Annual Report 2011/2012 Message from the Chairman of the Board 4 Message from the President 5 Turning Vision into Action: The National Conversation on 6 Ongoing Activities at APF Canada 11 In the News 13 Selected Publications 14 Most Popular Downloads from the Website 14 The National Conversation Selected Speeches and Articles 15 Donors 17 on Asia is a broad and inclusive Financial Statement 18 initiative to get Canadians Statement of Operations 19 Balance Sheet 20 thinking and talking about Governance 22 what Asia means to Canada Annual Report 2011/2012 Annual Report 2011/2012

Message from the Chairman of the Board Message from the President

Over the past year, we have seen a distinct With much of the industrialized west mired in shift in the way Canadians are thinking and sluggish growth or flirting with a double-dip talking about Asia. Asia is on the radar of a recession, Canadian interest in Asia has reached growing number of Canadians. Policy makers, a fresh high. Chinese demand in the last four civil society leaders and industry leaders years saved Canada from a more severe are responding to the growing importance downturn, and it is the prospect of sustained of Asia by developing Asia strategies in their Chinese demand that is fueling much of the organizations. current interest in “diversification”.

We have been supporting these developments And we are actively engaging younger What was once dismissed as an unrealistic Canadian attitudes on our place in the world. On through our National Conversation on Asia, by Canadians on Asia issues that matter to them throwback to “third way” thinking is now part this measure, our latest National Opinion Poll leading discussions on the future of Canada-Asia -- through workshops, blogs, contests, and of the conventional wisdom in government and suggests that there is much work left to be done. relations, shaping responses to the rise of Asia, other forms of social media. business circles. and nurturing the next generation of Canadian There are promising signs, nevertheless, that the leaders. A national conversation on Asia is underway, It is unfortunate that much of the impetus for current Asia focus of governments and industry and we are proud to be a major part of that diversification is based on pessimism about the is more than an infatuation. Through our National Heightened interest in Asia has created conversation. The work of the Foundation US economy or spite over US government Conversation on Asia, we have found many unprecedented demand for high quality is more important than ever and we are, as actions (to wit, the Keystone XL pipeline). examples of commitment to long-term Asia information on Asia, especially from a Canadian always, deeply grateful for the support of our The US economy is facing major structural strategies, and a willingness to work with the perspective. APF Canada is filling this role and many stakeholders. challenges, but no one should doubt the Foundation to bring about the sea change that is has in the past year expanded its range of regenerative power of American capitalism needed. This report provides a snapshot of our research, convening and outreach activities to and its capacity for innovation. When the US many ventures in the last year, and a glimpse into meet the growing demand. In re-establishing economy rebounds, will the current enthusiasm the magnitude of the challenge that remains. our Toronto presence, we are better able to for Asia turn out to be a passing fad? address the needs of stakeholders in central and eastern Canada, supplementing the work The importance of Asia for Canada must be of our Vancouver head office. We have also seen in terms that go well beyond the idea sharply increased our partnerships with like- John H. McArthur of Asian economies merely as alternatives to minded organizations, in the belief that the task the US and the EU. The rise of Asia is about Chairman of the Board of building stronger Canada-Asia ties will a power shift on the global stage that goes Yuen Pau Woo require Asia knowledge to be “main streamed” beyond purchasing power. Adjusting to the President and CEOPresident and CEO across Canadian society. new global reality will require a sea change in

4 5 Annual Report 2011/2012 Turning Vision into Action: The National Conversation on Asia Canadians have started to adjust to the new global reality of a rising Asia. Flip through a newspaper and you will find a debate about the merits of expanding Canada’s energy relationship with Asia or Canada’s efforts to join the Trans-Pacific Partnership free trade talks.

Connect with local communities and you we are encouraging leaders from civil society, will hear debates about the changing face of business, and government to think and talk neighbourhoods with more immigration and about the challenges and opportunities that investment from Asia. Speak to university lie ahead for Canada in a Pacific century. administrators and you will hear about global We are building a community of Canadians efforts to expand educational linkages in Asia. who believe that Asia is essential to Canada’s Listen to local businesses and you will learn success and who are willing to turn their vision ways in which innovative connections are being into action. “Premiers applaud the efforts of the Asia forged in pursuit of the expanding economic Pacific Foundation to encourage Canadians opportunities in Asia. Launched in April 2011, the NCA has received commitment and support of 13 founding to think, talk, and act on Canada-Asia The 2012 National Opinion Poll of Canadian partners and 24 supporting organizations. This issues through the ‘National Conversation Views on Asia reaffirms the renewed interest is the first civil society-led, privately funded on Asia,’ and encourage the development and engagement among Canadians. Fully half of Canada-wide initiative focused on public Canadians saw the growing economic power education, policy development and community of similar initiatives.” of as more of an opportunity than a outreach to get Canadians thinking about Asia. threat, up a substantial seven points in the past t h e c o u n c i l o f t h e f e d e r a t i o n , c a n a d a in t h e year. Moreover, some 55% agreed that political The NCA has three key objectives: g l o b a l e c o n o m y , j u l y 2011 and economic relations with Asia should be Canada’s top foreign policy priority. However, Canadians remain unsure about how to engage Inspire Asia initiatives relevant to with countries in the region to capitalize on the business and civil society groups We have traveled across the country to Eminent Canadian thought leaders have come opportunities for Canada. engage Canadians in the conversation together to provide policy recommendations Create the basis for strategic and with official launches in Montreal, Toronto, and analysis through the Futures Group on The National Conversation on Asia (NCA), long-term policy development for Vancouver, Calgary, Halifax, Ottawa, Regina and Asia, task force and policy dialogues. We have also responds directly to this concern. While federal and provincial governments Saskatoon. We have developed an interactive jointly hosted and supported several conferences fewer Canadians need convincing about the website that hosts online conversations, an and roundtables with like-minded organizations importance of Asia, more work is needed to Nurture the next generation of Emerging Voices on Asia blog series, contests, to bring the conversation to local audiences. equip Canadians with the knowledge and skills leaders on Canada-Asia relations interactive features, and resources on Canada- to be effective in Asia. From coast to coast, Asia issues.

6 7 Annual Report 2011/2012 Annual Report 2011/2012

In November 2011, APF Canada hosted a “I guess the world really is a global special Asia Strategy Session with 14 Deputy economy now and Canada, in order to be Ministers and 14 Assistant Deputy Ministers successful, has to really step up its game from the Government of Canada. As part in order to take advantages of the Asia of the National Conversation on Asia, this Pacific economy and the growth that’s meeting marked a significant step forward in Selected highlights of NCA achievements in the past year. taking place there. Four of the ten largest Canada’s policy focus on Asia. The discussions economies of the world are now in the covered four key themes including Asian Asia Pacific region…We as a country, regional architecture, trade and investment, human rights and energy. Inspiring Initiatives As part of the National Conversation on first of all, need to sell ourselves and put Asia, APF Canada partnered with the Public ourselves as a place to do business, as a The BC First Nations Leadership Council Policy Forum to conduct 80 interviews with competitive environment on their radar launched ‘The First Nations-China: Transforming senior leaders across the country. The report screen.” Relationships’ strategy report as part of the ‘Conversations with Canadian Leaders: Canada National Conversation on Asia in August as an Asia Pacific Nation’ was augmented by d i a n e g r a y , p r e s i d e n t a n d c e o , c e n t r e p o r t 2011. The initiative aims to cultivate stronger over a dozen online video interviews. A major c a n a d a , w i n n i p e g , m a n i t o b a , f r o m conversations w i t h c a n a d i a n l e a d e r s r e p o r t relations with China and respond to growing conclusion of the report was the need for Chinese interest in British Columbia’s natural relationship building and a more targeted and The Futures Group on Asia resources sector in traditional territories of First coordinated approach to build a strong national is a panel of prominent and Nations. The strategy includes a seven-point brand in Asia. experienced Asia experts, action plan to build First Nations’ awareness Supporting Policy thought leaders and and understanding of China, as well as to assist Development and promote business opportunities for First practitioners from across Nations communities with China. “Among the many things that we can Canada. The panel is co-chaired In early September 2011, APF Canada co- by the Hon. David Emerson, do to increase the general public’s sponsored the Canada-Asia Energy Cooperation understanding around Asia Pacific Conference in Calgary with the Canada West Canada’s former Minister of issues is to understand that economic Foundation to discuss the opportunities and Foreign Affairs, and Joseph Caron, development in the Asia Pacific region is “As is commonly known, China has challenges of expanding Canada’s energy Canada’s former Ambassador intimately tied to economic prosperity emerged as the strongest economic relationship with Asia. APF Canada and the here at home in Canada. And that it’s not to China and , and High Canada West Foundation also announced the power in the world. And subsequently, simply a case of exporting our know- Commissioner to . Canada-Asia Energy Futures Task the enormous need for commodity how, but it’s the two-way flow. And if our launch of the resources to fuel their economy know-how helps countries in the Asia Force, as part of the NCA. Co-chaired by the Hon. Kevin Lynch, Vice-Chair, BMO Financial brings them to indigenous territories Pacific region up their game, that will within British Columbia, and I would actually be in the long-term interest of Group, and Kathleen Sendall, Director of CGG imagine throughout the world. We feel Canadian export, Canadian collaboration, Veritas, the task force was asked to provide it is important for China to know and Canadian participation, partnerships with concrete ideas on building the Canada-Asia understand our history and our values these countries.” energy relationship. and most importantly our connection to the land itself.” n o b i n a r o b i n s o n , c e o , polytechnics c a n a d a , A Task Force on Asia Pacific Regional o t t a w a , o n t a r i o , f r o m conversations w i t h Architecture was launched last year to provide c a n a d i a n l e a d e r s r e p o r t recommendations on what Canada’s priorities g r a n d c h i e f s t e w a r t p h i l l i p , p r e s i d e n t o f t h e should be with respect to a complex network u n i o n o f b.c. indian c h i e f s of trade agreements and political-security fora in the region. The task force is chaired by Don Board members and guests at the Vancouver Campbell, Distinguished Fellow with APF Canada launch of the National Conversation on Asia on and Senior Strategy Advisor for Davis LLP. April 20, 2011.

8 9 Annual Report 2011/2012

Organizers of the Campus Conversations on Asia included students from University of British Columbia’s Political Science Students Association and staff from Ongoing Activities APF Canada. at APF Canada We help Canadians deepen their understanding of Asia by bringing together people and knowledge to provide current and comprehensive research, analysis and information on Canada’s transpacific relations.

We continue to actively contribute to research APF Canada is partnering with the Chinese and knowledge on Canada-Asia relations Academy of Personnel Science (CAPS), the through research, publications, conferences, Center for China & Globalization (CCG), fellowships and public outreach. and the China Society for Research on Exchanges and Development of International The Canadians Abroad: Canada’s Global Asset Professionals (CSREDIP) in this Project. capstone report marked the culmination of APF Canada’s 2011 Post-Graduate Research Fellows (from left to right: Nabila Pirani, Charles the three-year research project that analyzed Canadians who are engaged with Asia through Labrecque and Evelyn Chan). the number and demographics of Canadians their business, professional and academic living abroad. The report accomplished three interests have been contributing opinions main objectives: it improved our understanding and views on Canada-Asia relations through of the attachments overseas Canadians have the Points of View Asia Pacific Opinion Panel. to Canada; it ascertained how Canadians feel Sponsored by Cathay Pacific Airways, this about citizenship rights, taxation and consular online opinion panel offers its members a services for Canadians abroad; and it identified unique opportunity to contribute their views key policy issues and recommendations. The on issues in Canada-Asia relations. In the past Engaging Emerging Leaders capstone report gained widespread attention year, we have released survey results on topics in The Globe and Mail’s Our Time to Lead series, including an Asia strategy for Canada, energy Emerging Voices on Asia In March 2012, APF Canada hosted its first youth Our blog series has which ran a four-day feature on our findings. issues in Canada-Asia relations and human conference, Campus Conversations on Asia: proven to be a timely and popular feature rights in the Canada-Asia relationship. The Values Question, with undergraduate students of the NCA website. The blog offers young To build on the success and findings from from Simon Fraser University, the University of Canadians a forum to share their perspectives the Canadians Abroad project, APF Canada One of the important roles of the Foundation British Columbia, Capilano College and Kwantlen and linkages with a changing Asia. In the last year, launched the Canada-China Human Capital is to cultivate networks and convene meetings Polytechnic University. The day included a keynote ten bloggers have posted on a wide range of Dialogue with three China-based think tanks with relevant stakeholders to discuss policy speech from the Director of the Institute of Asian topics, from the greening of China’s mega-cities, to form a collaborative research partnership matters affecting Canada-Asia relations. Research at UBC, Dr. Paul Evans, an interactive volunteering in post-tsunami northern Japan, on Canada-China human capital flows. We continue to support activities of Canada’s panel session with young scholars and practitioners Canada’s relations with Southeast Asia, and the The Dialogue aims to facilitate a better APEC Business Advisory Council members doing values-oriented work in and with Asia, and prospects of a Canada-India Comprehensive understanding of the key factors contributing to and the Pacific Economic Cooperation Council small group discussions on specific scenarios. Other Economic Partnership Agreement. human capital exchange, as well as to develop (PECC). We also continue to host a regular NCA student outreach activities were held in policy recommendations to improve the lunchtime speakers’ series on developments New Brunswick, Nova Scotia, Ontario, Alberta and management of human capital flows between in the region. Last year, APF Canada hosted 13 British Columbia. the two countries. discussions on topics ranging from corruption

10 11 Annual Report 2011/2012 Annual Report 2011/2012 in Asia, the greening of Asia, First Nations engagement with China, and innovation in the region. In the News News item on “Canada should woo East Asia, a new economic frontier,” with comments from Yuen APF Canada hosted several ‘Track 2’ Pau Woo on differing views of Asia of Canada’s main political parties, The Globe and Mail, April 19, 2011. forums to bring together top experts from Asia and Canada to discuss News item on “Canadian offshore schools questioned; Better accreditation sought for 70 institutes,” international policy. On the occasion with comments from Lia Cosco on findings from a research report on overseas schools, Vancouver Sun, of the ASEAN-Canada Dialogue in May 24, 2011. Vancouver in June 2011, APF Canada organized a meeting to discuss physical “As nation of immigrants, Canada must now confront its emigrants,” based on the launch of the Canadians Abroad report, The Globe and Mail, June 27, 2011. connectivity, education cooperation and Aim Sinpeng, PhD candidate at the Department of Political Science at UBC, the future of ASEAN-Canada relations. gives a public lecture at APF Canada on the causes and consequences of The annual Canada- Forum, Thailand’s flood crisis on November 16, 2011. A special program on ‘BC as a Gateway to Asia in the New Era,’ with comments from Yuen Pau Woo, held in Calgary in September 2011, Kenny Zhang and David Emerson, Fairchild TV (Vancouver), June 27, 2011. examined areas for bilateral cooperation with a special focus on energy issues. News item on “Cautious optimism greets Baird’s Bali patch-up,” with comments from Brian Job on A symposium was co-hosted with the Foreign Affairs Minister John Baird’s attendance at the Southeast Asian summit, Embassy Magazine, American University on the ‘Canada- July 27, 2011. US perspective on Asia Pacific Regional Architecture’ in Washington, DC in News item on “B.C. native band’s Beijing trade office doing booming business,”with comment from February 2012. Yuen Pau Woo on the opportunity for B.C. First Nations to unlock significant investments from China into the province, The Globe and Mail, August 9, 2011.

News item on “Global split over energy,” with comments from Yuen Pau Woo on the future of Canada-Asia energy relations, National Post, September 6, 2011.

“Asia: ‘Urgent’ need for Canada to expand energy ties with region, says APF Canada opinion poll,” APF Canada hosts a delegation from BMO and the Beijing Government’s based on the release of the Point of View Survey, Energy Asia, September 19, 2011. Executive Development Program for Financial Services at APF Canada on October 26, 2011. News item on “Analysts praise ‘decisive shift’ to TPP, ” with comments from Joseph Caron, Brian Job and Yuen Pau Woo on Canada’s interests in joining the Trans-Pacific Partnership and the need for Canada to develop a long-term Asia strategy, Embassy Magazine, November 16, 2011.

News item on, “PetroChina to take full ownership of Canadian oil sand project for the first time,” with comments from Wenran Jiang on the first time a Chinese company has taken full ownership of a Canadian oil sands project, Associated Press, January 3, 2012.

Live interview with Yuen Pau Woo on CTV Power Play on the potential trade agreements that could result from Prime Minister Harper’s trip to Thailand, Japan and South Korea, CTV Television, March 21, 2012.

Yuen Pau Woo and Distinguished Fellow Joseph Caron, also Co-Chair of the Futures Group on Asia, leading a panel discussion on a Canada-Asia strategy with Deputy Ministers and Associate Deputy Ministers in Ottawa on November 15, 2011. 12 13 Annual Report 2011/2012 Annual Report 2011/2012 Selected Speeches and Articles Canadians Are Not Fully Embracing Asia’s Rise David Emerson, Joseph P. Caron Selected DOWNLOAD The Globe and Mail, April 14, 2011.

Coming of Age in the Asian Century: The Need for a National Conversation Publications Sarah Eaton Embassy Magazine, April 27, 2011. Canadian Overseas Schools: A Unique Most Popular Western Provinces Lead in Engaging Asia Approach to the Export of Canadian Yuen Pau Woo Education, Edmonton Journal, May 10, 2011. By Lia Cosco, May 24, 2011 Downloads Opportunity for Provinces to Get Serious on Asia Jack Austin Canadians Abroad: Canada’s Global Asset Vancouver Sun, July 19, 2011. By Asia Pacific Foundation of Canada, June 27, 2011 from the Investing in a First Nations-China Strategy International Strategy for Asia: Grand Chief Edward John, Yuen Pau Woo Positioning Canada in Asia and the World, Website The Globe and Mail, August 10, 2011. By Daniel Savas, August 12, 2011 Canada Asia Agenda Pour une stratégie chinoise du Québec Charles Labrecque Asian Cyberspace on the Rise: Challenges La Presse, September 9, 2011. and Opportunities for Canada, International Strategy for Asia: Positioning By Ronald Deibert, September 12, 2011 Canada in Asia and the World Get Ready for Trans-Pacific Energy Trade Canadian Overseas Schools: A Unique Yuen Pau Woo The Globe and Mail, September 29, 2011. Seizing International Opportunities: Approach to the Export of Canadian Education Asian Cyberspace on the Rise: British Columbia’s First Nations Enhance An Atlantic Opportunity in Asia Ties with China, Challenges and Opportunities for Canada Karen Oldfield, Yuen Pau Woo By Heather Kincaide, October 2011 Chronicle Herald, October 5, 2011. Editorials Alison Murawsky of DFAIT speaking at an NCA roundtable on Asia Rising: Rising Innovative Capacities in Asia and Canadians Abroad: Second-class citizens? Don J. DeVoretz Opportunities for Saskatchewan and Western Provinces Lead in Engaging Canada at the Johnson-Shoyama Graduate Opportunities for Canada Embassy Magazine, October 12, 2011. By Rahim Rezaie, January 30, 2012 Asia (Yuen Pau Woo) School of Public Policy on March 7, 2012. Getting China Right (Joseph Caron) Engaging China: The Human Rights Dimension Pacific Imaginaries: Rebuilding Stage is Set for Conservative Foreign Pitman B. Potter Chinese Studies in Canada, Policy (Yuen Pau Woo) The Globe and Mail, February 6, 2012. By Kimberley Manning, March 15, 2012 Surveys Building Global Citizenship: The 21st Century Academy in China and Canada Kimberley Manning The Seoul Nuclear Security Summit: Montreal Gazette, February 7, 2012. “Beyond Security Towards Peace”? 2011 National Opinion Poll: Canadian Views on Asia By Paul Meyer, March 23, 2012 Asian Trade Is Key to Saskatchewan’s Future Points of View Asia Pacific - An Asia Strategy Len Edwards, Yuen Pau Woo for Canada Saskatoon Star Phoenix, March 8, 2012. Points of View Asia Pacific - Outlook for Canada’s Asia Fixation Asia 2011 Hugh Stephens Diplomat Magazine, March 28, 2012.

14 15 Annual Report 2011/2012 Annual Report 2011/2012

APF Canada Follow Donors @AsiaPaci cFdn 2011-2012 Donors List The Asia Pacific Foundation of Canada is an independent, 4,678 TWEETS not-for-profit think-tank on Canada's relations with Asia, 599 FOLLOWING providing up-to-date news & analysis Vancouver, BC, Canada · http://www.asiapaci c.ca 1,093 FOLLOWERS We are grateful for the support of individuals, corporations, Follow APF Canada Tweets foundations and government agencies that have supported

Full Name APF Canada @AsiaPaci cFdn 13Jul RT @reuters: Politicians take issue with ocial U.S. Olympic uniforms us in our mission to help Canadians become more aware and Email that were made in China reut.rs/MmYTa3 Expand Password better informed about Canada’s relations with Asia. Below is APF Canada @AsiaPaci cFdn 13Jul RT @mozumozumozu: Turning to the Paci c:U.S. Strategic Rebalancing Sign up toward Asia - NBR _j.mp/Ngdrr9 a list of contributors who have helped make our research and Expand activities possible. Thank you. APF Canada @AsiaPaci cFdn 13Jul RT @ajenglish: On @AJ101East: Why are so many women being Tweets assaulted in Papua New Guinea? -aje.me/P4DRfc. Following Expand Followers 100,000 + Under 10,000 Favorites APF Canada @AsiaPaci cFdn 13Jul What does Canada trade with asia? _ow.ly/cecpg Lists Expand Recent Images BMO Financial Group Encana Corporation APF Canada @AsiaPaci cFdn 13Jul Manulife Financial Five Stars Travel Limited China economic growth slows to 7.6% in seond quarter of 2012 _0w.ly/cPFP Shell Canada Expand Harvest Operations Corporation Teck Resources Limited The Japan Foundation APF Canada @AsiaPaci cFdn 13Jul @NYtimes has launched its Chinese language site. What do you New Routes to the Future Ecological Foundation think of it? _ow.ly/ccdPFP Expand POSCO Canada 50,000 - 99,999 Province of Alberta Salley Bowes Harwardt LC HSBC Bank Canada Sandra Wilking Port Metro Vancouver Sheila Embleton Susan Gregson United Way of Canada 10,000 - 49,999 The University of British Columbia

Air China Blake, Cassels & Graydon LLP Canadian Association of Petroleum Producers Canadian Pacific Cathay Pacific Airways Deloitte Fiera Capital APF Canada President and CEO, Yuen Dr. Douglas Goold, Director of the Dr. John McArthur, Chairman of APF Husky Energy Pau Woo, discusses Saskatchewan’s National Conversation on Asia, Canada’s Board of Directors, giving an Port of Halifax engagement with Asia at an NCA launches the initiative in Vancouver interview at the launch of the National TELUS roundtable hosted jointly with the on April 20, 2011. Conversation on Asia in Vancouver on Vancouver Airport Authority Johnson-Shoyama Graduate School April 20, 2011. of Public Policy on March 7, 2012. Westport Innovations Inc.

16 17 Asia Pacific Foundation of Canada Financial Statements Statement of operations These financial statements are derived from the audited year ended March 31, 2012 financial statements of the Asia Pacific Foundation of Canada as 2012 $ 2011 $

at March 31 and for the year to that date. Revenues Endowment fund income, net of investment Full audited financial statements are available at the Foundation consulting fee of $240,040 (2011 - $228,986) 1,737,925 439,220 office and on the Foundation’s website, www.asiapacific.ca. Direct government funding 1,500 186,959 Private sector funding 761,525 576,585 Sponsored programs 23,365 46,372 2,524,315 1,249,136

Expenses Projects 1,369,500 1,077,897 Communication and public outreach 464,925 536,523 Administration 435,067 332,380 Grants Program 343,624 261,176 Facility and amortization 268,363 222,275 Secretariats 92,086 66,324 Board 91,662 92,258 3,065,227 2,588,833 Deficiency of revenues over expenses before (540,912) (1,339,697) unrealized (loss) gain on investments Unrealized (loss) gain on investments (1,181,816) 4,770,925 (Deficiency) excess of revenues over expenses (1,722,728) 3,431,228

18 19 Asia Pacific Foundation of Canada Asia Pacific Foundation of Canada Balance sheet Statement of cash flows as at March 31, 2012 year ended March 31, 2012

2012 $ 2011$ 2012 $ 2011 $ Assets Operating activities Current assets (Deficiency) excess of revenues over expenses (1,722,728) 3,431,228 Cash 449,035 421,464 Items not involving cash Accounts receivable 196,975 80,756 Amortization 47,441 39,979 Prepaid expenses 79,689 48,695 Amortization of deferred lease inducement (22,380) (22,380) 725,699 550,915 Unrealized loss (gain) on investments 1,181,816 (4,770,925) (515,851) (1,322,098) Equipement and leasehold improvements 164,387 180,238 Changes in non-cash working capital Investments 55,797,275 57,537,918 Accounts receivable (116,219) 173,912 Deposits 17,130 10,350 Prepaid expenses (30,994) 2,187 56,704,491 58,279,421 Deposits (6,780) - Accounts payable and accrued liabilities 140,404 (5,636) Liabilities Deferred program revenues 29,774 (153,822) Current liabilities (499,666) (1,305,457) Accounts payable and accrued liabilities 414,278 273,874 Investing activities Deferred program revenues 36,200 6,426 450,478 280,300 Purchase of equipment and leasehold improvements (31,590) (19,572) Investments, net draw 558,827 1,438,869 Deferred lease inducements 78,365 100,745 527,237 1,419,297 528,843 381,045 Financing activity Net Assets Capital lease obligation repaid - (1,209) Restricted endowment funds 50,000,000 50,000,000 Unrestricted funds 6,175,648 7,898,376 Increase in cash 27,571 112,631 Cash, beginning of year 421,464 308,833 56,175,648 57,898,376 Cash, end of year 449,035 421,464 56,704,491 58,279,421

Supplemental cash flow information Interest paid 3,340 3,954

20 21 Annual Report 2011/2012 Annual Report 2011/2012 Governance Staff Board Members Senior Fellows Alexandra Ho John H. McArthur Amitav Acharya Project Manager Chairman, Asia Pacific Foundation of Canada; Professor of International Relations and UNESCO Dean Emeritus, Harvard Business School Chair in Transnational Challenges and Governance, Angie Hsu ASEAN Studies Center, School of International Executive Assistant to Jill Price Dominic Barton * Service, American University Global Managing Director, McKinsey & Company Anita Tong APF Canada staff celebrating the NCA launch at the Paul W. Beamish Executive Assistant to Yuen Pau Woo Bill Reid Gallery in Vancouver on April 20, 2012. Kenneth S. Courtis Canada Research Chair in International Business, Consultant Richard Ivey School of Business, Western University Annie Hu Kenny Zhang Accountant Senior Research Analyst Colin Dodds * Hank Bull President, Saint Mary’s University Co-founder of the Vancouver International Centre Charles Labrecque Lauren Chang for Contemporary Asian Art Post-Graduate Research Fellow Development Manager Daniel Gagnier Chairman, International Institute for Sustainable Wendy Dobson Christine Nakamura Michael Roberts Development Director, Institute for International Business and Director, Public Relations and Marketing, National Post-Doctorate Research Fellow Professor, Joseph L. Rotman School of Management, Conversation on Asia George Heller University of Toronto Mikhail Iturralde Director, Sport B.C. Christine Park Research Associate Wenran Jiang Research and Media Assistant Vikram Khurana Associate Professor of Political Science, University Nabila Pirani CEO, Prudential Consulting Inc. of Alberta Daniel Savas Post-Graduate Research Fellow Senior Project Manager, Points of View Asia Carol Anne Lee Brian Job Pacific Opinion Panel Rahim Rezaie CEO and President, Linacare Cosmetherapy Inc. Director, Centre of International Relations, UBC; Post-Doctorate Research Fellow Professor of Political Science, UBC Douglas Goold Diana Liu Director, National Conversation on Asia Trang Nguyen President, Cansbridge Capital Corporation Pitman B. Potter Communications Manager Bank Chair in Asian Research, UBC Erin Williams Peter McGovern Project Manager Yuen Pau Woo Assistant Deputy Minister, Summits Management Kasi Rao President and CEO Office, Department of Foreign Affairs and Senior Advisor, Bennett Jones LLP Heather Kincaide International Trade Research Associate Yumi Yamagami George Stalk Jr. Events and Administrative Assistant Lorraine Mitchelmore * Senior Advisor, Boston Consulting Group Jill Price President, Shell Canada Limited Executive Director Interns Henry Wang John Reynolds Director General, Center for China and Jillian Oliver Jane Cho Senior Strategic Advisor, McMillan LLP Globalization (CCG); Vice Chairman, China Western Online Community Coordinator Esther Lim Returned Scholars Association (WRSA) Timothy Lu Yuen Pau Woo Jordan Dupuis Hillary Cheung President and CEO, Asia Pacific Foundation Joseph Wong Project Manager, National Conversation Rafal Madeja of Canada Canada Research Chair and Associate Professor of on Asia Elaine Chan Political Science, University of Toronto * Joined the Board during 2011-2012 Alanna Mackenzie Kathy Forbes Haruka Nakamura Information Specialist Peggy Yuan

22 23 APF Canada Mission To help Canadians become better informed about Canada’s relations with Asia.

220-890 West Pender Street Vancouver, BC Canada V6C 1J9

Telephone: 604-684-5986 Fax: 604-681-1370 www.asiapacific.ca