We lost a dear friend, a colleague, a relationship we all loved because of the care he put in all of them, his honesty, his tremendous people skills and natural modesty.For those who knew him, Ken was the true incarnation of the perfect gentleman.

On a professional level, Ken was exceptional, very talented and considerate, a brilliant writer,hardworking, result-oriented, and a sought after advisor. His clients felt in total confidence, having often very high demands, knowing that he could fulfill their requests. Ken never let anyone down.

Ken left his mark in every positions he held within the business world, at the Montreal School Board, the Federal Bank of Development (now BDC), and finally at NATIONAL where he was there for more than 15 years, as an associate and Managing Director of the Investor Relations practice.

Individuals like Ken are a rare breed; we are losing a precious friend and top professional. He is leaving us behind his example as a human being and a seasoned communications advisor. Our challenge is to now rise up to his outstanding human and professional qualities, his legacy.

We wish to express our sincere condolences to his wife Susan, who was very brave and courageous during the last weeks, his children Sarah and Michael, as well as to his many friends and other relatives.

Visitation: Kane & Fetterly Funeral Home, 5301 Decarie Blvd.
October 23, 2008 - 2:00 - 5:00 PM and 7:00 - 9:00 PM
October 24, 2008 - 2:00 - 5:00 PM and 7:00 - 9:00 PM

Service: Loyola Chapel, 7141 Sherbrooke West
October 25, 2008 - 11:00 AM

QUEBEC
CIRI Quebec will kick off its 2008-2009 programming year on September 18 with a luncheon featuring Don Allen, a U.S. expert on investor relations and financial communications best practices and one of the authors of the The New Investor Relations: Expert Perspectives on the State of the Art. The event will focus on what boards of directors really want in terms of information, and how the IRO can deliver added value to support them. Allen is Vice-President, Corporate Communications of Incuity Software (Mission Viejo, California), a past President of NIRI Orange County, California, a former NIRI representative on the CIRI board, and a board member of the Forum for Corporate Directors in Southern California. Make sure you don’t miss this tremendous opportunity to learn from a top U.S. IRO.

This year the Chapter introduces its own Mentorship Program. With IR spanning a wide range of responsibilities and practitioners coming from diverse backgrounds, the learning curve can be challenging. The Mentorship Program teams leading CIRI Quebec professionals (mentors) with Chapter members who are new to IR (protégés). They commit to one-on-one meetings to achieve specific career development goals, and share ideas and experiences. The program encourages long-term relationships. Stay tuned for more details soon. If you are interested in becoming a mentor or a protégé, please contact Mentorship Program Chair Andrea Gilpin at protégé@ciri.org. •

CIRI Quebec held its Annual General Meeting and summer networking social on June 10, 2008. In the beautiful outdoor courtyard at the Il Cortile Restaurant in Montréal, Lorne Gorber, President of CIRI Quebec, opened the meeting with a review of the Chapter’s program year. Gorber commented on the quality of speakers and content, highlighting the Board’s commitment to another year of top programming in 2008/2009.

Brian Quick, Secretary of CIRI Quebec, reviewed the Chapter’s financial performance. Directors elected for the 2008/2009 Program Year are: Lorne Gorber, CGI Group (President); Eddy Miller, Christensen IR (Past President); Anne-Sophie Roy, Yellow Pages Group; Linda Farha, Zenergy Communications; Andrea Gilpin, Theratechnologies; Stéphane Milot, RONA; Brian Quick, Findlay, Lawrence & Associates (Secretary); Roberto Sbrugnera, Metro Richelieu (Treasurer); and Julie Thibodeau, Ambrilia Biopharma (Newsline Representative). Gorber concluded the meeting with special acknowledgments of Annie Marsolais for her significant past contribution to the Chapter as a Board member, and Andrea Gilpin for her work as a co-chair of the 2008 CIRI Conference.

The AGM was followed by a pleasant evening of live jazz, cocktails and hors d’oeuvres. The program was a tremendous success and a great opportunity for CIRI Quebec members to network and exchange information. Also, some lucky attendees won great gift certificates!

Our next event takes place in September. Look for details soon! •

QUEBEC
The sell-side, the core of most IROs’ day-to-day activities and responsibilities, was the subject of CIRI Quebec’s April luncheon. Steve Chuck, Vice-President of the Rivel Research Group, presented the findings of an extensive study on the evolving priorities and needs of U.S. and Canadian sell-side analysts. A total of 251 sell-side analysts were interviewed. The study examined their profiles, motivations and priorities, what prompted research coverage decisions, the most valued information sources, and the impact and implications for investor relations.

Chuck walked the participants through the study data. Key takeaways regarding Canadian sell-side analysts were:

• Access to management is a top goal for the sell-side;
• Coverage is not only about market cap;
• Both intangible and tangible criteria influence decisions to initiate research coverage;
• Dependence on IROs and websites is even greater than their U.S. counterparts express; and
• IR has a definite impact on valuation.

Our networking cocktail and Annual General Meeting will take place in the beautiful outdoor courtyard of Montreal’s Il Cortile restaurant on June 10, 2008. Don’t miss one of the most popular events of the year!

QUEBEC
CIRI Quebec’s first luncheon of the year focused on new directions in shareholder activism. This power-packed event featured a panel of three experts: John Siemann, Partner at Laurel Hill Advisory Group; Norman Steinberg, Co-Chair and Senior Partner at Ogilvy Renault; and David Masse, Assistant Corporate Secretary of CGI Group and Director and Vice President of the Canadian Society of Corporate Secretaries. Many facets of shareholder activism were explored. Eddy Miller, Vice President, Eastern Canada, Christensen, was the session moderator.

John Siemann provided a preview of the 2008 proxy season, highlighting the shift in institutional focus from anti-takeover activities to the Board of Directors; specifically, on nomination, compensation and performance issues. The emergence of hedge funds as the new face of shareholder activism and the driving force behind M&A activities in 2006-2007 was addressed as well. Siemann concluded by emphasizing the importance of knowing the identities of shareholders.

The increased complexity of the business environment, combined with shareholder activism, was analyzed by David Masse. He pointed to additional pressure on issuers to communicate effectively with all retail and institutional shareholders, with the focus on governance issues such as voting for individual directors, majority voting, and proxy access.

Norman Steinberg discussed cases of shareholder activism in Canada and the U.S. over the last few years. He analyzed management and IRO challenges and decisions in dealing with active shareholders.

The November luncheon on corporate message ownership featured Keith Mabee, President of Dix & Eaton, and Pamela Murphy, Vice President, Investor Relations and Corporate Communications at Incyte Corporation. Mabee opened the session by making his case for the integration of strategic IR and PR perspectives in boardrooms, which he feels is essential in this era of transparency. He explained the tremendous impact on stock valuation of intangibles, such as corporate reputation, quality of management, strategic execution, and corporate governance, as well as the importance of communicating a consistent and credible news flow to the capital markets. He cited a recent study showing that portfolio managers base as much as 35% of their investment decisions on evaluation of non-financial data. Mabee concluded by stressing the necessity of integrating the strategic IR and PR plans with all aspects of the company’s business.

Pamela Murphy shared her experience in integrated communications at Incyte Corporation. She explained how she set key communications and IR objectives and tied them to metrics used by investors in the biotech sector. She referred to this as defining a clear path to profitability for Incyte, a process that could be applied to any company. Murphy offered tips to integrating IR with other key teams within the company: take the mystery out of what you do; host meetings with investors/analysts that feature their process; provide relevant information; and be a reliable source of information. Andrea Gilpin, Executive Director, Investor Relations and Communications at Theratechnologies, who was the session moderator, conducted the Q&A session. Tips for successful IR and communications convergence were exchanged by the panelists and audience.

On December 4, the Chapter hosted its annual holiday party. Members enjoyed a social evening while listening to music provided by a jazz quartet. CIRI Quebec President Lorne Gorber thanked members for a terrific year in 2007 and outlined exciting plans for 2008. He concluded the evening with a draw for gift cards from popular stores, which assisted lucky members with their holiday shopping.

The Board of CIRI Quebec would like to take this opportunity to wish all members and their families happy holidays. We look forward to our

Quebec
The first luncheon of CIRI Quebec’s programming year was a success, with record attendance by both IR and communications professionals. The Chapter was pleased to welcome columnist Konrad Yakabuski of The Globe and Mail. He provided a clever, bilingual, inside look at newspaper operations. Yakabuski emphasized that a journalist reports the news while a columnist explores ideas and expresses opinion. He suggested that when dealing with a columnist, IROs must indicate what a company is doing that is carving a unique place in today’s world. On Thursday, November 8, Keith Mabee, President and COO of Dix & Eaton, and Pamela Murphy, Vice-President, IR and Corporate Communications of Incyte Corporation, will discuss the evolution of IR’s role over the last decade and take an in-depth look at IR/PR convergence. Our popular December networking social is scheduled for Tuesday, December 4.

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.

In October, CIRI Québec held a luncheon on the evolution of the annual report and the perception of its value within public companies. In front of a full house, Annie Marsolais, Director, Corporate Communications, Yellow Pages Group, moderated the session, which featured Stéphane Milot, Director, Public & Investor Relations, Transcontinental Inc. With several award-winning annual reports to his credit, Milot shared his company’s internal process as well as his views on the importance of annual reports for leading companies in the communication industry. Marsolais provided great tips on how she tailored the annual report to the different needs of Yellow Pages Group’s stakeholders, with the ultimate goal of delivering the corporate story. The luncheon concluded with an interactive session during which members exchanged opinions on the relative importance of the annual report, depending on the industry, market cap and investor base. Karen McTavish from Methylgene gave the small cap perspective, briefly explaining the company’s internal process and how she managed the challenges of limited resources.

Quebec
CIRI Quebec held its Annual General Meeting and summer social on June 7, 2006 in the beautiful courtyard of Il Cortile Restaurant in Montreal. Eddy Miller, President of CIRI Quebec, opened with a summary of CIRI’s fiscal performance and highlighted improvements in program content and networking opportunities. High-profile guest speakers participated in luncheon meetings, panel discussions, and case study presentations. One key development was the record attendance of Quebec IROs at CIRI’s Annual Conference, held at the Chateau Frontenac in Quebec City. Stéphane Roy, 2005-2006 Treasurer of CIRI Quebec, reported on membership initiatives and the solid financial position of the Chapter. Lastly, these members of the 2006-2007 Board were elected: Eddy Miller; Michael Murray; Lorne Gorber; Roberto Sbrugnera; Brian Quick; Lise Hébert; Linda Farha; Andrea Gilpin; Annie Marsolais; Stéphane Milot; Stéphane Roy; and Julie Thibodeau.

The AGM was followed by a pleasant evening of live music, Italian wine and cuisine. The summer 2006 social was a great chance for CIRI Quebec members to network in a friendly atmosphere.

Shareholder Targeting: Getting it Right – April 13, 2006

Is shareholder targeting worth the time and money? What tools are available to assist you in your targeting efforts and where do you start? Can third parties really make a difference in identifying potential shareholders? The approach may be different from one company or sector to another, but our speakers showed that if you are focused and organized, the effort will pay off!

Jeremy Lee, Managing Director, Christensen, discussed his experience at CP Ships and how he identified shareholders and learned to communicate effectively with them.

Stephane Roy, Vice President, Investor Relations at SNC-Lavalin, described the importance of knowing your market and your company's competitive climate. In his early years with the company, he looked to the North American market and set up a series of appointments with targeted institutional investors. These efforts did not produce results because SNC’s engineering solutions appeal to a broad number of industries, making the company difficult to categorize. In addition, it competes with large U.S. players. So on his next round of targeting, he looked to Europe. The result was strong interest and a sustained following.

Third party services help identify shareholders and can effectively assist in targeting them. Artie Svec, Sales Director at BigDough, commented that targeting can work for all companies but must be based on a strategic approach. He identified key targeting methods: interest-based; non-holder targeting; Non-13F; peer targeting; profiler-based; portfolio weighting/quantitative; and sector money flow.

All speakers concluded that targeting is key to an effective investor relations program.

On behalf of the Board of CIRI Quebec, we look forward to meeting you at CIRI's 19th Annual Investor Relations Conference at the Fairmont Chateau Frontenac Hotel in beautiful Quebec City from May 28-30.

Mark your calendar for Wednesday, June 7 at 5:30 p.m. for our Annual General Meeting and networking social, to be held at the beautiful Il Cortile Restaurant in Montreal.

CIRI Quebec’s February 2 luncheon roundtable with the media was well received by the approximately 50 attendees. Pat Bolland from RoB-TV and Sophie Cousineau from La Presse shared tricks of the trade with IROs and other corporate spokespeople.

The March 9 luncheon featured Mike Thompson, Director of Research at Thomson Financial and analysts Laurence Rulleau and Duncan Stewart from Orion Securities. Panelists weighed in with their views on guidance. Enhancing the debate was a case study from CGI Group Inc. presented by Lorne Gorber, CGI's Vice President of Investor Relations.

CIRI Quebec's Board encourages its members to attend the 2006 National Conference in Quebec City.

Quebec
The Quebec Chapter has been very busy lecturing and hosting events. On November 14, Eddy Miller, CIRI Quebec President, with preparatory help from Past President Michael Murray, presented An IRO’S View. His remarks were made as a panel member discussing the impact of hedge funds on capital markets at the AMF’s (Autorité des marchés financiers, the Quebec securities regulator) first professional conference. Regulators from across Canada, Washington, D.C. and the U.K. came together to look at the hedge fund industry.

On November 29, Eddy Miller, Linda Farha, Zenergy Communications’ President and CIRI Quebec Board member, and Samira Sakhia, Paladin Labs’ CFO, presented their views on IR practices at the TSX Venture seminar, and the chapter hosted a wine and cheese social following the event.

December 6 marked CIRI Quebec’s annual Holiday Networking Social with registration topping 50 participants. Bob Tait led off by discussing IR and its growing importance in capital markets. The event was a tremendous success, with guests treated to live jazz music, door prizes and wine from Vignoble Carone as a take-home gift.

Michel Lemay of Optimum Public Relations was the winner of CIRI Quebec’s Renew to Win contest – a $500 gift certificate to Brault et Martineau, graciously donated by CNW Telbec.

February 2 will mark the first of our 2006 events entitled Media Relations – the Message and its Delivery, a Hands-On Perspective, featuring a journalist from the English media and Sophie Coussineau from La Presse.

Corporate governance, earnings guidance, perspectives of a portfolio manager, and how the media can affect an IR program are among the highlights of the 2005-2006 speaker series in Quebec. The season will be launched with a Montreal luncheon event on September 22 focused on governance issues on both sides of the border. A leading expert on the topic will touch on the tools required to convince investors that a company is managed responsibly. Scheduled to share his expert opinion at this kick-off event is John Wilcox, former Vice-Chair of Georgeson Shareholder Communication and now Senior Vice-President and Head of Corporate Governance at TIAA-Cref, one of the most respected financial service providers in the world.

Don’t miss the opportunity to network with your IR peers at the Quebec luncheon speaker series! Learn, interact and leave inspired.

Veuillez trouver ci-joint la liste des lauréats au Canada de IR Magazine pour cette année. Félicitations à Transcontinental ainsi qu'à BCE pour avoir remporter le premier prix dans leur catégorie respective. Ces deux sociétés partagent un point en commun: elles ont à leur service un membre de CIRI, et plus particulièrement un membre du conseil. La participation est la clé, alors sachez profiter pleinement de notre programme CIRI. Retirez plus que vous y investissez et surtout, donnez-vous l'opportunité d'appliquer les meilleures pratiques de CIRI à votre travail, en participant à nos différents événements : déjeuners-causeries, conférences et séminaires. Vous et votre entreprise en profiterez pleinement.

Félicitations à Stéphane Milot, George Walker et vos équipes respectives.

Ils ont de quoi nous motiver à faire mieux dans chacune de nos catégories l'année prochaine.

Please find attached a list of this year's award winners by IR Magazine in Canada. Congratulations to Transcontinental and BCE for winning in their categories! Something that both of those companies have in common is that they have CIRI members working for them, and more importantly Board members. Participation is the key, so get with our CIRI program! Get back more than you put in and apply some of CIRI's best practices at your work by attending our luncheons, conferences and seminars. Both you and your companies will benefit.

Congratulations Stephane Milot, George Walker and your teams.

They inspire all of us to do well in our own categories next year!

June 15th, Montreal - Members of the 2004/05 CIRI Quebec Board and CIRI staff met at the Atwater Club to discuss the chapter's direction for the coming year.

left to right: Nadeem Velani, Canadian National Railway; Sylvia Biggs, CIRI; Mary Blair, CIRI; Annie Marsolais, Yellow Pages Group; George Walker, BCE Inc; Duncan Curry, Alcan; Eddy Miller, Paladin Labs; Brian Quick, Maison Brison; Ron White, CGI; Stephane Roy, SNC-Lavalin; Lise Hebert, Neurochem; Michael Murray, Cohn & Wolfe - Investcomm.

Details on CIRI Quebec's programs for 2004/05 will be posted when available. If you'd like to volunteer to assist the CIRI Quebec Chapter, please contact Chapter President, Michael Murray

en français

As our program year winds down, I would like to summarize the good things that we accomplished at CIRI Quebec during that time.

Our goal is to provide a compelling value proposition for our members in all of our Chapter’s activities.

First and foremost is our schedule of activities. Our program covered such topics as: proactive career management, governance, regulatory changes, an economic outlook, hostile takeover bids, the analyst’s new world and an eye into the world of the media. Finally, we capped off the year with our CEO of the Year Award to Martin Schwartz of Dorel Industries. At all of our sessions, we picked up many useful ideas and tools to assist us in our careers. A big thank you to all of our session leaders.

Secondly, we reached out to our strategic partners who assisted us with sponsorships, donations of services and their precious time. Thank you to CNW Telbec, CCN Matthews and Maison Brison for being our season sponsors. Thanks to our numerous luncheon sponsors as well.

Thirdly, we provided a French version of the Standards and Guidance for Disclosure to all of our Quebec Chapter members. This provides our members with the latest and best terms for our profession in both of Canada’s official languages. Your Board of Directors was the champion of this project, but we also wish to thank our friends at Quebecor Merrill Canada, who supported CIRI by providing the printing of this document to us at no cost.

Fourth, we thank our partners at Montreal Business Magazine – Montréal inc. We provided their team with articles covering key IR issues that many of us are facing. We were able to increase awareness of CIRI and its benefits in both Montreal and Toronto, in English et en français, to a wide readership. A big thank you to the magazine and to our writers.

Finally, I would like to thank those key volunteers, whether Board members or members at large as well as our administrative assistant, Mireille Filiatreault, who helped make our program and activities happen. It has been a privilege to be your President this year.

Our 2003-2004 year was very good, but with the group’s ideas and contributions, let’s do better in 2004-2005!

Alors que notre programme annuel tire à sa fin, j'aimerais vous faire part des réalisations accomplies par CIRI Québec au cours de la derniére année.

Comme toujours, notre objectif demeure d'offrir une valeur intéressante lors de chacune des activités de notre chapitre.

J'aimerais ainsi revenir en premier lieu sur notre programme d'activités, lequel a touché à des sujets aussi divers que la gestion de carrière proactive, la gouvernance, les changements réglementaires, les perspectives économiques, les offres publiques d'achat hostiles, le nouveau contexte des analystes ainsi qu'un coup d'œil du côté des médias. L'année s'est ensuite conclue avec l'attribution de notre prix de PDG de l'année à Martin Schwartz des Industries Dorel. Chacune de ces sessions nous a fourni son lot de bonnes idées et de nouveaux outils pour nous aider dans nos carrières. Je tiens à remercier chaleureusement tous nos conférenciers.

Deuxièmement, nous avons réussi à obtenir une plus grande implication de la part de nos partenaires stratégiques qui nous ont offert des commandites, des dons de service et/ou leur temps. Merci à CNW Telbec, CCN Matthews et Maison Brison d'avoir accepté d'être nos partenaires tout au long de l'année, ainsi qu'à tous les commanditaires de nos déjeuners-causerie.

Troisièmement, nous avons produit une version française de Standards and Guidance for Disclosure, les Normes et directives en matière de communication de l'information, pour le compte des membres du chapitre québécois afin qu'ils puissent disposer des termes les plus récents et les plus justes pour pratiquer notre profession dans les deux langues officielles. C'est là une initiative de votre conseil d'administration, mais qui a été rendue possible grâce à nos amis chez Quebecor Merrill Canada, qui nous ont offert l'impression gratuite de ce document.

Quatrièmement, nous souhaitons remercier nos partenaires du Montreal Business Magazine - Montréal inc. Nous leur avons fourni des articles portant sur des enjeux de relations avec les investisseurs auxquels plusieurs d'entre nous devons faire face. Cela nous a permis d'augmenter la notoriété de CIRI et de ses avantages à Montréal et à Toronto, in English et en français, auprès de nombreux lecteurs. Je tiens à remercier sincèrement le magazine ainsi que ceux et celles qui ont écrit des articles.

Finalement, j'aimerais remercier nos principaux bénévoles, qu'ils soient membres du conseil ou simples membres, de même que notre adjointe administrative, Mireille Filiatreault, sans lesquels nous n'aurions pu présenter un tel programme d'activités. Ce fut véritablement un privilège d'être votre président cette année.

2003-2004 fut une très bonne année, mais je suis persuadé que, grâce à vos idées et à votre contribution, nous arriverons à faire encore mieux en 2004-2005.

Notice is hereby given that the annual meeting of the members of the Quebec Chapter of CIRI will be held at the University Club of Montreal, 2047 Mansfield Street, Montreal, Quebec on Thursday, June 3, 2004, at 5:00 p.m

Stephen Walker,Managing Director, Canadian Research, RBC Capital Markets and Irene Nattel Managing Director, RBC Capital Markets were the speakers at today's CIRI Quebec Luncheon. Provided here are the PowerPoint slides from their presentation.