful magnets to accelerate

ANNUAL REPORT 2012 CANADIAN COUNCIL OF CHIEF EXECUTIVES

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Source: Canadian Light Source Inc.

electrons close to the speed of light, the synchrotron enables scientists to study the microstructure and chemical properties of materials down to the atomic level. In Vale’s case, that means gaining a detailed understanding of the chemical nature of nickel particulates found in mines and processing facilities. The CLS synchrotron is a unique and valuable tool for companies in a wide range of industries, from biotechnology to manufacturing. Among other applications, Canadian companies have used it to develop more effective paints and motor oils, design new drugs, create safer medical implants and build more powerful computer chips.

Neonatal nurturing Eight per cent of babies in Canada are born prematurely, putting them at increased risk of respiratory illness, infection, developmental problems and even death. Most require constant monitoring to detect any deterioration in their vital signs or other subtle warnings of complications or disease. To help doctors make better, faster decisions regarding the care of premature infants, a team of researchers worked closely with IBM Canada Ltd. on a breakthrough software project using advanced stream computing. The result was Project Artemis, a highly flexible, real-time monitoring system that enables healthcare professionals to detect certain life-threatening conditions such as infection up to 24 hours faster than is possible with traditional approaches to neonatal monitoring. The IBM software analyzes vast quantities of biomedical data collected from critically ill babies at up to 1,000 readings per second, as well as environmental data gathered from advanced sensors and more conventional bedside monitors.

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ANNUAL REPORT 2012 CANADIAN COUNCIL OF CHIEF EXECUTIVES


Operation simulate

Apps everywhere In today’s highly interconnected world, service availability and reliability are critical. In fields such as mobile computing, telephony and banking, interruptions in service can trigger financial losses and customer dissatisfaction. The impact can be even more serious in safety-critical situations, such as traffic control systems. To improve the reliability and performance of mobile communications, Ericsson Canada Inc. and the Natural Sciences and Engineering Research Council (NSERC) partnered with researchers at Concordia University on a project known as MAGIC (Modeling and Automatic Generation of Information and upgrade Campaigns for Service Availability). The project focussed on ways of improving and standardizing so-called “middleware” – the software layer that lies between a mobile device’s operating system and its applications software. By standardizing the middleware, the researchers have made it possible for applications to run reliably on a wider variety of mobile devices from different manufacturers. At the same time, resesarchers helped Ericsson figure out how best to upgrade software applications and repair glitches without interrupting the services they are delivering to the end-user.

Source: CAE Inc.

Based in Montreal, CAE Inc. is recognized worldwide as a developer of flight simulators that are used to train commercial and military airline pilots. But by leveraging its knowledge of advanced simulation technology, the company is also helping to train the next generation of healthcare professionals. In 2009, CAE partnered with the Université de Montréal to create one of Canada’s largest healthcare simulation centres. The centre offers training in a risk-free environment to more than 1,000 medical students each month. It also functions as a joint research and development site, enabling CAE Healthcare and the university’s medical faculty to work together to design and test new educational tools – including life-like robotic mannequins – that improve and enhance the safety and efficiency of patient care. The centre is equipped with 12 rooms that can be used to simulate different environments: a hospital, an ambulatory environment, a private medical practice, an external clinic, an emergency room and so on. The centre stresses the importance of teamwork, communication, error avoidance and error mitigation in improving patient outcomes. This year the centre was accredited by the Royal College of Physicians and Surgeons, recognizing that the facility effectively improves the quality of the educational experience offered to its students. Source: Ericsson Canada Inc.

ANNUAL REPORT 2012 CANADIAN COUNCIL OF CHIEF EXECUTIVES

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From field to fuel

Source: Husky Energy Inc.

Canada’s federal and provincial governments have mandated the use of ethanol in gasoline to lessen the country’s reliance on fossil fuels, reduce pollution and promote economic growth in rural areas. Husky Energy Inc. is a leading producer of starch-based ethanol and has invested heavily in two large-scale ethanol plants. Husky has committed $1.625 million over five years to the University of Manitoba to fund biofuels research, plus another $1 million to support longer-term research beyond the initial five-year period. The biofuels research program, led by plant scientist Dr. Anita Brûlé-Babel, focuses on developing high-yield, disease-resistant winter wheat varieties, boosting yields, improving the ethanol production process and making better use of ethanol by-products, such as dried distillers grain. The knowledge and experience gained from these studies will contribute to the development of long-term strategies for improved grain yields for future food, feed and fuel purposes.

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ANNUAL REPORT 2012 CANADIAN COUNCIL OF CHIEF EXECUTIVES


The energy to innovate

Source: Cenovus Energy Inc.

Canada’s oil sands contribute about 6.5 per cent of the country’s overall greenhouse gas (GHG) emissions, or about 0.1 per cent of the world’s total emissions. GHG emissions per barrel of oil from the oil sands have fallen by roughly a third since 1990, but the industry knows it needs to go further to mitigate the environmental impacts of energy production. As a result, 12 of Canada’s leading energy producers have taken the unprecedented step of pooling their environmental research efforts. Canadian Natural Resources Limited, Cenovus Energy Inc., Imperial Oil, Nexen Inc., Shell Canada Energy, Suncor Energy, Teck Resources Limited, and several other producers, have joined forces to create Canada’s Oil Sands Innovation Alliance (COSIA). Bringing together researchers from industry, universities and government, the alliance is intended to improve collaboration and promote innovation with the goal of overcoming the most pressing oil sands environmental challenges.

ANNUAL REPORT 2012 CANADIAN COUNCIL OF CHIEF EXECUTIVES

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Year in Review

The Canadian Council of Chief Executives enables CEOs and leading entrepreneurs from every region and every major industry to devote time and energy to addressing key issues that affect the country as a whole. Our primary areas of focus include: fiscal policy; innovation; energy and the environment; North American economic cooperation; and international trade and investment.

Examples of our work over the past year:

Fiscal policy A responsible fiscal framework is a Canadian competitive advantage. At a time when economic uncertainty continues to cast a long shadow over the global economy, the CCCE believes it is essential that Canadian governments strive to balance their budgets and constrain the growth in public spending. The federal government has made significant progress toward that goal. From a peak of $42.6 billion in 2009-2010, the federal deficit declined to an estimated $24.9 billion at the end of fiscal year 2011-12. Federal program spending continues to grow, but at a modest pace, and the government appears on track to return to surplus by 2015-2016. As a percentage of Canada’s overall deficit challenge, provincial budgets are a much greater concern than in the mid-1990s, the last time the country faced significant budgetary shortfalls. In 2012-2013, Canada’s provincial governments will incur an estimated combined deficit of $22 billion. British Columbia, Alberta, Quebec and Nova Scotia are expected to balance their budgets in 2013-2014. At the other end of the spectrum, Ontario is wrestling with a $15.3 billion deficit and does not expect to achieve balance until 2017-2018. Progress in reducing deficits has stalled in many provinces, highlighting the urgent need for governments to find more efficient ways of delivering services. Of particular concern are rising health care costs, which account for roughly half of provincial budgets.

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ANNUAL REPORT 2012 CANADIAN COUNCIL OF CHIEF EXECUTIVES


-10

-24.9

-30

-50

7.8

0.5 0.0

-1.3

-0.5

-10.2

-20

-40

3.4

-1.0 -1.5

-21.1

-2.0

-33.4

% of GDP

During the past year, CCCE members have exchanged views on Canada’s evolving economic conditions with a range of senior federal and provincial decision-makers, including Bank of Canada Governor Mark Carney (Winnipeg, October 2011) and Finance Minister Jim Flaherty (Toronto, January 2012). Governor Carney also participated in a special teleconference for CCCE members after the release of the Bank’s July 2012 Monetary Policy Report.

Deficit/surplus ($billions)

The CCCE agrees with the recent recommendation of the House of Commons Standing Committee on Finance for a comprehensive review of Canada’s tax system. The Organisation for Economic Cooperation and Development, in its 2012 Economic Survey of Canada, noted that Canada has made significant progress in reducing the statutory corporate income tax rate. Even so, the complexity of the tax system imposes a significant administrative burden on Canadian workers and business owners. Comprehensive tax reform that focuses on fostering investment and savings, and that reduces the disparity in treatment between Federal deficit small and large firms, would enhance Canada’s medium-term economic growth prospects 10 while encouraging smaller companies to expand, invest and enter new markets. 0

-2.5 -3.0

-42.6 2010-11

2012-13

2014-15

2016-17

-3.5

Source: Finance Canada. From 2011 on, data are estimates or projections

Energy and the Environment Energy production and research into advanced energy technologies are important drivers of economic growth. The CCCE believes that Canada’s political leaders should agree on a broad strategy that would maximize the potential of Canada’s diverse energy resources. In a submission to the premiers and territorial leaders prior to their July 2012 meeting, we outlined 10 key elements of such a strategy, including efforts to diversify Canada’s energy export markets, streamline regulatory processes, ensure consistency in climate policies, and address the labour market needs of the energy sector. The Council also called for stronger partnerships with Aboriginal peoples on energy projects. “Addressing the role of Aboriginal communities in energy and resource development begins with early engagement and a true spirit of building stronger relationships,” the CCCE submission said. An earlier CCCE paper, Energy-Wise Canada: Building a Culture of Energy Conservation, emphasized the importance to business and consumers of improved energy efficiency. We urged governments not to shield

Source: Canadian Natural Resources Limited

ANNUAL REPORT 2012 CANADIAN COUNCIL OF CHIEF EXECUTIVES

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Canadians from higher energy prices, which play an important role in motivating individuals and companies to change their energy consumption habits and investment decisions. In April 2012, some 65 CCCE members toured Canadian Natural Resources’ Horizon oil sands facility and Cenovus Energy’s Christina Lake project, both in northeastern Alberta. The trip enabled CEOs from across Canada to learn about the scale of investments and some of the innovations that are improving environmental performance while generating significant economic spinoffs for the rest of the economy.

“Global demand for energy is expected to rise by 40% by 2035 as economies in both developed and emerging countries continue to grow and the standard of living improves in the developing world.” - International Energy Agency

Canada is the world’s: • 2

nd

• 3rd • 3rd • 6th

Innovation

largest producer of uranium

The federal government spends $5 billion a year to support private sector research, largest producer of hydro-electricity but Canada still lags its international peers in business innovation. In the fall of 2011, a largest producer of natural gas federal independent panel on research and development – led by CCCE member Tom largest producer of oil Jenkins, Executive Chairman and Chief Strategy Officer of Open Text Corporation – put forward a series of recommendations that would simplify federal R&D incentive programs, reduce compliance costs, promote commercialization of new technologies, and target assistance more directly at innovative companies. A number of the panel’s key recommendations were reflected in the government’s 2012 budget. However, the government chose a different approach to amending the $3.5 billion-a-year Scientific Research and Experimental Development (SR&ED) tax credit program. The CCCE is concerned about two changes in particular: the government’s decision to reduce the value of the SR&ED credit from 20 to 15 per cent for medium and large firms, and the elimination of claims for capital costs associated with research projects. “Some of the suggested changes may backfire by reducing the incentives for large enterprises to conduct R&D in Canada,” we said in a submission to the House of Commons Standing Committee on Finance.

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ANNUAL REPORT 2012 CANADIAN COUNCIL OF CHIEF EXECUTIVES


North America

Business investment in Canada (billions)

350 For years, Canada and the United States have 300 wrestled with the need to improve the 250 management of our shared border. In 200 $265.1 $233.1 December 2011, Prime Minister Stephen 150 100 Harper and President Barack Obama 50 announced that the two countries had agreed to 0 implement two action plans designed to speed 2009 2010 up legitimate trade and travel, improve security, Source: Bank of Canada and align regulatory approaches between the two countries. The CCCE welcomed the announcement as “a significant and much-needed step forward in CanadaU.S. cooperation.” Of the 36 border-related recommendations put forward by the CCCE in an earlier submission to the Government of Canada, 27 were incorporated in the bilateral action plans.

$288.3

2011

$360.3

2012 – intentions

For manufacturers and exporters on both sides of the border, a key priority is the construction of a second bridge connecting Windsor, Ontario, and Detroit, Michigan. Fully a quarter of all Canada-U.S. trade enters or leaves our country through the heavily congested DetroitWindsor corridor, and commercial traffic at that crossing is expected to triple over the next three decades. In June 2012, Prime Minister Harper and Michigan Governor Rick Snyder signed an agreement to expedite construction of a new, publicly owned bridge, the Detroit River International Crossing. Under the agreement, Canada will be responsible for building, financing and operating the new bridge, likely with private sector involvement. The CCCE called the announcement “highly encouraging,” adding it would “help companies that rely on just-in-time production to keep costs down and improve their competitiveness”.

Highlights of the Canada-U.S. border plan: • Upgrades to key border crossings • Common approach to screening cargo from offshore • Expedited temporary entry for business visitors • Expansion of the NEXUS program for trusted travellers • Streamlined customsreporting requirements for importers • Common approaches to food and motor vehicle safety standards ANNUAL REPORT 2012 CANADIAN COUNCIL OF CHIEF EXECUTIVES

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International Facing the prospect of slow recoveries in the United States and Europe, Canadian exporters are increasingly looking to emerging economies for growth and opportunity. In 2011, the CCCE and the Canada China Business Council published an influential study by economist Wendy Dobson that called on Canada to move beyond “ad hoc arrangements” by developing both closer ties with Asia and a focused strategy based on ambitious targets for trade and investment. The report, “Canada, China and Source: Office of Rising Asia: A Strategic Proposal,” helped set the Prime Minister the stage for the launch of a significant new of Canada CCCE initiative that is examining Asia’s growth, the rapid expansion of the global middle class and the impact on Canada’s economic prospects in the 21st century. In 2012, to encourage debate on what Canada needs to do to succeed in a rebalanced global economy, we published eight papers and essays examining various aspects of the Canada-Asia relationship. We also announced our intention to host “Canada in the Pacific Century,” a major conference in Ottawa for 200 business leaders, senior government officials and representatives of aboriginal communities, labour and other sectors. As a longstanding proponent of an ambitious Canadian trade strategy, the CCCE looks forward to the anticipated completion of economic partnership negotiations with the European Union in late 2012. We also continue to offer advice and support to the federal government as Canada seeks to forge Where the world’s middle closer ties with India, Japan, Brazil, Australia and other markets that hold promise for Canadian class consumers will live companies. In June 2012, the CCCE strongly in 2030 welcomed Canada’s entry into the Trans-Pacific Partnership (TPP), a multilateral set of Africa and negotiations that has the potential to spur North America Middle East Europe economic growth around the Pacific Rim. 7% 7% Asia Pacific 14% Speaking on behalf of Canada’s business Central and leaders, Mr. Manley expressed the hope that 6% South America 66% the TPP would lead to “significant reforms in areas such as intellectual property protection, regulatory cooperation, rules of origin and non-tariff barriers, agricultural trade, and investment and services liberalization.” Source: OECD

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ANNUAL REPORT 2012 CANADIAN COUNCIL OF CHIEF EXECUTIVES


Events & Publications

Event highlights CCCE delegation to Japan

Tokyo – September 25-26, 2011

Autumn Members’ Meeting

Winnipeg, MB – October 3-4, 2011

“The way forward: Canada’s decade of opportunity” Remarks to the Canadian Business Leadership Forum Toronto, ON – October 19, 2011

CCCE delegation to China

Beijing and Chongqing - November 19-23, 2011

New Year Members’ Meeting

Toronto, ON – January 16-17, 2012

World Economic Forum Annual Meeting

Davos-Klosters, Switzerland – January 25-29, 2012

Aspen Institute dialogue on Canada’s economic and fiscal renaissance

Source: Canada China Business Council

Washington, D.C. – March 28, 2012

CEO Summit of the Americas

Cartagena de Indias, Colombia – April 13-14, 2012

Members’ tour of oil sands facilities

Fort McMurray and Christina Lake, AB – April 30, 2012

Spring Members’ Meeting

Calgary, AB – April 30- May 1, 2012

Remarks to the Petroleum Club Calgary, AB – May 16, 2012

Remarks to the Canadian American Business Council

Washington, D.C. – June 7, 2012

Remarks to the New England Business Council Boston, MA – June 21, 2012

Golden opportunities and surmountable challenges: Prospects for Canadian agriculture in Asia By Michael Gifford

April 2012

A northern tiger? Canada’s economic and fiscal renaissance and its implications for the United States By Jeremy Leonard March 2012

Chinese foreign direct investment in Canada: Threat or opportunity? By Theodore H. Moran March 2012

SELECTED Publications A Canadian national economic strategy for Asia By Dominic Barton, Bruno Roy and Bruce Simpson August 2012

L’essor de la Chine et les implications pour le Quebec By Martin Cauchon, Joseph P. Caron, and Michael G. Woods

August 2012

Ambiguity and illusion in China’s economic transformation: Issues for Canadian policy makers and business leaders By Michael Hart February 2012

Corporate taxes, jobs and investment: the real story (Article in iPolitics)

January 25, 2012

Energy-wise Canada: Building a culture of energy conservation December 2011

Strengthening education and research connectivity between Canada and Asia By Stephen J. Toope

Geography is destiny: a good week for Canada-US relations (Article in iPolitics)

Competing in the 21st century skills race By Graham Orpwood, Bonnie Schmidt and Hu Jun

Canada, China and rising Asia: A strategic proposal By Wendy Dobson

Framing an energy strategy for Canada: Submission to the Council of the Federation

Intellectual property: A new kind of arms race, with patents as ammo (Article in The Globe and Mail)

August 2012

July 2012

July 2012

December 9, 2011

October 2011

October 5, 2011

ANNUAL REPORT 2012 CANADIAN COUNCIL OF CHIEF EXECUTIVES

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Board of Directors

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Paul Desmarais, Jr. (Vice Chair)

M. Elyse Allan

Pierre Beaudoin

John M. Cassaday

President and Chief Executive Officer, GE Canada

President and Chief Executive Officer, Bombardier Inc.

President and Chief Executive Officer, Corus Entertainment Inc.

William A. Downe

N. Murray Edwards

Darren Entwistle

J. Bruce Flatt

President and Chief Executive Officer, BMO Financial Group

President, Edco Financial Holdings Ltd.

President and Chief Executive Officer, TELUS

Chief Executive Officer, Brookfield Asset Management Inc.

Linda S. Hasenfratz

Paul J. Hill

Tom Jenkins

Donald R. Lindsay

Chief Executive Officer, Linamar Corporation

Chairman, President and Chief Executive Officer, Harvard Developments Inc. – A Hill Company

Executive Chairman and Chief Strategy Officer, Open Text Corporation

President and Chief Executive Officer, Teck Resources Limited

ANNUAL REPORT 2012 CANADIAN COUNCIL OF CHIEF EXECUTIVES

Chairman and Co-Chief Executive Officer, Power Corporation of Canada


Jon E. Love

The Honourable John P. Manley, P.C., O.C.

Michael H. McCain

Lorraine Mitchelmore

President and Chief Executive Officer, Maple Leaf Foods Inc.

President and Canada Country Chair, Shell Canada Limited

Gordon M. Nixon (Past Chair)

Hartley T. Richardson (Chair)

John C. Risley

President and Chief Executive Officer, Royal Bank of Canada

President and Chief Executive Officer, James Richardson & Sons, Limited

Juergen Schachler

Nancy C. Southern

Louis O. Vachon

Michael M. Wilson

President and Chief Executive Officer, ArcelorMittal Dofasco Inc.

President and Chief Executive Officer, ATCO Group

President and Chief Executive Officer, National Bank of Canada

President and Chief Executive Officer, Agrium Inc.

Managing Partner, KingSett Capital Inc.

Claude Mongeau

President and Chief Executive Officer, CN

President and Chief Executive Officer, Canadian Council of Chief Executives

President, Clearwater Fine Foods Inc.

ANNUAL REPORT 2012 CANADIAN COUNCIL OF CHIEF EXECUTIVES

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Membership As of August 2012

1. Board of Directors 2. Entrepreneurs’ Circle 3. Associate Member

Mark Aboud

Pierre Blouin

Chief Executive Officer MTS Allstream Inc.

Roy Cook 3 Chair Canadian Manufacturers & Exporters

David Aisenstat 2

Ian A. Bourne

George A. Cope

M. Elyse Allan 1

Charles Brindamour

Mike Ashar

Jack Broodo

Richard Baker

Bill Buckley

Katherine Bardswick

John M. Cassaday 1

President and Managing Director SAP Canada Inc. Chairman, President and Chief Executive Officer Keg Restaurants Ltd. President and Chief Executive Officer GE Canada

President Irving Oil Limited Governor Hudson’s Bay Company

Chief Executive Officer Intact Financial Corporation President Dow Chemical Canada ULC President and Chief Executive Officer ShawCor Ltd.

President and Chief Executive Officer The Co-operators Group Limited

President and Chief Executive Officer Corus Entertainment Inc.

W. Geoffrey Beattie

Yvon Charest

President The Woodbridge Company Limited Laurent Beaudoin 2

Chairman Bombardier Inc.

Pierre Beaudoin 1, 2

President and Chief Executive Officer Bombardier Inc.

John M. Beck

Chairman and Chief Executive Officer Aecon Group Inc. Reid Bigland

Chairman, President and Chief Executive Officer Chrysler Canada Inc.

24

Vice Chairman and Interim Chief Executive Officer SNC-Lavalin Group Inc.

ANNUAL REPORT 2012 CANADIAN COUNCIL OF CHIEF EXECUTIVES

President and Chief Executive Officer Industrial Alliance Insurance and Financial Services Inc. Neil Chrystal

President and Chief Executive Officer Polygon Homes Ltd. W. Edmund Clark

President and Chief Executive Officer TD Bank Group Jack L. Cockwell 2

Group Chairman Brookfield Asset Management Inc. Dean Connor

President and Chief Executive Officer Sun Life Financial Inc.

President and Chief Executive Officer BCE Inc. and Bell Canada Jacynthe Côté

Chief Executive Rio Tinto Alcan Marcel R. Coutu

President and Chief Executive Officer Canadian Oil Sands Limited Dianne Craig

President and Chief Executive Officer Ford Motor Company of Canada, Limited Robert S. Crosbie 2

Chairman Crosbie Group Limited

David M. Culver

Past Chair Canadian Council of Chief Executives Tim Cutt

President and Chief Executive Officer BHP Billiton Canada Inc. Thomas d’Aquino

Distinguished Lifetime Member and Former Chief Executive Canadian Council of Chief Executives Jim W. Davidson

Chairman and Chief Executive Officer FirstEnergy Capital Corp. Marc de La Bruyère 2

Chairman Maclab Enterprises


Source: BCE Inc. and Bell Canada

Source: Stone Creek Resorts Inc.

Arthur A. DeFehr 2

Jon Fairest

President and Chief Executive Officer Sanofi-aventis Canada Inc.

Russ Girling

Chief Executive Officer Palliser Furniture

Michael Denham

Dawn Farrell

President and Managing Director, Canada Accenture Inc.

President and Chief Executive Officer TransAlta Corporation

Blake C. Goldring 2 Chairman and Chief Executive Officer AGF Management Limited

AndrĂŠ Desmarais 2 President and Co-Chief Executive Officer Power Corporation of Canada

Brian Ferguson

J. Lindsay Gordon

Paul Desmarais, Jr. 1, 2 Chairman and Co-Chief Executive Officer Power Corporation of Canada

Kenneth E. Field 2 Chairman and Chief Executive Officer GreenField Ethanol Inc.

Paul G. Douglas

President and Chief Executive Officer PCL Constructors Inc.

J. Bruce Flatt 1 Chief Executive Officer Brookfield Asset Management Inc.

George F. J. Gosbee 2 Chairman, President and Chief Executive Officer AltaCorp Capital Inc.

William A. Downe 1

Jay Forbes

President & Chief Executive Officer Cenovus Energy Inc.

President and Chief Executive Officer BMO Financial Group

President and Chief Executive Officer Teranet Inc.

William J. Doyle

Peter Galanis

President and Chief Executive Officer PotashCorp

President and Chief Executive Officer Hewlett-Packard (Canada) Co.

Rupert Duchesne

Richard L. George

Group Chief Executive Aimia Inc.

Distinguished Lifetime Member Canadian Council of Chief Executives

N. Murray Edwards 1, 2 President Edco Financial Holdings Ltd.

Asim Ghosh

Darren Entwistle 1

John W. Gibson, Jr.

President and Chief Executive Officer Husky Energy Inc.

President and Chief Executive Officer TELUS

President and Chief Executive Officer Tervita Corporation

Randall K. Eresman

Peter E. Gilgan 2

President and Chief Executive Officer Encana Corporation

Founder and Chief Executive Officer Mattamy Homes Limited

President and Chief Executive Officer TransCanada Corporation

President and Chief Executive Officer HSBC Bank Canada

Anthony R. Graham

President Wittington Investments, Limited Ian Greenberg

President and Chief Executive Officer Astral Media Inc. Andy Gross

Chief Executive Officer Giant Tiger Stores Limited Charles Guay

President and Chief Executive Officer The Standard Life Assurance Company of Canada Donald A. Guloien

President and Chief Executive Officer Manulife Financial Corporation Robert Hardt

President and Chief Executive Officer Siemens Canada Limited Hunter Harrison

President and Chief Executive Officer Canadian Pacific Railway

ANNUAL REPORT 2012 CANADIAN COUNCIL OF CHIEF EXECUTIVES

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Membership

Linda S. Hasenfratz 1, 2

Daryl A. Katz 2

Bill Lennie

Chairman and Chief Executive Officer The Katz Group of Companies

President The Home Depot of Canada Inc.

Duncan Hawthorne

Nitin Kawale

Monique F. Leroux

Chief Executive Officer Linamar Corporation

President and Chief Executive Officer Bruce Power John Helou

President Pfizer Canada Inc. Mark Henderson

President and Chief Executive Officer Ericsson Canada Inc. Trent Henry

Chairman and Chief Executive Officer Ernst & Young LLP Les Herr

President Cisco Systems Canada, Co. Don Kayne

President and Chief Executive Officer Canfor Corporation Edward S. Kennedy

President and Chief Executive Officer The North West Company Inc. Gordon J. Kerr

President and Chief Executive Officer Enerplus Corporation Hassan Khosrowshahi 2

President and Chief Executive Officer Empire Life Insurance Company

Chairman Persis Holdings Ltd.

Paul J. Hill 1, 2

James S. Kinnear 2 President and Chief Executive Officer Kinnear Financial Limited

Chairman, President and Chief Executive Officer Harvard Developments Inc. A Hill Company

Alberto Iperti

Managing Director, Canada Tenaris Duncan N. R. Jackman 2

Chairman, President and Chief Executive Officer E-L Financial Corporation Limited Tom Jenkins 1, 2

Executive Chairman and Chief Strategy Officer Open Text Corporation

26

Source: PCL Constructors Inc.

ANNUAL REPORT 2012 CANADIAN COUNCIL OF CHIEF EXECUTIVES

Thomas A. Kloet

Chief Executive Officer TMX Group Inc. Tetsuo Komuro

President and Chief Executive Officer Mitsui & Co. (Canada) Ltd. Jean-Yves Leblanc 3 Chairman of the Board Conseil du patronat du QuĂŠbec Jeff Lehrmann

President Chevron Canada Limited

Chair of the Board, President and Chief Executive Officer Desjardins Group Donald R. Lindsay 1 President and Chief Executive Officer Teck Resources Limited Paul J. Lirette

President and Chief Executive Officer GlaxoSmithKline Inc. Lisa S. Lisson

President Federal Express Canada Ltd. Christine Lithgow

President and Chief Executive Officer Aon Reed Stenhouse Inc. D. Allen Loney

President and Chief Executive Officer The Great-West Life Assurance Company Maxwell Long

President Microsoft Canada Inc. Brandt C. Louie 2 Chairman, President and Chief Executive Officer H.Y. Louie Co. Limited Jon E. Love 1, 2

Managing Partner KingSett Capital Inc.

John M. Lutz

President IBM Canada Ltd.


Source: Husky Energy Inc.

Source: PotashCorp

Lorraine Mitchelmore 1

John E. Peller 2

The Honourable John P. Manley 1

Nadir Mohamed

Len Penner

Ronald N. Mannix 2 Chairman Coril Holdings Ltd.

Claude Mongeau 1 President and Chief Executive Officer CN

Domenic Pilla

John A. Manzoni

Kevin A. Neveu

Peter Poppinga

Paul Madden

President and General Manager 3M Canada Company President and Chief Executive Officer Canadian Council of Chief Executives

President and Chief Executive Officer Talisman Energy Inc. Bruce H. March

Chairman, President and Chief Executive Officer Imperial Oil Limited Russel Marcoux

President and Chief Executive Officer Yanke Group of Companies Ron Mathison 2

President and Chief Executive Officer Matco Investments Ltd. Michael H. McCain 1, 2

President and Chief Executive Officer Maple Leaf Foods Inc.

Gerald T. McCaughey

President and Chief Executive Officer CIBC Calvin McDonald

President and Chief Executive Officer Sears Canada Inc. Bill McFarland

Chief Executive Officer and Senior Partner PricewaterhouseCoopers LLP

President and Canada Country Chair Shell Canada Limited

President and Chief Executive Officer Rogers Communications Inc.

President and Chief Executive Officer Precision Drilling Corporation

President and Chief Executive Officer Andrew Peller Limited

President Cargill Limited President and Chief Executive Officer Shoppers Drug Mart Corporation Chief Executive Officer Vale Canada Limited

Gordon M. Nixon 1

Randy Powell

Masaru Oda

Mike Pratt

President and Chief Executive Officer Royal Bank of Canada

President and Chief Executive Officer Mitsubishi Canada Ltd. Kevin Ogawa

President and Chief Executive Officer Canon Canada Inc. R. Jeffrey Orr

President and Chief Executive Officer Power Financial Corporation Michael J. Oxley

President E.I. du Pont Canada Company Marc Parent

President and Chief Executive Officer CAE Inc. Laurence G. Pathy 2

Chairman Fednav Limited

President and Chief Executive Officer Rocky Mountaineer President and Chief Operating Officer Best Buy Canada Ltd. Kevin Reinhart

Interim President and Chief Executive Officer Nexen Inc. Paul Reynolds

President and Chief Executive Officer Canaccord Financial Ltd. Hartley T. Richardson 1, 2

President and Chief Executive Officer James Richardson & Sons, Limited

John C. Risley 1, 2

President Clearwater Fine Foods Inc.

Michael E. Roach

President and Chief Executive Officer CGI Group Inc.

ANNUAL REPORT 2012 CANADIAN COUNCIL OF CHIEF EXECUTIVES

27


Membership

Harold A. Roozen 2

Ronald N. Stern 2

Curt Vossen

President and Chief Executive Officer Alberta Newsprint Company

President Richardson International Limited

Roger Rossi

Don Streuber

Michael T. Waites

President and Chief Executive Officer Bison Transport Inc.

President and Chief Executive Officer Finning International Inc.

Calin Rovinescu

John M. Sullivan

V. Prem Watsa 2 Chairman and Chief Executive Officer Fairfax Financial Holdings Limited

Chairman and Chief Executive Officer CCI Thermal Technologies Inc.

President and Chief Executive Officer Reliance Comfort Limited Partnership President and Chief Executive Officer Air Canada Lino A. Saputo, Jr.

Chief Executive Officer and Vice Chairman of the Board Saputo Inc.

Kevin M. Sullivan 2

Juergen Schachler 1

Jacques ThĂŠorĂŞt

Mayo Schmidt

Bill Thomas

President and Chief Executive Officer ArcelorMittal Dofasco Inc.

President and Chief Executive Officer Viterra Inc. Larry W. Shelley

President and Chief Executive Officer Coril Holdings Ltd. Ian Smith

Chief Executive Officer Clearwater Seafoods Limited Partnership Stephen Smith

Chairman, President and Co-founder First National Financial LP Jamie C. Sokalsky

President and Chief Executive Officer Barrick Gold Corporation Nancy C. Southern 1, 2 President and Chief Executive Officer ATCO Group

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President and Chief Executive Officer The Cadillac Fairview Corporation Limited

ANNUAL REPORT 2012 CANADIAN COUNCIL OF CHIEF EXECUTIVES

Deputy Chairman GMP Capital Inc.

President Mercer (Canada) Limited Chief Executive Officer and Senior Partner KPMG Guy J. Turcotte 2

President and Chief Executive Officer Stone Creek Resorts Inc.

Richard E. Waugh

President and Chief Executive Officer Scotiabank Steve West

Chief Executive Officer Nordion Inc. Galen G. Weston 2 Executive Chairman Loblaw Companies Limited Gary Whitelaw

Chief Executive Officer Bentall Kennedy Group Steve Williams

Louis O. Vachon 1

President and Chief Executive Officer Suncor Energy Inc.

Dirk Van de Put

Michael M. Wilson 1 President and Chief Executive Officer Agrium Inc.

Anne Marie Verstraeten

Robert Youden 3 Chair Canadian Chamber of Commerce

President and Chief Executive Officer National Bank of Canada President and Chief Executive Officer McCain Foods Limited President and Chief Executive Officer BNP Paribas (Canada) Frank Vettese

Managing Partner and Chief Executive Deloitte & Touche LLP


Council Staff

The Honourable John Manley, P.C., O.C.

Joe Blomeley

Chantal Roy

Brian Kingston

President and Chief Executive Officer

Executive Assistant to the President and Chief Executive Officer Susan Scotti

Senior Vice President, Planning and Operations Sam Boutziouvis

Vice President, Policy, International and Fiscal Issues John Dillon

Vice President, Policy and Corporate Counsel Ross Laver

Vice President, Policy and Communications Nancy Wallace

Vice President, Corporate Services

Policy Analyst Policy Analyst Sarah Reid

Communications Officer Monique Raymond-DubĂŠ

Executive Assistant Patricia Matchem

Senior Administrative Associate Kristen Garant

Administrative Associate Meagan Lachance

Administrative Associate

ANNUAL REPORT 2012 CANADIAN COUNCIL OF CHIEF EXECUTIVES

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99 rue Bank Street Suite/bureau 1001 Ottawa (Ontario) Canada K1P 6B9 Tel 613-238-3727 www.ceocouncil.ca


CCCE Annual Report E 2012