Scheer, Rowlett & Associates Investment Management Limited (“SRA”) is pleased to provide a personnel update.
Lloyd Rowlett will be retiring from his role as Chairman of Scheer Rowlett as of December 31st, 2023 as part of the long term succession plan that began over 7 years ago, and Ratul Kapur will continue in his capacity as President and Chief Investment Officer at SRA (commenced on January 1st 2023).
“We founded the firm 27 years ago to manage money for clients using a value investment philosophy, and as I look back it’s fulfilling to see that we’ve stayed consistent with that approach over the entire time and through a wide variety of market conditions. We’ve done our best to ensure that clients who placed their trust in us were rewarded with the full efforts of our talented and committed team. I’m very proud of the quality of the individuals we’ve attracted to the firm whose duty will be to continue to do the best they can using the same value investment process for our valued clients after my retirement. I’m pleased with the returns we’ve posted over the past few years as Ratul has taken on more of my duties. I’m also confident that under his leadership the SRA team is very well positioned to continue to deliver strong performance to our clients through the same value investing approach the firm has utilized since it was founded.” says Lloyd Rowlett.
Lloyd’s retirement is the culmination of a carefully planned succession process that involved the gradual transition of his responsibilities to Ratul Kapur, who joined the firm in 2017, became Co-Lead PM in 2020, Co-CIO in 2021 and President and CIO on January 1st, 2023.
“On behalf of the entire SRA team, we would like to thank Lloyd for his mentorship and guidance over the years and congratulate him on a successful career as an investor and in setting up our business for long term success. As value investors, we remain excited about the prospects for our clients’ portfolios going forward and will strive to live up to the example that Lloyd has set for us in terms of discipline, commitment, and hard work. We wish Lloyd a happy and healthy retirement.” Ratul Kapur.
Sain Godil, a previous recipient of a scholarship, and Global Alpha have established $30,000 bursaries to support women studying finance at Concordia’s John Molson School of Business, with the goal of increasing diversity in the finance profession and helping to break down gender barriers.
The CC&L Foundation is pleased to announce a contribution to Canadian Blood Services, exemplifying our commitment to community and creating a positive impact. With the successful conclusion of our August blood drive, we extend our appreciation to participants who supported this important initiative, led by one of our own employees Mohammad Shakeri.
Mohammad is a Specialist on the Corporate Actions team at Connor, Clark & Lunn Financial Group in Vancouver and is passionate about blood donation. He has been a blood donor for ten years, and like over half of Canadians, his close friends and family have been recipients of blood transfusions in the past. Mohammad championed the Partners for Life collaboration between the CC&L Foundation and Canada Blood Services, raising awareness of this service that can affect so many. This was the first blood donation activity at CC&L in recent years and the participation reinforces our firm-wide dedication to giving back to the communities we live and work in.
Quick facts
Each blood donation can save up to three lives.
It can take multiple donors to save a patient’s life.
Given that each process requires less than 30 minutes of each donor’s time, this an excellent investment.
There is a constant demand for blood and blood products. Rolling up your sleeves to donate at anytime is appreciated. As active participants in the Partners for Life program, our collaboration with Canadian Blood Services further strengthens our dedication to community support.
An Opportunity to Foster Mutual Benefit and Support Sustainable Development
This article was originally published in Issue 33 of the Journal of Aboriginal Management (JAM), it focuses on the theme Infrastructure: Building a Better Tomorrow.
ABOUT THE AUTHOR
Peter Muldowney Head of Institutional and Multi-Asset Strategy at Connor, Clark & Lunn Financial Group
Peter Muldowney is Head of Institutional & Multi-Asset Strategy at Connor, Clark & Lunn Financial Group, and heads the firm’s Strategic Exchange initiative. Peter has over 20 years of investment experience in Canada, the U.S., and the United Kingdom. Prior to joining the firm in 2011, he spent his earlier years in consulting, which included leading two of the major Canadian firms and then moving to the investment management business in 2008, when he established a new investment operation for a Canadian insurance company. Peter completed both the 4 Seasons of Reconciliation from First Nations University of Canada and the Sustainable Investment Professional Certification (SIPC) from Concordia University in 2022.
Indigenous participation in infrastructure projects promotes the economic empowerment of communities while also contributing to a project’s overall success and sustainability. In this article, we delve into some of the ways Indigenous communities can participate in infrastructure investments, and we highlight the benefits that such partnerships can create.
Infrastructure projects are typically large-scale physical assets that meet a basic human need. These assets are essential to the well-being of communities and critical to the functioning of local economies. Infrastructure encompasses projects such as roads, bridges, schools, hospitals, water distribution and treatment as well as power generation and electricity transmission. The development and construction of these assets require significant investment and involve numerous stakeholders. The importance of infrastructure projects to communities, and their long-term nature and size, necessitate a responsible investment approach to secure and maintain a social license to operate.
Stakeholder engagement plays a pivotal role in ensuring that investments incorporate a wide range of perspectives and create positive outcomes. Ultimately, responsible investment is about generating financial returns while also considering the broader impact on society and the environment. An inclusive approach to engagement is essential in ensuring that all relevant parties are consulted.
There is a growing recognition of the importance of including Indigenous peoples as key stakeholders in infrastructure projects, ensuring their rights, cultural heritage, and economic interests are respected and supported. This is particularly critical in countries such as Canada where many infrastructure projects directly impact Indigenous lands and territories, as well as their peoples and communities.
This increased awareness – combined with more intentional inclusivity on behalf of government and business – should help to facilitate greater participation in the responsible development of further sustainable infrastructure projects in Canada. However, it is important that these efforts are focused on a desire for true understanding of Indigenous perspectives and priorities, as well as genuine relationship building that seeks to achieve mutual benefit. Such an approach fosters transparency while also promoting collaboration and consensus-building, which can lead to better decision-making and outcomes.
Collaboration Fosters Mutual Benefits and Sustainable Development
Positive partnerships provide a promising path towards more inclusive investment opportunities that facilitate the economic empowerment of Indigenous communities while also supporting the development, construction, and operation of high-quality and sustainable infrastructure projects.
Increased Indigenous participation can contribute to reconciliation efforts by encouraging Indigenous business development, self-determination, and positive socio-economic outcomes. The steady cash flows generated by infrastructure investments can provide Indigenous partners with funds to address any number of objectives such as housing, healthcare, education, recreational facilities, community centers, economic development and cultural revitalization – or anything that the community values and sets as a priority.
Engaging Indigenous communities also helps to protect the value of infrastructure investments by mitigating some of the associated risks, helping to avoid or address conflicts and legal challenges early while supporting smoother and more efficient project development and operations.
Scott Munro, Deputy Chief Executive Officer of the First Nations Financial Management Board, highlighted this well in his article on evolving ESG standards (JAM 32): “How well a business considers and respects Indigenous rights will determine how its enterprise value is impacted. As well intended and beneficial as these projects maybe, if corporations fail to demonstrate to investors and lenders that they have the free, prior, and informed consent of the Indigenous people who are being impacted, conflict is a certain outcome. Projects may get delayed or encounter costly litigation, and businesses will face reputational loss and discontent shareholders.”
In addition to mitigating some of the risks associated with infrastructure projects, the active involvement of Indigenous communities from the beginning stages of project planning brings valuable local knowledge and perspectives to the table. Indigenous communities possess deep understanding of their lands, resources, and traditional practices. These perspectives contribute to better project design, deeper insight into areas of archaeological significance, sustainable resource management, biodiversity preservation, and more robust environmental impact assessments while also promoting effective environmental monitoring and maintenance.
Collaboration enhances the sustainability of projects and strengthens stewardship efforts by incorporating Indigenous perspectives and practices that have been proven to be environmentally harmonious and resilient over generations. It can lead to more successful outcomes for both the project and the communities involved, fostering collaboration, trust, and shared prosperity.
Indigenous Opportunities in Infrastructure
There are several different ways in which Indigenous communities can participate in infrastructure projects. This includes direct involvement through equity ownership stakes, revenue sharing and other mutually beneficial arrangements, as well as less direct participation through financial investments in public infrastructure companies or private infrastructure funds.
Most commonly, participation is formalized through some form of a negotiated benefit agreement that governs the relationship between the Indigenous community and the infrastructure project. These agreements outline specific benefits and compensation that Indigenous communities will receive in exchange for their support or consent for a project, ensuring their interests are codified and acknowledged as part of the project’s ongoing operations. Successful agreements facilitate community consultation and approval by addressing community social, economic and environmental objectives while also ensuring an equitable distribution of project costs and benefits. Benefits can include financial compensation, employment opportunities, skills training, and community development initiatives.
Equity ownership stakes provide a means for Indigenous communities to share directly in the economics of infrastructure investments. By having ownership in a project, communities receive profits and participate in aspects of the decision-making processes. Revenue sharing agreements are another way in which Indigenous communities can participate in a share of the profits generated by an infrastructure project and can provide an important source of revenue. Both of these types of agreements can empower Indigenous communities economically, foster job creation, and improve resource access.
In addition to equity ownership stakes and royalty payments, there may also be other mutually beneficial arrangements that can be explored. It’s important to recognize that the needs, values and ambitions of each Indigenous community are unique in the same way that each infrastructure project is distinct. While there are benefits to leveraging past experience and best practices, there is no one-size-fits-all approach. Each discussion needs to begin from a place of respect for Indigenous communities and a willingness for open dialogue to reach a place of understanding and productive collaboration.
CC&L Infrastructure’s Focus on Shared Value and Strong Partnerships
CC&L Infrastructure invests in infrastructure assets with attractive risk-return characteristics, long lives, and the potential to generate stable cash flows on behalf of a wide variety of clients — including Indigenous trusts, public and private pension funds, life insurance companies, financial institutions, foundations and endowments, and high-net worth individuals.
As long-term asset owners and stewards of client capital, CC&L Infrastructure focuses on managing its assets responsibly. This includes a systematic approach to evaluating material environmental, social, and governance factors. We believe this approach improves our ability to manage risk, protect the value of our investments, and enhance long-term investment returns.
Our firm has a long history of working alongside Indigenous partners. We worked with local First Nations on our first investment more than 15 years ago, and today over half of the Canadian infrastructure assets in our portfolio collaborate with Indigenous communities in some fashion. This includes several run-of-river hydroelectric facilities and solar projects where our Indigenous partners have a direct equity investment alongside us.
CC&L Infrastructure is a part of Connor, Clark & Lunn Financial Group Ltd., an employee-owned, multi-boutique asset management firm whose affiliates collectively manage over CAD$110 billion in assets.
As Pride Month draws to a close, the CC&L Foundation and employees successfully raised $13,200 for Rainbow Railroad. Throughout June, CC&L Financial Group and its affiliates actively championed the cause of LGBTQ+ individuals, demonstrating our support for their safety and right to live authentically regardless of geographic boundaries.
We encourage individuals and organizations alike to continue supporting LGBTQ+ equality. By amplifying voices, providing resources and advocating for change, we can collectively work towards building a society that celebrates the rights and identities of all people, irrespective of their sexual orientation or gender identity.
About Rainbow Railroad
Rainbow Railroad is a renowned Canadian organization dedicated to assisting LGBTQ+ individuals worldwide who face violence, persecution or discrimination based on their sexual orientation or gender identity. Through a network of volunteers and partners, Rainbow Railroad provides vital resources, support and safe travel options, enabling LGBTQ+ individuals to escape oppressive environments and rebuild their lives with dignity and freedom. Learn more about this important work at rainbowrailroad.org.
Global Alpha has a new addition as our Senior Compliance Manager. Please join us in extending a warm welcome to Sabrina Lacroix!
Sabrina brings a wealth of experience to Global Alpha having previously served as the Director of Regulatory Compliance and Controls at Trans-Canada Capital Inc. and in progressively senior positions at Hexavest Inc., including Vice President of Compliance & Legal Affairs.
She earned her Bachelor of Commerce degree in Finance from McGill University and is a CFA charterholder.
As our Senior Compliance Manager, Sabrina will be responsible for overseeing compliance operations and ensuring that our investment activities align with regulations. Her contributions to maintaining a culture of compliance and navigating complex legal landscapes will be invaluable to our firm’s success.
From Lego towers to managing billions, meet Crestpoint’s founder, CEO and President, Kevin Leon.
We at CC&L Investment Management believe that if we can successfully tackle the key issues contributing to the leadership gender imbalance, we will substantially broaden the talent pool from which great leaders emerge and create better business outcomes.
This belief led to the founding of our Women in Leadership (WiL) initiative in 2021, which focuses on expanding leadership talent by identifying and addressing issues that have contributed to gender gaps within our organization, industry and society at large.
The work of our collective initiative has resulted in recommendations for new strategic priorities that directly target issues uncovered through discussions and research. An important – and unexpected – discovery has been that the solutions identified to break down the leadership gender imbalance also solve issues that extend beyond gender. In other words, while our focus began with women, the outcomes of our recommendations benefit everyone.
What follows is a high-level summary of WiL’s findings and proposed solutions; however, if you’re interested in learning more about our work, we would love to connect. Please contact us through this link.
Collaborating to unleash potential
Led by a committee with engagement from the majority of women in our organization, WiL’s primary objectives are:
Identifying the root causes and key issues regarding gender imbalance both within and outside of our organization.
Proposing solutions to proactively right size that imbalance.
Underpinning our initiative is a considerable volume of academic, media and industry research on workplace gender (in)equality. In aggregate, these findings overwhelmingly point to a systemic and persistent theme that spans almost every industry: the more senior, technical and higher-profile the jobs, the smaller the proportion of women in these roles.
We recognize that many drivers of gender inequality are outside our organization’s control, but also that our interconnectedness as industry players and members of society has tangible implications for CC&L’s ability to effect change.
Our approach in action
When examining this multi-dimensional problem, we took a bottom-up approach as to why women weren’t reaching their full potential at work. For instance, we conducted extensive interviews internally and externally as well as brainstorming sessions and in-depth research. Through this process, we identified key issues facing women in our workplace and distilled these further to determine their underlying root causes. From there, we crafted solutions to directly address the most important root causes. This involved breaking down the WiL initiative into four key areas:
Societal norms
What we looked at: Gender-related expectations (e.g., familial obligations and caregiving responsibilities) and how to promote an equal playing field for our employees both at work and at home.
Our recommendations: Aimed at mitigating challenges associated with parental leave and division of household labour, with the goal of establishing better support systems for employees.
Leadership competencies and qualities
What we looked at: Identifying and eliminating gender-related impediments to leadership development, allowing equal opportunity to grow into higher-level positions.
Our recommendations: Ongoing, 360-degree feedback between managers and employees and a clearly aligned vision for career progression.
Work environment
What we looked at: Identifying enhancements in how we interact that could remove barriers to career progression. In male-dominated fields, women may struggle to build relationships and feel part of the team. Their confidence may be impacted such that they are reluctant to give and receive feedback or voice and pursue ambitious goals.
Our recommendations: Foster a safe and inclusive workplace that nurtures professional development.
Hiring
What we looked at: Achieving a more gender-balanced workforce supported by hiring practices that address gender-based constraints. Areas of focus include:
The talent pool: There is an underrepresentation of women in senior positions. Our recommendations: Seek to improve gender balance in the overall talent pool over time by focusing on entry-level applicants and career development.
CC&L’s application pool: Gender imbalances at both senior and entry levels. Our recommendations: Focus on increasing the likelihood of receiving applications from experienced women, as well as developing awareness about how women can succeed in capital markets.
Our hiring process: Unconscious bias can screen out qualified women. Our recommendations: Implementing hiring practices and success measures that minimize unconscious bias.
A brighter future for all
We adopted a gender-neutral approach in designing our solutions, which not only promotes inclusivity and diversity but also enhances the overall quality of our work environment. While the task of implementing the more than 20 solutions (outlined in our full report) may seem ambitious, we believe that by breaking it down into smaller, actionable steps, we can effectively prioritize and execute our recommendations over a multi-year period, ensuring we achieve our objectives. We expect that the WiL initiative will continue to grow and evolve over time as needs and expectations change through the implementation process. This will likely result in periodic adjustments to the longer-term implementation roadmap.
By coming together to reinforce a culture of fairness, open dialogue and opportunities, we create conditions for success. With this in mind, we are hopeful that the positive impacts of our WiL initiative will ripple across our organization and into the communities where we live and do business – leading to better leadership, stronger teams and a brighter future for all.
If you’re interested in learning more about our work, we would love to connect. Please fill out the form below:
Connor, Clark & Lunn Funds Inc. (the “Manager”) has amended language on its website in an effort to clarify that ESG factors and representations made by the Manager are not investment objectives, nor do they form a material element of the investment strategies of its publicly offered mutual funds. The following statement was removed at the request of Ontario Securities Commission Staff in the course of an issue-oriented review of ESG-related funds: “CC&L Funds is committed to engaging in responsible corporate behavior as it relates to environmental, social, and governance (ESG) concerns and seeks to make investments that not only generate superior returns for its investors but have a positive impact on the society, environment, and markets in which they operate.”
In addition to amending its website, the Manager has updated the disclosure in the simplified prospectus for its alternative mutual funds prospectus and is in the process of updating the simplified prospectus for its conventional mutual funds in order to provide specific disclosure to investors regarding the role that ESG factors and considerations play in the investment decision-making process of certain funds.
Funds included in the Manager’s alternative mutual fund simplified prospectus:
CC&L Alternative Income Fund
CC&L Global Long/Short Fund
CC&L Global Market Neutral II Fund
PCJ Absolute Return II Fund
Funds included in the Manager’s conventional mutual fund simplified prospectus:
CC&L Core Income & Growth Fund
CC&L Diversified Income Portfolio
CC&L Equity Income & Growth Fund
CC&L Global Alpha Fund
CC&L High Yield Bond Fund
NS Partners International Equity Focus Fund
About Connor, Clark & Lunn Funds Inc.
Connor, Clark & Lunn Funds Inc. (CC&L Funds) partners with leading Canadian financial institutions and their investment advisors to deliver unique institutional investment strategies to individual investors through a select offering of funds, alternative investments and separately managed accounts.
By limiting the offering to a focused group of investment solutions, CC&L Funds is able to deliver unique and differentiated strategies designed to enhance traditional investor portfolios. For more information, please visit cclfundsinc.com.
About Connor, Clark & Lunn Financial Group Ltd.
Connor, Clark & Lunn Financial Group Ltd. (CC&L Financial Group) is an independently owned, multi-affiliate asset management firm that provides a broad range of traditional and alternative investment management solutions to institutional and individual investors. CC&L Financial Group brings significant scale and expertise to the delivery of non-investment management functions through the centralization of all operational and distribution functions, allowing talented investment managers to focus on what they do best. CC&L Financial Group’s affiliates manage over $104 billion in assets. For more information, please visit cclgroup.com.
For further information, please contact:
Lisa Wilson Manager, Product & Client Service Connor, Clark & Lunn Funds Inc. 416-864-3120 [email protected]
Each year, the CC&L Foundation supports numerous not-for-profit organizations across Canada in support of:
promoting a better environment;
improving education;
advancing science and medicine;
creating stronger communities; and
encouraging the arts.
In particular, it aims to support organizations in which our employees or partners have a personal connection and have made financial or time commitments.
CC&L Foundation commits $125,000 to Ronald McDonald House Charities Alberta
In 2022, the CC&L Foundation committed $125,000 to Ronald McDonald House Charities Alberta. The Ronald McDonald House supports families who need to travel while seeking vital medical treatment for their seriously sick or injured child. They provide a home-away-from-home when those families are experiencing one of life’s most difficult times. Each year, thousands of families will stay at one of the four Ronald McDonald houses in Alberta, and stays can last anywhere from a few nights to several months.
Currently, Ronald McDonald Houses are only able to serve 14% of those who need to travel for pediatric care within Alberta. This results in some families being turned away to make their own arrangements, sometimes resulting in keeping families away from their children. To expand capacity and assist in meeting the high demand, Ronald McDonald Houses are in the process of doubling their capacity in Edmonton and Calgary. The CC&L Foundation’s donation is contributing to these expansion projects.
CC&L Private Capital volunteers at Home for Dinner
Jim Kapeluck is a Wealth Advisor with our CC&L Private Capital team in Edmonton. Earlier this year, Jim and the local team volunteered at one of the Ronald McDonald ‘Home for Dinner’ nights. The team prepared and served meals to families in need.
