Business News February 2012

VOLUME 27, NUMBER 2, 0834-2012

FEBRUARY, 2012

BDC’s St. John’s Business Centre celebrates 50 years serving the local business community

IN THIS ISSUE:

•Past presidents recognition •Meet the 2012 new board members •NLAN City of Angels

Contents IN THIS ISSUE Business News is a monthly publication of the St. John’s Board of Trade.

Reproduction of any material contained in Business News is permitted provided written approval from the St. John’s Board of Trade.

Articles and criticisms are invited, but opinions expressed by contributors do not necessarily represent those of the St. John’s Board of Trade.

We encourage you to support the business leaders whose names and products you see advertised in this issue as well as throughout our entire membership. The Board reserves the right to edit submissions.

Editor: Printed by: Layout:

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CHAIR’S MESSAGE FEATURES

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KEEPING CURRENT

Alisha Morrissey British Group of Companies Roxanne Abbott

ST. JOHN’S BOARD OF TRADE EXECUTIVE Steve Power Denis Mahoney Sharon Horan Kim Keating Jo Mark Zurel Paul Janes

COVER STORY

MEMBERSHIP

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Chair Senior Vice-Chair First Vice-Chair Second Vice-Chair Immediate Past Chair Secretary-Treasurer

BOARD OF DIRECTORS Dallas Mercer Andrea Brocklehurst Wayne Bruce Heather Bruce-Veitch Lynn Sullivan Karen McCarthy Dorothy Keating Des Whelan

STAFF Nancy Healey Jennifer Chaytor Lori Coleman Margie Davis Alisha Morrissey Craig Ennis

Wanda Palmer

Jackie Bryant-Cumby

Chief Executive Officer Manager of Finance and Compliance Business Affairs Manager Sales Manager Policy Research Analyst Vice President of Policy and Communications Events Marketer & Administrative Coordinator Member Relations Administrator

St. John’s Board of Trade 34 Harvey Road P.O. Box 5127 St. John’s, NL A1C 5V5 Canada Tel: (709) 726-2961 Fax: (709) 726-2003 E-mail: mail@bot.nf.ca Website: www.bot.nf.ca

Business News

February 2012

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Cover Story bdc - A history of success BDC’s St. John’s Business Centre just celebrated its 50th anniversary, a testimony to the fact that this local team has a true history of success with its clients.

“We’ve supported businesses here through the good times and the tough times. We were there during the collapse of the cod fishery in the 90s and have helped SMEs through challenging economic cycles including the last recession. Now, with the economic boom of the oil and gas industry, we’re also helping entrepreneurs tap into growth opportunities,” says Terry Quinn, Senior Vice President, Finance and Consulting – Atlantic.

BDC (Business Development Bank of Canada) offers financing, subordinate financing, venture capital and consulting services to 29,000 small and medium-sized companies across Canada. The bank has almost 1,900 employees and more than 100 business centres.

The St. John’s team oversees a roster of over 900 clients for a commitment of over $400 million which means a busy time for the bank. In fact, in the past 12 years, the business centre has doubled its staff to 36 employees.

Quinn attributes a part of the business centre’s success and growth to a “reliable model: happy employees make happy customers.”

The St. John’s group is renowned for its lively, personable work environment where an upbeat attitude is a way of doing business. “I think the sense of camaraderie here definitely strengthens our teamwork and helps drive performance too,” he emphasizes. It’s not surprising as well that BDC has been named by Macleans as one of Canada’s top employers since 2007, he says.

In turn, satisfied employees in St. John’s are loyal to the organization, which means lower turnover. “That also enables us to build strong, long-term relationships with our clients. Business owners here know the 2

people who they are dealing with, so they’re loyal to us too,” says Quinn.

The St. John’s team has also focused on building a close rapport with the local business community.

The group has earned a reputation for holding “can’t miss” events such as their annual client appreciation event, which attracts about 250 local business people.

“We know that people really look forward to our events. They’ve become our trademark,” says Cathy Dawe, Area Office Manager. “Our events attract a real mix of larger, established companies and smaller, younger businesses.

It’s an excellent opportunity for entrepreneurs to network,” she says.

Another strength of the St. John’s team, says Quinn, is working continually with local chartered banks and creating alliances with Terry Quinn, senior vice-president, financing and other organizations such as consulting-Atlantic the Community Business ICT program offers vital working capital Development Corporations for hardware (servers, network, telephony, and ACOA. “We want businesses to computers and accessories), software benefit from our alliances and ensure (ERP, CRM, human resources, supply that we can fulfill a complete range of chain, finance and accounting), as well as needs whether it’s financing for a start-up consulting services (IT planning, strategy, or a company exploring international security, online sales, Internet marketing, opportunities,” he says. social media).

The St. John’s team is also in tune with Readers can find more information on the evolving needs of today’s businesses, ICT on bdc.ca or by visiting the local which operate in a highly competitive environment where technology and success business centre located in Atlantic Place, 215 Water St. or calling 772-7320. go hand in hand, adds Quinn.

“Ultimately, we’ve stayed close to our “We continue to find new ways to support entrepreneurs such as our ICT (Information clients over the past five decades and successfully adapted to their changing and Communications Technology) needs. The future for our business centre financing and consulting solutions,” he looks bright and we’re looking forward says. to celebrating our next major milestone,” “We know that technology helps concludes Quinn. entrepreneurs be more productive, efficient, profitable and competitive. The

February 2012

Business News

Chair’s Message pitch in We solve problems by identifying them, figuring out the best solutions and applying them.

I recently read an article about how economic development is the responsibility of everyone in a community. Meaning the greater success or failure of a group is dependent on every individual.

It’s one of those concepts that we all learned as early as Kindergarten, but seem to forget as we become adults.

So I’d like to offer a few tips that could boost economic development in our city and generally make the place we live better.

Chair, Steve Power

Are you aware there’s a Tumblr site out there where people in our city can post photos of the worst parking jobs of others?

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ave you noticed the comments boards of local news outlets that are just full of complaints about everything from the city’s snowclearing to the sentences provincial court judges hand down to those convicted of various crimes?

Or when was the last time someone said something nice about their jobs, partners or kids in casual conversation, rather than snarking about something in an attempt to be funny?

I’ve been noticing that there’s a whole lot of complaining going on about the way we live our lives.

Perhaps the rise of the Internet has opened my eyes to more of the complaints. Or perhaps we’re all a little more vocal about the little irritants in life. Either way, I’m one of those people who believes airing grievances isn’t a way to solve problems.

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Volunteer.

By pitching in at the library, coaching your kids’ soccer team, handing out sandwiches with Street Reach or packing food hampers for the Community Food Sharing Network, you’re reducing the amount of your money governments need to spend on certain services and you’re doing something to help someone else … a feeling that’s invaluable.

Be proud and loud about where you live.

We’re very lucky to live in St. John’s – a clean and beautiful city with infinite potential right now. Talk may be cheap, but it’s certainly the way to build buzz. Chat about the positive aspects of our city when you’re here and when you’re away. You’ll find pride in place is infectious and who knows who will hear you and what they’d be willing to invest in this city too.

Support the arts.

Buying gifts at a craft fair, picking up a painting at a charity auction or even buying season tickets to the NSO is an investment in your community. We all prosper from a diverse economy and these kinds of spends tend to be small and enriching to you and your family as well.

Join a group.

Whether it’s Happy City, Rotary the Kinsmen or some other community group you’ll not only expand your own personal circle of friends and contacts, but show a desire to have an impact on the community as well.

February 2012

Make friends with newcomers in your community.

We’re talking about a labour shortage, a demographic timebomb even. The simplest thing you and I can do to combat that is to invite that new neighbour over for dinner.

Offer to help out with the Association for New Canadians. Smile at those new faces in your community. Even offer directions to tourists or to take their photo in front of landmarks. People who feel welcome are more likely to stay around.

Support continuing education.

Donations to universities or colleges need not be thousands of dollars in scholarships – though I’m sure cheques won’t be turned down should you bring them to Memorial University. Donations of books and documents to libraries, attend student fundraisers and offer your time when you can. Investing in education always delivers great returns.

Participate in public forums and question your leaders.

Even when the issue doesn’t directly affect you, being involved in the discussion is invaluable. Perhaps you won’t have much to say or maybe you’ll know how to solve a particular community problem.

Either way, you’re showing that you’re active and care about your community as an interconnected whole does have an impact.

Municipal, provincial or federal, we choose our leaders and they choose our civic priorities. Write a letter when you don’t think your government is representing your values. Make a phone call to your MHA when they vote against something you’re for or vice versa. Don’t just register complaints – offer solutions.

Vote.

Election day is one day when you get to really have your say. Think about your candidates, their values and plans. Do they match with yours? Why are you really putting an X next to that name?

So get involved, offer a hand or smile. It may not cost you much of anything, but it all adds value to our community. And what a community we have.

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Feature safekeeping How to keep payroll information safe

By Rachel De Grâce, CPM, CEB

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re your payroll records being kept in a cardboard box underneath your desk? If so, you might want to keep reading…

Control over where and how payroll records are kept should be a top priority for all organizations. Government bodies have regulations on which payroll records must be retained and for how long. There are also other things to take into consideration when deciding how and where certain forms and information should be maintained in files.

The Canada Revenue Agency (CRA) and Revenu Québec (RQ): The CRA and RQ require that all records and supporting documents required to determine your tax obligations and entitlements be kept for a period of six years from the end of the last tax year to which they relate. Year-end slips, in particular, contain highly sensitive information and should be securely maintained at all times. Also, employers who wish to transmit T4 or RL-1 slips electronically to employees or beneficiaries must first obtain consent in writing or electronic format.

Employment/labour standards: Each jurisdiction sets out which types of records must be maintained in the employee’s personnel file and for how long. Hours worked, vacation records and employee addresses are just some examples of the type of information required to be maintained. As these time frames vary from 12 months after the work is performed to five years from the termination of employment, employers must ensure that the legislation is being met in each province or territory where they have employees performing work.

Record of Employment (ROE): The ROE is the single most important form under Employment Insurance (EI). Even blank ROEs must be secured under lock and key, as each blank form has a unique serial number that is linked to the company.

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Rachel De Grâce Employers may be held liable for any negligence that caused an ROE to fall into the wrong hands and resulted in fraudulent EI claims. Penalties can be as high as three times the fraudulent benefits collected, putting a price-tag of up to nearly $70,000 for each ROE. Employers who enroll with ROE Web enjoy the added security of not having to print paper copies for their employees and of storing the employer’s copy in a secure electronic environment with Service Canada for the required sixyear period.

Privacy & Social Insurance Number (SIN): Employers also have a responsibility under privacy legislation to protect an employee’s personal information. This includes their SIN, address, date of birth, dependent information, garnishments, etc.

To avoid possible litigation, employers should ensure that any documents containing such information be kept under lock and key. Sensitive documents should also be protected while payroll and HR staff work on them throughout the day. Even short breaks away from your desk could lead to this information being compromised. Ideally, employees

February 2012

working with such forms, including the payroll register, should be set apart from all other employees not needing access to such information. A stolen SIN could result in identity theft, often leading to stolen monies, poor credit ratings, and implications in criminal activities.

Accounting: All T4 information must be retained for the current year plus six years prior. All payroll files related to salaries, deductions and remittances must remain onsite for at least the current year. If the employer chooses to retain the previous years’ information offsite, the employer remains responsible for maintaining these files in a secure environment.

Rachel De Grâce, CPM, CEB, is the Compliance Services Developer for the Canadian Payroll Association (CPA).

The CPA has been representing employer payroll interests in Canada since 1978. www.payroll.ca

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Thank You!

Business SPARKING GROWTH

Photo by Kevin Kroeker – www.ontherockphotography.com

2012 Thank you for making the 2012 Business Development Summit a huge success!

Outlook provided valuable insights into the economic future of this province and the Trade Show showcased local products and services to hundreds of visitors.

We look forward to seeing you next year!

A SPEC IA L THA N K Y O U TO O U R S P O N S O R S

Feature ambassador column Barbara Stoyles Canadian Marketing 100 Yonge Street, 6th Floor Toronto, ON M5C 2W1

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Canadian Marketing 100 Yonge Street, 6th Floor Toronto, ON M5C 2W1

S

ince starting my own business as an Independent Travel Advisor my top priority was to meet new people and to establish a presence in the local business community. The St. John’s Board of Trade was the perfect solution for me. It provides me with ample opportunities, through networking events, luncheon to meet some amazing people and the decision – makers in the business community.

Wanting to be more involved, I became an Ambassador in September 2011.

Being able to contribute my ideas and help organize Board events and to build long lasting relationships with all the Ambassador team and the staff of the Board has been a very valuable experience for me. One of my recent experiences was helping to organize and participate in the Amazing Membership Race, which once again was a huge success. Whether Publication: Calgary Herald Material Deadline: November 14, 2011 Insertion Dates: November 16, 2011

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Publication: Calgary Herald Material Deadline: November 14, 2011 Insertion Dates: November 16, 2011

it is organizing events or helping other members to get the most out of what the Board has to offer the Ambassador committee always keeps Board policies and procedures in mind but we have a lot of fun doing it.

My involvement has been very rewarding both professionally and personally and I look forward in meeting more influential people with the St. John’s Board of Trade.

Barbara Stoyles is an Independent Travel Advisor with Vision 2000 Travel Group.

Specialist in The Art of Travel. From Business Travel, Destination Weddings & Honeymoons, Cruise, Family Vacations, Escorted Tours to Domestic Travel. Making all your Travel Dreams a Reality.

For more information please contact Barbara at 709 726-1979 or Barbara. stoyles@vision2000.ca or www.vision2000. ca/barbarastoyles

We may not know We may not know everything about everything about your business. your business.

But we’re close.

WeBut may not know everything we’re close. about your business.

But we’re close.

We’ve yet to see two businesses that are the same. Similar challenges and opportunities, maybe, but that’s where it We’ve see such two businesses the same. ends. Which is whyyet wetoput emphasisthat on are asking the Similar challenges opportunities, maybe, butwe that’s right questions to focusand our solutions. That way, canwhere it ends. Which why we put such emphasis asking the provide the expertise andis products needed to moveon your right questions to focus our solutions. That way, we can enterprise forward and help you reach your goals. With provide the expertise and products needed to move your over 175 of business banking experience, Scotiabank We’ve yet years to see two businesses same. challenges enterprise forwardthat and are helpthe you reachSimilar your goals.

With and opportunities, maybe, but that’s has quite a lot to offer. over 175 of business experience, where it ends. Which is years why we put suchbanking emphasis on askingScotiabank the right questions to focus our solutions. That has quite lot to offer. way, we can provide the aexpertise and products needed to move your enterprise forward and help you reach Profit from what we’ve learned. Let’s talk. your goals. With over 175 years of business banking experience, Scotiabank has quite a lot to offer.

Profit from what we’ve learned. Let’s talk.

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Peter Fitzner Director and Group Lead (506) 857-3626, Ext. 8005 peter.fitzner@scotiabank.com

Bernadette Knowles Senior Client Relationship Manager (506) 857-3626, Ext. 8000 bernadette.knowles@scotiabank.com

Brian Kent Client Relationship Manager (506) 857-3626, Ext. 8002 brian.kent@scotiabank.com

scotiabank.com/letstalkbusiness scotiabank.com/letstalkbusiness Real Estate Advisory Automotive Automotive Franchising Equipment Agriculture M&A Commercial Commercial Financing Financing Franchising LeasingLeasing Advisory Equipment Real Estate Agriculture M&A ® Registered trademark of The Bank of Nova Scotia.

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February 2012

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Feature ambassador column Darrin Fitzpatrick

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eing a member of the St. John’s Board of Trade and an Ambassador have been rewarding and encouraging to me because to know that businesses, organizations, groups and individuals are working together as one for today and for future generations, is a step in the right direction for NL. I believe we are all working together to make NL a better place to live, work and to continuing our strong heritage and this is something I have value from day one.

The BOT has given me the opportunity to attend events, meet new people and learn what direction, as a province we are headed. Being a member, I have the privilege to exchange opinions and ideas with decisions-makers of NL who are working together for a brighter future and to gain insight on what is right and wrong for the province. This is what makes NL unique.

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I have met and developed relations with members of the BOT team that will last a life time and I have made valuable contacts with industry that has grown my business portfolio. I would like to thank all ambassadors and members of the BOT for making my experience as a member wonderful and knowledgeable that will forever have a positive impact on my life.

Darrin Fitzpatrick - Business Development Officer for Contract Training & Continuing Education (CT&CE) for the College of the North Atlantic. CNA develops customized training programs/ courses from a one-day session to programs of several weeks – offered anytime, anywhere. We also build entirely new programs tailored to fit the training requirements of our clients. Continuing Education programming includes part-time certificate programs, credit courses,

February 2012

non-credit courses, and professional development opportunities in various disciplines.

For information on CT&CE program/ courses, please contact Darrin Fitzpatrick at (709) 744-6845 or email: Darrin. fitzpatrick@cna.nl.ca or the college’s web site at: www.cna.nl.ca

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Feature city of angels Private investors may be deploying smaller amounts of cash, but there’s no plan to stop backing promising new ventures

by Peter Moreira Reprinted with permission from Progress Magazine

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Photo credit to techvibes.com

ast year, Aczen Innovations had a problem common to young companies: It needed capital.

The three-year-old St. John’s-based business had been using a float of founders’ money to develop its product, software that automatically completes timesheet data within existing business systems. Aczen’s executive team was pleased with the development of the technology, but they needed more funds to finance the roll-out in international markets.

As the team searched for backers, they contacted the St. John’s Board of Trade, which put them in touch with an affiliated organization, the Newfoundland and Labrador Angel Network (NLAN). The introduction came as new life was being breathed into NLAN, and in late 2010 nine angels from the network took a minority position in Aczen. The fresh capital certainly helped, but the pleasant surprise for Aczen CEO Ronald Peddle and his team was the business acumen they gained with the investment.

“We’re a software company, and the group that invested in us has no software people in it,” says David Hiscock, Aczen’s vice-president of marketing and product development. “But they work in highly successful companies that need software, and we really benefited from their insights and connections.’”

NLAN hasn’t had an easy gestation period. It has been around since 2005 but had trouble gaining traction early on. In 2008 its founders decided to pull back, review operations, and try to find a way to move forward. The Aczen investment

marked a milestone in many ways. Once that deal closed in late 2010, the network had invested a total of $1 million in five Newfoundland and Labrador start-ups, and it had more than doubled its membership to 25 in the previous year. It continues to grow, and by the summer of 2011 had signed a total of 30 members. “Two years ago we started to work on our current model,” says NLAN chair Gary Follett.

“The biggest single item was that we put a greater focus on recruiting angels.” He hopes to eventually have 50 members.

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Angel networks are now as much a cornerstone of any jurisdiction’s business ecosystem as the oceans are to the planet’s biological ecosystem. Though loosely defined, angel networks are groups of successful entrepreneurs who band together to invest in and mentor young businesses. It’s their way of giving back to the community and, hopefully, rounding out their investment portfolio with a few high-risk, high-potential companies. As a rule, they don’t back local businesses such as restaurants or real estate; rather, they provide capital for innovative enterprises that will target international markets.

The stability and growth of NLAN marks an evolution in the angel movement in Atlantic Canada. There are now three

February 2012

groups in the region that qualify as angel groups. The biggest is Halifax-based First Angel Network Association (FAN), which is composed of about 100 members from locations throughout the Maritimes and which has invested in 18 companies, one of which is the publicly listed Halifaxbased biotech company Immunovaccine Inc. Another is Dartmouth-based retail body-scanning company Unique Solutions Design Ltd., which recently received $30 million in follow-on funding (See story page 11).

Led by Brian Lowe and Ross Finlay, FAN is the sort of outward-looking organization the region has always needed. It’s a mainstay of the National Angel Capital Organization, has invited investors from other provinces to invest in its portfolio companies, and has developed relationships with angels in New England and across Canada.

The second group is harder to identify but no less of a force. It’s the circle surrounding Gerry Pond, the chair of Saint John-based Mariner.

While Pond declined to discuss Mariner’s private investments for this article, he’s known to have backed several of the successful software and information technology companies that New Brunswick continues to produce. The Saint John-based e-prescription company MedRunner Inc., for example, lists Mariner as one of its investors, and Pond was one of the original investors in Moncton-based Radian6, which in March was sold to Salesforce.

Com for $276 million (U.S.) in cash and $50 million (U.S.) in stock.

Of course, it’s also common for companies to organize their own network of investors, as Moncton software company Lymbix Inc. did in February of 2010, raising $500,000 from 45 individuals. That investment set the stage for its next round of funding, a $1.35-million venture capital investment from GrowthWorks Atlantic Venture Fund in March of this year.

The final pillar in the Atlantic Canadian investment structure is NLAN, whose

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Feature city of angels recovery increases the funding options available to regional entrepreneurs in general and to those in Newfoundland and Labrador in particular. Already this year, FAN did its first investment in Newfoundland and Labrador when it invested in ClearRisk Inc., an online provider of risk-management solutions based in St. John’s. Now FAN has been talking to NLAN about co-investing in another Newfoundland and Labrador company.

“I like the fact that we’re doing more co-investments, because I think it’s important for the region,” says Lowe, who also serves as the entrepreneur-in-residence at Dalhousie University. The resurrection of the Newfoundland and Labrador network came about in about 2009, when one of the founding angels, Jo Mark Zurel, and NLAN’s board of directors began to study what it would take to form a nucleus of investors in the province. They spoke to other networks, including some angels in Ottawa, and continued to work closely with the St. John’s Board of Trade.

They also reached out to some of the other organizations in St. John’s that were working with young companies, including Memorial University’s Faculty of Engineering and Applied Science, the Atlantic Canadian Venture Gateway, and the Genesis Group, Memorial’s division responsible for commercializing research.

“We focused on making sure our own house was in order,” says Zurel. “We had to make sure NLAN could survive. We went to various CA firms and looked for proposals on how to outsource some of NLAN’s functions.”

Eventually they decided that rather than have an in-house general manager, they would have a part-time officer who would help keep the affairs of the network in order and screen applicants for funding.

Leanne Kelly, a senior manager with Grant Thornton in St. John’s, has been overseeing the network’s daily operations ever since.

It also relies on the board of trade for referrals and administrative support. The focus continues to be on recruiting angels and ensuring there’s a minimum number of

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investors in each investment. But beyond the number of members, the organization wants to ensure the right mix of investors so the network is able to respond to a number of opportunities.

NLAN is continuing to evolve, and its board of directors recently made a decision that will distinguish it from other angel groups. So far its five investments have been in start-ups, but from now on it will also have the option of investing in companies facing succession challenges. Like other Atlantic provinces, Newfoundland and Labrador has a vast array of businesses owned by aging operators, and they must find young entrepreneurs to run them. If an entrepreneur needs financial help in buying out an existing company, NLAN will be able to back a new owner taking over the going concern.

Zurel says the group aims to nurture good management in good companies, and he takes seriously the mission of angel networks to mentor younger entrepreneurs.

He draws a distinct contrast between the workings of his organization and the combative mood displayed on the CBC-TV series Dragons’ Den, which he describes as the “dark side of private investing.” The key, he says, is to find people who will make savvy entrepreneurs, then work with

February 2012

them to achieve their potential. “We’ve seen no shortage of good ideas,” he says.

“We have a fantastic university in St. John’s, and we’ve seen good work coming out of government. But we all know there’s a difference between someone with a good idea and a good entrepreneur.”

NLAN obviously thought Ronald Peddle and David Hiscock were good enough entrepreneurs to back Aczen. And Hiscock readily admits they have gained immeasurably from the business advice they have received from the experienced businesspeople. He and his colleagues are busy delving into the minutiae of their business, so it helps to take the time now and then to sit down with mentors who can take a broad view of their operations.

“Unlike your friends, they have no desire to be nice about it,” says Hiscock, laughing. “They don’t sugarcoat anything.

And you know what? That works really well.”

Peter Moreira is the principal of Entrevestor.com, the blogging portal for entrepreneurs, investors, and innovators in Altantic Canada.

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Keeping Current policy matters 2012 provincial pre-budget consultations

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he following are excerpts from the presentation Steve Power gave to Finance Minister Tom Marshall as the provincial government prepares Budget 2012: Debt servicing costs roughly $2 million per day. Meaning that by the time Monday rolls around, the money we spend on public debt charges could have: • Tripled the $1 million over the next two years for the Positive Action for Student Success program, which currently supports 250 disengaged or at-risk young people across the province so they stay in school, and, • Grown the $400,000 this year in interim funding to implement the first stages of the Provincial Strategy of the Inclusion of Persons with Disabilities by about six times.

But because of our past financial history and maybe some resistance to using our oil money to pay our outstanding bill in full, in the five minutes it takes me to deliver this presentation we will have paid $1,400 on interest rather than important programs and services.

Using today’s oil revenues to pay off the bills we have accumulated means three things. The province will: • be better positioned to weather future storms, • save money on interest payments, and • be able to make sustainable investments in important public services for its people.

Let me move to diversification, because that’s directly related to the legacy we will leave based on our actions today.

Minister, you were quoted in a news article earlier this week that you were looking for ideas on diversification. That’s something that the Board has talked about publicly and has talked about with you directly. Here are some initial thoughts.

In the immediate or short term, let’s create the structure and environment: • Recommend to the Premier that she appoint a Parliamentary Secretary

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•

•

for Diversification reporting either to herself or to the Minister of Innovation, Business and Rural Development.

Appoint a Blue Ribbon Panel which will generate a diversification report, much like the Our Place in Canada commission process.

Create a diversification sub-committee of Cabinet, consisting of yourself, the Minister of Natural Resources and the

Minister of Innovation, Business and Rural Development.

• And adopt an Arctic Gateway strategy to take advantage of Labrador’s booming economy and its natural geographic advantage to access Arctic opportunities.

Finally, I’d like to talk about demographics as it relates to labour market development. The new number Continued on next page...

February 2012

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Keeping Current polIcy mATTErS one concern of our members is recruiting qualified employees. There are many facets as to how to address this matter and I know the province and business and labour are working on a number of fronts.

The province may want to consider, and may want to include these things in the Speech from the Throne and the Budget, things like: • Immigration and temporary foreign workers will be part of the solutions and we need to ensure that the province’s immigration office is adequately resourced to deal with the influx; if we know we are going to have labour shortages we need to put our resources into solving that problem; • The province might consider working with the federal government to move its labour market opinion renewal timeframe from 12 months to 24 months, as other provinces have; • Implement a provincial transportation strategy, which was in the Blue Book, to ensure that it’s easier for the welder in Deer Lake to go to Long Harbour than it is to go to Fort MacMurray; • Reduce taxes on jobs such as the payroll tax because that money is more needed and better spent in communities and will result in increased employment and wages, helping to attract workers; • Concentrate recruitment and retention efforts on expats and international students; and, • Control what we can such as spending within our means so that youth aren’t turned off from a place where they know taxes will increase and public services will decrease 20-30 years from now.

Speaking of public services, we know that municipalities have a great deal of the burden in providing vital services, and we would encourage you consider their views, particularly that of our capital, as it is a regional and provincial centre that has unique cost-pressures.

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meet your new executive Steve Power Chair Managing Partner Grant Thornton LLP Newfoundland

Paul Janes Secretary/Treasurer Associate Partner Deloitte Canada

Kim Keating Second Vice-Chair Technology Team Leader – Facilities & Projects Engineering with Suncor

Sharon Horan First Vice-Chair President and Founder of FIT for Work, Atlantic Orthotics Ltd., Schooner Holdings and Dory Holdings.

Denis Mahoney Senior Vice-Chair Partner with McInnes Cooper Manager of employment legal group

meet your new board Des Whelan Director President / CEO Keyin College Inc.

Andrea Brocklehurst Director Manager, Business Manager Plato Consulting Inc.

Karen McCarthy Director

Wayne Bruce Director

President of m5pr

Partner Stewart McKelvey

Dorothy Keating Director Partner with Noseworthy Chapman Chartered Accountants

Heather BruceVeitch Director Director of External Relations Iron Ore Company

Dallas Mercer Director

Lynn Sullivan Director

President and owner of DMC – Dallas Mercer Consulting (2010) Inc.

Chief Operating Officer Cox & Palmer

For more on our newest members of the Board see the Member News section.

Feature Presenting our past president’s pin

I

t’s frequently said that without knowing where you’ve been, you can’t begin to know where you’re going.

At the St. John’s Board of Trade it’s one thing to know your history, it’s another thing entirely to recognize what an impact it still has on day-to-day operations.

This winter the Board launches its PastPresident’s Recognition Program with the introduction of a keepsake pin for past president.

Pat Thompson, owner operator of Diamond Design and a long-term Board of Trade member designed the pin in collaboration with Board of Trade CEO Nancy Healey. They agree the pin is more than a keepsake, it’s a reminder, to the wearer and the greater community, that time spent as the Board of Trade chair or president had an impact.

The gold pin, die cast with a representation of Cabot Tower and a single diamond, all symbolize the weight of the position, says Thompson.

“I know a number of the past presidents personally. … They are all fairly significant players in the business scene over the last couple of generations. The Board of Trade wanted to highlight something significant for these people; to recognize them for the effort and the volunteer time that they gave to the Board of Trade,” Thompson says of the process of designing and making the pins.

Cabot Tower was a natural fit as the emblem, he says.

“It’s very difficult to find another symbol that would tell the story. With Cabot Tower 14

standing above St. John’s, looking over the city, this kind of had that nice imagery. As well, of the leader who would be getting this pin, who really was in a position of trust and confidence and oversaw the organization as the way Cabot Tower overlooks the city,” Thompson says. “One of the things that I do when we go to design something is to try and get a real sense of the value and the importance of the pin.

We could see right from the get go here this was a significant award to be given to

someone.”

The Board, decided to launch the program as one more way to recognize the commitment made to the business community, to the Board and the province by these exceptional volunteers.

“The St. John’s Board of trade has a strong reputation … (which) is attributable to many factors including its 40-year February 2012

history of community-mindedness and attraction of top-notch individuals to lead the organization. These past presidents and now past chairs continue to be leaders in this community,” says Healey.

“The pin is a visible symbol to be worn with pride by the individuals who had a hand in growing the business community of St. John’s.”

The pins will be presented at Board of Trade events throughout the year to past chairs and presidents, starting with the launch of the pin at the chair’s inauguration on Feb. 15.

The presentations will be about honouring the individual and their contribution to the Board and their community.

Incoming Chair Steve Power will be sharing his inauguration with the first presentation of the pins and says he’s happy to do so.

“As much as we work towards a future and concentrate on long term goals for business and our community, sometimes we have to look back and see how we got here. And how we got here is on the shoulders of our former leaders – people who had insight and fortitude and energy to say ‘business needs a voice and a collective effort to contribute to this place.’ The PastPresidents’ Recognition Program is about honouring those people and thanking them for their work,” Power says.

“We are formally recognizing the leaders of the St. John’s Board of Trade, but we realize that those folks had a network of supporters that helped them accomplish what they did. From directors to committee volunteers to Ambassadors and beyond, the Board of Trade has been and still is a Business News

Feature Presenting our past president’s pin

Photo Credit to Greg Locke

St. John’s Board of Trade Past Presidents/Chairs

Pat Thompson team effort. Many of the past-presidents are still members of the Board of Trade and they are conscientious members of the business community. They are part of a larger group; they would give their compliments and thanks to those people and we’ll do the same on their behalf because every volunteer has contributed.”

Thompson himself, has served on the Board and says it’s a significant honour for him to have designed the pin.

Business News

“My family has been in business in St. John’s for many generations. I’m a third generation jeweler that goes back to 1905 so that our family has been a member of the Board of Trade in its earlier incarnations as well as today all the way through,” he says. “We’ve always felt as a firm and as a family that the Board of Trade was a very important organization.”

February 2012

1970

Robert Innes

1971

Burf Ploughman

1972-73

William Neal

1974-75

Graham Mercer

1976

Andrew Crichton

1977

George Warren

1978

Edwin Hussey

1979-80

Gerry Anthony

1981

Rick Emberley

1982-83

Christine Fagan

1984-85

Bernie Beckett

1986

Geoff Tooton

1987

John O’Dea

1988-89

Fraser Edison

1990

David French

1991

Geoff Carnell

1992

Andrew Collins

1993

Siobhan Coady

1994

Gerard McDonald

1995

Roger Flood

1996

Anne Rose

1997

Rob Crosbie

1998

Sandy Gibbons

1999

Martin Lockyer

2000

Gary Follett

2001

Michael Wilson

2002

Gary Reardon

2003

Paul Thomey

2004

William Budgell

2005

Marilyn Thompson

2006

Ray Dillon

2007

Cathy Bennett

2008

Donna Stone

2009

Bruce Templeton

2010

Derek Sullivan

2011

Jo Mark Zurel

15

Keeping Current AroUNd THE boArd We missed your referrals!

The roundtable was a discussion around government finances and how federal regulations can help with labour market demands here.

– Photo courtesy of Michelle Murrin, CRA

Refer someone who joins the St. John’s Board of Trade and receive a gift certificate or valuable discount from a program sponsor.

Thank you to last month’s sponsor...

Board of Trade Chair Jo Mark Zurel, poses with CRA Minister Gail Shea and Wade Hiscock, the local manager of CRA, after a roundtable on business and taxation issues at our offices in downtown St. John’s.

– Photo courtesy of Michelle Murrin, CRA

16

February 2012

Business News

Keeping Current around the board Last fall, a lot of us spent a morning with hockey great Wayne Gretzky. After the final tally the St. John’s Board of Trade, in partnership with TD Canada Trust, decided to share the success of the event. Just before the holidays Board CEO Nancy Healey selected the Janeway Children’s’ Foundation from a hat as the recipient of a $2,000 donation from the Gretzky profits.

The donation, as we discovered while dropping off the cheque, is doubly appropriate as TD is a national supporter of the Children’s Health Network, which funds children’s hospitals across the country.

Healey handed over the cheque to foundation executive director Lynn Sparkes at the Janeway early in the new year.

Featured sponsor of the month Referral Rewards Program

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The Chair of the St. John’s Board of Trade often appears in the pages of The Telegram for many reasons; commenting on government policy, occasionally a feature on their business or once a year for the 20 Questions feature. But Jo Mark Zurel may have been the only Board chair to appear in the paper to talk about their fitness regime.

This is a photo featured in The Telegram recently of Jo Mark and his daughter Heather at the summit of Mount Kilimanjaro last summer. Congratulations on reaching your goal Jo Mark.

Business News

February 2012

17

Keeping Current around the board Congratulations to Brent Smith, Chief Chocolate Officer and the rest of his team at the Newfoundland Chocolate Company, who were recently awarded with St. John’s Clean and Beautiful’s Golden Broom Award. The award was handed out for the first time to a business owner who takes pride in the presentation and maintenance of their property.

Smith was presented the award by St. John’s Clean and Beautiful Chair LeeAnn Montgomery at ceremony at St. John’s City Hall. – Photo courtesy of St. John’s Clean and Beautiful.

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February 2012

Business News

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Membership member news

Lori Coleman “You say Goodbye, I say Hello” The St. John’s Board of Trade is sad to announce the departure of Shari Palmer, Manager of Business Affairs and is wishing her much success in her future endeavors.

We are, however, pleased to welcome back Lori Coleman who will be assuming the position. Good luck to you both!

Expansion of Jumping Bean They’ve done it again. Jumping Bean has opened another location. The newest shop has opened at Memorial University’s QEII Library, where plenty of students can now enjoy a great cup of coffee while working on assignments, studying, or conversing with friends. This is the third retail space for Jumping Bean, which also recently expanded to the departure gate at the St. John’s International Airport.

Powerful people Members of the St. John’s Board of Trade have been named some of the best employers in Atlantic Canada.

Among the 21 companies to be recognized for their ability to recruit and retain employees four of them are our members and located in Newfoundland.

Johnson Inc, one of Canada’s leading insurance and benefit providers made the list because of their generous and flexible options for employees. The Newfoundland and Labrador Credit Union was given this award due to their generous year-end bonuses; health and 20

retirement benefits; scholarship programs for employees and their children; vacation time and charitable contributions.

North Atlantic Refining Ltd., a subsidiary of the Korea National Oil Corporation and a crude oil refinery; also made the list.

Technip Canada’s offering of financial benefits (including referral bonuses); ample year-end bonuses; a share purchase plan as well as matching RSP contributions landed them a spot on the list.

Mark Surrette, president of executive search firm Knightsbridge Robertson Surrette, says human resources are one of the most important tools organizations have. He believes that service outshines product, and when organizations are managed

effectively and use human resources appropriately they are granted a greater competitive advantage.

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Business News

February 2012 Docket #:

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Description of Ad: Board of Trade Magazine BMO Bank of Montreal Client:

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Membership mEmbErS NEwS “Technology can be copied, processes improved upon, flavour replicated, styles enhanced. But nothing can beat a passionate, bright, focused team of employees who want to achieve,” says Mr. Surrette.

Engaging input Memorial University is looking for input.

The university’s office of engagement is looking for ways to engage the province and its university. The office has prepared a short survey and hopes to hear from the public, students, faculty and staff about their experiences within Memorial and any suggestions for future growth or improvement. “We really want to engage people openly and creatively in exploring how to build on all the great partnerships Memorial has already. We want the framework to create the conditions for more and better partnerships.” says Rob Greenwood, executive director of the office of engagement.

The survey is available online at the office’s website ((www.mun.ca/engagement), t on its Facebook page ((www.facebook.ca/ officeofengagement) tt) and on Twitter (@ EngageMemorial). The survey can be done anonymously, but respondents also have the option to leave their information for further contact. The survey closes Feb. 17.

Deadline approaching for WHSCC Workplace Health & Safety Compensation Commission has mailed out 2011 Annual Employer Statements. In order to qualify for a PRIME refund, and avoid lateness penalties, all statements must be submitted by Feb. 29. Statements can also be submitted online, allowing for immediate confirmation of submissions in a secure environment.

A new online service will be available for the 2012 statements, which will also allow accountants and bookkeepers the ability to submit statement for their clients. Employers are still encouraged to use this service for faster, more efficient data entry and to ensure annual reporting requirements are met.

For further information please revise 2011 Annual Employer Statement package or visit www.whscc.nl.ca.

Business News

February 2012

21

new ambassadors We couldn’t do such successful work without the help of our many volunteers including our Ambassador team.

Please welcome our newest Ambassadors when you spot them at Board of Trade events.

Alice Carter

Anders Jensen

Financial Business Advisor

Account Manager

CIBC

Katie Hussey Inside Sales Representative Hardware/Software Support Triware Technologies Inc.

TD Commercial Banking

Brenda L. Kitchen Executive Director The Arthritis Society, NL

Shawn Brown

Lori Bragg

Regional Sales Manager

General Manager

Bell Aliant Newfoundland and Labrador

Jumping Bean Coffee

And please turn to pages 12 and 13 to meet your new executive and Board.

Membership industry news Economic growth report The conference Board of Canada has done the math and St. John’s won’t lead the country in economic growth again this year. In fact, the city looks to lag in 2012 compared to its successes over the past two years.

Despite a small decline from last year, Saskatoon will lead the country’s economic growth this year with growth topping four per cent – nearly two per cent higher than the Canadian average. “High prices for agricultural products, minerals and oil are likely to continue,” said Mario Lefebvre, director of Quebec affairs and the centre for municipal studies at the Conference Board of Canada. Resource-rich cities are proving to show the biggest rise in expansion rates with Calgary, Edmonton and Regina, also at the top of the list. By 2013 it is estimated that Calgary will lead economic growth.

“The outlook is not as promising for cities in central and Eastern Canada,” says Lefebvre.

St. John’s, the leader in the country’s economic growth for 2010 and 2011 will plummet to the bottom of the ranking this year with less than one per cent growth.

The next few years are not looking as promising for St. John’s after hitting peak oil. There will be fewer housing starts and the end of infrastructure spending programs will have an impact on growth.

RDC Supports Health Research The Research & Development Corporation (RDC) has announced that it is investing more than $1.6 million in Memorial University’s faculties of Medicine and Science. RDC’s contribution will support 14 health-related R&D projects, allowing researchers to leverage more than a total of $3.5 million from other funding sources, including the

Canadian Institutes of Health Research (CIHR), the Atlantic Canada Opportunities Agency (ACOA), the Arthritis Society, and Memorial University (including its Genesis Group).

In support of health research, RDC partners with CIHR through the Regional Partnership Program to provide additional research funding in Newfoundland and Labrador. CIHR also provides up to $1 million in incremental funding as a result of this partnership.

Descriptions of the projects receiving funding and further details of RDC’s academic programs are available online at www.researchnl.com.

Uranium Moratorium Lifted The Nunatsiavut Government has voted to lift the three-year moratorium on the mining, development and production of uranium on Labrador Inuit Lands, which is good news for mining companies like Paladin Energy.

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Business News

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Membership industry news Glen Sheppard, Nunatsiavut’s Minister of Lands and Natural Resources, says the government has created The Nunatsiavut Environmental Protection Act which will be enacted by March 9 to acknowledge and target the environmental, land and health concerns that have been raised.

“Our Nunatsiavut communities, it’s sad to say, but we have a lot of social problems, and some of those social problems are related to unemployment, and the list could just go on and on. We did see a number of beneficiaries within Nunatsiavut, and even outside Nunatsiavut that did benefit from the exploration that was going on up until the moratorium became effective,” Sheppard says.

Paladin is aiming to start an exploration program and begin defining drilling targets by mid 2012.

24

Pre-Budget Consultations to Begin Finance Minister Tom Marshall has started annual pre-budget consultations.

“I look forward to gathering feedback from the people of Newfoundland and Labrador on some of the significant issues facing the province including our debt, fiscal sustainability and economic diversification” Marshall says. “I believe it is important that we plan for the type of province that we wish to see in five, 10 or 20 years from now and I hope that this is a theme that is brought forward during the consultation process … our non-renewable resources will not last forever and it is critical that we leverage them to the benefit of all residents of the province today and into the future.”

February 2012

Pre-budget meeting participants are asked to register 48 hours in advance of the scheduled meeting time by phone, 709-729-2944, or email budget@gov.nl.ca.

Written submissions can be made via mail to: Minister of Finance,

c/o Pre-Budget 2012 Department

of Finance,

P.O. Box 8700,

St. John’s, NL, A1B 4J6.

Submissions may also be e-mailed to budgetsubmissions@gov.nl.ca or faxed to 709-729-2070.

A complete schedule for public consultations can be found at www.gov.nl.ca

Business News

Membership member profiles

Bell Aliant (TSX: BA) is one of North America’s largest regional communications providers and the first company in Canada to cover an entire city with fibre-to-the-home (FTTH) technology with its FibreOP™ services. Through its operating entities it serves customers in six Canadian provinces with innovative information, communication and technology services including voice, data, Internet, video and value-added business solutions.

Bell Aliant’s employees deliver the highest quality of customer service, choice and convenience.

As the authoritative source of Canadian payroll knowledge, the Canadian Payroll Association (CPA) delivers programs and services that enable payroll practitioners, service providers and other business professionals to remain current with regulatory requirements, payroll technology and industry best practices. The CPA holds more than 350 professional development seminars across Canada each year to address key payroll topics, from general to senior management levels. With over 17,000 organization and individual members, CPA events are both excellent education and invaluable networking opportunities. www.payroll.ca

The Arthritis Society is Canada’s principal health charity providing vital information and programs to the millions of Canadians with arthritis.

Since 1948, The Society has invested more than $175 million towards innovative research in search of the causes of, and better treatments for, arthritis. The Arthritis Society’s Newfoundland and Labrador Division raises funds to support this mission and provides arthritis education and support programs to help people to better manage and live with arthritis.

Its resources include www.arthritis. ca, a toll-free Arthritis Information Line and an Arthritis Registry which offers members information on arthritis treatments, programs and services and community events.

Business News

Jumping Bean Coffee (JBC) is a premium coffee roaster that offers the best blends and richest single origin coffees available.

All our coffee is roasted to order, so you are guaranteed the freshest possible product. Now you can enjoy premium coffee that produces 85 per cent less Co2 emissions during roasting. Co2 is a major contributor to global warming. Serving premium fresh coffee is the cornerstone of JBC’s business. Our roast master selects and imports the finest raw coffee beans from around the world, and roasts them locally. JBC is also a supplier of many Fair Trade Certified products.

JBC is a specialty wholesaler providing its commercial clients with an exclusive product offering of the highest caliber.

February 2012

We help you achieve your goals by giving you all the benefits of the ongoing and dedicated involvement of a skilled Relationship Manager. This business banking specialist will take the time to understand your business and then work with you to customize the products and services that best meet your needs. TD provides business solutions to companies of all sizes. If your business generates annual revenues of $5,000,000 or more, Commercial Banking can assist you. Our team of experienced specialists located at Commercial Banking Centres across Canada will work with you to help create a banking solution that supports your business.

140 Water Street, 2nd Floor, St. John’s, NL A1C 6H6T:(709) 758 5565 I C:(709) 725 3855 I F:(709) 753 1161

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Product fulfillment, network and user support, communications, collaboration, security, web strategy and custom application are the areas we lead the way.

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25

SIGN MEE UP.

Enjoy exclusive deals and LQFHQWLYHV ZLWK WKH 6W -RKQ路V %RDUG RI 7UDGH路V QHZ Member-to-Member Discount Program.

For a complete list of member offers or to create an offer for your company, contact Jackie Cumby:

jcumby@bot.nf.ca 726-2961

We see the possibilities.

For Suncor Energy, growth brings opportunity and a set of new challenges. The biggest one of all: balancing increased development with the need to live up to our social and environmental responsibilities, both as an individual company and collectively as part of Canada’s oil sands industry. We believe the key is collaboration. A great example is the Oil Sands Leadership Initiative where Suncor works closely with four companies to improve environmental, social and economic performance in the oil sands industry. With a shared commitment to excellence and innovation, we can work together to build a more sustainable energy future.

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*As at December 31, 2010. ™ Trademark of Suncor Energy Inc.

Upcoming Events LUNCH AND LEARN Importing/Exporting? Meet the Expert!

Join us as Michael Carter speaks about the Canada Border Services Agency requirements for exporting and importing. These processes will be discussed: - when export documentation is required, - who is responsible to report the goods to CBSA, - Tariff treatment - and much more.

Where: TBD When: Wed., Feb. 8, 2012 Time: Noon – 2 p.m.

Register online or contact Wanda at 726-2961 ext. 9 or by email at events@bot.nf.ca

HOST A BOARD OF TRADE MIXER The St. John’s Board of Trade is offering its members the opportunity to host the Board’s networking socials in 2012. This is a great opportunity to profile your company to members of the Board of Trade. These events give members the chance to network with other members, exchange ideas, do business and meet new friends and colleagues.

As a networking host you will provide the following:

• A private venue suitable for 75150 people

NETWORKING ON ICE

• Staff to serve food and beverage

Make new business contacts without having to break the ice! Plenty of fun to be had even if you don’t skate. This is a bring-a-friend event.Bring a non-member and show your staff you appreciate them and introduce them to the St. John’s Board of Trade staff.

• Complimentary hors d’oeuvres microphone) music only

To register contact Wanda at 726-2961 or at events@bot.nf.ca

CHAIR’S INAUGURAL RECEPTION Hosted by

We are pleased to invite the whole membership to help us celebrate the inauguration of Steve Power as the incoming Chair of the St. John’s Board of Trade!

Where: Holiday Inn, St. John’s When: Wed., Feb. 15, 2012 Time: 4:30 - 6:30 p.m.

Cost: Included in membership

To register contact Wanda at 726-2961 or at events@bot.nf.ca

28

• Any required AV (i.e.

• A prize giveaway • If providing music, background

Where: Mile One Centre (Gate TBD) When: Fri., Feb. 10, 2012 Time: 3 p.m. - 3:50 p.m. Skate 4 p.m. to 5 p.m.

Cost: Included in membership

and cash bar

February 2012

The Board of Trade will provide the following: • Promotion of the networking social • Registration • Staff will be there to collect attendee’s business card for the prize giveaway and will provide the host with all business cards collected • Staff to manage the event and take pictures • A follow up in our Business News

If you are interested in hosting a business mixer in partnership with the St. John’s Board of Trade please contact Lori Coleman at lcoleman@bot.nf.ca or phone 726-2961 ext.6. We look forward to hearing from you!

Business News

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