Institut C.D. HOWE Institute Essential Policy Intelligence | Conseils indispensables sur les politiques

2011 Annual Report on Giving PHILANTHROPY MAKES OUR POLICY WORK POSSIBLE

he annual Benefactors Lecture is a highlight of our crowded calendar – Tour chance to say “thank you” to the Institute’s members and friends and acknowledge their impact – your impact – on our policy work.

Tonight’s event is particularly significant – for the first time the Benefactors Lecture – which celebrates philanthropic giving to the Institute, has been sponsored through a personal donation. Please join us in thanking longtime Institute member Briar Foster, Chairman and founder of Foster & Associates, for his wonderful gift.

William B.P Robson We are also using this occasion to announce that we are now very close President and CEO to completing fundraising for our Endowment for Special Studies. This endowment, launched with Alfred Wirth’s $1.05 million challenge grant – the largest single gift in the Institute’s history – is well on the way to crossing the $2.1 million threshold.

Members of the Board, together with current and former staff and Institute friends, have risen to Alf’s challenge to make personal philanthropy a core value in the Institute’s culture.

Their gifts, in combination with support from our corporate members and institutional subscribers, is enabling the Institute to respond nimbly to emerging policy debates, get in front of the issues that are defining Canada’s future, and by so doing, improve the economic and social well-being of all Canadians.

By supporting the Institute, individuals, corporations and foundations are Duncan T. Munn helping us bequeath to our children and grandchildren a country that is Senior Vice-President and strong, and creates opportunities for entrepreneurs and for less fortunate Chief Operating Officer Canadians – a country that is a favoured place to live, work, invest, and raise a family.

To the Institute’s members and friends, challenge fund donors and major supporters: Thank you all! Your generosity and involvement sustain our standing as Canada’s most trusted source of essential policy intelligence.

Bill Robson Duncan T. Munn President & CEO Senior Vice-President & COO

On the cover: From left, Timothy J. Hearn, William B.P Robson, Alfred G. Wirth and Duncan T. Munn

Your generosity and involvement sustain our “ standing as Canada’s most trusted source of 1 essential policy intelligence ” THE INSTITUTE’S SUPPORTERS

Shaun Francis James P. McIlroy INDIVIDUALS Fred Gorbet Steven McNair Andrew Abouchar Peter Goring John D. McNeil Francis R. Allen Rob Graham Bruce H. Mitchell KPA Advisory Services Ltd. John A.G. Grant William Molson, CA James C. Baillie Douglas Grundy Gary P. Mooney John Bell John Haag Russell J. Morrison Jalynn H. Bennett Geoffrey Hale John P. Mulvihill Peter Bethlenfalvy Mary and Graham Hallward Edward P. Neufeld William Black C. M. Harding Foundation James S. Palmer, C.M., AOE, Q.C. R.A.N. Bonnycastle Gerald Hatch Nick Pantaleo, FCA Justin Brown Mark Hawman Donald S. Reimer Gordon Bruce G.R. Heffernan H. Sanford Riley Peter Buzzi Lawrence Herman Philip Robson Robert C. Caldwell Jim Hinds W.P. Rosenfeld, Q.C. Kenneth Christoffel Rebecca Horwood Fred P. Rumak Jack Cockwell Dallas Howe Guylaine Saucier Marshall A. Cohen Peter Hunt Brian Shaw E. Kendall Cork H. Douglas Hunter Mary-Anne Sillamaa Marcel Côté Julien Hutchinson Helen K. Sinclair Dann Cushing Richard W. Ivey Gerald Soloway Thomas P. d’Aquino Jon R. Johnson Andrew Spence Bryan and Malkin Dare Robert Johnstone Wayne Steadman MKS Inc. John A. Kazanjian Christopher Sweeney Laurent Desbois Kenneth Kelly Henry W. Sykes, QC Rod Dobson Claire M.C. Kennedy Thomas H.B. Symons Wendy Dobson Thomas E. Kierans Frederick H. Telmer David Dodge James T. Kiernan John D. Tennant Stephen Dulmage David A. Leslie Craig C. Thorburn Janet Ecker Henry Lotin Robert J. Turner William F. Empey J.W. (Wes) MacAleer Warren Viegas Will Falk John MacNaughton Alfred G. Wirth James D. Fleck Catherine Marsh Adam H. Zimmerman Briar Foster R.B. (Biff) Matthews Luke Zygalko

Institute friends Rebecca and John Horwood.

2 THE PHILANTHROPIC FORCE BEHIND THE ENDOWMENT FOR SPECIAL STUDIES

rominent philanthropist and investment executive Alfred G. Wirth had a vision Pfor the C.D. Howe Institute: motivate individuals to make the organization a key personal cause.

His $1.05 million challenge grant set forth an ambitious target for the Institute: raise sufficient support from the Institute’s board and friends to create a $2.1 million endowment. He felt strongly that “in addition to strengthening the Institute’s research capacity, this would transform the Institute’s philanthropic culture.”

“People overwhelmingly see the C.D. Howe Institute as an organization funded by corporations,” he says. “And corporate support is key to the Institute’s policy work.

“But corporations cannot support the full spectrum of public policy research, and Alfred G. Wirth so additional, independent sources of financing are necessary,” he says. President & Chief Investment Officer, The Institute is now in late stage discussions with several potential donors whose HNW Management Inc. pledges would trigger the completion of fundraising for the $1.05 million matching grant.

“We all have a stake in fostering smart, independent, evidence-based policy work,” he says, adding “an independent funding base is essential to the Institute’s reputation for objectivity.”

A longtime leader in the investment management sector, he is President & Chief Investment Officer of HNW Management Inc.

His other major gifts include the establishment of the University of Alberta’s Wirth Institute for Austrian and Central European Studies; a Renaissance ROM campaign challenge gift to establish the Wirth Gallery of the Middle East; the Wirth Art Centre in Aurora, Ontario; and the Wirth Foundation for Arthritic Research at the University Health Network.

In recognition of his business and voluntary sector accomplishments, he received an honorary doctorate from the University of Alberta in 2005.

William Robson, the Institute’s President & CEO, says the Wirth Challenge Fund, combined with support from Endowment for Special Studies donors, is already strengthening the Institute’s research capacity.

“The endowment will boost our 2012 program,” he says, adding that “equally important, it has encouraged people to view the Institute as a priority cause worthy of personal support.”

Perhaps equally important, it has encouraged people “ to view the Institute is a priority cause worthy of 3 personal support ” THE INSTITUTE’S SUPPORTERS

ARC Financial Corp. Canadian Bankers Association UNIVERSITIES AND Association of Canadian Pension Canadian Chamber of Commerce COLLEGES Management Canadian Energy Pipeline Athabasca University Assuris Association Cape Breton University Astral Media Inc. Canadian Federation of Independent Carleton University ATB Financial Business HEC Montréal ATCO Ltd. & Canadian Utilities Canadian Finance & Leasing McMaster University Limited Association Queen’s University Balancing Pool Canadian Gas Association Ryerson University Bank of America Merrill Lynch Canadian Imperial Bank of The University of Calgary Barrick Gold Corporation Commerce The University of Lethbridge Benecaid Canadian Life and Health Insurance The University of Western Ontario Bennett Jones LLP Association Inc. Université de Sherbrooke Blake Cassels & Graydon LLP Canadian Pacific Railway Université Laval BMO Financial Group Canadian Pension & Benefits Institute University of Alberta BMO Life Assurance Company Canadian Tax Foundation University of British Columbia Bombardier Inc. Canadian Western Bank University of Manitoba Borden Ladner Gervais LLP Canam Group Inc. University of Ottawa Brookfield Asset Management Inc. Candor Investments Ltd. University of Saskatchewan Brookfield Renewable Power Cargill Limited University of Toronto Bruce Power CCL Group Inc. Wilfrid Laurier University BURNCO Group of Companies Cenovus Energy Inc. Business Council of British Columbia Certified General Accountants Business Development Bank of Association of Alberta Canada Certified General Accountants of ORGANIZATIONS Cadillac Fairview Corp. Ltd. Ontario Advocis Caisse de dépôt et placement du Chemistry Industry Association of AGF Management Limited Québec Canada Agnico-Eagle Mines Ltd. Campbell Strategies Clairvest Group Inc. Algoma Central Corporation Canada Deposit Insurance Corporation Clearwater Fine Foods Inc. Alpha Group Canada Overseas Investments Limited CN Altus Group Canadian Association of Petroleum Coast Capital Savings Credit Union AON Consulting Producers Cogeco Inc.

Frank Swedlove, President of the Canadian Life and Health Insurance Association and Joanne De Laurentiis, President & CEO of The Investment Funds Institute of Canada.

4 THE INSTITUTE’S SUPPORTERS

ORGANIZATIONS CONTINUED Credit Union Central of Canada Four Halls Inc. Kinross Gold Corporation Deloitte Front Street Capital KPMG LLP Desjardins Group GE Canada La Jolla Resources International Ltd. Dessau Gibson Energy ULC Lehigh Hanson Materials Limited Deutsche Bank AG, Canada Branch Gluskin Sheff + Associates Inc. Maclab Enterprises Devon Canada Corporation Goal Group of Companies Manulife Financial Donner Canadian Foundation Grant Thornton LLP Maritz Canada Inc. E.H. Price Limited Greater Saskatoon Chamber of Max Bell Foundation E.I. du Pont Canada Company Commerce McCain Foods Limited Echo: Improving Women’s Health in Groupe Aeroplan McCarthy Tétrault LLP Ontario Harvard Developments Inc., A Hill MD Physican Services Economap Inc. Company Medisys Health Group Edco Financial Holdings Ltd. HSBC Bank Canada Mercer Edmonton Economic Development Hydro One Inc. Minto Group Inc. Corporation Hydro-Québec Monarch Corporation E-L Financial Corporation Limited Imperial Oil Limited Monitor Group Enbridge Imperial Tobacco Canada Limited Morgan Meighen & Associates Ensign Energy Services Inc. Independent Electricity System Morneau Shepell Equity Financial Trust Company Operator Mosaic Canada Ernst & Young LLP Insurance Bureau of Canada Mullen Group Income Fund Export Development Canada Intuit National Bank of Canada Fednav Limited Investment Industry Association of NAV CANADA Fidelity Investments Canada Nexen Inc. Financial Executives International Investment Industry Regulatory Onex Corporation Canada Organization of Canada Ontario Centres of Excellence Inc. First National Financial LP Investors Group Ontario Energy Board Fleishman-Hillard Canada J.P. Morgan Securities Canada Inc. Ontario Municipal Employees Ford Motor Company of Canada, Jackman Foundation Retirement System Limited Jarislowsky, Fraser Limited Ontario Power Generation Inc. Forest Products Association of Canada John Dobson Foundation

Gary Doer, Canada’s Ambassador to the United States, with Ross Hornby, Vice President, Government Affairs and Policy, GE Canada, and former Canadian Ambassador to the European Union. GE is Exclusive Sponsor of the Institute’s Annual Calgary Policy Dinner.

5 Roger Phillips (right) with Institute Chair William Morneau. Roger Phillips took the C.D. Howe Institute into the philanthropy big leagues when he contributed the organization’s first-ever $1 million gift five years ago. His gift was used to establish the Institute’s first Aimee Sulliman and Sean Kelly, Pfizer endowed chair, the Roger Phillips Scholar in Social Policy, held by Simon Fraser University professor John Richards.

ENDOWMENT FOR SPECIAL STUDIES: SUPPORTERS TO DATE

Robert D. Brown Stephen Jarislowsky Edward P. Neufeld W. Edmund Clark Brian K. Johnston David P. O’Brien Jack Cockwell David W. Kerr Herbert C. Pinder Hélène Desmarais Richard Legault Helen and William B.P. Robson N. Murray Edwards Nicholas Le Pan Henry W. Sykes Peter J. George Brian Levitt Alfred G. Wirth Bruce Gordon Sabi Marwah Adam Zimmerman Timothy J. Hearn John D. McNeil Paul J. Hill William Morneau

6 THE INSTITUTE’S SUPPORTERS

ORGANIZATIONS CONTINUED Ontario Society of Professional Scotiabank The Investment Funds Institute of Engineers Shell Canada Limited Canada Ontario Teachers’ Pension Plan SNC Lavalin Group Inc. The Princess Margaret Hospital Ontario Trillium Foundation Société générale de financement du Foundation Open Text Corporation Québec The Railway Association of Canada O’Regan’s Automotive Group Standard Life The Toronto Board of Trade Osler, Hoskin & Harcourt LLP Stewart McKelvey ThyssenKrupp Canada, Inc. Perpetual Energy Inc. Sun Life Financial Inc. Towers Watson Pfizer Canada Inc. Suncor Energy Inc. TransAlta Corporation Pirie Foundation Talisman Energy Inc. Transat A.T. Inc. Potash Corporation of Saskatchewan Tax Executives Institute, Inc. TransCanada Corporation Inc. TD Bank Financial Group UPS Canada Power Corporation of Canada Teck Cominco Limited Vale Inco Limited Procom Consultants Group Ltd. Telus Via Rail Canada Inc. Procter & Gamble Inc. The Canadian Institute of Chartered Visa Canada Promontory Financial Group Canada Accountants Viterra Property and Casualty Insurance The Great-West Life Assurance Walton Group of Companies Compensation Company, London Life Insurance Wawanesa Insurance PwC Company and Canada Life Weston Forest Products Inc. RBC Financial Group The Institute for Competitiveness Y&R Rogers Communications Inc. and Prosperity Zurich Canada SaskTel

Toronto philanthropist and longtime Institute member George Fierheller played a lead role in establishing the Institute’s program to strengthen Canada’s charities.

Duncan Munn, Senior Vice-President and Chief Operating Officer of the C.D. Howe Institute, with Hugh L. MacKinnon, Chairman and Chief Executive Officer of Bennett Jones LLP. Bennett Jones is a major supporter of the Institute and its policy work.

7 PROJECT SUPPORT

argeted major gifts enable supporters to bolster the Institute’s research and dissemination Tcapacities in specific areas of interest. They complement the annual membership campaign, strengthening the Institute and enabling it to recruit scholars and support programs that enhance its ability to develop innovative solutions to policy challenges. The Institute’s policy impact would not have been possible in the absence of support from the following contributors:

Laurent Desbois Duncan Jackman George Fierheller William Morneau Briar Foster Paul G. Smith Rebecca Horwood

Harold Crabtree Foundation The Aurea Foundation

Max Bell Foundation

8 COUNCIL MEMBERS

The C.D. Howe Institute’s policy work is shaped and strengthened by the members of its policy councils. Recruited from universities, the public service, crown corporations and business, council members play a vital role in generating support and ideas for specific policy areas. We thank the following individuals for their participation in the Institute’s Policy Councils.

Bev Dahlby Al Monaco FISCAL AND TAX David Daly Luc Monty COMPETITIVENESS Pierre Desloges Blair Nixon COUNCIL Tom Di Emanuele Michael J. O’Connor Steven Easson James S. Palmer Ross Hagemeister Nick Pantaleo Co-Chairs Gabriel J. Hayos Jocelin Paradis Don Drummond Paul Hickey Shawn D. Porter William A. MacKinnon, FCA Brenda Kenny Roger Sanson Jonathan Kesselman Michael Smart Members and Supporters George McAllister David Stewart-Patterson Tracey Ball Kenneth J. McKenzie Barbara Sulzenko-Laurie Richard M. Bird Carman R. McNary Ted Tomkowiak Douglas D. Bruce James B. Milway Geoff Trueman Fiona Cook William Molson Thomas A. Wilson

Leo de Bever Jim Pesando PENSION POLICY Steve Bonnar James Pierlot COUNCIL Caroline Dabu John Por Peter Drake Tom Reid Brian FitzGerald Jeremy Rudin Co-chairs Bruce Gordon Tammy Schirle Claude Lamoureux Barry Gros Terri Troy Nick Le Pan Malcolm Hamilton Fred Vettese Bryan Hocking Peter Waite Members and Supporters Bill Kyle François Weldon Keith Ambachtsheer Bernard Morency Barbara Zvan Bob Baldwin Michael Nobrega

Members Doug Porter MONETARY POLICY Christopher Ragan Steve Ambler COUNCIL Nicholas Rowe Edward A. Carmichael Avery Shenfeld Sheryl King Pierre Siklos Thorsten Koeppl Chair Andrew Spence William B.P. Robson Angelo Melino Craig Wright

9 COUNCIL MEMBERS

Joanne De Laurentiis Howie Millard FINANCIAL SERVICES Patrick Deutscher Jane Pearse RESEARCH INITIATIVE Peter Drake David Phillips Janet Ecker Greg Pollock Steven Ehrlich Douglas Porter Chair Walter Engert Paul Rooney Edward P. Neufeld Mary Filippelli Pierre Siklos Charles Freedman Paul G. Smith Members and Supporters Blake C. Goldring Frank Swedlove James C. Baillie Steven Gonzalez Eric Tuer Alister Campbell Gilles Gratton David Whyte Terry Campbell Warren J. Jestin Susan Wolburgh Jenah Bryan Davies David McGown Craig Wright James C. Davis

COMPETITION POLICY COUNCIL Timothy Brennan Lawson A. W. Hunter Q.C. Neil Campbell Donald McFetridge Chair Jeffrey R. Church Margaret Sanderson Finn Poschmann Brian Facey Roger Ware Adam F. Fanaki Lawrence J. White Members Peter Glossop Ralph A. Winter George N. Addy R. Jay Holsten Marcel Boyer Edward Iacobucci

INTERNATIONAL ECONOMIC POLICY ADVISORY COUNCIL Laura Dawson Wendy Dobson Chair Michael Hart Michael H. Wilson Lawrence Herman Glenn Ives Members and Supporters Louis Lévesque Tye W. Burt Daniel Trefler John Curtis Michael Wenban

Hon. Michael H. Wilson Chairman, Barclays Capital Canada Inc., and Chair, International Economic Policy Advisory Council, C.D. Howe Institute

10 OUR MISSION

The C.D. Howe Institute is an independent not-for-profit organization that aims to raise Canadians’ living standards by fostering economically sound public policies. It is a trusted source of essential policy intelligence, with research that is rigorous, evidence-based, and peer-reviewed, recommendations that are relevant, constructive and timely, and communications that are clear, authoritative and practical.

From left, Scott Burns, Guy Savard and William B.P. Robson

C.D Howe Institute 67 Yonge Street Toronto, Ontario M5E 1J8 www.cdhowe.org