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Leaders, insights and challenges to Canadian business / Issue 1 / Winter 2012 / upfront.pwc.com Up front Managing change in an era of transformation FEATURING Matthew Anderson William Osler Health System Jean-Michel Gires Total E&P Canada Ltd. Jim Leech Ontario Teachers’ Pension Plan Don Lindsay Teck Resources Ltd. The world is Marco Marrone her whiteboard Canadian Tire Corp. Ltd. CEO Nancy Knowlton puts SMART Technologies Inc.’s signature SMART Boards in classrooms around the globe Published by PricewaterhouseCoopers LLP, Canada www.pwc.com/ca/achieving-value Achieving value, for today and tomorrow Successful growth is often about focusing on value: for your customers, stakeholders and employees. At PwC, we’ll work with you to develop and implement targeted growth strategies that lead to the results you expect – from providing deal advisory and restructuring to helping improve your technology, operations and talent management. For more information, please visit our website. Tracey Riley Kristian Knibutat National Managing Partner, National Deals Leader Consulting & Deals 416 815 5083 416 941 8422 [email protected] [email protected] Up front_Winter 2012 In this issue “ You’ll read about how executives at organizations across Canada are approaching today’s challenges and using new ideas and fresh thinking to overcome them and gain competitive advantage.” Up front with Bill McFarland, 3 CEO and Senior Partner, PwC Canada Recession period, or growth opportunity? The truth is in the numbers: here’s a look at some eye-opening statistics from PwC The leaders research, reports and experts. Canadian executives are reinventing the corner suite with leadership that is giving our country Blue sky competitive advantages globally. 4 6 Jim Leech 34 Jean-Michel Girse Ontario Teachers’ Total E&P Canada Ltd. Pension Plan 14 Marco Marrone 37 John Manzoni Canadian Tire Talisman Energy Inc. Corp. Ltd. 22 Don Lindsay 42 Matthew Anderson Teck Resources Ltd. William Osler Health System 26 Nancy Knowlton 47 Marcel Lauzière SMART Imagine Canada Technologies Inc. 29 Vikas Gupta TransGaming Inc. Cover photograph of Nancy Knowlton by Chris Bolin. Up front_WINTER 2012 1 Up front_Winter 2012 Up front Publisher Gino Scapillati, Managing Partner, Markets, PricewaterhouseCoopers LLP, Canada Editor Moira Dann Writers Mary Ambrose, Chris Atchison, Kathryn Bolt, Brennan Clarke, K.J. Gold, Malwina Gudowska, Gail Johnson, Otavio Maia, Roger Martin, Peter McGonigle, Michal Meidan, Sage Newman, Keith Norbury, John Tattrie Contributors, PricewaterhouseCoopers LLP Scott Bolton, Kevin Bromley, Christopher Dulny, Richard Pay, James Pettigrew, Barbara Pitts, Robert Scott, Craig Sebastiano, Nearly 40 million Brazilians have James Temple, Laura Valvasori left the poverty line and entered the Photography Chris Bolin, Tim Fraser, Andrew MacNaughton consumer market. The middle class, Design which for decades was a minority, Ulrike Balke today accounts for over 50 per cent Director, National Marketing and Communications, of Brazil’s 192 million inhabitants. PricewaterhouseCoopers Management Services LP Faye Mattachione Otavio Maia, PwC Brazil 18 Director, Communications, PricewaterhouseCoopers Management Services LP Nicholas Greenfield Senior Manager, National Marketing and Communications, PricewaterhouseCoopers Management Services LP Insights Robert Mackay Experts from PwC and a network of respected professionals Director, Client Engagement and Custom Content Group, The Globe and Mail offer incisive analysis on issues that affect you, your Teena Poirier business, your industry and the global economy. Program Manager, The Globe and Mail Liz Massicotte 10 Innovation: Roger Martin from the Rotman Director, Ad Production Services School of Management on Steve Jobs’ legacy & Magazine Production, The Globe and Mail Sally Pirri 18 Markets: Otavio Maia from PwC Brazil Production Co-ordinator, The Globe and Mail on growth in Brazil Isabelle Oandasan Up front Magazine is designed and produced 30 Talent: Kathyrn Bolt from Robert Half by The Globe and Mail Custom Content Group on staffing challlenges on behalf of PricewaterhouseCoopers LLP. All Correspondence 38 Risk: Michal Meidan and Sage Newman PwC Tower Attention: Faye Mattachione from the Eurasia Group on partnering with China 18 York Street, Suite 2600 Toronto, Ontario M5J 0B2 [email protected] www.upfront.pwc.com Challenges Printing and prepress by DM Digital+1 In this series of case studies, we 12 Weatherhaven examine situations common to every industry – from 20 Viking Air sustainability and R&D to 32 High Liner Foods manufacturing and sales – to © 2012 PricewaterhouseCoopers LLP, an Ontario limited liability partnership. All rights reserved. PwC refers to Canadian member firm, and may sometimes refer uncover real, practical strategies to the PwC network. Each member firm is a separate legal entity. Please see 40 Weldco www.pwc.com/structure for further details. to power your business. PwC Canada helps organizations and individuals create the value they’re looking for. More than 5,700 partners and staff in offices across the country are 46 Urban Systems committed to delivering quality in assurance, tax, consulting and deals services. PwC Canada is a member of the PwC network of firms with close to 169,000 people in 158 countries. Find out more by visiting us at www.pwc.com/ca. 2 Up front_WINTER 2012 Up front nnovation is a loaded word these days. It’s used by Igovernments as a panacea for driving growth in stagnant times. By organizations as a new mindset that will reap a windfall of untapped revenues. And, in the best of companies, it’s a core part of their business strategy. Douglas Merrill, former CIO of Google, was a guest speaker at our Canadian Partners’ Conference this past October. He is an internationally renowned consultant on the topic of innovation. Not missing a beat, when asked by one of our partners to define innovation, Douglas responded: “I think we need to get rid of the word innovation and replace it with a more accurate word – winning.” Innovation – in the context of winning – is at the heart of this first edition of Up front. Working with The Globe and Mail, PwC Canada is producing a semi-annual magazine, featuring profiles about Canadian business leaders and how they use fresh thinking to gain a competitive advantage and win in the marketplace. We’re also launching a complementary online version of Up front (upfront.pwc.com) that will be updated periodically with more interviews and best practices, including insights and challenges faced by business. As a national and global organization, PwC is uniquely positioned to facilitate this discussion. We look forward to engaging Canada’s business leaders in an ongoing conversation about today’s challenges, tomorrow’s opportunities and how they create value for their organizations and stakeholders. Douglas Merrill’s simple analysis of the relationship between innovation and winning is refreshing. In this age of catchphrases and the flavour-of-the-month business initiatives, it’s good to have someone cut to the heart of an issue. We hope that in each issue of Up front, we’ll give you some interesting success stories to reflect upon, along with some food for thought to make your organization more successful. Bill McFarland CEO and Senior Partner, PwC Canada Tim Fraser Tim Up front_WINTER 2012 3 Section Label $17.6 b Alberta’s Capital Plan calls for a $17.6-billion spend on infrastructure to support oil sands development over the next 3 years. Additionally, major industry players like Suncor Energy Inc. Blue sky will spend in excess of $15-billion within the next 5 years, while Imperial Oil Ltd. and Canadian Natural Resources Ltd. Managing change in an are expected to spend $8-billion and era of transformation $4-billion, respectively, by 2012. Source: Global Construction 2020. Global Construction Perspectives and Oxford Economics, 2011. Sponsored by PwC. While evolving financial, environmental and social priorities have always provided a million changing business environment, the past few years have proven 40 tonnes to be particularly challenging for Achieving the U.K.’s recently announced business leaders. Now, more than 5.4 GW of increased renewable energy capacity will require about 40 million ever, senior executives are called tonnes of, mostly imported, woody on to make decisions that respond biomass per year. Biomass is also to immediate issues specific to their expected to be the single most important component of the European Union’s own industry and develop strategies ambitious target of 20% renewable that anticipate tomorrow’s changes. energy by 2020. Source: Growing the Future. PwC, 2011. The information on these two pages describes just a few of many factors impacting the Canadian business landscape and influencing how $23.6- business leaders are managing $20- billion billion change in today’s era of transformation. $14- billion In 2011, the combined net income of Canada’s Big Six banks continued to rise. 2009 2010 2011 Source: Perspectives on the Canadian 4 Up front_WINTER 2012 Banking Industry. PwC, 2010 & 2011. The future of Canadian family business ownership in question Nearly half of Canadian family business owners have not chosen their next business leader, exposing them- selves to a lack of succession planning and promising % an increase in private equity sales. 90 Source: Global Family Business Survey. PwC, 2011. For CEOs of 21 North American chain retailers and New regulations department stores, e-commerce is the single biggest growth driver – with growth rates from 5 to 20 and new technology times greater than bricks and mortar sales. Not The status quo in the wealth surprisingly, a full 90% will increase their use management industry and private of e-commerce as part of their growth strategy. banking is no longer an option. The Source: Ringing the register. PwC, 2011. impact of new regulations and more demanding client expectations are forcing private banks and wealth managers to change their client service Cybercrime infrastructures and the way they Overall, economic crime declined by 24% operate. 71% of private banks surveyed in 2010.

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