St. John's Board of Trade April 2014 Business News by St. John's Board of Trade

VOLUME 29, NUMBER 3, 0834-2014

APRIL 2014

contents Business News is a monthly publication of the St. John’s Board of Trade. Reproduction of any material contained in Business News is permitted provided written approval from the St. John’s Board of Trade. Articles and criticisms are invited, but opinions expressed by contributors do not necessarily represent those of the St. John’s Board of Trade. We encourage you to support the business leaders whose names and products you see advertised in this issue as well as throughout our entire membership. The Board reserves the right to edit submissions. Editor: Printed by: Layout:

Alisha Morrisey British Group of Companies Roxanne Abbott

ST. JOHN’S BOARD OF TRADE EXECUTIVE Sharon Horan Chair Kim Keating Senior Vice-Chair Des Whelan First Vice-Chair Dorothy Keating Second Vice-Chair Denis Mahoney Immediate Past Chair Derek Purchase Secretary-Treasurer

BOARD OF DIRECTORS Andrea Stack William Griffin Paddy Phillips Craig Ennis Janis Byrne Jim Fallon Kim Sparkes Kevin Peters

COVER STORY CHAIR’S MESSAGE FEATURES Policy Matters Around the Board MEMBERSHIP UPCOMING EVENTS

2 3 4 10 16 22 28

Is your office healthy?

STAFF Nancy Healey Chief Executive Officer Manager of Finance and Compliance Jennifer Chaytor Lori Coleman Business Affairs Manager Margie Davis Executive Sales Director Rhonda Tulk-Lane Policy and Advocacy Specialist Wanda Palmer Director of Sales and Member Fulfillment Jackie Bryant-Cumby Member Relations Administrator Erika Stockley Mentor for Labrador Northern Opportunities

St. John’s Board of Trade 34 Harvey Road P.O. Box 5127 St. John’s, NL A1C 5V5 Canada Tel: (709) 726-2961 Fax: (709) 726-2003 E-mail: mail@bot.nf.ca Website: www.bot.nf.ca

Winner of the 2014 Business Excellence Award for... ”Customer Service and Reliability”

CLEAN MATTERS

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You can’t get blood from a turnip

couple of weekends ago I was told I couldn’t have pea soup. Remember the old Seinfeld episode the soup Nazi? “No soup for you” was barked at those who insulted the chef. Well, I got the same treatment in a cafeteria recently when I ordered my favourite pea soup. The woman behind the counter—as she was pouring up my bowl of soup—said she saw me on the news talking about taking away government workers’ pensions and that’s why she was refusing to serve me something I so enjoy on a cold Saturday afternoon. In the lunchline, I didn’t have time to explain that I actually spoke on CBC news about the need for government to fix its broken pension system. Fixing something broken and taking away something owed are two very different things, but explaining that in line for my lunch wasn’t easy. In fact, explaining the pension problem, and even my own role in it, isn’t easy under any circumstances. It’s a complicated issue at the best of times, but one that’s in crises right now and deserves immediate attention. You see, I’m actually empathetic . I don’t want to take away a benefit the pensioners were promised because economic and demographic conditions changed. I want a new pension system, one that starts with the next new hire, and is fair to all of us here in Newfoundland and Labrador that are paying for it. I want this system fixed because I’m worried about the impending crises that will occur if this system goes bankrupt. I want it fixed because it affects everyone in the province – not just the workers who were promised a pension. Speaking of crises, did you know that the word crisis, when written in Chinese is composed of two characters? The first character represents danger, but the second represents opportunity. In terms of pensions – yeah, we have danger. The way I see it we also have opportunity. Right now the people of this province owe a dangerous debt to pensioners of more than $5.6 billion. It’s nearly 70 per cent of all the debt we owe. Every person who gets accepted into the pension plan grows that number exponentially.

The danger in having that pension debt is similar to the danger in not paying your mortgage or bank loans. You may lose your home, or have to declare bankruptcy. The pension debt means government has to put more and more of its money – our money – into the pension plans and that means less of our tax dollars are available for health care, education, roads, and everything else. It means our credit rating could get lowered and when we borrow money (which our government does) we have to pay even higher interest rates which will further compound this problem. The opportunity though, is for the politicians to decide how to spend our money in the coming months and years. They have the opportunity to courageously and creatively come up with a solution that will be fair to all people of the province. The Board of Trade has a speaker coming in March who wants fair pensions for all Canadians. Bill Tufts says pensions were created as a benefit of service to those who worked for low pay for governments. This is really no longer the case. Now, government salaries are as high as or higher than those offered in the private sector. When these pensions were promised, they were based on the pension investment making a high rate of return and life expectancy of about 15 to 20 years of collecting a pension. Neither of these things are true today. The rate of return on the invested money has been much lower than expected, shrinking the pot of money, and people are living much longer demanding more from the pension pot than was ever anticipated. This cost is born by all taxpayers of the province not just the employees who contribute to it. That means some of our residents are actually paying for someone else’s pension before they can save a dollar towards their own. That’s not a fair system. I know we hear that the only reason the pension is in trouble is because government used the money for other things and it wasn’t kept in the plan. What is true is that government has contributed $4.5 billion dollars in extra payments since 1997 and the debt is larger now than it was in 2005. At this point it doesn’t matter as much about who is to blame, it matters most about how we are going to fix it. So when I talk on CBC or to the province’s budget consultations about reducing our pension debt, I’m asking for the same

Business News APRIL 2014

Chair’s message

Chair, Sharon Horan things you are – good health care, the best education for our children, and the government services promised to us by the government we elected. The Board is just looking at the bigger picture. We believe that if the province is doing well, it can afford dialysis machines and more hospital beds where they are needed. But you can’t spend on nice-to-haves or even necessities when as tax payers we are facing a mountain of debt. The fact is, the Board of Trade is not out to take anyone’s pensions. Nothing could be farther from the truth. In fact, we want pensioners to have disposable income; after all as business people we want pensioners to have buying power. The province made a promise to those who have worked for it, and that promise should be honoured. But the province also made a promise to all of its people, that it would use the tax collected from each of us to care for all of us and this place. Which is why when the pension system broke down; because people are living longer, retiring earlier, and the markets went belly up – it is time to start a better system. It’s not an easy problem with a simple solution, and it will take time to fix it. That means I’m off to the grocery store for a bag of split peas and ham, because—even if she was only joking—I’m not. I’m going to keep talking about this problem until we’ve found a fair solution for all of us.

ST. JOHN’S - AN EXTRAORDINARY five YEARS IN REAL ESTATE

hile the world economy was suffering a melt-down by 2009, quite unbelievably, the small St. John’s real estate market was bucking the trend and bursting into life. Years of static commercial and residential rents were beginning to change rapidly as the strong local economy drove increasing demand for office / retail space and hotel accommodation. Family incomes were rising rapidly, boosting retail spending and demand for upscale housing. In just the three years between 2008 and 2011, the latest figures available from Statistics Canada, the average family income in the St. John’s CMA rose from $63,100 to $83,020 (32 per cent), the highest increase in the country. The following table provides a snapshot of the significant growth in the real estate market during the past five years. Some figures are rounded. One of the most visible signs of change has been in the office market as new office buildings have risen from the ground for the first time since 1991. Between 2004 and 2009, downtown office vacancy dropped from six per cent to zero per cent. Not surprisingly, in 2009, rents in existing buildings began to increase from an average $17.00 per square foot (plus operating costs) to over $23.00 by 2013. By 2011, net rents had risen sufficiently to make new office development feasible. Downtown saw two major office developments start construction in 2012, Fortis Place and 351 Water Street, both to be completed later this year. At the same time, several smaller office buildings have already been built in the suburbs. Between Q1 2011 and Q3 2014 there will have been an approximate 31.4 per cent increase in office stock downtown and 18.4 per cent in suburban locations.

Pre-leasing in the newest downtown towers is in excess of $30 psf net. Adding operating costs will produce an equivalent gross rent of nearly $50. New suburban buildings attract gross equivalent rents of between $35 and $40 psf. In most cases, tenants Katie Manojlovich have to cover all additional costs of leasehold improvements. Industrial rents in new buildings have risen steeply over the last five years, and depending on the complexity of the building and amount of office space, net rents have risen to almost the same as was being obtained for downtown office tower space in 2008. The hotel industry has seen tremendous strength in rates from 2008 to 2013, increasing from 66.0 per cent to 73.4 per cent, and average room rates from $120.05 to $144.79 (21 per cent). These high rates have spurred new hotel developments. Some 277 new rooms have opened since 2011 and a further 88 rooms are presently under construction. More projects are slated to commence in the next 12 months. Retail development was curtailed for a few years after the 2008 financial crisis as major retailers retrenched and financing dried up. But since 2011, the take-up of commercial retail sites in the east end, the only sites available, took off. Harvey Power Centre and Field Farm Power Centre have seen absorption of some 60 acres of land for retail development in the last three years with large developments of a

St. John's Real Estate - Five Year Growth Summary Property Type Existing downtown Office Tower rents (net rent / sq. ft.)

2008

2013

$17.00

$23.00

Pre-leasing in downtown Office Towers under construction Highest Industrial rents (net rent / sq. ft.) Average New House price (St. John's) Number of MLS House Sales over $500,000 (2009* - 2013)

$30.00 + $12.00

$16.00

$235,767

$395,892

54*

172

Typical serviced Lot price (St. John's East)

$100,000

$170,000

Serviced Industrial Lot price (per acre)

$125,000

$450,000

Various data sources

Business News APRIL 2014

Neil Hardy,

Canadian Tire store and Cineplex about to take place. New power centre land is to become available in the Galway development site adjacent to Southlands and discussions are taking place with prospective retailers. New house prices have seen a meteoric increase. In 2008, the average new house price was $235,767. In 2013, the average new house price was $395,892, a 68 per cent increase. During the same period, the number of houses transacting on MLS over $500,000 has grown from 54 in 2009 to 172 in 2013. The prognosis for 2014 is for only nominal to small growth in most sectors, allowing time for demand to meet new supply. Nevertheless, the local economic outlook is still very strong and there appears little likelihood of any short term retraction of rents and values in the commercial market. By Neil Hardy, BSc., MRICS, AACI, and Katie Manojlovich MBA, AACI Altus Group, St. John’s Altus Group Limited is a multi-disciplinary real estate consulting company listed on the TSX with offices across Canada, also with offices in the US and other countries. The company provides % Change appraisal, research and 35% advisory services, cost consulting and project 33% management, assessment 68% / property tax consulting, 219% geomatics services and 70% owns Argus software. 260%

behind the boom. HICKMAN AUTOMOTIVE GROUP

he Hickman brothers are benefiting from, and backing up, the Boom in Newfoundland and Labrador. Bert and Jon Hickman may have the benefit of a well-known name and an established business in Newfoundland and Labrador, but this brother-led, family business is driven to succeed and has leveraged passion, creativity and excellent customer service to unprecedented success. The Hickmans’ business has been in operation in St. John’s since Albert E. Hickman, who was a supplier, buyer and seller of fish products, became fascinated by cars and started importing them from New York in 1905. Nearly 110 years later, Jon and Bert Hickman, Albert’s great-grandsons, have grown the business into a nine-franchise, full-service automotive group of companies.

Wheeling and dealing This family business was established as the company became an official Ford distributor for Newfoundland in 1923 and moved on to General Motors products in 1951. Today, Hickman’s represents Chevrolet, Cadillac, Corvette, Buick, GMC, Chrysler, Jeep, Dodge, Ram, Mack, Volvo, Fiat and Nissan. The business is also known for its used car network, five St. John’s retail locations, retailers in Carbonear, Clarenville, Burin, and Gander and its bodyworks and AutoSpa detailing shops. The company employs more than 415 people and sells over 6,500 cars each year.

Sibling rivalry has never been so good for the bottom line The Hickman Automotive Group won the 2013 Business Excellence Award in the category of Marketing and Promotional Creativity for its second Turf Wars campaign, which brought imagination and fun to the car sales market in St. John’s. The brothers, whose dealerships Hickman Chevrolet Cadillac and Hickman Chrysler, which operate literally across the street from one another, pitted brother against brother in a sales showdown, selling 100 cars in a two-day event. The event showed off 200 cars at an offsite location and drew more than 300 prospective buyers to the second annual event. The ads featured Bert and Jon Hickman’s heads photoshopped onto the shirtless bodies of pro wresters, covered in tattoos, and Bert with the winning title belt draped over his shoulder. Bert took the prize, but the contest showed Hickman’s commitment to doing something new in the car sales marketing arena and won the group of companies the Business Excellence award. Hickman Automotive Group has also been named one of the 101 Top Atlantic Canada Companies by Progress Magazine. Hickman Chevrolet Cadillac was the number one dealership in Atlantic Canada for 2013 and is the 3rd largest selling GM dealership in Canada. Hickman Chrysler is the 3rd largest selling Chrysler dealership in Eastern Canada and finished 3rd largest in sales for all of Canada.

Driving the Boom Hickman Automotive Group doesn’t just sell cars; they give back too. The company gives 10 annual $1,000 scholarships, takes part in annual food drives, participates in the Janeway telethon and continues to support various local community initiatives. Recently, Bert and Jon launched the “Hickman’s Hockey Heroes Weekend 2014” in support of the Heart and Stroke Foundation. The two-day event allows fans to play with former NHL players at Twin Rinks in St. John’s, raising both funds and awareness for life-saving research and programs to address heart disease and stroke in Newfoundland and Labrador.

Riding the wave “We’re just proud to be in this province. We’re proud to be a long time family business,” Bert says. “We’ve been here for over 100 years … there’s been lots of boom moments and lots of down moments in this business, but we’re really proud to be part of what’s happening here and contributing to the growth of Newfoundland and Labrador.”

Business Business News News february APRIL 2014 2014

Trust, Transparency and Reputation – It’s the Bottom Line

e hear a lot about the bottom line when it comes to mapping a path for success, managing issues, and making big decisions. For a long time, I assumed the bottom line was tied solely to a mess of numbers that, several calculations later, would tell you if the business had a good year. But it’s not. For the most successful companies, big and small, the bottom line has more to do with reputation and less to do with numbers. A strong reputation is critical to a company’s long-term success and sustainability. And two factors of reputation are trust and transparency…words we hear in conversation and in

the news every day. But how influential are they? The Edelman Trust Barometer tells us that transparency and trust are two of the most influential factors on a company’s reputation, and financial performance is one of the least. This doesn’t mean you don’t have to sell your products and services anymore; what it does mean is finding ways to engage stakeholders, to build trust, demonstrate transparency, and maintain a strong reputation are important parts of your business’ well-being and bottom line. Today there is heightened awareness, sensitivity, and even buzz, around the words trust and transparency, meaning businesses must create better dialogue with customers, partners and employees. This is critical to the foundation of a company’s reputation with both internal and external audiences, and if done well, can help these stakeholders become brand ambassadors. Taking time to figure out how stakeholders want to be informed and engaged is worth it. Because when a company is transparent, engages stakeholders, and builds trust in their day to day operations and interactions,

they are more likely to have earned the longstanding reputation and brand equity to help weather a tough issue, misstep, or a crisis when it happens, and continue to operate in the future. The benefits of making the effort to focus on reputation, proactively share information, and engage are compelling; and extend beyond helping a business survive the reputational impacts of a crisis. Companies who focus on reputation management also benefit from better market access and brand value, opportunities for innovation through dialogue, reduced costs in the long run, and become a stronger business from the inside out. Engaging stakeholders has never been easier or harder. Traditional means of engagement are still relevant and important, but social media also needs to be a part of the equation. Digital communication has changed the way we interact. While we can access channels of communication easily, the speed at which information is expected by stakeholders, and knowing when we communicate with stakeholders we’re also talking to their networks, and their networks’ networks, has changed everything. While there’s channel or

no one simple medium to do it, what’s most important is that companies find the best ways for their business to engage with stakeholders to build trust, demonstrate transparency and make managing their reputation a priority. And that’s the bottom line.

Nancy O’Connor is a Senior Consultant at NATIONAL Public Relations in St. John’s. Contact her at 709.754.9614 ext 8443 or noconnor@national.ca. Visit National online at www.national.ca

Business News april 2014

Between Opportunity and Challenge; Mutual Benefits Grow

n instinct for growth, is the Grant Thornton motto. The company certainly lives up to that in the Big

Land. Grant Thornton is a leading Canadian accounting and business advisory firm, which has recently grown their business in the heart of Labrador - the Town of Happy Valley-Goose Bay. Steve Power, managing partner of Grant Thornton’s Newfoundland and Labrador business unit, shares his experiences of doing business in Labrador. The company has recently expanded with Walters Hoffe Chartered Accountants joining the firm. Grant Thornton then built its business into Labrador allowing for an expansion of services and human resources in the region. Power says there’s more opportunity for growth on the horizon. This transaction didn’t happen overnight, and it took a great deal of patience, listening, relationship building, and understanding. “About four years ago my partners and I started looking at the potential in Labrador, so we started travelling there. We went to a lot of events and absorbed as much information as possible,” Power says. “We’ve been to the Northern Lights, Expo Labrador as well as the Northern Exposure

Labrador Opportunity Conferences and trade shows.” The St. John’s Board of Trade hosts Northern business development-focused events such as a Doing Business Up North Conference, Meet. Connect. Explore. as well as business panels, workshops and luncheons, which Grant Thornton has been involved with. “Our intention to go to these events was not to pick up a specific client. It was to learn more about Labrador, the opportunities, the cultures and the challenges,” Power says. “I’ve always found the people in Labrador to be very receptive. If there’s a trade show booth, go up and talk to them. You can’t do business in any new market by just sitting in your office and planning. You have to get out there. The organizers have done a tremendous job with putting events together, but businesses need to go to them. You have to get out there and talk to other people while you’re there. You aren’t going to learn anything by sitting at a luncheon and chatting with your coworkers, that’s the difference.

Business News april 2014

“… Patience is also very important. People respect you more when you show patience and a genuine interest in learning about the culture and the region. Whenever we met with business leaders in Labrador, we always asked for their guidance. You need to listen to that advice and then put it into action. We’ve done this with all of our meetings. Sometimes in a profession like ours, you are used to giving the advice, not asking for it, so it was a bit of a change in thought process for us but it was incredible how open people were and how free they were in giving advice.” The firm spent a lot of time talking to Aboriginal groups and business leaders to develop a strategy. The feedback was; the fly-in, fly-out situation does not work. There has to be a local office with a strong presence. “Make sure that you understand the needs of the businesses and your target market. Don’t assume that you already know. You can’t learn what the needs are from St. Continued on next page...

Labrador Continued from previous page...

“Sometimes in a profession like ours, you are used to giving the advice, not asking for it, so it was a bit of a change in thought process for us but it was incredible how open people were and how free they were in giving advice.”

- Steve Power, Grant Thornton

John’s. You have to invest the time and the money to go to Labrador and you aren’t going to do it in one trip,” Power says. “What we learned from our various trips to Labrador was that the opportunity was not so much with the owners of the mega projects but rather the companies that are supporting these projects, the privately held business market.” Power says that Walters Hoffe was a natural fit with Grant Thornton’s expansion plans, because while they were doing quality work in the community, they were challenged in finding the resources to offer specialty services. Grant Thornton had those resources. Through this process, challenges turned into mutual opportunity as Grant Thornton and Walters Hoffe started to build business together. Walters Hoffe joined with Grant Thornton in early 2014. All the original staff continue to work in the firm, and Grant Thornton has added an additional permanent staff person – who is originally from Labrador – to the location and will be hiring again in the near future. If you have a success story or would like to learn more about Labrador and Northern Initiatives contact Erika Stockley, Mentor for Labrador and Northern Opportunities at estockley@bot.nf.ca or 726-2961 ext 116.

WE ARE THE

BOOM.

Keep business growing in Newfoundland & Labrador. ICE CAPS, St. John’s, NL

Business News APRIL 2014

takeCHARGE IS OPEN FOR BUSINESS takeCHARGE, the energy efficiency partnership between Newfoundland Power and Newfoundland and Labrador Hydro, has recently added to its suite of energy efficiency offerings. Now there are even more ways for businesses to get in on the savings. On Nov, 1, 2013, takeCHARGE introduced its Business Efficiency Program. The program offers advice and incentives to help make your business’s facilities more energy efficient - saving you money as a result. takeCHARGE officially launched the program this winter, at the Johnson GEO Centre in St. John’s. Local business owners and property managers gathered to learn how they can make their organizations more efficient. Peter Upshall, takeCHARGE energy efficiency expert, outlined the many benefits of making energy efficient upgrades, such as reduced maintenance and improved comfort for customers and

employees. “What’s most important to remember is that the energy saving investments you make today will contribute to your bottom line year after year, “ says Upshall. Kim Saunders, property manager of Eastport Properties, reinforced this message. “Following the path to be more energy efficient has gone beyond helping us reduce our energy usage. We’re also encouraging staff, as well as tenants, to look at things from an environmental perspective. For example, when any project is undertaken at the Scotia Centre, we first ask ourselves, how will this help us improve efficiency and therefore further our goal of reducing our effect on the environment?” Sharon Horan, Chair of the St. John’s Board of Trade, welcomed the new program, acknowledging the importance of energy efficiency. “Responsible businesses recognize that we may have more power than we

Business News APRIL 2014

need at our fingertips, but we also know that conserving is a sensible way to reduce our costs and protect the resources and environment we enjoy.” The Business Efficiency Program has a variety of options to meet each business’ unique needs. This includes a complimentary energy assessment to identify areas that could be improved, as well as recommend the right energy efficiency solutions. But the incentive doesn’t stop there. Did you know that you could get up to $50,000 back when you invest in energy efficient upgrades such as heating and cooling, refrigeration, and/ or lighting and controls? The takeCHARGE team will walk you through every step of the process. Rebates are also available for programmable thermostats, occupancy sensors, LED wall packs, high performance showerheads and energy efficiency lighting. To find out how this new program can benefit your business, visit takechargenl. ca, or talk to one of the energy efficiency experts: Chris (737-5382) or Peter (7372603) at Newfoundland Power and Wade (737-1460) at Newfoundland and Labrador Hydro. Start saving today.

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atte r m y c i l po te rs t a m y c i l

atte r atte r atte r m m m y y y c c c i i i l l l po po po te rs te rs te rs t t t a a a m m m y y y c c c i i i pol pol pol

Board’s response to Working Together; A Workplace Health, Safety and Compensation review The St. Johns’ Board of Trade has reviewed the Working Together report completed by the Statutory Review Committee (SRC) of the Workplace Health and Safety Commission, with great interest. While the report addresses important concerns, in our view the SRC has missed an opportunity to address fundamental problems within the system. Problems such as the length of claims, the highest assessment rates in the country and a PRIME system that is far too onerous on SME’s. Read our full response online at www. bot.nf.ca

What are you @? @Inkattech Excited to be the keynote speaker at the @Skills_NL @stjohnsbot Leadership Conference on April 4th! #youth #entrepreneurship @LetsTalkScience Thank you to the St. John›s Board of trade for a great opportunity to speak at the luncheon today. @stjohnsbot @joymoyles Great @stjohnsbot business mixer last night @nlrailwaymuseum and I was a winner! Love the necklace!

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Business News APRIL 2014

@PatrickMartinNL @RotaryStJohnsNL had Sharon Horan @FITPres speaking yesterday. @ stjohnsbot chair gave talk about NL, pensions, demographics and more.

@kenneyjason Great roundtable w/ employers @ St. John’s Board of Trade.Overwhelming priority: skill & labour shortages in the area pic.twitter.com/X1PB58Uz5G @KCameronNL Well deserved! “@MurrayPremises: @ hopper 17 Best Attractions in #YYT and we are on it! @DestinationSJ @ stjohnsbot http://bit.ly/1fjf1BD ” @krissylyver Great turnout for the chairs inauguration of @stjohnsbot. Congratulations and best wishes! @GardinerCentre @stjohnsbot We have a great seminar for those members who attend #networking events! http://ow.ly/ tAAxb

atte r m y c i l po e rs t t a m y olic

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atte r m y c i l po poli te rs t a m y c i policy pol

You sent a letter to the premier this month We recently sent a letter to the premier outlining our position on the provincial budget. Have a read. One of our biggest issues is our debt - $8.6 billion worth; of which $5.6 billion is made up of the province’s broken pension plan. Your Chair, Sharon Horan talked about this issue with Debbie Cooper recently for a long-form interview on Here and Now.

INDUSTRIAL PROPERTY FOR SALE POTENTIAL USES INCLUDE: Federal Minister Gets the Boom Minister of Employment and Social Development Jason Kenney’s quote during our meeting with him last month was powerful: “Wouldn’t it be a shame if Newfoundland and Labrador’s moment was not realized due to lack of people.” Members of the Board had the opportunity to sit with the federal minister to discuss issues around skills, job matching and immigration.

• • • • •

MANUFACTURING WAREHOUSING TOURISM GREAT T EN PROCESSING INVESTMNITY! U T R O P OP COLD STORAGE

Tors Cove, NL• 2.8 ACRES WHARF • 175 ft. WATER FRONTAGE • 43,500 sq.ft. Gar Mouland, CGA garland.mouland@gmail.com Business News APRIL 2014

Gary Reardon, MCPM, CET gary.reardon@reardons.com 11

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Are pensions heading for broke?

he pension crisis has been building in the shadows. It was not until the 2008 market meltdown that the worst of the public sector pension problems became apparent. When the crash happened governments were forced to examine all of their costs and expenses. The incomes of Canadians were profoundly affected and for Newfoundland this period meant a drop of government revenues from $8.4 billion in 2008-09 to $7.1 B the following year. Fortunately the province started the downturn in a strong fiscal position with surpluses in 2008-9 of $2.3 B. It was not until last fall that the pension problems for Newfoundland were uncovered and politicians began to speak openly about them. The Auditor General recently reviewed them and found them to be in a dangerous state of under-funding. The province has five main pension plans and combined with other unfunded employee liabilities these plans are short over $5.6 billion. The government has used some creative accounting on these benefits and the auditor reports that by using private sector standards the full size of the shortfalls are $ 8.4 billion. That is money that will be directed into employee compensation rather than investing to secure the long-term economic future of the province. The problem should have been brought to light many years ago but the political system covered them up. The current crisis is in spite of the fact that the unfunded liability related to employee future benefits declined significantly in 200506. That was the year that $2 billion from the Atlantic Accord was directed into the Teachers’ Pension Plan. In addition, further special payments totalling approximately $1.6 billion were made between 2006 and 2013 to address the unfunded pension liability. Today, pension shortfalls account for 64 per cent of the province’s net debt. Now is the time to start dealing with the serious implications that pension liabilities have for the province. A demographic tsunami is sweeping the province and within the next 20 years 30% of the current population will be over 65 years of age. In fact, the only segment of Newfoundland’s population that is growing is that of those over age 65.

The province needs to have a better handle on the pension issue as much of the problem stems from poor accounting on the part of the province. Minimal disclosure has been made for these plans at a time when rising compensation and pension costs are the biggest risk to government finances. Taxpayers should be demanding better disclosure to understand more fully the costs and risks that they are exposed to. Pensions are not sustainable in their current form and the risks to government and taxpayers are many. The government cannot continue to divert its revenues to the payment of pensions at the cost of other government programs. Other programs will see erosion in funding for the benefit of pensioners who belong to the protected class of government workers. It is clear that the numbers do not work. A major concern is the level of bailouts that have been put into the current system and the fact that the shortfalls have not disappeared despite an additional $400 million last year. Pensions were originally designed as a way to keep seniors in retirement out of poverty. The system was created without proper oversight and now, unions portray these pension plans as a vehicle to attract employees to a system that offers lower compensation. At one time this was true, but the reality today is government employees are not only compensated

Business News april 2014

Bill Tufts

well in their current careers but they also receive deferred compensation from pensions. These pensions are often higher than the incomes of the taxpayers funding them and they get them for life. It is time for the taxpayers in Newfoundland and Labrador to stand up and demand a change to these pension plans. Without a change, these pension plans may very well one day bankrupt this wonderful province.

around the board Chair’s Inauguration

Three past chairs – Derek Sullivan, Cathy Bennett, and Denis Mahoney – capture the moment on their cellphones.

Mayor Dennis O’Keefe did the honours of swearing in Sharon Horan as your chair for the year.

O’Keefe also swore in Kim Keating as the senior vice chair of the Board.

Sharon Horan’s friend and immediate past chair Denis Mahoney, and her partner John Parrell look on as our new chair is sworn in.

The Sheraton went all out for the Chair’s Inauguration, offering a red velvet pancake buffet.

Past chair Derek Sullivan, Mayor Dennis O’Keefe, Chair Sharon Horan and past chairs Cathy Bennett and Denis Mahoney, pose for a group shot for the Board of Trade archives.

Business News april 2014

around the board Brian Head and Associates Railway Coastal Museum Mixer

Brian Head of Brian Head and Associates was pleased to host the mixer with the Railway Coastal Museum and even hired salsa dancers to entertain and give lessons at the event.

Janine Browne from the Courtyard Marriott and Karen Whelan from Belmont Health and Wealth staffed our “What brings you here today” table, where we can help you make the connections you need at our mixers. If you’re looking to meet a certain kind of business person, we’ll take note and either make an introduction or follow up with a call to make the connection. Kim Sparkes of Whink and Kristina Kearney of Newfoundland Personnel add a pop of colour to our mixer at the Railway Coastal Museum.

Lori Bragg and Lisa Martin-Davis – both alumni of our Ambassador team – shared a drink and chat at the mixer hosted by Brian Head and Associates.

Business News april 2014

around the board Hibernia/lets talk science lunch

Jamie Long, president of Hibernia Management and Development Company gave a great presentation showing us where the Hibernia project sits on a global scale.

Bonnie Schmidt, president of Letâ&#x20AC;&#x2122;s Talk Science, talked about the potential of young people in science, technology, engineering and math and how their organization is offering programs to foster this in the future.

Business News april 2014

AHL luncheon

David Andrews, president of the American Hockey League (AHL) helped us celebrate the AHL all-star game in St. Johnâ&#x20AC;&#x2122;s during a luncheon.

ambassador column Ambassador Kate Jewer

am the marketing manager with O’Brien’s Whale and Bird Tours. We are very excited to be celebrating our 30th anniversary this year. O’Brien’s offers a variety of products and services including the award-winning boat tour, Sailor’s Galley Restaurant, event venue, gift shops, and shuttle service. We cater to tourists, locals, and businesses alike. Small and large group bookings available. My most memorable experience with the St. John’s Board of Trade would have to be the first mixer that I attended. I walked into the room not knowing a single person and one

of the ambassadors took me under their wing, introducing me to many members throughout the evening. Many of the people I met during that first event have become clients, business partners, and friends. At the time, I was unaware of the ambassador program and the role they played within the organization. Now that I am a part of the ambassadors’ team I am looking forward to returning this favour to new and existing members, who may feel shy or uncomfortable about attending these networking events.

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Business News april 2014

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ambassador column Ambassador Jason Spurrell

ason Spurrell, CBAP is a Senior Consultant – Business Analyst with KPMG’s IT Advisory practice in St. John’s. Jason and has more than 15 years of experience empowering clients to accomplish their objectives through effective business analysis and change management. KPMG is one of the world’s largest professional services companies, with over 150,000 employees worldwide. KPMG operates in 33 locations across Canada, with more than 5,600 Canadian employees. Jason cites his most valuable BOT experience to date as meeting Bernard

Lord, CEO of Canadian Wireless Telecommunications Association at a BOT luncheon last year. Having lived in Fredericton, NB for six years, Jason was especially thrilled to have had the opportunity to meet Mr. Lord, who is a former premier of that province. Jason and his wife DeAnn and their two kids now live in Torbay.

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Business News april 2014

Newfoundland and Labrador

180 Players 18 Holes 1 Day you do not want to miss!

Annual Golf Tournament

Member news Technip Canada reaches major milestones

Technip Canada has been named one of Canada’s Top 100 companies and one of Canada’s Top 10 Companies to Work for. The award is based on a number of factors, one of which is growth, which Technip can boast about. The company has grown 40 per cent in the past two years, with a focus on hiring new graduates. Sam Allen, Technip’s past president, has also experienced success, as he’s was recently awarded the Outstanding Contribution Award at NOIA’s Industry Achievement Awards. Congratulations on the continued success Technip.

Generous gift Alec G. Henley Group has made a significant contribution to the Gathering Place expansion. The contribution of $25,000 will help expand programming for people struggling with complex physical, mental and social difficulties. “For almost 20 years The Gathering Place has made our community a better place

to live,” says Brian Henley, president and chief executive officer of the Alec G. Henley group. “It is committed to improving the lives of people who face difficult circumstances every single day and it is our hope that this donation will help ensure that work will continue.” The Alec G. Henley Group is an independent employee benefit and financial advisory consulting firm.

Hickman’s Hockey Heroes is coming to St. John’s! Live the Dream! Play with NHL alumni, including Gary Roberts, Joe Nieuwendyk and Tiger Williams. Top fundraising team gets 1st draft pick.

EMSAT Corporation is the latest company to graduate from Memorial University’s Genesis Centre. EMSAT, founded in 2010, specializes in providing real-time environmental monitoring software solutions for both commercial and government sectors. The Genesis Centre provides a three-year business support program, designed to assist technology-based businesses. Past graduates of the Genesis Centre include Verafin Inc., Rutter Technologies Inc. and Virtual Marine Technology, among others. The Genesis Centre is Memorial University’s support network for technology-based businesses.

Hickman’s helps Heart and Stroke Foundation with hockey fundraiser

Help the Heart and Stroke Foundation prevent disease, save lives and promote recovery in Newfoundland and Labrador. 16 teams - 16 former NHLers - 1 great weekend FOR ONE GREAT CAUSE! REGISTER TODAY! Contact Peggy: 753-8521 Or visit www.hockeyheroesweekend.com/NL

Genesis Centre graduates another company

Business News april 2014

Hickman’s Hockey Heroes Weekend 2014 is a once-in-a-lifetime opportunity to play hockey with former NHL greats, spending time both on and off the ice for a great and fun filled weekend at Twin Rinks in St John’s. The May 16-18 event in support of the Newfoundland and Labrador Heart and Stroke Foundation, is being held to raise funds and awareness that support lifesaving research and programs to address heart disease and stroke in Newfoundland and Labrador.

member news HNL hands out tourism awards The 2014 Hospitality Newfoundland and Labrador Conference and Trade Show wrapped up annual its Tourism Excellence Awards Gala in Gander recently. Riverfront Chalets and Rafting Newfoundland in Aspen Brook, just west of Grand Falls-Windsor, took one of the top honours with the Maxxim Vacations Tourism Business of the Year Award. The H. Clayton Sparkes Accommodator of the Year award winner was Fogo Island Inn, in Joe Batt’s Arm. Marble Zip Tours won the Cal LeGrow Tourisim Innovator of the Year Award. The JAC Tourism Champion of the Year award went to Rick Stanley. Chef Roary MacPherson was announced as Restauranteur of Year. Dion and Dora Finlay of Leaside Leaside Suites and Executive Apartments in St. John’s accepted the PRIDE Award and Adventure Canada, an Ontario based family-owned expedition company, won the Cruise Vision Award. Eastern Audio Limited was presented with the Corporate Partner of the Year award.

Heritage Day for their work rehabilitating, restoring and celebrating built heritage in the city. Also awarded was Alfred Marshall, Adelaide Group. Each year on Heritage Day the City of St. John’s recognizes individuals and businesses for their outstanding restoration efforts.

BDC announces awards application for young entrepreneurs The 2014 BDC Young Entrepreneur Award contest is back, with a $100,000 grand

prize and a second prize of $25,000 in consulting services. Eligible entrants must be a Canadian entrepreneur between 18 and 35 years old; responsible for the company’s day-today management for a minimum of two years; and hold at least 20 per cent of the company’s capital stock. Click to get all the contest details, eligibility criteria and application requirements. Application period ends April 3, 2014 at noon.

It’s About Design...

Jumping Bean grows again Jumping Bean coffee can now be found in Target stores across Canada, six of the Atlantic Costco stores, Sobey’s, Colemans and Belbins and Powells, as the company expands to serve more cups across the country. Jumping Bean also sells perked coffee at several kiosks in St. John’s and has branched out to franchise the brand, with the first two open in Gander and Grand Falls-Windsor. You may even see jumping bean coffee shops in Halifax, New Brunswick and PEI in the coming months as interest has been growing in Atlantic Canada for the eco-roasted coffee. Jumping Bean was created by Jeff LeDrew in 2005, and today roasts between 300,000 and 400,000 pounds of coffee beans a year.

Two members take heritage seriously

Creativity, Technical Comprehension and Innate Ingenuity At AE Consultants, we are passionate about what we do. We have been designing built environments in Atlan�c Canada for over 40 years, going above and beyond to exceed client expecta�ons. We work hard to ensure every aspect of every job gets done professionally, eﬃciently and cost-eﬀec�vely. A�er all, that’s exactly how we’d want it done ourselves.

Two Board of Trade members have been honoured for their commitment to heritage in downtown St. John’s. Hubert Alacoque, Innovative Development & Design Engineers, and Wayne Purchase, ZRCH Duckworth Street, were presented with certificates of appreciation on

Business News april 2014

Architecture Interior Design Structural Engineering Civil/Site Engineering LEED® Green Sustainable Design Project Management

industry news Huffington Post asks; Should Torontonians Move To Newfoundland? The online news agency Huffington Post is asking whether Torontonians should move to Newfoundland and Labrador as unemployment rates there skyrocket, and here there is a labour market shortage. The article quotes BMO chief economist Doug Porter who suggested that it would make more sense for the traditional migration pattern of Atlantic Canadian workers heading west to reverse as Toronto now has the third highest rate of joblessness in the country at 8.4 per cent. “On the flip side, St. John’s, Newfoundland now has a jobless rate of 5.6 per cent, versus one of the highest in the country at well above nine per cent back in 2000,” Porter said. Canada’s overall unemployment rate was seven per cent in January.

S I NC E 18 6 1

The Shaw Group Limited

Announcement Dean Robertson,

CEO of The Shaw Group Limited, is pleased to announce these senior management appointments:

Conference Board of Canada foresees slowdown of GDP in NL A Conference Board of Canada report suggests the capital city of Newfoundland and Labrador will see approximately 1.7 per cent economic growth in 2014, down from the six per cent growth seen in 2013. The report examines 28 metroplitain areas in the country, which St. John’s ranks as second in GDP growth. The report points to the completion of the Long Harbour hydrometallurgical plant as a reason for the decreased construction activity in Newfoundland and Labrador. This year will also see some natural resource production declines including the idling of Wabush Mines and the peak of construction on commercial property in the metro area, the report says. There is good news in the report, including the city’s unemployment rate,

which is expected to drop to six per cent from 6.3 and the projections that percapita income is forecast to increase 3.1 per cent this year. The report also predicts an increase in the area’s population to 212,000 in 2018 from about 203,000 in 2013. NL ninth in best places to invest in mining A Fraser Institute Report says Newfoundland and Labrador is the ninth most attractive place to invest in mining in the world. CFIB reports slight decline in confidence The most recent CFIB business barometer shows slight decline in business confidence in this province, but it’s still pegged higher than in recent years and rests just below British Columbia and Alberta. At 67.2 — down from 69.3 in January — Newfoundland and Labrador sits behind British Columbia (71.4) and Alberta (70.6).

Dan Coffey Sales & Marketing Manager Shaw Resources

Doug Hanson Sales & Marketing Manager Prestige Homes

Maureen Reid Corporate Secretary The Shaw Group

Dan Coffey joined the Shaw Resources management team in 2013 as Sales and Marketing Manager. Formerly a Senior Marketing Strategist with Aliant Mobility, and the Sales and Marketing Manager for Can-Med Healthcare, Dan also held senior sales and marketing responsibilities in the healthcare division of 3M Canada. Dan earned a Bachelor of Commerce degree, with a focus on Management and Marketing, from Saint Mary’s University and has also completed training at the Schulich School of Business at York University and Queen’s University.

Doug joined The Shaw Group as the Sales and Marketing Manager of Prestige Homes in 2013. Prior to this, he was the Senior Strategist and Account Director at M5 Marketing Communications in Moncton, New Brunswick and oversaw international marketing activities across Eastern Europe for SMART Technologies in Calgary, Alberta. With over 10 years of experience, Doug has planned and executed marketing strategies in a wide range of industry sectors including energy, healthcare, technology, financial services, retail and education. Doug is a graduate of the University of New Brunswick, receiving a Bachelor of Business Administration degree with a concentration in marketing/e-commerce.

Maureen Reid was recently appointed to the position of Corporate Secretary. The founder and President of BoardWorks Consulting Inc., Maureen has more than twenty-five years of experience working with senior management teams and/or boards in the private, public, and non-profit sectors on matters of governance and strategic planning. Prior to establishing her consulting practice, Maureen was a labour and employment law lawyer with a major regional law firm. She received her Bachelor of Science and law degrees from Dalhousie University, and in 1998, obtained her Master of Arts degree in Adult Education from Mount Saint Vincent University. Maureen has held numerous volunteer leadership positions in the community.

The Shaw Group is one of Eastern Canada’s leading diversified companies. Its primary businesses are natural resource-based manufacturing and community development through the following divisions, subsidiaries, and joint ventures: Shaw Brick, Shaw Precast Solutions, Shaw Resources, Clayton Developments Limited, MMH Prestige Homes Inc., Ven-Rez Products Limited, and Shaw & Shaw Limited. The company has been honoured as one of Canada’s 50 Best Managed private companies for the past 13 years and currently employs 500 people.

Business News april 2014

industry news Measured on a scale between 0 and 100, an index level above 50 means owners expecting their businessâ&#x20AC;&#x2122; performance to be stronger in the next year outnumber those expecting weaker performance. An index level of between 65 and 70 means the economy is growing at its potential. In Newfoundland and Labrador, business owners said their biggest limitations on sales or production growth were a shortage

of skilled labour (cited by 25 per cent of respondents), a shortage of un/semi-skilled labour (21 per cent) and limited space (20 per cent). Major cost constraints cited by businesses in the province are fuel/energy costs and wage costs (each cited by 42 per cent of respondents), tax and regulatory costs (cited by 39 per cent) and bank fees and insurance costs (each cited by 38 per cent).

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Business News april 2014

member profiles PRESSURE PIPE STEEL FABRICATION LTD, Happy Valley - Goose Bay, NL

WE ARE THE

BOOM. Keep business growing in Newfoundland & Labrador.

Custom Home Renovations Specializing in Hardwood & Laminate Flooring Call Jeremy @ 728-6927

www.rightwhey.ca Email: info@rightwhey.ca

Professional Residential Cleaning at an Affordable Price.

A Destination Management Company Welcome to Grand Productions where we plan, design, execute and manage events that reflect our client’s vision, mission and values. Our mandate is to maximize your events’ potential by providing full or individual services in the Destination, Corporate and Social sectors, combined with expert planning and seamless execution. Grand Productions believes that every Destination and Corporate event should create positive buzz about your organization; and, every Social event should showcase your individuality. We reinforce your objectives with passion and flair, and provide every client with the opportunity to experience a unique and rewarding experience. 709-341-7034, www.grandproductions.ca

At Century 21 Seller’s Choice we understand that when selling your home you may have many inconveniences, sometimes coupled with stress and anxiety. These can be made worse when Realtors tell you what you want to hear, and then fail to deliver. At Century 21 Seller’s choice, we have systems in place that will guarantee reliability, guarantee performance, and guarantee smooth transactions. We call this the Century 21 Seller’s Choice Performance Guarantee. “The good life for our clients, and our good clients for life.” Contact Information Century 21 Seller’s Choice Inc. http://www.century21.ca/sellerschoice 38 Duffy Place St. John’s, NL A1B 4M5 709.579.0021

new members Bloom Wealth

Andrea Hounsell, Insurance Agent 17 Cherry Hill Road St. John’s, NL A1A 1X2 709-691-9480 andrea@bloomwealth.ca

Target Canada

Eagleridge International Limited

Conach Consulting

Wadden Peddigrew Hogan Law

Cara Kansala and Pam Dorey, Owners 38 Green Road Upper Island Cove, NL A0A 4E0 709-589-6854 thegrumpygoatgallery@hotmail.com

Call Sharon @ 728-2774

Business News april 2014

Hard

Bradley Chislett, Vice President P.O. Box 14063 Conception Bay South, NL A1W 3J1 709-834-9218 709-834-5498 Eagleridgeltd@gmail.com

Steeve Azoulay, Manager, Government Affairs 9900 boul. Cavendish Montreal, QC H4W 2V2 514-404-4518 514-335-9772 Steeve.azoulay@target.com Andrew Wadden, Chris Peddigrew & John Hogan, Partners 365-367 Duckworth Street St. John’s, NL A1C 5X3 709-576-7464 709-754-0106 Andrew@wphlaw.ca

Peter Dawe, Owner / President 18 Freshwater Road St. John’s, NL A1C 2N2 709-727-6737 peterdawe@conach.ca

The Grump Goat Gallery

Custom Cabinets & Supplies Ltd. John Kendall, President Mike Griffiths, Vice President 156 Majors Path St. John’s, NL A1A 5A1 709-576-3275 709-576-3276 jkendall@customcabinets.ca

April

upcoming events Business Mixer

Join Floor Source for an evening of networking, food and fun. Floor Source has over 25 years in the flooring industry and has the knowledge and best selection in the city. Stop on by and see some of their new showcases.

Date: Time: Cost: Location:

Thurs., April 3 4:30 – 6:30 pm Included as a benefit of your membership Floor Source 1273 Kenmount Rd. Extension

Luncheon

Join Craig Alexander, Senior Vice President & Chief Economist, TD Bank for lunch as he addresses the St. John’s Board of Trade. Thurs., April 10 12:30 pm – networking 1 pm - luncheon $42.50+HST member rate $85+HST non member Glendenning Golf Course Gabriel Rd.

We are inviting all members, whether you have recently joined or are a long standing member to join the staff of the Board of Trade for a detailed orientation/”refresher” on how to make the most out of your membership.

Date: Time: Location:

Fri., April 4 9 – 10 am Board of Trade Office 34 Harvey Rd., 3rd Floor

Luncheon

“The Economic Imperative of Investing in Children”

Date: Time: Cost: Location:

St. John’s Board of Trade 101

Join Kevin Howlett, Senior Vice President, Regional Markets, Air Canada as he addresses the St. John’s Board of Trade. Attend this luncheon for a chance to win two tickets anywhere Air Canada flies in North America or a sun destination. Date: Time: Cost: Location:

Wed., April. 30 12:30 pm networking 1 pm luncheon $42.50+HST member rate $85+HST non member wComfort Inn Airport

To register for these events please contact Wanda Palmer at events@bot.nf.ca or 726-2961 ext. 9

Promotion of the Land Surveying Profession Do I Need a Boundary Survey? Selling your Home?

Building a Fence?

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Business News april 2014

Buying Real Estate? Arranging for a Mortgage?

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