FERC 2015/16 Midyear Report · PDF fileo Acquired Cloudworks Energy Inc in 2011 • INE’s stock today sits at about the midpoint between its low and high trading values this year

S t u d e n t s ’ S o c i e t y o f M cG i l l U n i v e r s i t y A s s o c i a t i o n é t u d i a n t e d e l ’ U n i v e r s i t é M cG i l l FinancialEthicsResearchCommittee OfficeoftheVice-President(Finance&Operations) BureauduVice-Président(FinanceetOpérations)

1200-3600rueMcTavishMontréal,QCH3A0G3Tel:514-398-6800Email:[email protected] 1

FERC 2015/16 Midyear Report Presented to Council on:

December 3rd, 2015

Ben Ger – FERC Coordinator



Introduction&BriefSummary:

SincethepassingoftheEthicalInvestmentPlan(EIP),theFinancialEthicsResearchCommittee(FERC)hasbeeninchargeofbi-annualreviewsofSSMU’sInvestmentportfolio.Theseinvestmentsarerunthroughasetofscreens,anddependentontheoutcome,arecommendationforfurtherresearch,maintainingtheholding,orimmediatedivestmentwillbemadetoSSMUcouncil.Thescreensinclude:

1. AnyinvolvementinTarSands,2. Tobacco/Gambling/Pornography,3. ArmamentsManufacturing,4. Companiesthatdobusinesswithoutconsentonnativeland,5. Companiesthatlobbytodobusinesswithoutconsentonnativeland.

Thecommitteedoesrecognizeafourthrecommendationoptionentitled“ShareholdersAdvocacy”thatinvestmentsmayalsobelabeledasiftheyviolateoneormoreofthescreens,butstilldisplaypromisingbehaviorotherwise.InthesecasestheFERCwouldbemandatedtocontactthecompanyandexpresstheirconcerns,towhichafollowingdecisionondivestmentwouldbemadebasedonthosediscussions.However,noholdingslistedinthis2015/2016reportwerelabeledassuch.Theportfoliocurrentlyconsistof56holdings,alltogethervaluedat~$2.8million($2,770,717.47).However,thisreportwillonlybedocumenting&reviewing46ofthose56,since10oftheseholdingsareindifferentpartsofthesamecompany.Theduplicateinvestmentsareasfollows:

Bell Cominar CorusEntertainment Sherritt Sirius DirectCash LaurentianBank QuebecoreMediaInc

BELLCANADA

COMINARREIT

CORUSENTRGS SHERRITT SIRUSCB17 DIREC144AC16 DIREC144AC16 DIREC144AC16

BELLCDAM32

COMINARS1

CORUSENTERTAINMENT-BNV

SHERRITTS1C17

SIRUSXMCDAHLDGSINC

DIRECTCASHPAYMENTSINC



BELLCDAM36

- - - - - - -

BCEINC - - - - - - -

Thesubsequentreviews&divestrecommendations(7intotal)aredoneconsideringinformationfrompreviousyearsreports,aswellasnewresearchdonebythe2014/2015FERCcommitteemembers:JustinChisholm,ZacheriahHouston,JimmyHuang,BulandJunenjo,GabeMiller,KristenPerry,andMarinaSmailes.



PreliminaryNumbers:SociallyResponsibleInvestments:42

DivestmentRecommended:7

MoreResearchNeeded:7

NoInformationFound:0

Growth&ChangeinthePortfolio:

SociallyResponsibleInvestments

Therehasbeenas8%increaseinpercentageoftheportfoliomadeupby,andnumbertheholdinglabeledassociallyresponsibleinvestmentssincelastyear(67%in2014/15,75%in2015/16).

DivestmentsRecommended

Therehasbeenadecreaseinthenumberofinvestmentsbeingrecommendedfordivestment(13%in2014/15,12%in2015/16),howeverthenumber(seven(7))hasactuallystayedthesame.

MoreResearchNeeded

Therehasbeenanincreaseinthenumberofinvestmentsthatrequiremoreresearchtomakeaninformeddecisionon(11%in2014/15,13%in2015/16).

75%

12%

13%

PreliminaryBreakdown- RequestedActiononInvestments

SoicallyReponsibleInvestments

DivestmentRecommended

MoreResearchNeeded



FERC–InvestmentPortfolioHoldingsAnalysis1ResearchCreditedtoJustinChisholm

GLACIERMEDIAINC(NOTSOCIALLYRESPONSIBLE)InformationonGlacierMediaInc.wasreadilyavailableontheirwebsiteaswellasthroughgeneralsearchengines.ThisislikelybecauseGlacierMediaispubliclytraded.Financialperformanceandacquisitioninformationwaseasytolocate,however,itisdifficulttostronglylinkmediapublicationstoanythingbeyondtheirpublishedcontent.BriefBackgroundInformation:

• GlacierMediaInc.isaninformationandcommunicationscompanyfocusedontheprovisionofessentialinformationandrelatedservicesthroughprintanddigitalmedia.Theyoperateintwosegments:

• CorporateheadquartersislocatedinVancouver.• Communitymediaandtradeinformationgroup:ThisiscomposedoftheGlacierCommunity

MediaGroup,whichincludesdailypapers,onlineofferingsinBC,Sask.,Manitoba,andAlberta.• Businessandprofessionalinformationgroup:ThisiscomposedofERISLtd.(EnvironmentalRisk

InformationService),RealEstateWeely,GlacierFarmMedia,JuneWarren-Nickle’sEnergyGroup,andotherbusinessand/orprofessionalinformationcompanies.

• ThetradingvalueofGlacierMediaInchasfalleninfourofthelastfiveyears,includingthisyear.

• Annualgrowthdatethisyear,todate,is-59.60%.• GlacierMediaInc.acquiredAlta.NewspaperGroup(Alberta)in2006.

• FoundedonMarch23,1988RecentActivityofNote:November11th,2007

1. GlacierMediaInc.mergedJuneWarrenPublishingwithNickle’sEnergyGroupin2008tocreateJuneWarren-Nickle’sEnergyGroup.Thiscompanymergertookplaceinparttoexpandinformation“toserveCanada’soilandgasindustry”(GVIC2007).

• BillWhitelawistheCEOofJWNEGandisontheboardfortheCanadianHeavyOilAssociation,theCanadianSocietyforUnconventionalResourcesandtheCanadianPetroleumHallofFame

2011

1. $85.6billiontoacquire20papersandtheVictoriaTimesColonistfromPostmediaInc.October2015

1. ClosedthreeBritishColumbiacommunitynewspapersinOctober,inadditiontoothermorerecentclosures.



INNERGEXRENEWABLEENERGY(SOCIALLYRESPONSIBLE)InnergexRenewableEnergyisapublicallytradedcompanyandsoinformationonperformanceandsocialresponsiblitywerereadilyavailablethroughtheirwebsiteifnotalreadythroughmediacoverageandindependentreports.BriefBackgroundInformation:

• InnergexRenewableEnergy(INE)isanindependentpowerproductioncompanythatwasfoundedinQuebecandhassincespreaditsbusinessacrossCanada.INEheadquartersarelocatedinLongueuil,Quebec.

• INEinvestsinfourreportablesegmentsoftherenewableenergysector:hydroelectricproduction(26facilities),windpowerproduction(sixfarms),solarpowerproduction(onefarm),andsitedevelopmentandmanagement(NumbersrepresentsinstalledcapacityasofApril2015).

• INE’sstocktodaysitsataboutthemidpointbetweenitslowandhightradingvaluesthisyear.Itiscurrentlynearlyunchangedoverthelastyeartodate.

o -2.99%o AcquiredCloudworksEnergyIncin2011

• INE’sstocktodaysitsataboutthemidpointbetweenitslowandhightradingvaluesthisyear.Itiscurrentlynearlyunchangedoverthelastyeartodate.

o Foundedin1990andheadquartersinMontrealandVancouver.RecentActivityofNote:March2014

1. INEandHydro-Quebecsign$365milliondealwith3Mi’kmaqcommunitiesforGaspewindfarm.

March2015

1. INEhaltsdevelopmentoftheNodinosiwindprojectcitingthatthey“stronglybelieveina collaborative approach to project development, because social acceptability isessentialtoasuccessfulproject”(Morin2015).

April172015

1. INEandSaik’uzFirstNationofBritishColumbiasign50-50partnershiptodevelopawindenergyprojectatNulkiHills.

- "We have had a very positive relationship with Innergex to date and we are extremelypleased to enter into a partnership with them,” said Saik’uz First Nations Chief StanleyThomas. “Weareexcitedabout thenewopportunities theNulkiHillsprojectwillbring forourcommunity,andweareconfidentthattheywilltakeplaceinamannerthatisrespectfuloftheenvironment,ourcultureandourconstitutionalaboriginalrights,titlesandinterest”(StanleyThomas,Saik’uzFirstNationChief).



FIRSTCAP-K(SOCIALLYRESPONSIBLE)FirstCapitalReality(FIRSTCAP-K)ispublicallytradedontheTSX.TheBriefBackground,recentactivityandsubsequentethicaldeterminationisbasedoffthepublicinformationsuppliedbythecompanywebsiteandsubsequentsearches.

BriefBackgroundInformation:

• Canada’sleadingowner,developerandmanagerof,mostlygrocery,urbanproperties• Modelslongtermgrowththroughsustainablecashflowandpropertyappreciation.• Growthinthisyeartodateis4.77%andmorerecentlyhasbeengivena“consensusbuyrating”by

sixanalystscoveringthefirm.• SubsidiaryofGazit-GlobeInc.(44.1%owned)whichhassubsidiariesinGermanyandBrazil.• HeadquarterslocatedinToronto,ON.

RecentActivityofNote:

2014

1. Hasbeenreleasingannual“CorporateResponsiblityandSustainability(CRS)Reports.”Mostrecently,recognizedasthehighestrankingCanadianrealestatecompanyandsixthcompanyoverallinCorporateKnightsInauguralFuture40ResponsibleCorporateLeadersinCanada.

GUARDIANCAPITALCORP(SOCIALLYRESPONSIBLE)GuardianCapitalCorporation(GUARDIANCAPITALCORP)ispublicallytradedontheTSX.TheBriefBackground,recentactivityandsubsequentethicaldeterminationisbasedoffthepublicinformationsuppliedbythecompanywebsiteandsubsequentsearches.


• Canadianfinancialservicescompanythatownsoperatessubsidiariesprovidinginvestmentmanagement,financialadvisory,generalcorporateservices,andreatildistributionofmutualfundsandinsurance.

• Growthinthisyeartodateis-8.40%anditsstatuswasdowngradedto“hold”from“buy”inAugustofthisyear.

• CurrentlyasubsidiaryoftheBankofMontreal(BMO),soitsvalueislinkedtothatofBMO• HeadquarterslocatedinToronto,ON.• PublicallylistedontheTSEasof1969,foundedin1962


**Nothingrelevantintermsof“good”or“bad”activity.



INPUTCAPITALCORP(SOCIALLYRESPONSIBLE)InputCapitalCorporation(INPUTCAPITALCORP)ispublicallytradedontheTSX.TheBriefBackground,recentactivityandsubsequentethicaldeterminationisbasedoffthepublicinformationsuppliedbythecompanywebsiteandsubsequentsearches.


• Canadianagriculturalcommoditystreamingcompanythatenterscommoditystreaming,(mostlycanola)contractsacrosswesternCanada.Paysfarmersupfrontamountforfixedamountofcanolaproducedannually.

• Growthinthisyeartodateis22.73%anditsstatusislistedas“buy”accordingtosevenanalystssurveyedbyReuters.

• HeadquarterslocatedinSaskatchewan,SK.• Thereislittlehistoricalbackgroundinformationonthiscompanyasmostavailableinformation

decribeshowtheydobusinesstoday.ThisleadsmetobelieveRecentActivityofNote:


GREATCANADIANGAMING(NOTSOCIALLYRESPONSIBLE)GREATCANADIANGAMING(GRTCDN)ispublicallytradedontheTSX.TheBriefBackground,recentactivityandsubsequentethicaldeterminationisbasedoffthepublicinformationsuppliedbythecompanywebsiteandsubsequentsearches.


• GreatCanadianGamingisacompanythatoperatesgaming,entertainment,andhospitalityfacilitiesacrossCanada.

• Growthinthisyeartodateis-16.71%anditsstatusislistedas“buy”accordingtofiveanalystssurveyedbyReuters.

• HeadquarterslocatedinCoquitlam,BritishColumbia.• Vision“...istobetheleadinggaming…companyinourchosenmarkets,”whichviolatesoneofthe

negativescreensoftheFERC,thatbeinginvolvementingambling.RecentActivityofNote:September9th,2015

• TheGreatCanadianGaminggroupwinsrightstoOLGbettingzonesinEasternOntario,furthergrowingitsinterestsinthegaming/gamblingservicemarket.



GFLENVRGS(SOCIALLYRESPONSIBLE)GreenForLifeCorporation(GFL)ispublicallytradedontheTSX.TheBriefBackground,recentactivityandsubsequentethicaldeterminationisbasedoffthepublicinformationsuppliedbythecompanywebsiteandsubsequentsearches.However,tradinginformationonthiscompanywasnotreadilyavailableatthetimeofthisreport.


• GreenForLifeCorporationisacompanythatoperatesinliquidandsolidwastemanagementthatrangesfromindustrial/commercial/insitutional(ICI)tomunicipalandresidential.

• Growthinthisyeartodateis???• HeadquarterslocatedinVaughan,ON.


2014

• PreviouslyworkingoutofcentralCanadabutin2014madesixacquisitions,fromAtlanticCanadatoAlberta,totalling$200million.FurthersolidifyingitscommitmenttogrowingitswastedisposalbusinessacrossCanada.

I/R-EMERACV(TOBEDECIDED)EmeraInc.(EMA)ispublicallytradedontheTSX.TheBriefBackground,recentactivityandsubsequentethicaldeterminationisbasedoffthepublicinformationsuppliedbythecompanywebsiteandsubsequentsearches.


• EmeraInc.isanenergyandservicescompanythatownsandinvestsinelectricitygeneration,transmissionanddistribution,gastransmission,utilityservices,energymarketingandtradingservices,andotherenergy-relatedmanagementservices.

• Growthinthisyeartodateis11.21%• HeadquarterslocatedinHalifax,NS.


2014

• PreviouslyworkingoutofcentralCanadabutin2014madesixacquisitions,fromAtlanticCanadatoAlberta,totalling$200million.FurthersolidifyingitscommitmenttogrowingitswastedisposalbusinessacrossCanada.



FERC–InvestmentPortfolioHoldingsAnalysis2ResearchCreditedtoBenGer

SHAWCOMM(SOCIALLYRESPONSIBLEINVESTMENT)BriefBackgroundInformation:

• Providesbroadcastcabletelevision,Internet,andsatelliteservices.• LocatedinCalgaryCanada.


March,11,2015

1. ShawCommunicationsunderpaidatleasttwoemployeesbydeclaringthemindependentcontractorswhentheyshouldhavebeenfull-timeemployees.

CAPSTONECV(SOCIALLYRESPONSIBLEINVESTMENT)BriefBackgroundInformation:

• Preciousandbasemetalsminingcompany• ProjectsinCanada,Mexico,andChile• HeadofficeislocatedinVancouver,Canada• Ownsthefollowingcompanies:

o PintoValleyCopperMining§ PreviouslyownedbyBHP’sBillitonLtd.

o FarWestMining§ InpartnershipwithKoreaResourcesCorporation

o NevadaCopperCorp


**Nothingrelevantintermsof“good”or“bad”activityfromCapstoneoranyofitssubsidiaries.

BLACKSTONEVENTURES(SOCIALLYRESPONSIBLEINVESTMENT)BriefBackgroundInformation:

• Mineralexploitationscompanyo OnlyownsassetinSulphiteNickelmineso 100%ofthemarelocatedNorthernSweden

• BasedoutofVancouver,BC.




**Nothingrelevantintermsof“good”or“bad”activityfromCapstoneoranyofitssubsidiaries.

RONACB(SOCIALLYRESPONSIBLEINVESTMENT)BriefBackgroundInformation:

• Provides“homeimprovement”andgardeningtoolstocommercialandresidentialcustomers.• HeadquarterslocatedinQuebec.



VIDEOTRON(SOCIALLYRESPONSIBLEINVESTMENT)BriefBackgroundInformation:

• OwnedbyQuebecorMediao Broadcastingcompanythatalsooperatesinthefollowingfields:

§ Publishing,distribution,multimedia,andbroadcasting• Videotronworksinthecommunicationssector

o CableTVo InternetServiceso TelephoneServices


(September16th,2015)

• SubsidiaryVideotrontospent$40milliontobuildMontrealdatacentrea. http://www.quebecor.com/en/comm/videotron-spend-40-million-build-montréal-data-

centre

SANDVINECORP(SOCIALLYRESPONSIBLEINVESTMENT)BriefBackgroundInformation:

• BasedoutofWaterloo,ON• Developandmarketbroadbandnetworkmanagementtoolsforinternetserviceproviders.





VERESENINC(SOCIALLYRESPONSIBLEINVESTMENT)BriefBackgroundInformation:

• BasedoutofCalgary,AL• OwnsandoperatesenergyinfrastructureassetsacrossNorthAmerica• Currentlyhasnumerousprojectsinwindfarm,naturalgasextraction,andnaturalgaspipelines.• Thoughonememberofitsboardcomesfromabackgroundinoil-sandsextraction,nonetheits

companiesprojectsorinvestmentsareintarsands,orcoalburningpowerplants.



SAVARIACORPORATION(SIS)(SOCIALLYRESPONSIBLEINVESTMENT)BriefBackgroundInformation:

• BasedoutofLaval,QC• Designs,manufactures,anddistributesequipmentforpeoplewithspecialneeds.

o VerticalLiftso InclinedLiftso Stairliftso Wheelchairaccessiblevanso Residential(home)&commercialelevators

• TheycurrentselltobothCanadianandAmericanmarkets.



CLCINDUSTRIES(SOCIALLYRESPONSIBLEINVESTMENT)BriefBackgroundInformation:

• BasedoutofBloomingdale,IL• Electricalcontractor,providing

o Lightingsolutionso HighVoltageInstallationso OutdoorLightingo Maintenanceo ServicingElectricalsystems





FERC–InvestmentPortfolioHoldingsAnalysis3ResearchCreditedtoJimmyHuang

CORUSENTERTAINMENT(SOCIALLYRESPONSIBLEINVESTMENT)BriefBackgroundInformation:

• HeadquarteredinToronto.• CorusEntertainmentisapublicmediaandbroadcastingcompanyknownforCanadianspecialty

televisionprimarilyforchildren• Corusowns:

o YTVo Teletoono Nelvanaanimationstudioo KidsCanPressbookpublishero LocalizedversionsofNickelodeon,CartoonNetwork,andDisneyChannelo Operate39Canadianradiostations

• ItistobenotedthatwhiletheShawfamilyownmajoritycontrolofbothCorusaswellasShawCommunications,andCoruswasformedfromShawCommunications’mediaassets,theyarebothindependentpubliccompanieswithdifferentmanagementteamsthoughtheydoseemtohaveacloserelationship.

• Forfullinformationoncorporatestructure:http://www.crtc.gc.ca/ownership/eng/cht032c.pdf• CorusEntertainmenthasbeendoingfairlypoorly:

o From$25to$13.3stockpricedeclinewithinthepastyear(partlyduetodecliningcabledemand)

o Adrevenuefell11percentcomparedtolastyear’sthirdquarter(July2015)o Subscriberrevenuefell3percentandradiorevenuefell7percent


2015-

1. SomespecialtytelevisionsubsidiariesofCorusEntertainmentregularlyencourageculturaldiversity,equity,andeducationalprogramsforchildren.

2. TheKidsCanPressbookpublisherisveryresponsiblewhenitcomestodiversityandequity.

March,11,2015

1. ShawCommunicationsunderpaidatleasttwoemployeesbydeclaringthemindependentcontractorswhentheyshouldhavebeenfull-timeemployees.

2. SinceShawCommunicationshavecloserelationswithCorusEntertainmentI’veincludedthisevent,however,itistobenotedthattheyarecompletelydifferentcompanieswithdifferentmanagementanddirectors.



COMINAR(SOCIALLYRESPONSIBLEINVESTMENT)AsalargeREITwithover6100customers,itisnotaguaranteethatallofCominar’sleaseespracticesocialresponsibility.ThisreportisolatesCominar’sactionsfromtheactionsofitsleaseesaslongasCominardoesnotencourageanyleaseeactionsthatfailourscreens.


• CominarREITisanunincorporated,closed-endREITwithpublicallytradedunitsstartedbyJulesDallaireinQuebecCity

• CominarREITwascreatedin1998byacquiringCominarInc.’scommercialrealestateportfolioandintegratingallofCominarInc.’sstafftoCominarREIT

• ThethirdlargestdiversifiedREITinCanadawith564retail,office,andindustrialproperties• Has$8.3billioninassetslocatedinOntario,Quebec,AtlanticProvinces,andWesternCanada


August,16,2014

1. CominarREITacquired15propertiesinQuebecandOntariofor$1.527billionfromIvanhoeCambridgeInc.

DIRECTCASHPAYMENTSINC(SOCIALLYRESPONSIBLEINVESTMENT)BriefBackgroundInformation:

• DirectCashPaymentsInc.isafullserviceproviderofpaymentprocessingandATMsolutions;theydeploy,operate,andserviceATMs

• Providestransaction-processingservicesforfinancialinstitutions,corporations,retailers,andthegovernment.

• TheiroperationsaresegmentedinCanada/Mexico,Australia/NewZealand,andEurope.



EQUITABLEGROUPINC(TOOBEDECIDED)BriefBackgroundInformation:

• EquitableGroupInc.isafinancialservicescompanythatwhollyownsandoperatesthroughthefederallyregulatedandToronto-basedschedule1bank,EquitableBank.

• Startedin1970asTheEquitableTrustCompany,EquitableBankgainedapprovaltoformaSchedule1bankin2013

• EquitableBankprovidesmortgageloanstocommercialborrowersaswellasfamiliesandbusinesses.Theyusuallyusebrokerstotargethigh-riskborrowerslikenewimmigrantfamiliesathigherinterestratestocompensatefortheaddedrisk.

• EquitableBankalsoprovidessavingsaccountsandGICs.




September,15,2011

1. InoneofthebiggestcasesofmortgagelendingfraudinCanada,ManzoorMoorshedKhan(presidentofChannelPropertyManagement)borrowedmoneyagainstcondoresidentswithouttheirknowledge.

2. Inthefollowingsuit,ithasbeenallegedthatKhanfakedabylawwithouttheboard’sknowledgeandfalsifiedaseriesoflegaldocumentsinordertoobtaintheloans.Misappropriationoffundsisestimatedbylawyerstoexceed$20million.

3. EquitableTrustlentmoneytoKhanthrough4differentloanstiedtoChannelPropertiesthattotaledtoapproximately$14million.OneofthecondocorporationsistakingactiontosueKhanandseveralotherfinancingfirms,includingEquitableTrustfor$3.1million.(NEEDSMORESOURCES)

4. Manyimmigrantfamiliesthatboughtthosecondoswereleftwithexuberantmanagementfeesafterthefraudandlowpropertyvalue.

5. ThoughEquitableTrustmayalsobeavictim,theyalsohaveafiduciaryresponsibility.Bylending,EquitableTrust’sallegedinvolvementinthefraudseemstobeatitsbestoversightandatitsworstcomplicity.

FAIRFAXFINANCIAL(TOOBEDECIDED)Asalargefinancialholdingscompanywithapproximately$31.7billioninassets,itisnotaguaranteethatallofFairfax’ssubsidiariesandinvestmentsaresociallyresponsible.Thisreportattemptstodetermine,toareasonabledegree,whetherFairfaxFinancialanditsdirectsubsidiariesactivelyengageinsociallyirresponsibleactions.


• AfinancialholdingscompanybasedinTorontowithtotalassetsofapproximately$31.7billion.• FairfaxFinancialthroughitssubsidiariesengagesinlife,casualty,andpropertyinsurance.They

alsoengageininvestmentmanagementandinsuranceclaimsmanagement.• Fairfaxowns:

o OdysseyRe(whichinturnalsoowns4.8%oftheJordanKuwaitBank)o NorthbridgeFinancialo Crum&Forstero ZenithInsuranceCompanyo FalconInsuranceo FirstCapitalo TheU.S.runoffgroupo TheEuropeanrunoffgroupo CunninghamLindseyo MFXchangeo GroupReo ICICILombard

• Fairfaxanditssubsidiariesarealsoinvestedinahostofothercompaniesandcommonstocks(includingJordanKuwaitBank(4.8%),CanWestGlobalCommunications(22.41%),IntelCorp,etc.)




May15,2014

3. Fairfax,thesecondlargestshareholderinBlackberryLtd.,sells5.2millionBlackberryshares.Itnowhas46.7millionshares(or8.9%stake)inBlackberry.

May31,2008

1. Fairfaxmadea$350millioninvestmentintoAbitibiBowaterInc.,whichisnowknownasResoluteForestProducts.

2. ResoluteForestProductsisapulpandpapermanufacturercompanythathasbeencriticizedbyGreenpeaceforadvancedloggingandroadbuildinginendangeredspecies’habitatinOntarioandQuebec.TheForestStewardshipCouncilin2013foundResoluteviolatingprinciplesrelatingtoindigenousPeople’srights,environmentalimpacts,andforestbenefits.

3. SinceFairfaxissuchalargeorganizationhandlingmanyinvestments,thisparticularinvestmenthasbeendeemednotsignificantenoughtoconstituteFairfaxFinancialanditsdirectsubsidiariesactivelyengaginginsociallyirresponsibleactions.

FPNEWSPAPERSINC(SOCIALLYRESPONSIBLEINVESTMENT)BriefBackgroundInformation:

• FPNewspapersInc.ownssecuritiesentitlingittoapproximately49%ofthedistributablecashofFPCanadianNewspapersLimitedPartnership(FPLP).

• FPLPowns:o TheWinnipegFreePresso TheBrandonSuno TheCanstarCommunitynewsstationo DerksenPrinters

• TheWinnipegFreePressandtheBrandonSunarenewspapercompaniesinManitoba.Derksenprintersisaprintingandpublishingcompany.





FERC–InvestmentPortfolioHoldingsAnalysis4ResearchCreditedtoBulandJunejo

SHERRITT7.5%(NOTSOCIALLYRESPONSIBLE)http://www.sherritt.com/Investor-Relations/Financial-Reports/Annual-Reports

http://www.sherritt.com/about-sherritt/history


• SherrittInternationalCorporationisaTSX-listeddiversifiedresourcecompanythatoperatesprincipallyinCanada,CubaandMadagascar.

• Sherritt’scorebusinessunitsareinvolvedintheproductionofnickel,cobalt,oilandelectricity.• Combinedrevenuein2014was$1136.3millionwhereasin2013itwas$783.4million.• Havebeenintheminingbusinesssince1927andhavediversifiedintooilandgas,fertilizersand

powersince.


1994–

• SherrittacquiresfertilizerassetsfromImperialOilLimitedandbecomesthelargestproducerofnitrogenandphosphatefertilizersinCanada.MetalsEnterprise,a50/50jointventurewithGeneralNickelS.A.,isformedcombiningminingoperationsatMoa,CubawithrefiningoperationsatFortSaskatchewan,Canada.

1997–

1. SherrittacquiresDynatecInternationalLtd.

1991–

1. 1991-SherrittacquiredCanadaNorthwestEnergyLimited,aCalgarybasedproducerofoilandnaturalgas.



SIRIUS(SOCIALLYRESPONSIBLE)http://www.siriusxm.ca/what-is-siriusxm/

https://en.wikipedia.org/wiki/Sirius_XM_Holdings#Post-merger


• SiriusXMHoldingsisanAmericanbroadcastingcompany(headquartersNewYork)thatprovidesthreesatelliteradioservicesopertatingintheUSA,Siriussatelliteradio,XMsatelliteradioandSiriusXMradio.ThecompanyalsohasaCanadiansubsidiarycalledSiriusXMCanada,anaffiliatecompanythatprovidesSiriusandXMserviceinCanada.

• TherevisionistobetheleadingpremiumdigitalaudioentertainmentandinformationserviceproviderinCanada.Ourstrategyisfoundedontheprinciplesofacquiringsubscribersinacosteffectivemanner,retainingsubscribersthroughenhancingthevaluepropositionandimprovingbusinessefficiencies.SatelliteRadioinCanadaoffers120–130channels,includingcommercial-freemusicaswellasnews,talk,sportsandchildren’sprogramming.

• Annualrevenuewentupto$303.5millionin2014from$288.9millionin2013.• Onapril11th2011theCanadianradiotelevisionandtelecommunicationscommission(CRTC)

approvedthemergerofSiriusandXM’sCanadianaffiliatesinSiriusXMCanada.• AftercomingclosetofilingforChapter11onlymonthsafterthe2008merger,goingsofarasto

hirelawyerstoprepareapossiblebankruptcyfiling,SiriusXMwasabletoavoiddeclaringbankruptcywiththeassistanceofa$530millionloanfromLibertyMediainFebruary2009,whichMelKarmazinnegotiatedinexchangefora40%equitystakeinSiriusXM.

• Foundedonmay17th1990.• SiriusXMCanadaasubsidiarywasfoundedin2011.



SUPERIORCB-17(NOTSOCIALLYRESPONSIBLE)http://www.superiorpropane.com/about-superior/

http://www.superiorplus.com/


• SuperiorPluswasfoundedonAugust2,1996andisheadquarteredinCalgary,Canada.• Superiorsenergyservicesdivisionprovidesdistribution;wholesaleprocurementandrelated

servicesinrelationtopropane,heatingoilandotherrefinedfuelsthoughoutCanadaandthenortheasternUnitedStates.

• EnergyservicesalsoprovidefixedpricenaturalgassupplyservicesinOntario,QuebecandBritishColumbiainadditiontoprovidingfixedpriceelectricitysupplyservicesinOntario.

• Grossprofitin2012–$846.3millionin2013-$868.8millionandin2014-$922.1millionshowsconstantgrowthovertheyears.




DateNotRelevant–

1. Superiorisanoilcompanyanddirectlyviolatestheethicalinvestmentplan.

TELUSCORP(SOCIALLYRESPONSIBLE)http://ar.telus.com/investor-overview/2014-results-at-a-glance/#/intro


• ThecompanyisbasedinVancouver,BritishColumbia.WasoriginallybasedinEdmonton,AlbertabeforeismergerwithBCTelin1999.

• TelusisaCanadiannationaltelecommunicationscompanythatprovidesawiderangeoftelecommunicationproductsandservicesincludingInternetaccess,voice,entertainment,healthcare,video,satelliteandIPTVtelevision.

• Havetheybeendoingwell?o TherewasapositiveannualgrowthastherewasincreaseintheEBITDA,operating

revenuesandtotalassetsfromtheyear2012–2014,o In1995,itacquiredEdmontonTelephonesCorporation(EdTel)fromtheCityofEdmonton

makingTelusthesoleprovideroftelephoneserviceintheprovince.In1998,TelusandBCTelannouncedaproposedmerger.Themergerwascompletedin1999,withthecorporatenameslightlymodifiedtoTelusCorporation.WhilethemergedcompanychosetoretaintheTelusname,itmoveditsheadquartersfromEdmontontoVancouver.

o Havenotbeacquiredbuthavebeenmerged.• Foundedin1990inEdmonton,alberta.





TENPEAKSCOFFEE(SOCIALLYRESPONSIBLE)


• TheheadofficeofTenPeaksCoffeeCompanyInc.islocatedinBurnaby,BritishColumbia.• TenPeaksCoffeeCompanyInc.(TenPeaks)ownsalloftheinterestsoftheSwissWater

DecaffeinatedCoffeeCompanyInc.(SWDCC),apremiumgreencoffeedecaffeinatorlocatedinBurnaby,BC.ItalsoownsandoperatesSeaforthSupplyChainSolutionsInc.(Seaforth),agreencoffeehandlingandstoragebusinesslocatedinMetroVancouver.TenPeaksislistedontheTorontoStockExchangeandtradesunderthesymbol(TPK).

• Havetheybeendoingwell?o Durng2015,oursecondquartersalestotaled$20.2million,anincreaseof$4.2million,or

27%,overthesameperiodin2014.Theyhavehadanincreaseinthequarterlysalesreportsascomparedtotheyearsbefore.

• FormerlytheSwissWaterDecaffeinatedCoffeeIncomeFund(theFund),TenPeaksbecameapubliclytradedcompanyonJanuary1,2011throughanarrangementagreementwithSwissWaterDecaffeinatedCoffeeCompany.Underthearrangement,theFundwasconvertedtoacorporation,withunitholdersoftheFundreceivingonecommonshareofTenPeaksinexchangeforeachunitoftheFundheldatthetimeofconversion.



TSO3(SOCIALLYRESPONSIBLE)http://www.tso3.com/


• TheyareactiveinbothCanadaandtheunitedstatesofAmerica,theirheadquartersareinquebeccity.

• TSO3hasdevelopedinnovative,low-temperaturesterilizationsystemstoeliminatemicrobialcontaminantsthatcauseinfection.Particularlyeffectiveinhigh-traffichospitalorclinicalsettings,sterilizationtechnologiessuchastheSTERIZONE®Sterilizers,createlimitlesscapacityforsterilizingsimpleandcomplexmedicaldevicesfortodayandtomorrow.

• Havetheybeendoingwell?o Theregrowthwasslowfrom2012to2013howevertheyhadbettergrowthascompared

to2013In2014.• Foundedin1998,TSO3originallydevelopedauniquesterilizationprocessbasedononlyozoneasthe

sterilizingagent.Itofferedmajorsavingsovercompetinglow-temperaturesterilizationmethods,greatersafetyforbothusersandpatients,andwasconsidereda“green”technology.





TVAGROUPINC(SOCIALLYRESPONSIBLE)https://en.wikipedia.org/wiki/TVA_Group

http://www.quebecor.com/en/content/history-tvagroup

http://groupetva.ca/


• BasedinMontreal,QC• TVAGroup,Inc.(French:GroupeTVAInc.)isaCanadiancommunicationscompanywith

operationsinbroadcasting,publishingandproduction.QuebecorMediaholdsvotingcontrolofthecompanythroughnear-completecontrolofTVAGroup'sClassAshares;onlythenon-votingClassBsharesarecurrentlypubliclytraded.

• GroupeTVAownsandoperatesTVANetwork,thelargestprivateFrenchlanguagetelevisionnetworkinCanada.Italsooperateseightspecialtychannels,availableviacableandsatelliteacrossCanada.

• Havetheybeendoingwell?o TVAanditsspecialtychannelshavea69%shareofrevenueintheFrenchspeaking

market.ThetotalvalueoftheprivateFrancophonesectoris$361millionofwhich$249milliongoestoTVA

o Havethreesubsidiaries,TVAfilms,TVAproductions,andTVApublishing.o ParentcompanyisQuebecormedia(99.97%votinginterest)

• TVAGroupInc.wasfoundedin1960underthenameTélé-MétropoleInc.Today,itisthelargestprivateproducerandbroadcasterofFrench-languageentertainment,newsandpublicaffairsprogrammingintheAmericas.


(Insertmonth,date,yearhere)–Forneutralcontentleavethiscolorblack

1. Feelfreetolistrelevantinformationthatyoufeelmayshowthatthisisagoodorbadinvestment(butisnotrelevanttothecompaniesethicalactions)here.

(Insertmonth,date,yearhere)–Anycontentthatyoufindthatmightshowthecompanyisperformingethicalactionsmusthaveitsdatetitledingreen

2. Explanationofwhatthatinformationis

(Insertmonth,date,yearhere)–Anycontentthatyoufindthatcrossesoneoftheethicsscreensmusthaveitsdatetitledingreen

1. Descriptionoftheevent



FERC–InvestmentPortfolioHoldingsAnalysis5ResearchCreditedtoGabeMiller

COMINARREIT(TOBEDECIDED)Informationfrom:Bloomberg,theMotleyFool


• LocatedinVanier,Quebec• Unincorporatedclosed-endinvestmenttrust

o Holdoffice,retail.Industrial,andmixedusepropertiesthatproducesincome- Management:

o MichelDallaire:CEOo GillesHamel:CFO

- Services:o PWCLLP:auditoro NationalBankTrust:transferagent

KeyFinancialData

• ~170,000,000sharesoutstanding,atapriceof$16.14/shareo Totalmarketcap:$2.7bn

§ Netincomeupby15%to230m§ Revenueandoperatingincomehavegrownyearoveryearandprojectedto

continuetorise§ Netincomeexpectedtobe301M–highestsince2012


(September30,2015)-Saleof8400-8500DécarieBoulevard,intheTownofMont-Royal,and210523rdAvenue,intheCityofMontréal,ProvinceofQuebecforanaggregateconsideration,paidincash,of98milliondollarstopayoffdebt

(September30th2014)–AcquiredarealestateportfoliofromIvanhoéCambridgeInc.,therealestatesubsidiaryofCaissededépôtetplacementduQuébec,foranaggregatepurchasepriceofapproximately$1.35billion.Theacquiredportfolio,comprisingatotalofapproximately5.0millionsquarefeetofgrossleasablearea,consistsof10shoppingmall(4.2millionsquarefeet),threeofficeproperties(0.7millionsquarefeet)includingonepropertyunderdevelopment,andoneindustrialandmixed-useproperty(0.1millionsquarefeet).

- Ivanhoe’sassetsareheldthroughmultiplesubsidiariesandlocatedmainlyinCanada,theUnitedStates,Europe,BrazilandAsia

- Cominarholds80%ofitspropertyinQuebec,therestinOntarioandintheprairieso Doubtfulthattheyillegallyoperateonnativeland,nodisputesinthenews



BELLCANADA(SOCIALLYRESPONSIBLEINVESTMENT)Informationfrom:Bloomberg,GlobeandMail


- LocatedinMontreal,Canada- Provideavarietyofinternet,homephone,television,andothersubscriptionservices- GeorgeCope:CEO- GlenLeblanc:CFO

KeyFinancialData

- MarketCap:$49bn,850msharesoutstanding*$58.22/share- 2,83bnnetincomelastyear,projectedtofallto2.771bn- Grossprofithowever(beforesubtractingbusinessexpenses)expectedtorisefrom$8.5bnto

$15bn


2014CorporateSustainabilityReport

1. Thereisreasontobelievethatthe2015editionofthereportwilldemonstratecontinuedcommitmentstosustainabilitygoals(e-billing),qualifications,communityinvestments,responsibleprocurement,andnewhealth&safetypolicies

2. Reportcanbefoundhere:http://www.bce.ca/assets/responsibility/corporate-responsibility/2014-cr-report/2014-csr-report.pdf

3. FeaturedasoneofMacLean’s50sociallyresponsiblecompaniesfor2014,andthejointwinnerofthetelecom/electronicscategory

4. TELUSwonthetelecom/electronicscategoryforthe2015editionofthereport,howeverBellwasstillmentionedasa“topcompany”(note:MacLean’snolongerawardsmultiplewinnersin2015,justone)

5. Theoverwhelmingamountofethicalpracticesthatbellengagesin,andwellastheircommitmenttoimprovingtheiroperationstoreducetheirimpactontheenvironmentshouldnotbeover-shadowedbythetwolawsuitsbelow.Theyhaveresolvedbothissuespromptlyandhavebeencommendedfortheirco-operationinbothdilemmas

October14th2015

1. Agreedtopay$1.25CDNforencouragingitsemployeestopostpositivereviewsandratingsofthecompany’sonlineapplications.AgreementwasfiledwiththeCompetitionBureau,whichviolatedthemisleadingrepresentationprovisions.

2. Bellhasagreedtoenhanceitscorporatecomplianceprogrambyamendingitssocialmediaguidelinestoprohibitpublicpostingofratings,rankings,orreviewsofbellproductsorappsbyemployees.

3. WillsponsoraworkshoponpromotingandenhancingCanadianconsumers’trustinthedigitaleconomy.

4. Bellwasveryco-operativeintheprocess,andseniormanagementquicklydealtwiththeissue.



April17th,2015

1. Bellfaces$750-millionlawsuitovertrackingofcustomer’scellphoneInternetusage2. Itseeks$750millionindamagesforbreachofprivacy,breachofcontractandbreachofthe

TelecommunicationsAct.AsimilarlawsuithasalsobeenlaunchedinQuebec,counselfortheplaintiffs,CharneyLawyersandSutts,StrosbergLLP,saidinastatementissuedThursday.However,theprivacycommissionersaidBellshouldnotassumebecausecustomersdidn’toptoutthattheywereconsentingtohavingvastamountsoftheirpersonalinformationusedinthisway.Inadditiontocancellingtheprogram,Bellsaidearlierthatitwoulddeleteallcustomerprofilescreatedunderit.

ASIANTELEVISIONNETWORKINTERNATIONALLMT(TOBEDECIDED)Informationfrom:Bloomberg,Sedar,CorporateWebsite


- Startedin1997-televisionnetworkproviderthatoperates54televisionchannelsspecializinginSouthAsianprogramming

- HeadquartersinMarkham,ON- RunbyShanChandrasekar,selectedasEYentrepreneuroftheyear- SelectedasaTSXVenture50company

KeyFinancialData

- Tradingat$2.09pershare(ex-ante)àpayingadividendof$0.02onOctober31st- Netincomefor6monthsasofJune30thwas$883,272.9,down25%fromlastyear’s6months

BMO(SOCIALLYRESPONSIBLEINVESTMENT)Informationfrom:Bloomberg,BMOwebsite,WSJ


- Foundedin1817inMontreal,Canada’soldestbank- HQinMontreal/Toronto- WilliamDowne:CEO- Ranked131ontheForbesglobal2000list,top20investmentbanksbysizeintheworld

KeyFinancialData

- Currentlytradesat$77.70pershare,-0.4.48%ontheyear- Marketcapof$50.339bn


BMOFirstPrinciples

1. AnnualdocumentoutliningthestandardsandethicsthatBMOexpectsitsemployeestoadhereto,promotingthedocumentationandreportingofconcernsandunethicalbehavior



a. Reportcanbefoundhere:https://www.bmo.com/home/about/banking/corporate-info/codeofconduct/keybusinessconduct

BMOESGScorecard

https://www.bmo.com/cr/images/BMO_ESGscorecard2014en.pdf

1. Annualreportthatdocumentstheenvironmental,socialandgrowthgoalsofBMO2. Improvedonalloftheirmetricsincludingbutnotlimitedto:

a. Greaterpercentageofwomen,minorities,andthosewithdisabilitiesintheworkforceb. Increasingrenewableenergypurchases(new3yearcommitment)c. Reducefootprintbyanadditional10%by2017

3. In2014,thecharitableeffortsofBMOemployeesinMontrealearnedaSolidaireawardforBestEmployeeCampaignof1000+EmployeesfromCentraide

4. heawardrecognizesemployeeworkplacecampaignsthatexemplifyleadershipcommitment,effectiveawarenessbuilding,organizationalbestpracticesandothersuccessfactors.

5. Activelyinvolvedinthecommunitywithregardstolocalbusiness,promotionofthearts,andcharitablecauses

July16th2015

1. Agreedtopay16millioninsettlementtiedtoaPonzischemeledbyTomPettersandtheM&IBankfMinnesota(acquiredbyBMO)thatstolebillionsfrominvestors

2. Bankwaspurchasedafterthefraudwasdiscovered–notindicativeofBMO’spractices3. SimilareventhappenedwhenLehmancollapsedin2008;itwasacquiredbyBarclaysand

outstandinglawsuitsagainstLehmanweretransferredtoBarclays4. OngoingrelationshipwithWSG(worldfinancialgroup)àhavetoexplore

a. Sellsmutualfundsandinsurancethroughindependentsalesmenb. Pyramidschemethatinfluencedpeopletotakeamassivelineofcreditforamortgageand

paytheinterestoffeachmonth,andinvesttheprincipalthroughtheminthemarket



FERC–InvestmentPortfolioHoldingsAnalysis6ResearchCreditedtoKristenPerry

PRISMMEDICAL(SOCIALLYRESPONSIBLE)http://www.prismmedicalltd.com


• BasedinConcord,ONandSt.Louis,MO• Foundedin1996,oneofthe“oldestceilingliftmanufacturersintheindustry”• Theymanufactureproductsintendedtoimprovemobilitysafetyinhomecare,acutecareand

long-termcare• Mission:“savethehealthcaresystemmoneyandimprovethequalityoflifeofthemobility

challengedandtheircaregivers”• Marketundermultiplebrandnames:PrismMedical,ErgoSafe,WaverlyGlenandNightingale• AcquiredAngelAccessibilitySolutionsLtd,representsstrengtheningofCanadianservices(basedin

BC)o http://www.prismmedicalltd.com/01-09-15-angel-accessibility-and-beka-hospitec-

acquisition.htmlo Focusingonanacquisitionstrategy


1. (October16th,2015)Recallonceilinghoistsduetomanufacturingflaws:“free-fallprotectionsystemdidnotworkproperlyinthreedevices”

a. http://www.ibtimes.com/prism-medical-p300-c300-ceiling-hoists-recalled-over-manufacturing-flaws-2143635

2. (June18th,2015)TopinvestmentpickbyStephenTakacsy,chiefinvestmentofficerandportfoliomanageratLesterAssetManagement

a. http://www.bnn.ca/News/2015/6/18/Top-Picks-from-Stephen-Takacsy-Savaria-Prism-Medical-and-Ag-Growth.aspx

PLAZARETAIL(SOCIALLYRESPONSIBLE)Disclosureofwhereinformationcamefrom(websites,databases,etc.),andwhatinformationyouassumemightbemissing(aka“Thiscompanyisfullyprivateand,thoughstillvalid,theinformationisbasedonlimitedresources.”)


• RealEstateInvestmentTrustthatdevelops,ownsandmanagesretailpropertiesinAtlanticCanada,ONandQC

• BasedinFredericton• 95%ofunitsareoccupied• 19projectsbeing(re/)developed




1. (September29th,2015)Willinvest$13Min8projects(redevelopmentsandexpansions”to“furtherdiversifyourassetbaseandincreaseourcashflows”

a. http://plaza.mediaroom.com/2015-09-29-Plaza-Retail-REIT-to-Invest-13-Million-in-8-Projects

2. (June4th,2015)Announcedjointventure(withDewCor)tobuildashoppingcentreinSt.John’sa. http://plaza.mediaroom.com/2015-06-04-DewCor-and-Plaza-Retail-REIT-announce-joint-

venture-to-develop-large-format-retail-shopping-centre-in-St-Johns-NL

PARCLAWNCORP(SOCIALLYRESPONSIBLE)http://parklawncorp.com


• BasedinToronto,ON• Acemetery,cremationandfuneralbusiness• Operates6cemeteriesintheGTA,aswellastheBramptonCrematoriumandVisitationCentre• Owns50%ofAmetyLtd,whichoperatesTubmanandCadieuxFuneralHomesinOttawaand

WesternQuebec.• Harmoniabusiness,basedinQuebecCity,Saint-Apollinaire,GatineauandSt.Georges,isunder

license


1. (July9th,2015)AnnouncementofMausoleumexpansionattheParkLawnCemetery,tobeconstructed2015-2017–additionof20yearsworthofcryptsand30yearsofniches

a. http://www.marketwired.com/press-release/park-lawn-corporation-announces-mausoleum-expansion-at-park-lawn-cemetery-tsx-venture-plc-2037293.htm

2. (October13th,2015)“deathrateisexpectedtosignificantlyriseinthenextfewdecadesasthepopulationages”

a. http://business.financialpost.com/investing/buy-sell/when-everything-goes-pear-shaped-investors-can-always-count-on-death-and-taxes

3. Stockpricesincestartof2015istrendingdownwardsa. http://parklawncorp.com/content/9/investor



LOGITECH(SOCIALLYRESPONSIBLE)http://www.logitech.com/en-ca/home


• Operatesatofficesaroundtheworld,distributesproductsinmorethan100countries• Manufacture“personalperipherals…withspecialemphasisonproductsforPCnavigation,gaming,

Internetcommunications,digitalmusicandhome-entertainmentcontrol”o http://www.logitech.com/en-ca/about/logitech-story

• LifesizeisasubsidiaryofLogitecho http://www.lifesize.com


1. (October21st,2015)LogitechQ2DeliversBestRetailSalesGrowthSince2010a. http://www.logitech.com/en-ca/press/press-releases/12100

2. (October22nd,2015)Logitechprofitfallsnearly50%fromyearearliera. http://www.marketwatch.com/story/logitech-profit-falls-nearly-50-from-year-earlier-

2015-10-223. (September29th,2015)LogitechGUnveilsTenkeylessMechanicalGamingKeyboard

a. http://www.logitech.com/en-ca/press/press-releases/12072b. http://www.androidpolice.com/2015/10/28/logitech-k380-keyboard-review-one-

keyboard-to-rule-them-all-at-least-in-theory/c. http://www.theverge.com/2015/9/29/9411181/logitech-gaming-mechanical-keyboard-

g410

LAURENTIANBANK(SOCIALLYRESPONSIBLE)https://www.laurentianbank.ca


• ACanadianbankthatwasfoundedover168yearsago• HeadofficeislocatedinMontreal• 215servicepointsacrossCanada,including152bankbranches,28commercialbankingcentres

and18brokerageoffices• Providesarangeofpersonalandbusinessfinancialproductsandservices


1. (2014)Producedacorporatesocialresponsibilityreportdetailingtheirresponsiblegovernance,communitysupportandenvironmentalstewardship

a. https://www.laurentianbank.ca/en/about_lbc/my_bank/social_responsibility.html



MANULIFEFINANCIAL(TOBEDECIDED)https://www.manulife.ca/


• OperatesinCanada,AsiaandtheUS• Offersfinancialservices,aswellasinsuranceandinvestmentproducts• Hasbeeninoperationforover125years


1. (November12th,2015)ManulifeFinancialCorpprofitfalls43%asoilslumphurtsenergyinvestments

a. http://business.financialpost.com/news/fp-street/manulife-financial-corp-profit-falls-43-as-oil-slump-hurts-energy-investments

b. http://www.cbc.ca/news/business/manulife-earnings-1.3315913c. http://www.bloomberg.com/news/articles/2015-11-12/manulife-profit-slides-43-as-oil-

slump-hurts-energy-investments2. (November15th,2015)Manulifebeginsprogramtoscrutinizecoverageofpriceydrugs

a. http://www.theglobeandmail.com/report-on-business/manulife-launched-drugwatch-program-to-scrutinize-coverage-of-pricey-drugs/article27265898/

QUEBECORMEDIA(SOCIALLYRESPONSIBLE)http://www.quebecor.com


• Foundedin1950• ACanadiancompanyspecializinginintegratedcommunications• HeadquarteredinQuebec• Ownsanumberofsubsidiaries

o Videotrono http://www.quebecor.com/en/content/communications-giant

RecentActivityofNote

1. (October20th,2015)QuebecorMediasignsmajorpartnershipwithmeltygroup,aFrenchcompanywithaglobalreach

a. http://www.quebecor.com/en/comm/quebecor-media-signs-major-partnership-meltygroup-french-company-global-reach

b. http://mediaincanada.com/2015/10/21/quebecor-pacts-with-french-co-to-reach-younger-audiences/

2. (October5th,2015)QuébecorGroupeMédiaannouncesthecreationofGoji,atalentcollectiveservingonlinevideocontent

a. http://www.quebecor.com/en/comm/québecor-groupe-média-launches-goji-talent-collective-serving-online-video-content-creators



FERC–InvestmentPortfolioHoldingsAnalysis7ResearchCreditedtoMarinaSmailes

ALIMENTATIONCOUCHE-TARD(NOTSOCIALLYRESPONSIBLE)Couche-TardisapubliclytradedcompanylistedontheTorontoStockExchangeunderTSE:ATD.AandATD.B.Informationcomesdirectlyfromtheirwebsiteandpressreleasesunlessotherwisestated.


• CompanyislocatedinLaval,Quebecandopenedit’sfirststorein1980• Couche-TardoriginallystartedopeningconveniencestoresinQuebecandhassincebranchedinto

internationalconveniencestoresandgasstations.• AcquiredStatoilandhadpreviouscobrandingwithIrvingOil• AlsoacquiredCincoJ.Inc.,ThePantryInc.,GarvinOilCompany,TriStarMarketingInc.,etc.

(http://corpo.couche-tard.com/en/our-company/history/)• Generalhistoryofacquisitions• Couche-Tardcompleteditssixthstraightyearofrecordearningsin2014anddouble-digitgrowth

(http://corpo.couche-tard.com/wp-content/uploads/2014/06/WEB-Rapport-annuel-EN.pdf)•


June19th,2012

1. Couche-TardhasbecometheprincipalownerofStatoilFuelandRetail(http://corpo.couche-tard.com/wp-content/uploads/2014/06/Press-Release-FINAL15.pdf)

2. “WithSFR,Couche-Tardtakescontrolnotonlyof2,300servicestationsinScandinavia,theBalticstatesandPolandbutalsoadozenfuelstorageterminalslocatedalongkeyspotsontheEuropeancoastline,some400roadtankers,and50depots.”(http://business.financialpost.com/news/energy/couche-tard-leaps-into-oil-business-with-statoil-purchase)

September3rd2014

1. Couche-TardsellsaviationfuelbusinesstoAirBP.(http://corpo.couche-tard.com/wp-content/uploads/2014/05/2014-08-28-Press-release-Final-EN.pdf)

March17th,2015

1.Couche-TardsignsagreementtoBuyShell’sRetail,CommercialFuels

andAviationbusinessesinDenmark,transactionsupposedtohappeninFY2016(http://corpo.couche-tard.com/wp-content/uploads/2014/05/Shell-Danemark-17-March-2015-En.pdf)



September22,2015

1.Couche-TardannouncesconsolidationofbrandsunderCircleK,previousbrandnamesincludeCircleK,Statoil,Mac’sandKangarooExpress(http://corpo.couche-tard.com/wp-content/uploads/2015/09/2015-09-15-Global-Circle-K-Brand.pdf)

AGGROWTHINTERNATIONINC(TOBEDECIDED)PubliclytradedcompanyontheTorontoStockExchangeunderAFNandlaunchedtheirIPOinMay,2004.


• AGIisaleadingmanufacturerofgrainhandling,conditioningandstorageequipment.• Itisaholdingcompanyestablishedin1996.• Since2004,haveacquiredGrainGuard,Keho,HiRoller,Twister,UnionIron,Applegate,Mepu,

FranklinEnterprises,Tramco,Airlanco,REMGrainVacproductline,andWesteel.(http://www.aggrowth.com/history)

• Companiesmentionedabovecreateproductsforallaspectsofgrain,seedandfertilizerhandling.• In2014,81%ofsaleswereinNorthAmericaand21%overseas(AnnualInformationForm,March

2015)• June2009thecompanychangedstructurefromanincometruststructuretoabusiness

corporation.


April2010

1. AGIhadfirstoffshoreacquisitionofMepu(Ylane,Finland).Thisisthefirstfootholdininternationalbusiness.

May2015

1. AGIannouncescompletionofWesteelacquisition,whichsolidifiesglobalfootholdinagriculturegrainhandling.(http://www.aggrowth.com/news/345/1-agi-announces-completion-of-westeel-acquisition?return=press-releases&page=0)



ALGONQUINPOWER&UTILITIESCORP(NOTSOCIALLYRESPONSIBLE)PubliccompanythattradesontheTorontoStockExchangeasAQN.


• RenewableenergyandregulatedutilitycompanylocatedinOakville,ON• Establishedin1997,convertedfromanincometrusttoacorporationinOct,2009(Algonquin

PowerAnnualReport,2009)• Regulatedutilitybusinessprovideswater,electricityandnaturalgasutilityservices• Non-regulatedelectricgenerationsubsidiaryownsorhasinterestinrenewableenergyand

thermalenergyfacilities• It’stwooperatingsubsidiariesareAlgonquinPowerCompanyandLibertyUtilities• LibertyUtilitieshassixnaturalgasoperations


Oct19th,2015

1. AlgonquinPowerandUtilitiesCorp.topartnerwithRenewableEnergySystemsAmericasInc.tobuilda150megawattwindfarminMichigan.

2. The20-yearpowerpurchasingagreementwithalocalutilityshowslongtermcommitmenttoinvestmentinrenewableenergy.

August2015,

1. WindlectricInc.(subsidiaryofAPUC)aimstomoveaheadwithacontroversialwindenergyprojectonAmherstIsland,asensitivehabitatareaknownforitsrestingplaceformigrationbirdsdespiteactivistcampaignagainsttheproject.(http://www.canadianmanufacturing.com/sustainability/controversial-amherst-island-wind-project-green-lighted-by-ontario-government-153546/)

November2014

2. “LibertyUtilities(Pipeline&Transmission)Corp.(subsidiaryofAPUC)hasjoinedwithKinderMorgantoformtheNortheastExpansionLLC’inordertobuildandownanaturalgaspipelinefromNewYorktoMassachussets.APUCwillinitiallyhave2.5%interestthatcouldriseupto10%inthefuture.(http://www.prnewswire.com/news-releases/algonquin-power--utilities-corp-to-partner-with-kinder-morgan-283776631.html)



ALTUSGROUP(SOCIALLYRESPONSIBLEINVESTMENT)AltusGroupisapubliccompanytradedontheTSXasAIF.InformationwasfoundontheAltusGroupwebsiteunlessspecificallymentionedbelow.


• Companystartedin2005asanincometrustandassembledcommercialrealestateconsultants.• NowanInternationalcompanythathasover40acquisitionssinceitstarted10yearsago.• Mainservicesofthefirmincludevaluation,costconsulting,projectmanagementandtax

practices.• Providesquarterlydividendpaymentsof$0.15pershare.


January5th,2015

1. 5thAnnualARGUSSoftwareUniversityChallengewasstarted.Over$60,000inprizemoneyandseveralhundredthousanddollarsinsoftwareisgiventouniversitystudents.

2. ARGUSprovidessoftwareendowmentsandprofessionaltrainingandcertificationtostudents.

July2nd,2015

3. AcquiredIntegrisRealEstateCounsellors,arealestatelitigationanddisputeresolutionfirm4. Strengthensserviceofferinginthisareaofexpertise

August28th,2015

1. AsubsidiaryofAltusGroup,ARGUSSoftwareInc.passeda1,000-customermilestoneforitsflagshipARGUSEnterpriseplatform(acomprehensiveassetandinvestmentmanagementsoftwareforcommercialrealestate).

2. Thisshowsacriticalmassofcustomersusingthissoftwareandsuggestsfurthergrowthandvalueaddedtothecompany.

3. HelpsalleviatepreviousinvestingfearsabouttakingondebttopayforARGUSSoftware(http://www.theglobeandmail.com/report-on-business/streetwise/ceo-of-altus-group-gone-amid-debt-worries/article619302/)

4. Sharesdoubledin2012and2013duetoArgusSofwareimprovement(http://www.bloomberg.com/news/articles/2014-07-11/altus-says-talking-with-canada-banks-on-real-estate-risk)



ANDREWPELLERLTD(SOCIALLYRESPONSIBLEINVESTMENT)ThecompanyispubliclytradedasADW.AandADW.BontheTorontoStockExchange.Informationonthecompanyismainlysourcedfromtheirwebsiteandpressreleasesunlessotherwisestated.


• ProducerandmarketerofwinesinCanada,originallystartedasAndrésWinesLtd.In1961.• AndrewPellerhaswineriesinBC,ONandNS• Wholly-ownedsubsidiaryGlobalVintnersInc.producesandmarketswinegloballyintheUnited

States,Australia,China,Canada,theUnitedKingdomandNewZealand.• Showsstronggrowthin2015witha1-yearreturnof22.86%

(http://www.bloomberg.com/quote/ADW/A:CN)


October7th,2015

1. AndrewPellerLtd.’ssubsidiaryGlobalVintnersInc.isoneoftheTop15ProjectsrecognizedbyClean50fortheirenvironmentalsustainability

2. UsedEnviro-StewardsEngineerstoreduceitsenvironmentalfootprintinputssuchaswater,electricity,naturalgasaswellasreducingthenumberofhectaresofvineyardusedtocreatethesamequantityoffinishedproduct.

3. Environmentallyfriendlyandprofitable.

2014

1. PellerEstatesnamed2014WineryoftheYearatthe2014WineAlignNationalWineAwardsofCanada.

2. Goodsignforbrandrecognitionandincreasedsales.



Conclusion:

AftertheFERChadconcludeditsresearch,theseseven(7)holdingswererecommendedfordivestment:

1. Aliment2. GreatCanadianGaming3. Sherritt

a. SHERRITTb. SHERRITTS1C17

4. Superior5. AlgonquinPower&Utilities6. GlacierMediaInc.

Aswell,thefollowingseven(7)holdingsrequiredmoreresearchtodeterminewhetherornottheywerefitfordivestment:

1. AltusGroup2. FairfaxFinancial

a. **ThisisthesecondyearinarowFairfaxhasrequiredmoreresearch3. EmergInc.4. AGGrowthInternationalInc.5. AsianTVNetworkInternationalLimited6. EquitableGroupInc.

Post-NoteonIncompleteAction:

Despitethe2014/2015FERC’srecommendationstodivestfromthefollowinglistofholdings,wehadnoticednoactionhadbeentakensowehavereachedouttoLesteronceagain.TheFERCwouldliketorestateit’sinitialrecommendationtodivestfromtheseholdingsimmediately:

Forfurtherinformationastowhy,pleasereferencetheFERC’s2014/2015EndofYearReport

1. Transglobe2. Parkland3. CanadianWesternBank4. VelandInc.5. NewaltaTACorp.6. BadgerDaylighting7. ComDevInternational

Documents

FERC 2015/16 Midyear Report · PDF fileo Acquired Cloudworks Energy Inc in 2011 • INE’s stock today sits at about the midpoint between its low and high trading values this year