Quebec Chapter Update
In October, CIRI Quebec hosted its first event of the fall season. This networking event celebrated Back-to-School, albeit slightly later than other ‘students’. More than 25 people gathered at the Irish Embassy Pub & Grill to discuss IR subjects, reconnect with old companions and meet new members. The Quebec Chapter recognizes the need to organize more informal gatherings because, after all, humans are social creatures!
Ontario Chapter Update
The Ontario Chapter kicked off its programs a bit earlier this year with a Twitter Luncheon in August. The Chapter came together again in September with its first networking event and launched another year of the Mentorship Program! Twenty-five members and nonmembers met at a local spot to catch up on summer stories and discuss the upcoming challenges we see in the IR space.
We followed the launch of our Mentorship Program in October with our first breakfast series session. The breakfast featured Lyne Fisher, Vice President, Investor Relations and Corporate Communications, Real Matters, which recently completed an initial public offering. Fisher's diverse IR background in small to large cap companies allowed for a great discussion, moderated by former colleague Deirdre Neary, Assistant Vice President, Investor Relations, Great-West Lifeco Inc. Fisher gave examples of how she has been able to use more formal processes from large cap companies and apply them to emerging IR programs. Fisher is an excellent presenter and the Chapter received a mentorship request immediately following the breakfast.
Alberta Chapter Update
Todd Hirsh, Chief Economist, ATB Financial, presented his thoughts on the current state of the Alberta economy at CIRI Alberta’s September luncheon. Alberta is climbing out of its worst recession in 30 years as oil prices rebound from below $30 (early 2016) to over $50 per barrel currently.
After shedding approximately 100,000 jobs, the energy sector has rehired 17,000 people over the last 12 months. However, these hires have primarily been for junior positions and wages and benefits are down approximately 10%. As a result of lower costs and improved productivity, most Canadian oil companies can now break even at $50 per barrel oil. ATB does not see significant changes in either oil or natural gas prices over the next couple of years.
The retail sector in Alberta has also shown signs of recovery, setting new records, but the reality is that sales are barely back above October 2014 levels. Housing starts have recovered to 30,000 starts per year (up 30%) but are well below peak levels.
The Alberta economy is back to where it was three years ago, albeit with an 8% unemployment rate and much lower net migration (5,000 people per year versus 25,000 three years ago). Hirsh believes that future economic growth in Alberta will depend on new ideas in new sectors (e.g. specialty agriculture).
He quoted from his new book, Spiders in Space. Spiders taken to the international space station learned to weave webs in zero gravity in a matter of a few weeks, overcoming 100 million years of experience and genetic programing. Hirsh believes that in this new economy, Albertans will have to do the same.