Attendees at CIRI BC’s November session, “Essentials of IR Marketing: Elements of a Successful Roadshow,” welcomed experts from various professional backgrounds to share their thoughts. Speakers included: Nicholas Campbell, Metals and Mining Analyst, Canaccord Adams; Ryan Males, PhD, CFA, Vice President, Institutional Equity Sales, Macquarie Capital Markets Canada Ltd.; and Nancy Woo, Vice President, Investor Relations, Eldorado Gold. Woo highlighted the importance of five vital components: research, planning, budgeting, plan execution, and follow-up. She advised attendees to review their marketing budgets and spend according to what best fits their IR objectives. CIRI BC members left the session better equipped to take their companies’ stories on the road.

Nick Majendie of ScotiaMcLeod addressed what's in store for the Canadian and U.S. economies during a December session on “The Road Ahead: Financial Market Outlook 2010.” Majendie remarked that the future looks promising, due to emerging attention to Canadian commodities, products, and services. Key Canadian industries primed for economic growth are insurance, auto parts manufacturing, aerospace, engineering for the mining industry, and Canadian banks. Majendie noted that Canada has one of the world’s safest banking systems.

Heaps suggested that IR professionals “fish where the fish are.” In other words, in order to stay visible to the investment community, small and large cap companies must be where investors are looking. According to Heaps, 75% of professional investors visit corporate websites on a weekly basis for research.

Jon Hermanson of Exeter Resource Corporation and Darren Seed of Westport Innovations shared their experiences with social media tools, such as video media releases posted to company Facebook pages and on Youtube.com, corporate presentations posted to SlideShare, corporate blogs, and RSS (real simple syndication) feeds.

Attendees left the session with new ideas on how to implement their own social media strategies – ensuring that winter will be a very ‘social’ season.

This season will focus on innovation. Innovative ideas such as webcasting seminars will cater to remote attendees, who will soon be able to join in from the comfort of their homes or offices.

As a result of feedback from members, who expressed a desire to have workshops devoted to timely topics, the BC Chapter plans to host open sessions that will address current issues affecting the investor relations industry, as they arise throughout the season. Chapter members can also expect a change of scenery as the Board looks to host meetings at exciting new venues.

Motivated in part by the CIRI National Conference held in June, the BC Chapter also plans to feature seminars on social media, a subject that seems to be on everyone’s mind in 2009.

The leaves may be falling, but the BC Chapter is confident that due to its innovative approach to programming, membership will be on the rise as we approach 2010.

Following the formal business of the AGM, award-winning IROs shared their companies’ success strategies. Nancy Curry, Diamonds North Resources Ltd. (VP of Corporate Communications) kicked off the session with her “Winning Game Plan for IR”. Aaron Keay, Allon Therapeutics Inc. (Director of IR) and Nancy Woo, Eldorado Gold Corp. (VP of IR) also disclosed some of their secrets, leaving attendees with many ideas to incorporate into their IR plans.

CIRI BC volunteer opportunities are available. Please visit www.ciri.org for more information. The CIRI BC Board wishes everyone a safe and profitable summer.

“It’s not cheap to cover a stock,” Daryl Swetlishoff, Senior Managing Director, Equity Research at Raymond James Ltd. told attendees at CIRI BC’s February session on securing and maintaining analyst coverage. On average, it costs a brokerage firm about $100,000 to initiate coverage of a stock and the firm expects a reasonable return on its investment.

Before initiating coverage, analysts take a close look at how much debt a company has, how it is planning to finance future growth, the company’s market cap, trading volume, shareholder base and potential news flow to support the story. When evaluating a company, PI Financial Corp.’s Special Situations Analyst Jason Zandberg puts considerable emphasis on sales growth on a per share basis, return on equity and EBITDA.

Both analysts said one of the most important things an IRO can do to establish a meaningful working relationship with the analyst community is to demonstrate a good understanding of the company, its financials, competitors and the industry. “It makes a big difference if an IR person can give you concrete examples of what other companies in the industry are doing and where their company fits in,” said Zandberg.

Common mistakes IROs make when dealing with analysts include:

• Taking research coverage for granted;
• Rewarding brokers who are not supporting the stock; and
• Conveying that the company is obsessed with stock prices by micromanaging stock performance rather than taking a long-term perspective.

Melanie Hennessey, Vice President, Investor Relations, New Gold Inc., provided attendees with a good overview of her company’s approach to securing and maintaining analyst coverage, with an emphasis on disclosure requirements. She said that to convey a consistent message it’s important for the IRO to work collaboratively with the CEO and CFO.

At an April breakfast session, Joseph Garcia and David Frost, partners at McCarthy Tétrault, spoke about some of the key challenges public companies face and the role that investor relations can play in managing sensitive issues.

BRITISH COLUMBIA
Janet Craig, Vice President, Investor Relations at Nortel, returned to BC on January 29 to host a constructive best practices session on IR websites and annual reports. Janet and Jodi Regts, Director, Investor Relations and Communications at Forbes Medi-Tech, shared practical and creative tips on how to enhance the investor relations tool kit to include online annual reports, innovative websites and social media elements.

More than 40 attendees left the session inspired to spruce up their companies’ IR websites and implement some of the following suggestions:

• List IR contact on the main section of your company’s website as well as in the IR section.
• Provide organized information on Board leadership and committee structure (check out www.timewarner.com for a sample of how it’s done).
• Don’t use the FAQ as a `catch all’. It can be used as a cheat sheet, but the bulk of the information should also be found elsewhere on the website.
• Beware of forcing the use of video. Let the site visitor choose whether to view a video or listen to a sound bite.
• Check out NIRI’s recent review of the IR websites of the 100 largest publicly traded companies, which addresses leading edge practices.

BC is getting set to welcome CIRI members to beautiful Victoria for the 22nd annual CIRI conference from June 14-to-16, 2009. We hope to see you there!

BRITISH COLUMBIA
In early November, the incredibly knowledgeable Angela Joyce, IR and strategic financial analysis consultant, hosted a half-day morning workshop to teach eager IR practitioners how to read and understand financial statements and interpret key financial ratios. Angela’s interactive lecture was followed by a peer group discussion that encouraged attendees to practice “analyst-speak” and to better understand financial analysis and valuation.

BRITISH COLUMBIA
As the summer winds down, the BC Chapter is gearing up for its first breakfast session of the season – Planning an Effective Road Show, to be held on Tuesday September 30, 2008. Communicating a company’s story is one of the most critical components of an IR program. Learn from a seasoned fund manager how to get in the door and how to make a great presentation.

The Program Committee has planned exciting and timely sessions for the 2008/2009 season and invites members and non-members to join in learning, networking and exchanging ideas. For more details, visit www.ciri.org

Have you considered becoming a mentor or a protégé? The BC Chapter pairs IR professionals (mentors) with CIRI BC members with less than three years of IR experience (protégés) for strategic one-on-one meetings to achieve specific career development goals and explore career paths. Find out more about the Mentorship Program by contacting David Jan at djan@westerncoal.com , or Tim McNulty at tim@calibercapitalpartners.com.

At CIRI BC’s Annual General Meeting on May 27, 2008, the following individuals were elected to the Board for the 2008/2009 term:

Martin Livingston, Living Communications Inc. (President); Darren Seed, Westport Innovations Inc. (Vice-President); Cindy Burnett, Skye Resources Inc. (Secretary); Brian Bergot, Taseko Mines (Treasurer); Meghan Brown, Lake Shore Gold Corp. (Program Co-Chair); Lori Vetter, Ballard Power Systems Inc. (Program Co-Chair); David Jan, Western Canadian Coal (Membership Co-Chair); Tim McNulty, Caliber Capital Partners Inc. (Membership Co-Chair); and Alyssa Williams of Amica Mature Lifestyles Inc. (Newsline Representative).

The BC Chapter would like to thank its outgoing Board members, David Bryson and Jonathan Burke, for their commitment and many contributions to CIRI at both the Chapter and National levels.

The 2008 AGM was followed by an engaging session on Award Winning IR. Janet Craig, Vice-President, Investor Relations at Nortel, led the session, sharing some of her secrets to success. Craig touched on some of her goals as an IRO and how she adds value to her company on a daily basis.

External:

• Communication with the Street should be immediate, honest and provide a meaningful perspective;
• Educate the sell-side and buy-side with respect to your company and industry, providing the tools needed to do a thorough analysis; and
• Ensure that the company’s value is fully understood. Internal:
• Reduce senior executives’ time on IR tasks (be the front-line spokesperson);
• Serve as a conduit for investor views and perceptions; and
• Provide the company with strategic advice about marketing to investors and managing information flow.

BRITISH COLUMBIA
Don Ogden, Senior Vice President, Private Client Research & Strategy for Raymond James Ltd., spoke at the February 28, 2008 CIRI BC breakfast session about Market Dynamics. Ogden discussed some factors that motivate traders and investors and provided insight into the popular question: ‘What’s happening to my stock?’

In April, the Chapter held its annual half-day Best Practices workshop. The BC Securities Commission (BCSC) kicked off the morning session with an overview of the new Passport System.

BRITISH COLUMBIA
Guy McAree, Director, Corporate Relations and Strategic Marketing at Ballard Power Systems Inc., kicked off 2008 with an informative session on Crisis Communications Management. He explained how Ballard developed and tested its crisis communications plan to fully prepare the company to deal with the unthinkable. McAree provided the audience with a high level, step-by-step action list and emphasized the importance of testing the plan to ensure that everyone is prepared at all times. Many in the audience were inspired to rethink and revisit their corporate strategies for crisis communications.

CIRI BC held its membership renewal draw at the January event. The lucky winner of an iPod, sponsored by Porcaro Communications, was Lori Vetter, Senior Investor Relations Specialist at Ballard Power Systems Inc.

The February 28 breakfast session on Market Dynamics featured Don Ogden, Senior Vice President, Private Client Research and Strategy at Raymond James Ltd.

Greg Secord, Vice President, Investor Relations at Open Text, Waterloo, Ontario runs Ontario’s Mentorship Program. In 2003, the Membership Committee “realized that we were falling short on creating an attractive membership portfolio for those in the early stages of their career. What we really needed was the ability to help new IROs feel like they were not just part of the profession, but also part of their group of peers. I was blessed early on in my career because I was mentored not just by the CEO of Open Text, but also by a very seasoned IR practitioner – Patrick Shaw,” Secord said.

Right from the start, Ontario’s Mentorship Committee worked to ensure that protégés received strong pairings and that mentors kept their commitments. “We were conscious of the fact that we didn’t want to overextend our mentors, as the program was and still is meant as an introduction. So we decided on a six-month timeframe,” said Secord. “Six months was considered not a tremendous time commitment for mentors, but enough so that they were serious about their dedication to the program.”

A year later, the BC chapter leveraged Ontario’s materials to begin its own program.

Five years later, Ontario’s flagship program and the BC program together support an average of 80 protégés and mentor pairs a year. The chapter programs have a roster of dedicated mentors.

Protégés are often surprised at just how giving their mentors are, in terms of both time and advice. Linda Armstrong, Director, Investor Relations at Palladium, and an Ontario protégé says: “One of the best programs available today for CIRI members is the CIRI Ontario Mentorship Program. I value the knowledge and recommendations that my extremely experienced mentor provides … and I encourage others to sign up for this program.” Jon Bey, Manager, Investor Relations and Corporate Communications at Hamilton Resource Group, and a BC protégé, emphasized the program’s value. “The mentorship program has been a crucial part of my IR development and [is] essential for anyone entering an IR career,” he says.

Mentors have cited the chance to give back to the profession as one of their main reasons for participating. According to Bob Tait, Vice President, Investor Relations at First Uranium Corporation, “Having the opportunity to lend experience to the Mentorship Program can be very rewarding, as you can contribute to someone else's success and it gives you the chance to review and reset the priorities of your own IR program.” David Bryson, Vice President, Finance and Treasurer of Skye Resources Inc., echoes Bob’s sentiments: “I've enjoyed my participation as a mentor, both for the opportunity to give something back to IR, and because working through issues with someone else is a learning experience for me as well.”

The Ontario Chapter is planning a mentorship volunteer appreciation event this spring, which will serve as a great opportunity for mentors and protégés to meet. For more information, visit the Ontario Mentorship site at www.ciri.org/chapters/on/news/?article_id=238.

“The true satisfaction for me is when I meet new IROs and they’re coming up to me and saying thank you for pairing me up with this incredible mentor, or I’m really interested in participating in the mentorship program,” Secord says. “I think it says great things for us as an organization supporting the profession.” • If you would like to participate as either a protégé or mentor in Ontario, contact Sonya Mehan at ciriONmentor@ciri.org. In BC, email CIRIBC@ciri.org.

Our November breakfast seminar focused on Mergers & Acquisitions − How to be better prepared as an IRO. Speakers were Gregory Waller, Vice President, Investor Relations and Strategic Analysis at Teck Cominco, and Nicole Hoeller, Director, Investor Relations at Miramar Mining Corporation. Waller contrasted the IR preparation required for Teck Cominco’s offers for Inco in 2006 and Aur Resources in 2007. He emphasized that “no two deals are alike; each requires different tools, resources and different levels of involvement. It is important to be ‘at the table’ throughout the entire process and an understanding of strategic logic and financial fundamentals is an asset”.

Hoeller presented a detailed case study on the cash bid for Miramar by Newmont Mining Corporation. Her presentation provided the audience with great insight into the details, logistics, and potential outcomes of being acquired in a cash bid.

On December 6, CIRI BC hosted its annual Economic Outlook and Market Update session, followed by an evening of cocktails and networking. Helmut Pastrick, Chief Economist for the Credit Union Central of BC, provided insight into the Canadian and U.S. economies, currencies, interest rates and international financial markets. Upcoming BC Chapter events include: Back From The Dead, January 15, 2008; and Understanding Market Dynamics, February 12, 2008.

British Columbia
CIRI BC began its 2007/2008 program with an excellent presentation on Disclosure Liability, What you need to know, led by Robert Cooper, a Partner at McCarthy Tétrault, who provided a thorough review of insider “special relationships”, secondary market civil liability, and “reasonable investigation”.

NOTICE is hereby given that the annual general meeting of the members of the British Columbia Chapter of CIRI will be held at the Terminal City Club, 837 West Hastings Street, Vancouver, BC, on Thursday, May 17, 2007, at 7:45 a.m.

Please find attached AGM supporting documents.

CIRI’s current bylaws are almost 10 years old – some minor changes were approved in 1999, but most bylaws have been in place since 1997. Since that time, CIRI has evolved as an organization, and best practices for non-profit organization governance have similarly evolved.

With the support of CIRI staff, the Board of Directors conducted a thorough review of CIRI's bylaws and proposed a number of revisions to bring them up-to-date. Revisions to the chapter bylaws were approved by the Board at its March 2007 meeting.

Regular members will be asked to approve revisions to the national bylaws at CIRI’s Annual General Meeting in Whistler, B.C. on June 17, 2007. The rationale for all changes is attached. National Bylaw changes will be emailed to all members with AGM materials in early May.

Any questions or comments on CIRI bylaw revisions should be directed to Suzie Fernandes at 905-274-1639 or sfernandes@ciri.org.

CIRI Members please login to download the bylaw revisions.

Responding to Shareholder Activism

“Hedge funds are the new face of activism,” Tim McNulty from Caliber Capital Partners told the CIRI BC chapter at its January breakfast seminar.

British Columbia
Award Winning IR Workshop
More than 50 IROs gathered in Vancouver in early November at CIRI BC’s annual workshop to hear what it takes to implement an award winning IR program.

John Wheeler, Vice President, Investor Relations, TELUS Corporation, and winner of CIRI’s 2006 Award for Excellence, shared his insights on leading IR practices that have taken TELUS from a $2 billion market cap to $18 billion in five years.

Wheeler said the focus in the last few years at TELUS has been on continuous improvement in IR by utilizing the CEO’s and CFO’s time more effectively. One initiative that has worked well, he said, is the introduction of feedback forms for senior executives to assess the effectiveness of participating in specific events such as conferences. Sell-side and buy-side analysts are invited to address the Board once a year to discuss prominent issues they think the company should consider.

British Columbia
CIRI BC has an exciting schedule planned for the upcoming year, culminating in the Annual Conference to be held in Whistler on June 17-19, 2007. While BC companies (and CIRI members) represent diverse industries and market caps, the programming pays special attention to the burgeoning small cap marketplace.

The British Columbia Securities Commission regulatory landscape will be covered in our September session. Other topics this year include: award winning IR and day-to-day best practices; viewpoint 2007 (an economic outlook); lessons learned in dealing with an activist shareholder; understanding market dynamics that may affect share price; and corporate finance and IR – what IROs need to know.

Many of the speakers at our sessions are IR veterans with great expertise, who can pass along useful tips to attendees.

The BC Chapter intends to continue building on the ‘Chapter of the Year’ award it received at the May 2006 annual CIRI conference.

The BC Chapter held its AGM and media panel on June 13, 2006. President David Bryson noted BC’s receipt of CIRI’s chapter of the year award for the third consecutive year, as well as the positive feedback from BC chapter members in the recent Member Needs Survey. He also reviewed some Chapter initiatives over the past year, including a new mentoring program and a new sponsorship program. The Chapter’s priorities next year include expanding the programming and membership committees.

The BC chapter board for 2006-2007, which was elected at the AGM, is:

President
David Bryson

Vice President
Martin Livingston, Living Communications Inc.

Treasurer
Anthony Ostler, Canaccord Capital Inc.

Secretary
Cindy Burnett, Ivanhoe Energy Inc.

Program Co-Chair
Greg Martin, Southwestern Resources Corp.

Program Co-Chair
Darren Seed, Forbes Medi-Tech Inc.

Membership Chair
Jonathan Burke, Westport Innovations Inc.

Newsline
Tracy Rawa, OSI Geospatial Inc.

Director at large
Ian MacLean, Bema Gold Inc.

The media panel addressed the topic of crisis communications: Dean Pelkey, Media Relations Manager at Terasen Gas; Scott Simpson, Business Reporter at the Vancouver Sun; Jason Kirby, Business Reporter for the National Post; and Peter Kennedy, Business Reporter for The Globe and Mail. A common theme in the remarks was the importance of being proactive, rather than reactive, when handling a crisis situation.

The Chapter’s programming committee is hard at work on another great programming year, and BC chapter members are looking forward to the return of the CIRI Conference to the west coast in June 2007, when it will be held at Whistler.

A joint breakfast session with the BC chapter of the Institute of Corporate Directors on April 4 featured Jane Watson, Chair of CIRI’s Issues Committee, and Terry Lyons, Chair of Northgate Minerals and Lead Director at Canaccord Capital. They addressed Improving Board-Shareholder Communication. The event drew 58 CIRI attendees and more than 25 ICD attendees.

Watson noted the potential benefits and risks of direct meetings between directors and shareholders, while making a strong case for the IRO’s participation in board meetings.

Terry Lyons argued that shareholders should be treated as owners, not like other corporate stakeholders, and that companies should go beyond legal requirements to actively engage their owners. He also advocated a strong role for the IR professional, who plays a critical role in meeting disclosure requirements and also provides valuable advice to the Board, ensuring that the pulse of the market is being monitored and understood.

At the March 8, 2006 breakfast meeting, Janet Craig gave CIRI BC members a glimpse of what it takes to build and maintain an award winning IR program at ATI Technologies. Five years ago, ATI Technologies was followed by five analysts and about half the trading in the company's shares took place on NASDAQ. Today, 40 analysts cover ATI and NASDAQ is its key exchange, with trading volumes of five million shares daily. Craig described working with ATI's four-person team as an 'American Style IR Program'; one in which the IRO seamlessly replaces the CFO or CEO as spokesperson to the investment community. Craig stressed “communication with the Street should be immediate, honest and provide a good perspective. Ensure that the company’s value or investment proposition is fully understood. Give the buy-side and sell-side the tools they need to do a thorough analysis and allow them to appropriately evaluate the company’s prospects.”

Accuracy of information, knowledge of company sector, responsiveness, access to management, communications skills, and solid understanding of disclosure issues are some attributes that help make a winning IR team. ATI participates annually in 30 investment conferences; more than six days of non deal shows, 10 trade shows, one or two analyst days per year, and over 10 industry technology 'teach-ins' per year, as well as analyst tours in Toronto, New York and San Francisco.

Janet Craig joined Vancouver-based Angiotech’s IR team as Vice President of Investor Relations in April 2006. CIRI Ontario’s loss is CIRI BC’s gain.

New board and executive

CIRI BC held its annual general meeting on June 19. New directors for 2006/2007 were elected and the new executive was also announced.

British Columbia
The November Workshop Beyond the Essentials – Taking IR to the Next Level was well received. Those who attended picked up useful tips from Bill Speirs from the Securities Transfer Association of Canada on the new rules for shareholder communication and had the opportunity to listen to Josh Pekarsky of Longview Communication speak about IR during M&A Transactions.

Brian Rivel from the Rivel Research Group shared some of the data from their Best Practices in IR Survey.

Roundtable sessions on IR Websites, Conference Calls, IR Tools and Perception Studies gave the opportunity for workshop participants to interact and learn best practices from their peers. Roundtable hosts included Jonathan Burke, Migenix; Susan Hooper, Placer Dome; Meghan Brown, Placer Dome; Cindy Burnett, Ivanhoe Energy; Adrienne Cheng, Canaccord Capital; Alan Bayless, VSM MedTech; and Brian Rivel, Rivel Research.

The winner of the CIRI BC’s membership renewal draw was Tom Merinsky, who can now listen to his new iPod Nano on his travels.

CIRI BC began its 2005-2006 program with excellent panel presentations on Disclosure: Winding through the Regulatory Labyrinth the Sarbanes Oxley Act (“SOX”) section 302 and 404, Canadian Multilateral Instrument 52-109 and Multilateral Instrument 52-111.

Nancy Montgomery, SOX Project Coordinator with Placer Dome, began by discussing the differences between disclosure control and internal control reporting. “Disclosure control reporting requires management to evaluate and report on the effectiveness of disclosure controls and procedures with respect to the company’s quarterly and annual reports,” she said. “Internal control reporting requires management and the auditors to annually assess and report on the design and operating effectiveness of controls over financial reporting as at each year-end date”.

Issuers are now required to document and evaluate the design and operation of internal controls and may risk letting compliance become the driver of a business decision, she said.

Montgomery discussed defining and managing the scope of internal control reporting and gave some examples of internal and external impact on company culture and environment.

Nancy Glaister, Partner, Cawkell Brodie and Glaister, cautioned the audience regarding the new Canadian Civil Liability Laws for Continuous Disclosure, which will come into effect in Ontario on December 31, 2005. Glaister gave examples of the impact this could have on investor relations professionals and emphasized the need for disclosure controls and a written disclosure policy. Individuals liable under the new laws for misrepresentation in disclosure include spokespersons who make public presentations, those who make public oral statements and others who speak on behalf of a company in other forums.

Financial consultant Maria Holms spoke about key elements of disclosure. Holms stressed scoping, documenting and evaluating controls, asked some practical questions and gave good examples. Questions included: Do you have a written Disclosure Policy? Does your investor presentation adequately comply with the company’s written Disclosure Policy? Do you record and keep track of IR presentation slides and dates? Has all the information in a presentation already been publicly disclosed? If not, what is the written procedure to make it public?

All three presenters provided useful hand-out information and the session was well received. Upcoming sessions include the November 16 Morning Workshop on Beyond the Essentials: Taking IR to the Next Level and our December 6 afternoon session on Viewpoint 2006 – Economic Outlook and Market Update.

Are you interested in taking the next step in your career but are not sure how? Do you have experience that could help someone else? CIRI British Columbia welcomes you to participate in the CIRI BC Mentorship Program.

This program matches CIRI members (protégés) who have identified specific career development goals with experienced investor relations practitioners (mentors). The mentorship team shares ideas, perspectives and experience, while working toward the protégé’s goals. The program offers mentors a rewarding leadership experience and protégés the chance to learn from an experienced colleague.

For more information, contact Tracy Rawa, CIRI BC Mentorship Program Manager, at 604-904-4627 or CIRIBC@ciri.org. To participate either as a protégé or as a mentor, please fill out the Participant Information Form.

The British Columbia chapter's 2004/05 program is now available!

Please note that online registration is available for this year - by VISA or MasterCard. The option to pay by American Express will be available soon.

We look forward to seeing you at a CIRI BC event - a great place to network and learn.