C.D. Howe Institute Independent, Reasoned & Relevant
Q4/2010 Activity Report to Members, Subscribers and Friends Q4 highlights: effective and efficient policy research & outreach
• 12 research papers, one Verbatim and 2 Monetary Policy Council releases • 19 policy roundtables, conferences and policy 250,000 events
• Benefactors Dinner/Lecture with Prof. Michael 200,000 Bliss • Sylvia Ostry Lecture with Ambassador Ross Hornby 150,000 • 2 Monetary Policy Council meetings • 10 policy outreach presentations 100,000 • 16 media interviews • 44 citations in the National Post and Globe and 50,000 Mail. Articles and interviews mentioning the Institute appeared in more than 50 media outlets. 0 • 9 opinion & editorial pieces Q4 2009 Downloads Q4 2010 Downloads • 10% increase in publication downloads vs. Q4 2009 2 Q4 highlights: appointment of William Morneau as Chair of the Institute
• We are pleased to announce William Morneau’s appointment as the 17th Chair of the C.D. Howe Institute. • A member of the Institute Board since 2001, he is Executive Chairman of Morneau Sobeco, and works extensively with organizations in the design and delivery of their employee benefits and compensation programs. • He is Chair of the Board of Directors at St. Michael’s Hospital in Toronto, and sits on the Boards of AGF Management Ltd., AGF Trust Company, the Art Gallery of Ontario Foundation, the Canadian Merit Scholarship Foundation, the London School of Economics North American Advisory Committee, and the Canadian INSEAD Foundation. He is past Chair of Covenant House. • In 2002, he was named as one of Canada’s Top 40 Under 40. He holds a B.A. from the University of Western Ontario, M.Sc. (Econ.) from the London School of Economics and an M.B.A. from INSEAD in Fontainebleau, France. Bill Morneau • Bill succeeds former Bank of Canada Governor David A. Dodge, who has completed two years as the Institute’s Chair. David is remaining on the Institute’s Board, and we are grateful for his continuing leadership. Q4 highlights: Calgary dinner/panel discussion with top bank economists
• More than 100 of the Institute’s friends and supporters joined the Institute in Calgary on October 19th for a dinner/panel discussion on “The Next Expansion? Opportunities and Challenges for Entrepreneurs and Investors.” • The panel featured: • Warren Jestin, Senior Vice President & Chief Economist, Scotiabank • Douglas Porter, Deputy Chief Economist and Managing Director, BMO Capital Markets • Avery Shenfeld, Managing Director & Chief Economist, CIBC World Markets, and • Craig Wright, Senior Vice President & Chief Economist, RBC • We are deeply grateful for the Principal Sponsorship Support of General Electric; the Supporting Sponsorship Support of Deloitte and the generosity of the corporations, organizations and individuals that purchased tickets to the event.
4 Q4 highlights: Benefactors Dinner/Lecture with Prof. Michael Bliss
• 130 of the Institute’s members and supporters attended the 2010 Benefactor’s Lecture and Dinner, held in Toronto on November 17, 2010. • The annual Benefactor’s Lecture is a highlight of the Institute’s calendar – our chance to say “thank you” to members and friends and acknowledge their impact on our policy work. • The event featured a lecture by Prof. Michael Bliss, Distinguished Professor Emeritus, University of Toronto. • Dr. Bliss reviewed the history of Canada’s healthcare system and drew lessons for future reforms. • Copies of the policy study Prof. Bliss wrote for the event, “Critical Condition: A Historian’s Prognosis on Canada’s Aging Healthcare System” were distributed at the event, mailed to Institute members, and are available on the Institute’s website. The study was also excerpted in both the National Post and the Globe and Mail. • We are deeply grateful for Pfizer’s sponsorship of The 2010 Benefactor’s Lecture. Prof. Michael Bliss
5 Q4 highlights: $400,000 Gift from Pfizer supporting health policy research
• Another highlight of the 2010 Benefactors Lecture was Pfizer Canada’s announcement of a $400,000 gift to fund research and conferences on health policy. • Pfizer’s gift is the fourth-largest in the Institute’s 50+ year history. • It was offered on a completely philanthropic basis, with full respect for the Institute’s commitment to academic independence and research objectivity.
Sean Kelly, Pfizer Canada’s Director of Health Policy and Public Affairs in Ontario
6 Q4 publications
1. “Disarmed and Disadvantaged: Canada’s Workers Need More Physical Capital to Confront the Productivity Challenge,” Colin Busby and William B.P. Robson
2. “Too Big to Fail: A Misguided Policy in Times of Financial Turmoil,” Clyde Goodlet
3. “Faceoff: Should the Bank of Canada Release its Projections of the Interest Rate Path? – The Cases For and Against,” Pierre Siklos and Andrew Spence
4. “Putting Money Back into Monetary Policy: A Monetary Anchor for Price and Financial Stability,” David Laidler and Philippe Bergevin
5. “Canadian Monetary Policy: If It Isn’t Broken, Can it Be Fixed?” Don Drummond
6. “Energy Prices and Alberta Government Revenue Volatility,” Stuart Landon and Constance Smith
7 Q4 publications (continued)
7. “The Public Sector Pension Bubble: Time to Confront the Unmeasured Cost of Ottawa’s Pensions,” Alexandre Laurin and William Robson
8. “Critical Condition: A Historian’s Prognosis on Canada’s Aging Healthcare System,” Michael Bliss
9. “Taxing Emissions, Not Income: How to Moderate the Regional Impact of Federal Environment Policy,” Jotham Peters, Chris Bataille, Nic Rivers and Mark Jaccard
10. “The Canadian ABS Market: Where Do We Go From Here?” David C. Allan and Philippe Bergevin
11. “The Eco-Fee Imbroglio: Lessons from Ontario’s Troubled Experiment in Charging for Waste Management,” Andrew Green and Michael Trebilcock
12. “Canada's Looming Retirement Challenge: Will Future Retirees Be Able to Maintain Their Living Standards Upon Retirement?” Kevin D. Moore, Alexandre Laurin, and William Robson
13. “Warding Off Financial Market Failure: How to Avoid Squeezed Margins and Bad Haircuts,” David Longworth
8 The most-downloaded publications in Q4
1. “Canada's Looming Retirement Challenge: Will Future Retirees Be Able to Maintain Their Living Standards upon Retirement?” Kevin D. Moore, Alexandre Laurin, and William Robson
2. “Critical Condition: A Historian’s Prognosis on Canada’s Aging Healthcare System,” Michael Bliss
3. “Taxing Emissions, Not Income: How to Moderate the Regional Impact of Federal Environment Policy,” Jotham Peters, Chris Bataille, Nic Rivers and Mark Jaccard
4. “Too Big to Fail: A Misguided Policy in Times of Financial Turmoil,” Clyde Goodlet
5. “Aging Populations and the Workforce: Challenge for Employers,” William Robson
9 Q4 member events & special meetings
Major Policy Conference – Canada’s Monetary Policy Regime after 2011 Presenters included: John Crow, C.D. Howe Institute Senior Fellow, former Bank of Canada Governor; Don Drummond, C.D. Howe Institute Senior Fellow, Queen’s University, former TD Bank Financial Group Senior Vice President & Chief Economist; Paul Jenkins, C.D. Howe Institute Senior Fellow, former Bank of Canada Senior Deputy Governor; David Laidler, C.D. Howe Institute Fellow in Residence, University of Western Ontario; David Longworth, C.D. Howe Institute Research Fellow, Carleton University, former Bank of Canada Deputy Governor; Angelo Melino, C.D. Howe Institute Research Fellow, University of Toronto; Finn Poschmann, C.D. Howe Institute VP Research; Chris Ragan, C.D. Howe Institute David Dodge Chair in Monetary Policy, McGill University; William B.P. Robson, C.D. Howe Institute President & CEO; Malik Shukayev, Bank of Gordon Thiessen Don Drummond Canada Senior Analyst; Gregor Smith, Queen’s University; Wayne Smith, Chief Statistician of Canada; Gordon Thiessen, C.D. Howe Institute Senior Fellow, former Bank of Canada Governor; and Jim Engle-Warnick, McGill University. Toronto, October 5, 2010 10 Q4 member events & special meetings (continued)
• The Importance of Globally Competitive Airlines to Canada’s Economic Future Calin Rovinescu, President and CEO, Air Canada Toronto, October 6, 2010
• Canada-EU Relations at a Crossroads: What Does It Mean for Canada? Ambassador Ross Hornby, Mission of Canada to the European Union Sylvia Ostry Lecture, Toronto, October 8, 2010
Calin Rovinescu, President & CEO, Air Canada
11 Q4 member events & special meetings (continued)
• If Countries Go Bankrupt, Who Will Do the Bailing? Peter Bethlenfalvy, former Co-President, Dominion Bond Rating Service (DBRS) Toronto, October 15, 2010
• Electrical Power: Building on Canada’s Legacy Jan Carr, Board Member, Alberta Electric System Operator Calgary, October 26, 2010
Peter Bethlenfalvy, former Co-President, Dominion Bond Rating Service
12 Q4 member events & special meetings (continued)
• The Age of Austerity: Britain’s Budget Challenges and Priorities Anthony Cary, British High Commissioner to Canada Toronto, October 28, 2010
• When Do Crown Corporations Compete Unfairly? David Phillips, President and CEO, Credit Union Central of Canada Calgary, November 2, 2010
Anthony Cary, British High Commissioner to Canada
13 Q4 member events & special meetings (continued)
Major Policy Conference – The Canadian Secured Credit Facility and the Future of the Term-ABS Market in Canada Presenters included: David C. Allan, Financial Services Consultant; Paula Cruickshank, Vice President, Securitization, Business Development Bank of Canada; Nur Khan, Managing Director, Asset- Backed and Mortgage-Backed Securitization, RBC; Jerry Marriott, Managing Director, Canadian RMBS/ABS Canadian Structured Finance, DBRS Ltd.; Jeremy Rudin, Assistant Deputy Minister, Department of Finance Canada; Julie Schlueter, Manager, Capital Markets, CNH Global NV; and Hugh Swandel, Principal, The Alta Group. Toronto, November 3, 2010
14 Q4 member events & special meetings (continued)
• New Directions in the Canada-China Relationship David Mulroney, Ambassador of Canada to the People’s Republic of China Toronto, November 5, 2010
• Canada’s Strong Housing Finance System: By Chance or By Design? Karen Kinsley, President & CEO, Canada Mortgage and Housing Corporation Toronto, November 15, 2010
Karen Kinsley, President & CEO, Canada Mortgage and Housing Corporation
15 Q4 member events & special meetings (continued)
• Critical Condition: The Prognosis for Canada’s Aging Healthcare System: C.D. Howe Institute 2010 Benefactors Lecture Michael Bliss, Distinguished Professor Emeritus, University of Toronto Toronto, November 17, 2010
• Finance Canada’s View of the Financial Outlook Michael Horgan, Deputy Minister, Finance Canada Toronto, November 23, 2010
Michael Horgan, Deputy Minister, Finance Canada
16 Q4 member events & special meetings (continued)
• The Future of Newspapers John Stackhouse, Editor in chief, The Globe and Mail Toronto, November 25, 2010
• The Bench and the Boardroom: When the Supreme Court Meets the Business World The Right Honourable Madam Chief Justice Beverley McLachlin Toronto, November 26, 2010
The Right Honourable Madam Chief Justice Beverley McLachlin
17 Q4 member events & special meetings (continued)
• What Today’s CEO Should Fear Tomorrow Richard Ward, CEO, Lloyd’s Toronto, November 30, 2010
• The Open Ontario Plan for Jobs and Economic Growth The Hon. Dwight Duncan, Ontario Minister of Finance Kitchener-Waterloo, December 1, 2010
Richard Ward, CEO, Lloyd’s
18 Q4 member events & special meetings (continued)
Major Policy Conference – Getting Pension Reform Done: Issues, Options and Next Steps Presenters included: Keith Ambachtsheer, President, KPA Advisory Services Ltd.; Bob Baldwin; Steve Bonnar; Robert L. Brown, University of Waterloo; Malcolm Hamilton, Senior Partner, Mercer; Don Fuerst, Former Senior Partner and Retirement Consultant, Mercer; Keith Horner, Keith Horner Consulting; Emily Kessler, Senior Fellow, Intellectual Capital, Society of Actuaries; Alex Laurin, Associate Director of Research, C.D. Howe Institute; Marcus Robertson, Partner, Robertson, Eadie & Associates Ltd; Kevin D. Moore, Senior Researcher, Modeling Division, Statistics Canada; Charlene Moriarty, Principal, Morneau Sobeco; Steve Orsini, Deputy Minister of Revenue and Associate Deputy Minister, Ontario Ministry of Finance; James Pierlot, Pension Lawyer & Consultant; Sue Reibel, Senior Vice-President and General Manager, Group Retirement Solutions, Manulife Financial; Faisal Siddiqi, Principal and Consulting Actuary, Buck Consultants; Martine Sohier, Account Director, Towers Watson; Fred Vettese, Chief Actuary, Morneau Sobeco; and Thomas Walker, Personal Consulting Actuary. Toronto, December 8, 2010
19 Q4 member events & special meetings (continued)
• The Way Forward for Pensions in Canada Allen Loney, President and Chief Executive Officer, Great-West Lifeco Inc. Toronto, December 9, 2010
• Canada-India: Where Knowledge Economies Meet Stewart Beck, Canadian High Commissioner to the Republic of India Toronto, December 17, 2010
Allen Loney, President and CEO, Great-West Lifeco Inc.
20 Q4 policy outreach
• Presentation by Bill Robson on “The Financial Crisis and Its Implications for the Future of Pensions in Canada” to the Business Council of British Columbia (Vancouver, Oct. 2010) • Presentation by Finn Poschmann on “Shaping Future Energy Supplies, Technologies and Policies” to the Canada-Germany Forum (Edmonton, Oct. 2010) • Session Chair, Bill Robson on “The Global Economic Crisis” at the XXV 2010 Atlantik-Brücke Canada- Germany Conference (Toronto, Oct. 2010) • Presentation by Finn Poschmann on “Beyond the Financial Crisis: An Overview of Current Economic Trends” to General Electric (Toronto, Oct. 2010) • Presentations by research fellow Kevin Milligan and Phillips Chairholder John Richards on “ Les effets redistributifs et comportementaux des politiques sociales ” to la Grande Conférence CIRPÉE (Québec City, Oct. 2010) • Presentation by Bill Robson on “Pension Reform” to The Canadian Pension & Benefits Institute (Banff, Oct. 2010) • Presentation by Ben Dachis on “Picking up Savings: The Benefits of Competition in Municipal Waste Services” to the Ontario Waste Management Association (Toronto, Nov. 2010) • Participation by Bill Robson in a business leader roundtable on Ontario’s economy and fiscal options, convened by the Hon. Dwight Duncan, Ontario Minister of Finance (Toronto, Nov. 2010) • Discussion by Bill Robson on “Should Canada Adopt an Inflation Target Lower Than Two Percent” at a Bank of Canada conference reexamining Canada’s Monetary Policy Framework (Ottawa, Nov. 2010) • Presentation by Philipe Bergevin on “The Future of the Canadian Payments System” to the Task Force for the Payments System Review (Toronto, Dec. 2010)
21 Q4 selected media coverage
National/International National Post Western Canada Advisor.ca Postmedia News AM770 Calgary AlphaTrade Reuters News CKOM/CJME) Saskatoon/Regina Benefits Canada Troy Media Corporation Black Press Bloomberg Yahoo Finance Calgary Herald BNN (The Close) Daily Oil Bulletin BNN (Squeezeplay) Atlantic Canada Edmonton Journal Canadian Business Telegraph Journal Manitoba Chamber of Commerce Canadian Press News1130 (Vancouver) Canoe Quebec Regina Leader Post Canwest News Service La Presse Saskatoon Star Phoenix CBC Le Devoir Times Herald CBC News Now (Lang & O’Leary) Le Journal de Montréal Vancouver Province CBC News Now (Power & Politics) Les Affaires Vancouver Sun CTV News Montreal Gazette Victoria Times Colonist Datamonitor Radio Canada Winnipeg Free Press Digital Journal Dow Jones Capital Markets Report Ontario Globe and Mail Hamilton Spectator India Business Journal Kitchener Waterloo Record Insurance Journal Orillia Packet & Times Investment Executive Ottawa Citizen Maclean’s Toronto Star Market News International Toronto Sun MSN Money Waterloo Region Record Windsor Star
22 Thank you for your support!
• Member and subscriber support lets the Institute mobilize outstanding scholars, push innovative ideas and foster sharper, smarter responses to current and future challenges.
• Annual memberships and subscriptions provide the backbone of our revenue and make our work possible.
• Philanthropic gifts bolster the Institute's research and dissemination in specific areas of interest. They complement memberships and subscriptions, enabling the Institute to recruit scholars and support programs that strengthen its ability to develop innovative solutions to policy challenges. Board member Alfred G. Wirth, introducing Air Canada’s Calin Rovinescu at a C.D. Howe Roundtable • The Institute invites support from individuals and organizations and has supporters in every region of the country and every economic sector.
23 The C.D. Howe Institute Mission
• The C.D. Howe Institute is a national, nonpartisan, nonprofit organization that aims to improve Canadians' standard of living by fostering sound economic and social policy. • Policy recommendations in the Institute’s publications are founded on quality research conducted by leading experts and subject to rigorous peer review. The Institute communicates clearly the analysis and recommendations arising from its work to the general public, the media, academia, experts, and policymakers. • The Institute’s nationwide activities include regular policy roundtables and presentations by policy staff in major regional centres, as well as before parliamentary committees. • The Institute’s individual and corporate members are drawn from business, universities, the public service and the professions across Canada. • The C.D. Howe Institute celebrated its 50th Anniversary in 2008 as Canada’s gold standard for public-policy research. The Chairman of the Institute is William Morneau, Executive Chairman of Morneau Sobeco; William B.P. Robson is President & Chief Executive Officer. • For more information about the Institute, please visit its website: www.cdhowe.org
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