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InvestorPerceptionStudy


Investor Perception Study – Canada 2017

Foreword

IRMagazine commissioned Mary Maude Research to carry out an investor perception study among portfolio managers and analysts to identify the companies that are currently the leading exponents of investor relations in Canada.

This report and the IR Magazine Awards are part of a continuing series of studies and events organized by IRMagazine in Asia, Brazil, the US and Europe. We would like to thank all the members of the Canadian investment community who kindly gave their time to speak to us.

Katharine WhiteKellie BatchelorSharon DuceKatie McCorkindale

Mary Maude ResearchLondonOctober 2016


Investor Perception Study – Canada 2017

Contents

Introduction4 Overviewofthisyear’sinvestorperceptionstudy5 IRMagazineCanadaTop50

Award winners7 Winnersandshort-listedcompanies2017 Breakdownofthisyear’sawards

Best investor relations by Canadian companies10 Researchcategories30Bestinsector

The research32Methodology33Respondents34 Questionnaire

35Tableofallrankedcompanies

41 Indexofcompanies

Editor Janet DignanChief copy editor Kathleen HennessyCEO, IR Media Group Dom CastleyDesign & layout Mariel Tabora Foulds

©2017 IR Media Group Ltd


was too recent to have an impact on the research for 2017 but both CN and TD have continued to fare well despite the departure of their leaders. Far from suggesting that those leaders were not important, it indicates that companies that care about having strong relationships with the investment community don’t rely on any one person to build these. Rather, it is in their corporate make-up and often in the hearts and minds of senior management and divisional management as well.

On the other hand, as standards of IR continue to rise and the competition keeps hotting up, so there is change in the detail of the research results. Alas, 2017 hasn’t maintained the all-woman cast of best IROs that so pleased award recipients Drysdale, Isabelle Adjahi (WSP Global) and Lisa Ottmann (Trinidad Drilling) last year. All three firms are in this year’s short lists for the best IRO awards, but just one wins (CN).

Another change is at Rogers Communica-tions, where the departure of Bruce Mann appears to have had a negative effect on the company’s performance, down from eighth to 32nd in the Canada Top 50. On the flip side, his move to the IR position at Hydro One has helped his new firm take the award for best IPO – and by a wide margin.

But the most dramatic move this year sees Adam Borgatti and his company Aecon storming up the IR charts. Back in 2015 Aecon was joint 125th in the rankings. But that was before Borgatti had moved from

Things have been changing in Canadian IR in recent times. Some of the best-known names – Rudy Sankovic of TD Bank, Janet Drysdale of CN and David Carey of ARC Resources, to name just three – have moved on or away from investor relations.

But these examples underline the fact that a company’s investor relations is rarely about a single individual. TD Bank’s IR has been winning awards for years now, under the leadership of Sankovic and CFO Colleen Johnston. Sankovic has now left TD Bank and Johnston has moved to a different role at the bank, but new IR head Gillian Manning is runner-up for the best IRO award while TD is third in the category for best overall IR by a large-cap company.

Similarly, CN has collected numerous awards over the years and in 2016 Drysdale accepted the awards for best IR by a large cap, best IRO at a large cap and four other trophies, and was short-listed in a further four categories. Now she has moved to a new role at CN and her former deputy, Paul Butcher, has become head of IR and is demonstrating success similar to that of his former boss. Carey, who has made regular appearances in the awards for best IR and best IRO at a mid-cap, along with many other trophies, retired in September 2016 – but he still collected the 2017 awards for best IRO and best IR at a mid-cap.

So none of these companies has fallen off the IR pedestal following the departure of its IR head. Admittedly, Carey’s departure

Introduction

Plus ça change?

Janet Dignan, head of research at IR Media Group, introduces this year’s report

strategic finance to IR in January 2015. A year later, at the 2016 Canada Awards, Aecon was 35th in the rankings, fifth for best overall IR by a small cap and fourth for best small-cap IRO. In 2017, the company and its IRO are both ranked first in their respective award categories and overall the company is in ninth place.

That’s impressive. As is, at the other end of the size scale, the performance of Agnico Eagle Mines, 2017’s large-cap best overall winner. Its CEO and CFO both also won the awards for their respective categories this year, while the company won two further awards and was short-listed for a third.

But in terms of the nature of the comments made by investors and analysts about the companies they voted for, the one that enjoys the most effusive praise is probably Veresen. Listen to this from one sell-side analyst: ‘There has been such a dramatic change with IR at Veresen, and it’s not just me saying it – everyone is commenting.’ More poetically, perhaps, is this from another sell-sider: ‘Veresen has gone from zero to hero. The new IRO, Mark Chyc-Cies, is so suited to dealing with institutional investors and has made massive improvements.’

Not all IROs will attract such praise but there’s no doubting the standards achieved by the profession in Canada. Nor is there any doubt about the IR quality of all the companies documented in this report. Our congratulations to them all.


IR Magazine

Canada Top 50

Rank 2017 Rank 2016 Change Company Awards Short lists Total points

1 5 O Agnico Eagle Mines 5 8 409

2 1 T CN 2 8 404

3 3 Y ARC Resources 5 6 348

4 6 O TD Bank Group 2 6 286

5 13 O Suncor Energy 1 4 265

6 4 T WSP Global 3 260

=7 10 O Alamos Gold 1 4 231

=7 =17 O RBC 3 231

9 35 O Aecon Group 2 4 205

10 26 O Scotiabank 2 198

11 7 T Stantec 1 4 197

12 =142 + SNC-Lavalin 194

13 24 O BCE 1 1 193

14 11 T Precision Drilling Corporation 4 192

15 73 + TransCanada 1 3 189

16 2 T Canadian Pacific Railway 1 184

17 =36 O New Gold 2 183

18 22 O Dollarama 1 2 179

19 43 O CGI Group 1 1 177

20 14 T TELUS 1 175

21 45 O Air Canada 1 2 167

=22 16 T Canadian Imperial Bank of Commerce 2 163

=22 =17 T Vermilion Energy 163

24 =59 O Lundin Mining Corporation 1 153

25 =36 O Canadian Tire 3 151

26 =67 O Teck Resources 1 1 148

27 40 O Keyera 1 1 144

28 21 T Detour Gold 138

=29 9 T Goldcorp 132

=29 12 T Intact Financial 132

31 70 O Pembina Pipeline 125

32 8 T Rogers Communications 1 123

O rank up T rank down Y same + new

Large-cap companies are in bold


IR Magazine

Canada Top 50 (continued)

Rank 2017 Rank 2016 Change Company Awards Short lists Total points

33 103 O Barrick Gold 122

34 =48 O Sun Life Financial 118

35 =33 T Thomson Reuters 2 112

36 =147 O Algonquin Power & Utilities 1 1 110

37 30 T Manulife Financial 107

38 =48 O Cameco 104

=39 75 O Eldorado Gold Corp 103

=39 36 T Metro 1 103

41 63 O Hudbay Minerals 102

=42 20 T Canadian Natural Resources 101

=42 =27 T Northland Power 1 101

44 29 T Cineplex Entertainment 1 100

=45 77 O BMO Financial Group 91

=45 =88 O Enbridge 1 91

47 =127 O Boralex 2 90

=48 =51 O Mitel Networks 1 89

=48 – + Seven Generations Energy 89

50 =88 O Alimentation Couche-Tard 1 86

O rank up T rank down Y same + new

Large-cap companies are in bold


Best IR by a CFO (large cap)

Company

1 Agnico Eagle Mines David Smith

2 Dollarama Michael Ross

=3 CN Ghislain Houle*

=3 RBC Janice Fukakusa

=3 Thomson Reuters Stephane Bello

*Ghislain Houle took over as CFO in July 2016 from Luc Jobin, who is now CEO

See chart page 18

Best IR by a CFO (small & mid-cap)

Company

=1 Alamos Gold Jamie Porter

=1 Stantec Dan Lefaivre

3 Canadian Tire Dean McCann

4 Air Canada Michael Rousseau

See chart page 19

Best financial reporting

Company

1 ARC Resources

2 TD Bank Group

3 CN

4 RBC

See chart page 20

Best use of technology

Company

1 ARC Resources

2 Agnico Eagle Mines

See chart page 21

Best investor meetings

Company


2 CN

3 ARC Resources

4 TD Bank Group

See chart page 22

Best investor relations officer (mid-cap)

Company

1 ARC Resources David Carey*

2 Canadian Tire Lisa Greatrix

3 Alamos Gold Scott Parsons

4 WSP Global Isabelle Adjahi

*David Carey retired in September 2016 and was succeeded by Bevin Wirzba

See chart page 14

Best investor relations officer (small cap)

Company

1 Aecon Group Adam Borgatti

2 Trinidad Drilling Lisa Ottmann

3 Precision Drilling Corporation

Saber Rad

See chart page 15

Best IR by a CEO (large cap)

Company

1 Agnico Eagle Mines Sean Boyd

2 CN Luc Jobin*

3 Canadian Imperial Bank of Commerce

Victor Dodig

4 TransCanada Russ Girling

*Luc Jobin took over as CEO of CN in July 2016

See chart page 16

Best IR by a CEO (small & mid-cap)

Company

1 Keyera David Smith


Kevin Neveu

3 New Gold Randall Oliphant

See chart page 17

Best overall investor relations (large cap)

Company


2 CN

3 TD Bank Group

4 Suncor Energy

See chart page 10

Best overall investor relations (mid-cap)

Company

1 ARC Resources

2 WSP Global

3 Alamos Gold

4 Stantec

See chart page 11

Best overall investor relations (small cap)

Company

1 Aecon Group


3 Boralex

=4 Pure Technologies

=4 Richmont Mines

See chart page 12

Best investor relations officer (large cap)

Company

1 CN Paul Butcher

2 TD Bank Group Gillian Manning

=3 Scotiabank Jake Lawrence

=3 Suncor Energy Steve Douglas

See chart page 13

Canada Awards

Winners & runners-up


Canada Awards

Winners & runners-up (continued)

Most progress in IR

Company

1 Veresen

2 Great-West Lifeco

=3 Aecon Group

=3 Canadian Utilities

See chart page 23

Best corporate governance

Company

1 TD Bank Group

2 CN


4 Stantec

See chart page 24

Best sustainability practice

Company

1 Suncor Energy


See chart page 25

Best IR during a corporate transaction

Company

1 TransCanadaAcquisition of Columbia Pipeline Group, July 2016

2 EnbridgeAcquisition of Spectra Energy, announced September 2016

3 PotashCorp Merger with Agrium, announced September 2016

4 FortisAcquisition of ITC Holdings, June 2016

See chart page 26

Best IR for an IPO

Company

1 Hydro One

2 Aritzia

3 Neo Lithium Corporation

See chart page 27

Best IR by a TSX Venture Exchange-listed company

Company

1 Tidewater Midstream

2 Mason Graphite

3 Red Eagle Mining

4 Gold Standard Ventures

See chart page 28

Best IR by a Canadian company in the US market

Company

1 Teck Resources

2 Canadian Pacific Railway

3 Agrium

4 Thomson Reuters

See chart page 29

NOTE:

Large, mid and small-cap companies are determined by the TSX and TSXV indices as at September 2016. Large-cap companies are those with a market cap of C$10 bn and over, mid-cap companies are those with a market cap between C$2 bn and C$10 bn, and small-cap companies are those with a market cap below C$2 bn


Energy

Company

1 ARC Resources

2 Suncor Energy


4 TransCanada

See chart page 30

Financials

Company

1 TD Bank Group

2 RBC

3 Scotiabank

4 Canadian Imperial Bank of Commerce

See chart page 30

Industrials

Company

1 CN

2 WSP Global

3 Aecon Group

4 Stantec

See chart page 30

Communications

Company

1 BCE

2 TELUS

3 Rogers Communications

See chart page 30

Consumer discretionary

Company

1 Air Canada

2 Canadian Tire

3 Cineplex Entertainment

4 WestJet Airlines

See chart page 30

Consumer staples

Company

1 Dollarama

2 Metro

3 Alimentation Couche-Tard

4 Loblaw Companies

See chart page 30

Canada Awards

Winners & runners-up (continued)

Materials

Company


2 Alamos Gold

3 New Gold

4 Lundin Mining Corporation

See chart page 31

Technology

Company

1 CGI Group

2 Mitel Networks Corporation

3 OpenText Corporation

4 Descartes Systems Group

See chart page 31

Utilities

Company

1 Algonquin Power & Utilities

2 Northland Power

3 Boralex

4 Brookfield Renewable Energy Partners

See chart page 31

Best in sector

NOTE:

There is no healthcare sector award as too few companies received nominations.


Best investor relations by Canadian companies

Research categories

BEST OVERALL INVESTOR RELATIONS (LARGE CAP)

ground can often provide the most insight. There are a lot of CN ‘lifers’ who are willing to go above and beyond and provide color’ – sell side

TD Bank Group ‘TD Bank is the strong leader of the pack in terms of disclosure. There is an increasing pressure to standardize disclosure in the sector and it is way out ahead, setting the standard with the most thorough fragmental and regulatory capital disclosure’ – buy side

Suncor Energy‘Suncor has a shareholder-friendly approach, with both the CEO and CFO having a good set of principles and belief in each other. They are honest and to the point’ – buy side

RBC‘RBC does a good job of communicating its goals honestly, as well as how it is achieving them’ – sell side

Scotiabank‘Recently Scotiabank has been much more open with investors. It hosted an investor day this year that was well received and provided good access. It is also easier now to get information. These changes have come about since the new CEO was appointed in November 2013’ – sell side

BCE‘BCE is very proactive, providing excellent guidance. When it does a deal it always gives the rationale and makes sure there are no surprises’ – buy side

TransCanada‘The IR people at TransCanada are helpful and respond quickly to my questions. I think this is because when they have an earnings release or an acquisition to talk about, they work out the answers to the questions we might ask. In that way they are proactive even when they are reacting. I probably speak to David or Stewart every other week and their in-depth knowledge of the sector means I rarely have to speak to anyone else in the company’ – sell side

Canadian Pacific Railway‘CP Rail has great meetings, one-on-ones and non-deal roadshows. It is always really good in front of clients’ – sell side

Dollarama ‘Dollarama is consistently transparent and the IR team has excellent industry knowledge. These combined with regular trips on the road make its IR program one of the best’ – sell side

CGI Group‘CGI is not afraid to answer the difficult questions’ – buy side

Agnico Eagle Mines‘Agnico Eagle is very good at making sure we have all the information we need. It keeps track of what we are looking for and anticipates what we need by posting on the website. It also provides excellent access to senior management at its meetings and events’ – sell side

‘Agnico Eagle has the best investor relations by a country mile. I hope it wins’ – sell side

CN‘Everybody at CN knows precisely what everone else’s job involves. This is important as people can always direct you to the best person to speak to. For instance, speaking with a third-tier manager on the

409

404

286

265

231

198

193

189

184

179

177

175

163

148

132

132

Agnico Eagle Mines

CN

TD Bank Group

Suncor Energy

RBC

Scotiabank

BCE

TransCanada

Canadian Pacific Railway

Dollarama

CGI Group

TELUS

Canadian Imperial Bank of Commerce

Teck Resources

Goldcorp

Intact Financial



Research categories

348

260

231

197

194

183

167

163

153

151

144

138

ARC Resources

WSP Global

Alamos Gold

Stantec

SNC-Lavalin

New Gold

Air Canada

Vermilion Energy

Lundin Mining Corporation

Canadian Tire

Keyera

Detour Gold

BEST OVERALL INVESTOR RELATIONS (MID-CAP)

ARC Resources‘Overall, ARC is a well-run company with extensive disclosure. It takes IR seriously and this results in gold-standard communications. I wish more companies would do the same’ – sell side

‘Consistently clear messaging is how I’d sum up ARC’s communications’ – sell side

‘The management at ARC is approachable and willing to share knowledge’ – sell side

WSP Global‘WSP organizes an annual conference, gives us lots of marketing and provides plenty of opportunities for analysts to meet with the firm. But I particularly like how it thinks outside the box and is able to take feedback and act on it’ – sell side

Alamos Gold‘Alamos Gold has made a real effort to step up the IR. For example, it just did an update on Mexican exploration, which is very useful from an IR perspective’ – buy side

Stantec‘Stantec has highly committed and accessible IR people’ – sell side

SNC-Lavalin‘Very open communications from SNC-Lavalin. It tells the bad news as well as the good’ – buy side

New Gold‘New Gold’s IR is extremely polished with a unified message. Everyone is given the same story and everybody knows how to shape the message’ – sell side

Air Canada‘Air Canada has done more conferences this year and has been very available on non-deal roadshows. It always calls ahead and after a conference call is constantly improving its availability’ – sell side

‘Vermilion Energy‘Vermilion’s IR is comprehensive. It gives great access to data and sends you relevant information before you ask

for it. It is proactive in setting up meetings with us and when we go to meet it we have access to divisional heads’ – sell side

Lundin Mining Corporation‘Good dissemination of information from Lundin, with excellent disclosure’ – sell side

Canadian Tire ‘Canadian Tire gets my vote for consist-ency, multiple communication touch points and an excellent, senior person leading the IR group’ – sell side

Keyera‘Keyera is responsive and typically has all the answers ready’ – sell side

Detour Gold ‘Detour Gold lays everything out clearly and operational disclosure is good. This makes my life easier’ – sell side

‘Laurie Gaborit, the IRO at Detour, is very involved with the company and sticks to the plan’ – sell side



Research categories

BEST OVERALL INVESTOR RELATIONS (SMALL CAP)

Aecon Group‘Aecon has turned things around and, despite a global oil price downturn, it is managing to achieve its goals’ – buy side

Precision Drilling Corporation‘Precision Drilling Corporation is good at uniform disclosure, it is accessible, its presentations are good and the message is consistent’ – sell side

Boralex‘Although I only see them two or three times a year, I like how both the chief executive and the CFO of Boralex are forthright and don’t use corporate speak. I am more than happy with the amount of information provided’ – buy side

Pure Technologies‘Pure Technologies is forward-thinking in its approach to IR so I am guaranteed to be well informed’ – sell side

Richmont Mines‘The IRO at Richmont Mines is a very senior individual, who has been through many cycles of mining’s ebb and flow’ – buy side

Trinidad Drilling‘Solid IR from Trinidad and an appreciative nod for its follow-up on the education provided after last year’s merger with CanElson’ – sell side

205

192

90

78

78

75

73

71

62

53

53

51

Aecon Group

Precision Drilling Corporation

Boralex

Pure Technologies

Richmont Mines

Trinidad Drilling

The Boyd Group

TORC Oil & Gas

Tricon Capital

Canadian Energy Services & Technology Corp

Crew Energy

Altus Group



Research categories

CN‘CN has the best IR team, providing high-quality information. The head of IR is quick to get back to you and always on top of things’ – sell side

‘CN has very open access to senior management, good communication from the IR team and a well-educated IR director in Paul Butcher’ – sell side

TD Bank Group‘Gillian Manning and the IR team at TD Bank are always responsive and do their best to answer questions’ – sell side

‘TD Bank is very active in IR and the responses are thoughtful’ – sell side

Scotiabank‘Jake Lawrence, head of IR at Scotiabank, is very knowledgeable, not a mere concierge. He cares about the stock and about managing the message. Also, his facilitation of management access is second to none’ – buy side

Suncor Energy‘Steve Douglas, head of IR at Suncor, checks all the boxes. He handled the Canadian Oil Sands transaction well, too’ – sell side

BCE‘BCE’s IRO, Thane Fotopoulos, is incredibly knowledgeable and responsive. He is virtually a one-man show, which for a firm of that size is pretty rare’ – sell side

Canadian Pacific Railway ‘The best IRO has to be Nadeem Velani of CP Rail. He has just been made interim CFO, which speaks volumes about his capabilities’ – sell side

Agnico Eagle Mines‘Brian Christie at Agnico is strong technically and knows just what investors and analysts look for in IR communications’ – sell side

75

45

42

42

38

36

33

30

27

27

CNPaul Butcher

TD Bank GroupGillian Manning

ScotiabankJake Lawrence

Suncor EnergySteve Douglas

BCEThane Fotopoulos

Canadian Pacific RailwayNadeem Velani*

Agnico Eagle MinesBrian Christie

Teck ResourcesGreg Waller

Rogers CommunicationsWilliam Tryon

TELUSPaul Carpino & Robert Mitchell

*Nadeem Velani was appointed interim CFO in September 2016

BEST INVESTOR RELATIONS OFFICER (LARGE CAP)

Teck Resources‘Greg Waller, head of IR at Teck Resources, is extremely proactive: he responds to questions and calls you back fast. He is very knowledgeable, not just about the company, but also about the sector in general’ – sell side



Research categories

ARC Resources‘The IR team really understands the fundamentals of the business and is competent at divulging information in a timely manner. I am often frustrated with companies that only use the wires to release their results, whereas ARC sends me a copy at the same time, meaning I don’t spend hours waiting at my desk’ – sell side

‘ARC treats IR as a senior executive position, that’s why it’s so good’ – sell side

Canadian Tire‘The head of IR at Canadian Tire also has responsibility for the financials, which makes her very useful’ – sell side

Alamos Gold‘Scott Parsons is the most knowledgeable IR professional in his peer group. He knows what the market needs to know, and the calls the firm arranges post-reporting are excellent’ – sell side

WSP Global‘WSP’s IRO is up front with investors, communicates well and the information provided is easily decipherable – the numbers make sense. Management is readily available, too’ – buy side

‘WSP’s IR people are highly responsive, provide great disclosure and answer my questions’ – sell side

New Gold‘Hannes Portmann is knowledgeable and understands the company very well. You can call him up and he knows the answer’ – sell side

Vermilion Energy‘A significant proportion of Vermilion’s business is overseas and it is excellent at explaining the geographical breakdown. It also provides a good synopsis of what is happening’ – sell side

SNC-Lavalin‘SNC-Lavalin makes the divisional heads available at its meetings, and they are always insightful to hear from’ – sell side

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48

45

36

33

29

27

ARC ResourcesDavid Carey*

Canadian TireLisa Greatix

Alamos GoldScott Parsons

WSP GlobalIsabelle Adjahi

New GoldHannes Portmann

Vermilion EnergyKyle Preston

SNC-LavalinDenis Jasmin

*David Carey retired in September 2016 and was succeeeded by Bevin Wirzba

BEST INVESTOR RELATIONS OFFICER (MID-CAP)



Research categories

45

30

21

18

18

Aecon GroupAdam Borgatti

Trinidad DrillingLisa Ottmann

Precision Drilling CorporationSaber Rad

Crew EnergyCindy Gray*

Richmont MinesAnne Day

*Cindy Gray is an independent IR practioner at 5 Quarters Investor Relations

Aecon Group‘The IRO at Aecon has built a remarkable team over the past 12 months, to the extent that the IR team is now spectacular at telling the story’ – sell side

‘Hands down the best head of IR I have seen is Adam Borgatti. Maybe Janet Craig from Fortis is ahead of him (I’ve known her longer) but Adam’s presentations, passion and availability are amazing’ – sell side

‘Aecon group has been more accessible and responsive. I attribute this to the wonderful Adam Borgatti’ – sell side

Trinidad Drilling‘Lisa Ottmann: what more can I say? She’s always available and always knows the answer’ – sell side

‘Lisa Ottmann is a superb IRO and this, together with easy access to the hugely experienced management, means Trinidad Drilling has a very good reputation for IR. Deservedly so’ – sell side

Precision Drilling Corporation‘The brilliant IR professional at Precision Drilling is completely grounded in the business. He is the most proactive about ensuring you understand both the results and the company’ – sell side

Richmont Mines‘Richmont Mines’ IRO is very transparent and knowledgeable. And it shows whenever you have any contact with the company at earnings release time or between quarters’ – sell side

BEST INVESTOR RELATIONS OFFICER (SMALL CAP)



Research categories

Agnico Eagle Mines‘Sean Boyd really supports his team. He instils confidence and is able to be candid about the company’s situation. He tends to under-promise and over-deliver’ – sell side

‘The CEO at Agnico, Sean Boyd, communi-cates well. He sticks to his strategy and knows the company inside out’ – sell side

CN‘There is always a high level of strategic insight from the management and the IR people at CN. I also don’t have to chase answers as they give us everything we need’ – sell side

Canadian Imperial Bank of Commerce‘The chief executive at CIBC has made good strides within the investment community’ – buy side

‘CIBC’s CEO is really visible and out there marketing’ – buy side

TransCanada‘TransCanada’s CEO is always clear about the business plan and how to achieve its goal. He is also clear about the opportunities and is excellent at exploiting these’ – buy side

BCE‘BCE discloses really well and the CEO is clear about how the company is governed’ – buy side

Canadian Pacific Railway‘CP Rail has gone through a major change and CEO Hunter Harrison was extremely good at conveying the message and then executing the change’ – sell side

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45

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30

30

30

27

24

21

Agnico Eagle MinesSean Boyd

CNLuc Jobin*

Canadian Imperial Bank of CommerceVictor Dodig

TransCanadaRuss Girling

BCEGeorge Cope

Canadian Pacific RailwayHunter Harrison**

Intact FinancialCharles Brindamour

SaputoLino Saputo

Suncor EnergySteve Williams

TELUSDarren Entwistle

Alimentation Couche-TardBrian Hannasch

RBCDavid McKay

*Luc Jobin took over as CEO of CN in July 2016**Hunter Harrison stepped down from his role at Canadian Pacific in January 2017

BEST IR BY A CEO (LARGE CAP)



Research categories

Keyera‘I’ve known David Smith for a long time. He has always been approachable, unlike some other CEOs, and will often return calls directly or he may get someone to respond on his behalf. Either way, he makes sure you get your answer’ – sell side

‘Keyera gets all the right people out at meetings, including the CEO’ – buy side

Precision Drilling Corporation‘The chief executive at Precision Drilling is on the road almost 200 days a year meeting with investors and going to conferences’ – sell side

New Gold‘I like the longer-term view from the CEO of New Gold’ – sell side

Algonquin Power & Utilities‘The CEO at Algonquin Power, Ian Robert-son, is open with investors and analysts. He is out among us often and answers questions fluently while always staying within the letter of the law’ – sell side

ARC Resources‘ARC’s CEO always has a good answer for everything and is great at explaining the three-year plan and why the company is doing it’ – buy side

Stantec‘On the last Stantec road trip, we had a two-hour meeting with CEO Robert Gomes. This was followed by another hour showing us projects where we had access to different tiers of management and this helped us understand the corporate structure’ – buy side

SNC-Lavalin ‘SNC-Lavalin now has a CEO and an IRO who articulate their story clearly and create value’ – buy side

Vermilion Energy ‘Vermilion provides comprehensive and consistent reporting and sends out extra details on micro-analytics so we can dig a bit deeper’ – sell side

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30

30

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26

26

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24

24

KeyeraDavid Smith

Precision Drilling CorporationKevin Neveu

New GoldRandall Oliphant

Algonquin Power & UtilitiesIan Robertson

ARC ResourcesMyron Stadnyk

StantecRobert Gomes

SNC-LavalinNeil Bruce

Vermilion EnergyAnthony Marino

CCL IndustriesGeoffrey Martin

WSP GlobalPierre Shoiry

Aecon GroupTerrance McKibbon

Lundin Mining CorporationPaul Conibear

The Boyd GroupBrock Bulbuck

BEST IR BY A CEO (SMALL & MID-CAP)



Research categories

Agnico Eagle Mines‘David Smith is transparent, always available and communicates with shareholders and analysts, answering a full spectrum of questions’ – buy side

Dollarama ‘The CFO at Dollarama heads up the IR function and, even though he wears both hats, manages to be responsive and as open as he can be when answering questions’ – buy side

‘Dollarama’s CFO is thorough and clear and has a straightforward strategy’ – buy side

CN‘CN Rail has a lot of useful information on its website and it is all easy to find. All investor presentations are webcast and the CFO does a great job’ – sell side

RBC‘Royal Bank’s IR is responsive and proactive. On reporting days the team phones up each analyst and keeps us up to date and on top of our questions. The CFO makes herself available to us’ – sell side

Thomson Reuters‘CFO Stephane Bello has provided good additional color in Thomson Reuters’ reports’ – sell side

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30

30

30

27

27

24

Agnico Eagle MinesDavid Smith

DollaramaMichael Ross

CNGhislain Houle*

RBCJanice Fukakusa

Thomson ReutersStephane Bello

Pembina PipelineScott Burrows

ScotiabankSean McGuckin

TransCanadaDonald Marchand

*Ghislain Houle took over as CFO in July 2016 from Luc Jobin, who is now CEO

BEST IR BY A CFO (LARGE CAP)



Research categories

Alamos Gold‘Jamie Porter is extremely articulate and really understands the company’ – buy side

‘Clear and concise disclosure from Alamos Gold’ – sell side

Stantec‘Stantec’s CFO is prompt to respond, always takes the extra steps to ensure I have the information I need and answers my questions candidly instead of trying to deliver a corporate message’ – buy side

‘Dan Lefaivre has held the CFO role for many years and has always been very up front about what he knows and what he can communicate to investors while remaining careful about the delivery of the message. He is approachable and available for discussion and that’s good for us, to be able to have that visibility’ – buy side

Canadian Tire ‘The CFO at Canadian Tire has seen the firm through some big deals and has been very well equipped to talk about the changes and challenges that went along with them’ – sell side

Air Canada‘Far fewer stats, lots more info. Air Canada’s CFO has certainly improved the information flow’ – buy side

ARC Resources‘Both management and IR are very accessible at ARC; they do good field tours and always add color to their answers’ – buy side

Northland Power‘Northland Power is one of the most proactive companies in the sector. CFO Paul Bradley ensures we get consistent reliable disclosure, and he is investor-friendly’ – sell side

42

42

30

27

24

24

21

21

20

20

Alamos GoldJamie Porter

StantecDan Lefaivre

Canadian TireDean McGann

Air CanadaMichael Rousseau

ARC ResourcesP Van Dafoe

Northland PowerPaul Bradley

Canadian Energy Services & Technology CorpCraig Nieboer

Vermilion EnergyCurtis Hicks

Cineplex EntertainmentGord Nelson

ShawcorGary Love

BEST IR BY A CFO (SMALL & MID-CAP)



Research categories

ARC Resources‘All the detail one could want is provided by ARC, including ‘Myron’s Minutes’ from the CEO’ – sell side

‘ARC provides clear reporting, with all the details, and leaves no question unanswered’ – sell side

‘Disclosure from ARC Resources is always timely and accurate’ – sell side

TD Bank Group‘The IR team at TD actively reaches out to us – you never have to call. The message is clear and polished’ – buy side

69

63

58

48

41

36

35

29

27

27

27

24

24

24

23

ARC Resources

TD Bank Group

CN

RBC

TELUS

Lundin Mining Corporation

Agnico Eagle Mines

Suncor Energy

Dollarama


WSP Global

Alamos Gold

Barrick Gold

Rogers Communications

Canadian Imperial Bank of Commerce

BEST FINANCIAL REPORTING

CN‘I don’t have to dig deep for information from CN. Clear, simple communications apply here’ – buy side

RBC‘On earnings day, RBC sends out a detailed email that summarizes the key points for the quarter. Other banks do this but not as well as RBC’ – buy side

TELUS‘TELUS has always been excellent at disclosure and this is clear in its reporting’ – buy side

Lundin Mining Corporation‘The CFO at Lundin is accessible and all the reporting is very clear’ – buy side

Agnico Eagle Mines‘Agnico provides clarity on the outlook for company assets and delivers on what it communicates. There is a high frequency of communication with investors and analysts’ – sell side

Suncor Energy‘Suncor is forthcoming and provides clarity on operations and costs. It is a straightforward company and I like that’ – sell side



Research categories

ARC Resources‘ARC’s use of technology for IR is just something else! It is phone-compatible and investors can watch videos of the earnings’ – buy side

Agnico Eagle Mines‘Agnico Eagle has an operational database we can access and it uses Twitter and LinkedIn more than other companies in the sector. It also puts out management commentary at results times’ – sell side

33

26

18

18

18

18

18

18

ARC Resources

Agnico Eagle Mines

Canadian Tire


SNC-Lavalin

Teck Resources

TELUS

WSP Global

BEST USE OF TECHNOLOGY



Research categories

Agnico Eagle Mines‘Agnico’s CEO always does a good job presenting’ – sell side

‘Agnico Eagle actually cares about investor relations. It is not arrogant and is easy to talk to in meetings. It’s visible and it hides nothing’ – buy side

CN‘CN regularly takes part in conferences and the IRO is very good at being available even for smaller investors. The firm has regular meetings in the boardroom when investors are invited to spend the day, have lunch and meet different directors and managers. This gives us a lot of insight into operations and overall visibility’ – buy side

ARC Resources‘ARC gets investors to meet its team in all sorts of ways’ – buy side

TD Bank Group ‘All the banks are comparable in terms of disclosure but when it comes to management availability at meetings, TD has the edge’ – buy side

CGI Group‘CGI’s analyst day is one of the best I’ve been to in my career, with unprecedented access to management. The IR team knows the business incredibly well and is timely and honest’ – sell side

Suncor Energy‘Suncor’s CFO is clear, up front and a great communicator’ – sell side

WSP Global‘WSP makes all management members available, and they are all very helpful’ – buy side

Scotiabank‘Scotiabank’s IR team has worked in high-level positions in the business. As a result it has a real depth and breadth of knowledge and understanding, which means we do not need to go to anyone else in the company. The company held an excellent investor day in Mexico and has another one coming up on digital strategy. It really explains how Scotiabank works’ – buy side

TransCanada‘TransCanada has the answers and always presents them well’ – sell side

48

44

39

37

36

33

33

30

30

29

27

Agnico Eagle Mines

CN

ARC Resources

TD Bank Group

CGI Group

Suncor Energy

WSP Global

Scotiabank

TransCanada


Air Canada

BEST INVESTOR MEETINGS



Research categories

Veresen‘Veresen has gone from zero to hero. The new IRO, Mark Chyc-Cies, is so suited to dealing with institutional investors and has made massive improvements. The IR has gone from night to day’ – sell side

‘There has been such a dramatic change in IR at Veresen, and it’s not just me saying it: everyone is commenting. The firm is not the best yet, but it definitely deserves the attention this year’ – sell side

‘Veresen has really improved its IR. It recently held its first annual investor day, which went well. You can tell it is disclosing better than before, really digging deep. It has kept us informed on pipeline maintenance and updated us on where the industry is at’ – sell side

‘The new IR person at Veresen is very active and has improved disclosure and presentations. He is organizing IR days and providing more information’ – buy side

‘Veresen has improved its financial disclosure and presentation material and is hosting its first IR day in years’ – sell side

42

39

24

24

18

18

18

18

15

15

Veresen

Great-West Lifeco

Aecon Group

Canadian Utilities

Encana

Loblaw Companies

Shaw Communications

SNC-Lavalin

Goldcorp

Scotiabank

MOST PROGRESS IN IR

Great-West Lifeco ‘Great-West Lifeco held its first investor day in seven or eight years. It was well received and the firm did a great job of explaining where it is at’ – buy side

‘Great-West Lifeco is coming back to communicate with the market and hosted its first investor day for many years’ – sell side

‘Better communications from Great-West Lifeco and it held its first investor day in years’ – buy side

Aecon Group‘Aecon has improved dramatically. A new IR person came on board who is significantly better. The firm has listened to the market and improved accordingly’ – sell side

Canadian Utilities‘From a low base, Canadian Utilities has made an effort by hiring a new IRO a couple of years ago, providing a lot of corporate access and now participating in conferences (two or three this year). Also, the disclosure has improved’ – buy side

‘I think Canadian Utilities’ IR is better than before’ – buy side



Research categories

Stantec‘I’ve been involved with Stantec for many, many years, and there has never been anything to question regarding its corporate governance, which is a good sign. No bad news means it must be doing things right’ – buy side

RBC‘RBC has excellent corporate governance, as do all the major banks. There is no material difference between them. They are all highly regarded and follow the same standards for board composition and have the same responsibility to shareholders’ – sell side

TD Bank Group ‘In terms of corporate governance, TD bank is very well run with very high disclosure standards’ – buy side

‘In corporate governance matters, TD has clear guidelines’ – buy side

CN‘CN’s IR team communicates well and is available for shareholders to discuss anything from governance issues to operational details. And the stock price goes up!’ – buy side

Agnico Eagle Mines‘Sean Boyd is good at maintaining value: investors trust both him and the way the company is governed’ – sell side

57

45

43

30

27

24

21

18

18

TD Bank Group

CN

Agnico Eagle Mines

Stantec

RBC

Sun Life Financial

TELUS

ARC Resources

Franco-Nevada

BEST CORPORATE GOVERNANCE



Research categories

Suncor Energy‘Suncor publishes a comprehensive sustainability report and I think it stands out in terms of the transparency and granularity it provides’ – sell side

‘Suncor provides an excellent breakdown of ‘where and what’. For such a large company it manages to report very clearly on it all’ – buy side

Agnico Eagle Mines‘Agnico took a decision to continue to invest in exploration during the downturn while others were curtailing investments. This will impact future growth. It also invested in a business and project development company to ensure that in 10 years time Agnico is on top of its game: a much longer-term strategy than most of its peers’ – sell side

27

24

18

18

18

Suncor Energy

Agnico Eagle Mines

Cenovus Energy

CN

Stantec

BEST SUSTAINABILITY PRACTICE



Research categories

TransCanada‘The rationale for the Columbia Pipeline deal was well explained and the company addressed investor concerns about an over-concentration on the main pipeline that has since been clarified’ – buy side

‘The Columbia transaction was a bit of a coup as it makes TransCanada one of the largest gas players in the market. Pipelines are a highly competitive sector and the CEO has been a good competitor’ – buy side

Enbridge‘Enbridge has a comprehensive IR package, hosts a very good IR day and is handling its recent transaction with Spectra extremely well’ – sell side

PotashCorp ‘The proposed Potash merger with Agrium has been well presented and well discussed with shareholders’ – buy side

‘The ongoing merger between Potash and Agrium is going to be immense’ – sell side

Fortis‘When Fortis acquired ITC, the IR department went out of its way to explain what ITC did as a company and how it worked. This helped us to see how it fits in with Fortis and make sense of the deal. From a shareholder perspective the company with ITC is worth more than the sum of the two companies and therefore created value. This was well communicated’ – buy side

45

42

39

36

30

30

30

TransCanadaAcquisition of Columbia Pipeline Group, July 2016

EnbridgeAcquisition of Spectra Energy, announced Septmber 2016

PotashCorpMerger with Agrium, announced September 2016

FortisAcquisition of ITC Holdings, June 2016

Alimentation Couche-TardAcquisition of CST Brands, August 2016

BCEAcquisition of Manitoba Telecom Services, May 2016

RBCAcquisition of City National, November 2015

BEST IR DURING A CORPORATE TRANSACTION



Research categories

Hydro One‘Hydro One held a good meeting prior to its IPO with good documentation and open discussion with investors’ – buy side

‘Hydro One has the bonus of Bruce Mann as the IRO. I am only just getting to know the company but I can tell he is awesome’ – buy side

84

24

18

Hydro One

Aritzia

Neo Lithium Corporation

BEST IR FOR AN IPO



Research categories

Mason Graphite‘Mason Graphite’s IR officer is very diligent’ – buy side

Tidewater Midstream and Infrastructure‘Tidewater Midstream makes a big effort to explain the business and this has resulted in a clear, consistent message’ – buy side

‘The CEO at Tidewater Midstream is a great communicator’ – sell side

51

24

21

18

Tidewater Midstream and Infrastructure

Mason Graphite

Red Eagle Mining

Gold Standard Ventures

BEST IR BY A TSX VENTURE EXCHANGE-LISTED COMPANY



Research categories

44

33

26

24

21

18

18

Teck Resources


Agrium

Thomson Reuters

CN

ARC Resources

Encana

Canadian Pacific Railway‘The CEO of CP Rail, Hunter Harrison, is retiring but he has done an amazing job’ – sell side

Teck Resources‘Of all the IROs I deal with, Greg Waller of Teck Resources is the best because of his depth of knowledge’ – sell side

BEST IR BY A CANADIAN COMPANY IN THE US MARKET



Research categories

BEST IN SECTOR

Communications

Company Points

1 BCE 193

2 TELUS 175

3 Rogers Communications 123

=4 Corus Entertainment 33

=4 Shaw Communications 33

6 DHX Media 32


Company Points

1 Air Canada 167

2 Canadian Tire 151

3 Cineplex Entertainment 100

4 WestJet Airlines 85

5 Gildan Activewear 77

6 The Boyd Group 73

7 Magna International 66

8 Linamar Corporation 46

9 Badger Daylighting 44

10 BRP 41

11 Stingray Digital Group 38

12 Transcontinental 33

Consumer staples

Company Points

1 Dollarama 179

2 Metro 103

3 Alimentation Couche-Tard 86

4 Loblaw Companies 74

5 Saputo 63

Energy

Company Points

1 ARC Resources 348

2 Suncor Energy 265

3 Precision Drilling Corporation 192

4 TransCanada 189

5 Vermilion Energy 163

6 Keyera 144

7 Pembina Pipeline 125

8 Canadian Natural Resources 101

9 Enbridge 91

10 Seven Generations Energy 89

11 Trinidad Drilling 75

=12 Peyto Exploration & Development Corp 71

=12 TORC Oil & Gas 71

14 Veresen 66

=15 Cenovus Energy 59

=15 Crescent Point Energy 59

=15 PrairieSky Royalty 59

=15 ShawCor 59

=19 Canadian Energy Services & Technology Corp 53

=19 Crew Energy 53

=19 Parkland Fuel 53

=19 Whitecap Resources 53

23 Raging River Exploration 51

24 Secure Energy Services 44

25 Baytex Energy 43

=26 Painted Pony Petroleum 42

=26 Western Energy Services Corp 42

=28 Enerplus Corporation 41

=28 Kelt Exploration 41

30 Tamarack Valley Energy 39

31 Canyon Services Group 36

32 Encana 33

33 Calfrac Well Services 30

Financials

Company Points

1 TD Bank Group 286

2 RBC 231

3 Scotiabank 198

4 Canadian Imperial Bank of Commerce 163

5 Intact Financial 132

6 Sun Life Financial 118

7 Manulife Financial 107

8 BMO Financial Group 91

9 National Bank of Canada 81

10 Great-West Lifeco 63

11 Tricon Capital 62

12 Allied Properties REIT 60

13 Altus Group 51

14 Brookfield Asset Management 48

15 Element Financial Corp 45

16 Genworth MI Canada 43

=17 Alaris Royalty 36

=17 Home Capital Group 36

Industrials

Company Points

1 CN 404

2 WSP Global 260

3 Aecon Group 205

4 Stantec 197

5 SNC-Lavalin 194

6 Canadian Pacific Railway 184

=7 Pure Technologies 78

=7 Toromont Industries 78

9 Finning International 65

10 CAE 45

11 Bombardier 38

12 Carmanah Technologies 35

13 New Flyer Industries 33

14 Ag Growth International 30



Research categories

BEST IN SECTOR (continued)

Materials

Company Points

1 Agnico Eagle Mines 409

2 Alamos Gold 231

3 New Gold 183

4 Lundin Mining Corporation 153

5 Teck Resources 148

6 Detour Gold 138

7 Goldcorp 132

8 Barrick Gold 122

9 Cameco 104

10 Eldorado Gold Corporation 103

11 Hudbay 102

12 CCL Industries 84

13 Agrium 81

14 Richmont Mines 78

15 OceanaGold 69

16 Franco-Nevada 67

17 First Quantum Minerals 51

=18 B2Gold Corp 45

=18 Russel Metals 45

20 Kinross Gold Corporation 44

21 IAMGOLD 42

Technology

Company Points

1 CGI Group 177

2 Mitel Networks Corporation 89

3 OpenText Corporation 75

4 Descartes Systems Group 48

5 Celestica 37

6 Kinaxis 36

7 Sandvine 33

8 Avigilon 30

Utilities

Company Points

1 Algonquin Power & Utilities 110

2 Northland Power 101

3 Boralex 90

4 Brookfield Renewable Energy Partners 83

5 Fortis 82

6 Hydro One 60


The research

Methodology

POINTS AND RANKINGS

Points

Whether online or by phone, each respondent was asked to make three nominations in the various categories of investor relations under scrutiny: first, second and third. Every first choice nomination earns six points, every second choice earns three and every third earns two. The points are then totaled by company for each category to establish the winners and the short lists for each of the awards presented at the IR Magazine Awards – Canada in Toronto. This is the same points system used for other IRMagazine investor perception studies around the world, specifically those in the US, Europe and Asia.

Rankings

The points totals form the basis of the awards charts in this investor perception study, as well as the Canada Top 50, the sector awards charts (see right for sector categories) and the overall rankings. These last three are the result of adding together all the points scored across all the categories for which every firm is eligible. All firms with aggregate scores of at least 20 points are included in the list of ranked companies, together with their points breakdown.

Some of the awards are split by the market cap size of the companies concerned. For this purpose, we rely on data provided by Toronto Stock Exchange and the TSX Venture Exchange, which is classified as follows:

Below C$2 bn – small capC$2 bn-C$10 bn – mid-capC$10 bn and over – large cap

All the rankings, category point scores and awards charts included in this report of the IRMagazineInvestorPerceptionStudy–Canada2017 are based on a survey of 228 members of the Canadian investment community, the people who make up the most important audience for Canada’s corporate investor relations professionals.

The first stage of the survey, carried out by Fox Insight, was to email our list of portfolio managers, buy-side analysts and sell-side analysts, inviting them to complete an online questionnaire. Just 21 individuals responded to this. Next, Mary Maude Research telephoned 207 individuals, asking them which companies and individuals provide them with the best IR service and why. The telephone researchers also asked other questions about topical IR issues.

AWARDS

All the awards in this report were presented at the awards ceremony in Toronto in February. The winner of the award for best IR in the US market was identified during the research for the IRMagazineInvestorPerceptionStudy–US2017.

The sectors used in this report are as follows:

Communications


Consumer staples

Energy

Financials

Healthcare*

Industrials

Materials

Technology

Utilities

*There is no healthcare sector award as too few companies received nominations in that category


The research

Respondents

In September and October 2016, 228 Canadian investment professionals participated in the survey.

Twenty-five respondents said they cover companies on the TSX Venture Exchange

RESPONDENTS BY INVESTMENT ROLE

RESPONDENTS BY SECTOR COVERAGE

TOTAL

% OF TOTAL

9%

30%

59%

2%

OnlineTelephone

Buy-side analystPortfolio managerSell-side analystOther

TOTAL

Other

Sell-side analyst

Portfolio manager

Buy-side analyst 69

20

136

3

228

0 50 100 150 200 250


Consumer staples

Energy

Financials

Healthcare

Industrials

Materials

Technology & communications

Utilities

All sectors (generalist)

Other

TOTAL

10

7

39

21

1

31

47

19

9

50

3

OnlineTelephone

0 10 20 30 40 50


The research

Questionnaire

CANADA INVESTOR PERCEPTION SURVEY 2017

ABOUT THE RESPONDENT

Q1 First of all, are you a …?Buy-side analyst Portfolio manager Sell-side analyst Other (please specify)

Q2 Which sector or sectors do you cover? Communications Consumer discretionary Consumer staples Energy Financials Healthcare Industrials Materials Technology Utilities All sectors (generalist)

Q3 Do you cover companies on the TSX Venture exchange? Yes No

GENERAL QUESTIONS* FOR BUY-SIDE AND SELL-SIDE RESPONDENTS

1 What is most important to you in an IR professional?

2 There has been recent talk about moving away from quarterly reporting. Do you think this could be a good thing?

FOR BUY-SIDE RESPONDENTS ONLY

3 A recent survey in IR Magazine finds that around 50 percent of companies have increased their direct targeting of the buy side (bypassing the sell side). Do you prefer to deal directly with corporates or do you value the involvement of the sell side?

4 A number of online corporate access platforms have been launched over the past couple of years to give companies and investors direct access to each other for planning meetings. Have you used one of these or have you considered using one now or in the future?

THE AWARDSAllawardsareforlistedcompaniesdomiciledinCanada.

BEST FINANCIAL REPORTING Which Canadian companies have the best reporting and disclosure? (annual reports, quarterlies, fact books, and so on)

BEST USE OF TECHNOLOGY Which companies that you deal with make the best use of technology for IR?

BEST INVESTOR MEETINGS Which companies hold the best meetings for investors and analysts?

MOST PROGRESS IN IR Over the past year, which companies have most improved their IR program?

BEST CORPORATE GOVERNANCE Which companies have the best corporate governance?

BEST SUSTAINABILITY PRACTICE Which Canadian companies have the best corporate sustainability practice?

BEST IR DURING A CORPORATE TRANSACTION Over the past year (September 2015 to date), which companies have conducted the best investor relations during a corporate transaction?

BEST IR FOR AN IPO Which Canadian company conducted the best investor relations during an initial public offering over the past year (September 2015 to date)?

BEST IR BY A TSX VENTURE EXCHANGE-LISTED COMPANY Which companies listed on the TSX Venture Exchange that you are currently dealing with, or have dealt with in the past year, do you believe have the best investor relations programs?

The next four awards are for different market cap sizes: large cap = C$10 bn and above; mid-cap = C$2 bn to C$10 bn; small cap = below C$2 bn.

BEST IR BY A CFO Which CFOs do the best job of communi-cating with the investment community?Large-cap company: Small or mid-cap company:

BEST IR BY A CEO Which CEOs do the best job of communi-cating with the investment community?Large-cap company: Small or mid-cap company:

BEST INVESTOR RELATIONS OFFICER Which IROs do the best job of communi-cating with the investment community?Large-cap company: Mid-cap company: Small-cap company:

BEST OVERALL INVESTOR RELATIONS From all the Canadian companies you are currently dealing with or have dealt with in the past year, which companies do you believe have the best overall IR?Large-cap company: Mid-cap company: Small-cap company:

Thank you for your time and help in participating in this survey.

*Responses to the general questions are not included in this report but will feature in future research from IR Magazine.


Ranked companies’ points breakdown

RankCompany (Large-cap companies are in bold) Sector Fi

nanc

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epor

ting

Use

of

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Inve

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Mos

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Cor

pora

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ract

ice

CFO

CEO

IRO

Ove

rall

Tota

l poi

nts

1 Agnico Eagle Mines Materials 35 26 48 0 43 24 57 65 33 78 409

2 CN Industrials 58 9 44 0 45 18 30 57 75 68 404

3 ARC Resources Energy 69 33 39 0 18 3 24 30 51 81 348

4 TD Bank Group Financials 63 11 37 0 57 0 12 5 45 56 286

5 Suncor Energy Energy 29 14 33 0 15 27 15 30 42 60 265

6 WSP Global Industrials 27 18 33 12 12 9 18 26 36 69 260

=7 Alamos Gold Materials 24 6 23 14 12 12 42 9 45 44 231

=7 RBC Financials 48 17 24 6 27 8 30 21 14 36 231

9 Aecon Group Industrials 21 6 17 24 6 0 8 24 45 54 205

10 Scotiabank Financials 18 3 30 15 17 0 27 12 42 34 198

11 Stantec Industrials 18 0 17 0 30 18 42 30 18 24 197

12 SNC-Lavalin Industrials 18 18 24 18 6 0 18 29 27 36 194

13 BCE Communications 21 6 20 6 15 6 6 42 38 33 193

14 Precision Drilling Corporation Energy 27 18 15 0 12 12 15 33 21 39 192

15 TransCanada Energy 12 0 30 2 6 12 24 43 24 36 189

16 Canadian Pacific Railway Industrials 20 2 29 0 6 6 9 39 36 37 184

17 New Gold Materials 18 11 20 3 9 12 9 32 33 36 183

18 Dollarama Consumer staples 27 12 24 0 14 3 39 6 12 42 179

19 CGI Group Technology 18 15 36 12 6 0 18 10 24 38 177

20 TELUS Communications 41 18 12 0 21 6 0 27 27 23 175

21 Air Canada Consumer discretionary 17 12 27 6 3 6 27 18 21 30 167

=22 Canadian Imperial Bank of Commerce Financials 23 9 17 9 3 3 12 45 21 21 163

=22 Vermilion Energy Energy 14 9 9 6 3 12 21 28 29 32 163

24 Lundin Mining Corporation Materials 36 4 8 0 8 8 15 24 20 30 153

25 Canadian Tire Consumer discretionary 11 18 12 6 6 0 30 0 48 20 151

26 Teck Resources Materials 14 18 14 0 12 6 12 3 30 39 148

27 Keyera Energy 21 6 9 0 15 0 12 39 18 24 144

28 Detour Gold Materials 16 6 8 6 0 12 18 18 21 33 138

=29 Goldcorp Materials 19 17 23 15 0 2 11 12 10 23 132

=29 Intact Financial Financials 11 0 14 3 14 0 9 30 18 33 132




nanc

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epor

ting

Use

of

tech

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Inve

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Mos

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ss

Cor

pora

te g

over

nanc

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Sus

tain

abili

ty p

ract

ice

CFO

CEO

IRO

Ove

rall

Tota

l poi

nts

31 Pembina Pipeline Energy 15 0 21 0 3 12 27 12 15 20 125

32 Rogers Communications Communications 24 3 18 0 8 0 0 20 27 23 123

33 Barrick Gold Materials 24 9 15 12 9 8 0 6 12 27 122

34 Sun Life Financial Financials 12 12 19 2 24 0 6 6 17 20 118

35 Thomson Reuters Technology 20 9 9 0 12 0 30 9 14 9 112

36 Algonquin Power & Utilities Utilities 12 6 24 0 0 0 2 30 18 18 110

37 Manulife Financial Financials 18 0 21 0 12 0 6 9 15 26 107

38 Cameco Materials 6 0 12 12 6 6 18 6 24 14 104

=39 Eldorado Gold Corp Materials 14 17 21 6 0 0 9 6 14 16 103

=39 Metro Consumer staples 3 6 17 0 12 12 17 3 15 18 103

41 Hudbay Minerals Materials 11 6 17 12 3 12 19 0 8 14 102

=42 Canadian Natural Resources Energy 6 0 15 0 6 8 18 15 18 15 101

=42 Northland Power Utilities 15 0 6 0 6 6 24 12 18 14 101

44 Cineplex Entertainment Consumer discretionary 21 9 12 0 0 0 20 6 12 20 100

=45 BMO Financial Group Financials 11 6 11 6 3 2 15 6 14 17 91

=45 Enbridge Energy 6 6 12 3 0 6 0 20 12 26 91

47 Boralex Utilities 17 0 5 6 6 6 12 6 15 17 90

=48 Mitel Networks Technology 6 6 12 0 0 0 8 12 21 24 89

=48 Seven Generations Energy Energy 0 2 15 12 2 6 15 6 14 17 89

50 Alimentation Couche-Tard Consumer staples 18 0 14 6 6 0 6 24 0 12 86

51 WestJet Airlines Consumer discretionary 6 2 15 6 12 6 12 6 3 17 85

52 CCL Industries Materials 6 12 17 0 6 0 14 26 0 3 84

53 Brookfield Renewable Energy Partners Utilities 12 3 0 2 0 0 15 15 21 15 83

54 Fortis Utilities 12 6 0 8 0 6 2 19 14 15 82

=55 Agrium Materials 12 0 13 0 9 0 6 15 8 18 81

=55 National Bank of Canada Financials 0 3 12 12 8 6 12 14 6 8 81

=57 Pure Technologies Industrials 6 6 18 3 0 6 9 0 12 18 78

=57 Richmont Mines Materials 6 12 6 12 0 0 0 12 18 12 78

=57 Toromont Industries Industrials 6 6 9 6 12 0 9 9 6 15 78

60 Gildan Activewear Consumer discretionary 3 0 3 0 0 12 9 18 12 20 77

=61 OpenText Corporation Technology 6 9 8 0 3 0 3 8 17 21 75




nanc

ial r

epor

ting

Use

of

tech

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gy

Inve

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Mos

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Cor

pora

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over

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Sus

tain

abili

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ract

ice

CFO

CEO

IRO

Ove

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Tota

l poi

nts

=61 Trinidad Drilling Energy 12 0 3 0 0 0 0 3 30 27 75

63 Loblaw Companies Consumer staples 0 0 5 18 0 0 11 9 20 11 74

64 The Boyd Group Consumer discretionary 12 0 9 6 6 0 12 24 0 4 73

=65 Peyto Exploration & Development Corp Energy 12 3 0 0 0 0 6 21 14 15 71

=65 TORC Oil & Gas Energy 3 0 0 0 0 6 18 15 3 26 71

67 OceanaGold Materials 0 6 6 0 0 6 0 6 24 21 69

68 Franco-Nevada Materials 0 0 11 3 18 0 6 15 0 14 67

=69 Magna International Consumer discretionary 9 0 21 0 0 0 3 6 10 17 66

=69 Veresen Energy 6 0 3 42 0 0 0 0 6 9 66

71 Finning International Industrials 12 0 3 0 0 0 0 3 21 26 65

=72 Great-West Lifeco Financials 0 0 12 39 6 0 0 6 0 0 63

=72 Saputo Consumer staples 3 0 9 0 6 0 6 30 6 3 63

74 Tricon Capital Financials 8 3 9 12 0 0 0 0 12 18 62

=75 Allied Properties REIT Financials 0 6 15 3 0 6 6 9 6 9 60

=75 Hydro One Utilities 6 0 0 6 0 6 6 0 24 12 60

=77 Cenovus Energy Energy 15 0 0 0 12 18 0 0 11 3 59

=77 Crescent Point Energy Energy 8 12 0 14 0 6 0 3 3 13 59

=77 PrairieSky Royalty Energy 2 0 6 3 9 0 18 12 0 9 59

=77 ShawCor Energy 9 0 0 0 0 0 20 15 3 12 59

=81 Canadian Energy Services & Technology Corp Energy 6 0 6 0 0 6 21 12 0 2 53

=81 Crew Energy Energy 6 0 6 3 0 0 12 6 18 2 53

=81 Parkland Fuel Energy 18 0 3 0 0 0 6 12 12 2 53

=81 Whitecap Resources Energy 2 0 0 0 0 6 12 18 0 15 53

=85 Altus Group Financials 3 6 9 0 0 0 3 12 6 12 51

=85 First Quantum Minerals Materials 3 0 6 9 0 0 6 15 6 6 51

=85 Raging River Exploration Energy 9 0 0 0 0 0 6 21 0 15 51

=88 Brookfield Asset Management Financials 12 0 12 0 0 0 6 0 12 6 48

=88 Descartes Systems Group Technology 0 6 18 0 0 0 6 9 3 6 48

90 Linamar Corporation Consumer discretionary 12 6 6 0 6 0 0 9 0 7 46

=91 B2Gold Corp Materials 6 6 0 0 0 6 6 6 6 9 45

=91 CAE Industrials 6 3 12 0 3 3 0 0 10 8 45




nanc

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=91 Element Financial Corp Financials 3 0 18 0 0 0 0 12 6 6 45

=91 Russel Metals Materials 12 0 6 0 6 0 3 6 6 6 45

=95 Badger Daylighting Consumer discretionary 2 0 12 0 12 0 6 0 0 12 44

=95 Kinross Gold Corporation Materials 2 0 0 6 0 0 14 10 8 4 44

=95 Secure Energy Services Energy 6 3 0 0 0 0 6 21 0 8 44

=98 Baytex Energy Energy 3 6 6 0 0 0 6 3 9 10 43

=98 Genworth MI Canada Financials 6 0 6 0 6 0 6 6 8 5 43

=100 IAMGOLD Materials 3 12 6 6 0 0 6 3 0 6 42

=100 Painted Pony Petroleum Energy 0 6 0 6 0 0 0 0 12 18 42

=100 Western Energy Services Corp Energy 6 0 6 0 0 0 6 6 6 12 42

=103 BRP Consumer discretionary 0 0 9 6 0 0 3 0 12 11 41

=103 Enerplus Corporation Energy 6 0 6 0 0 0 3 9 8 9 41

=103 Kelt Exploration Energy 9 0 0 0 0 9 12 0 0 11 41

106 Tamarack Valley Energy Energy 0 0 6 6 6 0 12 6 0 3 39

=107 Bombardier Industrials 0 6 6 6 0 0 6 0 8 6 38

=107 Intertape Polymer Group Materials 6 6 3 6 0 0 9 6 0 2 38

=107 Stingray Digital Group Consumer discretionary 6 12 3 0 0 0 3 6 0 8 38

110 Celestica Technology 6 0 0 6 0 6 9 0 2 8 37

=111 Alaris Royalty Financials 12 0 0 0 0 0 12 0 6 6 36

=111 Canyon Services Group Energy 0 9 0 0 6 0 0 15 0 6 36

=111 Capstone Mining Materials 6 0 0 6 6 3 9 0 0 6 36

=111 Home Capital Group Financials 6 0 0 0 0 0 0 12 6 12 36

=111 Kinaxis Technology 0 0 6 0 6 0 6 6 3 9 36

=111 PotashCorp Materials 12 0 0 0 9 0 0 3 6 6 36

117 Carmanah Technologies Industrials 3 3 2 6 6 0 6 6 0 3 35

118 Stella-Jones Materials 3 0 0 0 6 0 12 9 2 2 34

=119 Corus Entertainment Communications 3 0 6 6 0 0 6 0 6 6 33

=119 Encana Energy 0 0 3 18 0 0 0 6 3 3 33

=119 Nevsun Resources Materials 6 6 0 6 3 6 0 0 0 6 33

=119 New Flyer Industries Industrials 12 0 0 0 0 0 0 18 0 3 33

=119 Sandvine Technology 6 0 0 0 3 0 0 6 12 6 33




nanc

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=119 Shaw Communications Communications 0 0 6 18 0 0 6 0 3 0 33

=119 Transcontinental Consumer discretionary 12 0 0 6 0 0 0 6 0 9 33

=126 DHX Media Communications 2 0 6 0 0 0 6 3 6 9 32

=126 Silver Wheaton Materials 2 0 0 0 0 0 9 6 9 6 32

=128 Ag Growth International Industrials 0 0 12 0 6 0 6 6 0 0 30

=128 Avigilon Technology 0 0 6 12 0 0 0 0 12 0 30

=128 Calfrac Well Services Energy 6 0 6 6 0 0 0 0 6 6 30

=128 Turquoise Hill Resources Materials 0 3 3 0 0 0 12 0 9 3 30

=132 Black Diamond Group Financials 2 0 3 0 0 6 0 6 6 6 29

=132 Equitable Group Financials 0 0 2 6 0 0 0 9 6 6 29

=132 Inter Pipeline Fund Energy 6 6 0 0 0 0 0 0 9 8 29

=135 First Capital Realty Financials 0 0 3 6 0 0 0 6 6 6 27

=135 Ritchie Bros Auctioneers Industrials 6 0 0 6 0 0 0 0 6 9 27

=135 Tourmaline Oil Energy 0 0 6 0 0 0 0 12 0 9 27

138 Boardwalk Real Estate Investment Trust Financials 0 6 3 0 0 0 6 3 6 2 26

=139 Exchange Income Corporation Industrials 0 0 0 0 2 2 0 12 6 3 25

=139 Torex Gold Resources Materials 0 0 6 2 0 0 0 6 5 6 25

=141 Advantage Oil & Gas Energy 0 0 0 0 0 0 6 12 0 6 24

=141 Asanko Gold Materials 0 0 0 0 0 0 12 0 0 12 24

=141 Bonavista Energy Energy 0 0 0 6 0 0 6 0 6 6 24

=141 Boston Pizza Royalties Income Fund Consumer discretionary 12 0 0 0 0 0 0 0 6 6 24

=141 Canadian Utilities Utilities 0 0 0 24 0 0 0 0 0 0 24

=141 Canfor Materials 0 0 0 0 6 0 6 0 6 6 24

=141 Capstone Infrastructure Corporation Utilities 6 0 6 0 0 0 0 0 6 6 24

=141 Evertz Technologies Technology 12 0 0 0 0 0 0 0 6 6 24

=141 FirstService Corporation Financials 0 2 0 0 0 0 6 8 0 8 24

=141 IGM Financial Financials 3 0 0 9 0 0 0 6 0 6 24

=141 IMAX Corporation Technology 6 0 0 0 0 0 6 0 6 6 24

=141 Interfor Materials 0 6 6 0 0 0 0 3 6 3 24

=141 K-Bro Linen Systems Consumer discretionary 0 0 0 0 0 0 6 12 0 6 24

=141 Sirius XM Technology 12 0 0 0 0 0 0 0 6 6 24




nanc

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155 Newmont Mining Corporation Materials 0 0 2 3 0 3 0 6 6 3 23

156 Emera Utilities 0 0 0 0 0 8 0 0 6 8 22

=157 DIRTT Environmental Solutions Industrials 0 6 3 0 0 6 0 0 0 6 21

=157 Enerflex Systems Energy 6 0 0 0 0 0 15 0 0 0 21

=157 Héroux-Devtek Industrials 0 0 0 0 0 0 12 6 3 0 21

=157 Lucara Diamond Corp Materials 3 0 0 0 6 3 0 6 0 3 21

=157 Mandalay Resources Materials 6 0 0 12 0 0 0 0 0 3 21

=157 MTY Food Group Consumer discretionary 0 0 0 0 0 0 6 9 0 6 21

=157 Mullen Group Energy 0 0 3 0 0 6 3 3 3 3 21

=157 Progressive Waste Solutions Industrials 3 0 0 0 0 6 6 0 0 6 21

=157 Superior Plus Utilities 6 0 6 0 0 0 0 0 3 6 21

=157 Tahoe Resources Materials 0 0 0 6 0 0 0 6 0 9 21

=157 Tidewater Midstream and Infrastructure Industrials 0 0 3 0 0 0 0 12 0 6 21

=168 Denison Mines Corp Energy 0 0 6 6 0 0 0 6 2 0 20

=168 EnerCare Consumer discretionary 0 0 0 0 0 0 6 9 2 3 20

=168 Magellan Aerospace Industrials 6 0 0 0 0 0 6 2 0 6 20

=168 Shopify Communications 0 6 0 0 0 0 6 0 6 2 20

=168 Trican Well Service Energy 2 0 0 0 0 0 12 6 0 0 20

=168 Uni-Select Consumer discretionary 0 0 0 0 0 0 9 8 0 3 20


IAMGOLD 31, 38

IGM Financial 39

IMAX Corporation 39

Intact Financial 5, 10, 16, 30, 35

Inter Pipeline Fund 39

Interfor 39

Intertape Polymer Group 38

ITC Holdings 8, 26,

K-Bro Linen Systems 39

Kelt Exploration 38

Keyera 5, 7, 11, 17, 30, 35

Kinaxis 31, 38

Kinross Gold Corporation 31, 38

Linamar Corporation 30, 37

Loblaw Companies 9, 23, 30, 37

Lucara Diamond Corp 40

Lundin Mining Corporation 5, 9, 11, 17, 20, 31, 35

Magellan Aerospace 40

Magna International 30, 37

Mandalay Resources 40

Manitoba Telecom Services 26

Manulife Financial 6, 30, 36

Mason Graphite 8, 28

Metro 6, 9, 30, 36

Mitel Networks 6, 9, 31, 36

MTY Food Group 40

Mullen Group 40

National Bank of Canada 30, 36

Neo Lithium Corporation 8, 27

Nevsun Resources 38

New Flyer Industries 30, 38

New Gold 5, 7, 9, 11, 14, 17, 31, 35

Newmont Mining Corporation 40

Northland Power 6, 9, 19, 31, 36

OceanaGold 31, 37

OpenText Corporation 9, 31, 36

Painted Pony Petroleum 30, 38

Parkland Fuel 30, 37

Pembina Pipeline 5, 18, 30, 36

Peyto Exploration & Development Corp 30, 37

PotashCorp 8, 26, 38

PrairieSky Royalty 30, 37

Precision Drilling Corporation 5, 7, 9, 12, 15, 17, 20, 21, 30, 35

Progressive Waste Solutions 40

Pure Technologies 7, 12, 30, 36

Raging River Exploration 30, 37

Capstone Mining 38

Carmanah Technologies 30, 38

CCL Industries 17, 31, 36

Celestica 31, 38

Cenovus Energy 25, 30, 37

CGI Group 5, 9, 10, 22, 31, 35

Cineplex Entertainment 6, 9, 30, 36

City National 26

CN 4, 5, 7, 8, 9, 10, 13, 16, 17, 18, 20, 22, 24, 25, 29, 30, 35

Columbia Pipeline Group 8, 26

Corus Entertainment 30, 38

Crescent Point Energy 30, 37

Crew Energy 12, 15, 30, 37

CST Brands 26

Denison Mines Corp 40

Descartes Systems Group 9, 31, 37

Detour Gold 5, 11, 31, 35

DHX Media 30, 39

DIRTT Environmental Solutions 40

Dollarama 5, 7, 9, 10, 18, 20, 30, 35

Eldorado Gold Corp 6, 31, 36

Element Financial Corp 30, 38

Emera 40

Enbridge 6, 8, 26, 30, 36

Encana 23, 29, 30, 38

EnerCare 40

Enerflex Systems 40

Enerplus Corporation 30, 38

Equitable Group 39

Evertz Technologies 39

Exchange Income Corporation 39

Finning International 30, 37

First Capital Realty 39

First Quantum Minerals 31, 37

FirstService Corporation 39

Fortis 8, 15, 26, 31, 36

Franco-Nevada 24, 31, 37

Genworth MI Canada 30, 38

Gildan Activewear 30, 36

Gold Standard Ventures 8, 28

Goldcorp 5, 10, 23, 31, 35

Great-West Lifeco 8, 23, 30, 37

Héroux-Devtek 40

Home Capital Group 30, 38

Hudbay Minerals 6, 36

Hydro One 4, 8, 27, 31, 37

Advantage Oil & Gas 39

Aecon Group 5, 7, 8, 9, 12, 15, 17, 23, 30, 35

Ag Growth International 30, 39

Agnico Eagle Mines 4, 5, 7, 8, 9, 10, 13, 16, 18, 20, 21, 22, 24, 25, 31, 35

Agrium 8, 26, 29, 31, 36

Air Canada 5, 7, 9, 11, 19, 22, 30, 35

Alamos Gold 5, 7, 9, 11, 14, 19, 20, 31, 35

Alaris Royalty 30, 38

Algonquin Power & Utilities 6, 9, 17, 31, 36

Alimentation Couche-Tard 6, 9, 16, 26, 30, 36

Allied Properties REIT 30, 37

Altus Group 12, 30, 37

ARC Resources 4, 5, 7, 9, 11, 14, 17, 19, 20, 21, 22, 24, 29, 30, 35

Aritzia 8, 27

Asanko Gold 39

Avigilon 31, 39

B2Gold Corp 31, 37

Badger Daylighting 30, 38

Barrick Gold 6, 20, 31, 36

Baytex Energy 30, 38

BCE 5, 9, 10, 13, 16, 26, 30, 35

Black Diamond Group 39

BMO Financial Group 6, 30, 36

Boardwalk Real Estate Investment Trust 39

Bombardier 30, 38

Bonavista Energy 39

Boralex 6, 7, 9, 12, 31, 36

Boston Pizza Royalties Income Fund 39

Brookfield Asset Management 30, 37

Brookfield Renewable Energy Partners 37

BRP 30, 38

CAE 30, 37

Calfrac Well Services 30, 39

Cameco 6, 31, 36

Canadian Energy Services & Technology Corp 12, 19, 30, 37

Canadian Imperial Bank of Commerce 5, 7, 9, 10, 16, 20, 30, 35

Canadian Natural Resources 6, 30, 36

Canadian Pacific Railway 5, 8, 10, 13, 16, 22, 29, 30, 35

Canadian Tire 5, 7, 9, 11, 14, 19, 21, 30, 35

Canadian Utilities 8, 23, 39

Canfor 39

Canyon Services Group 30, 38

Capstone Infrastructure Corporation 39

Index


Index

Tamarack Valley Energy 30, 38

TD Bank Group 4, 5, 7, 8, 9, 10, 13, 20, 22, 24, 30, 35

Teck Resources 5, 8, 10, 13, 21, 29, 31, 35

TELUS 5, 9, 10, 13, 16, 20, 21, 24, 30, 35

The Boyd Group 12, 17, 30, 37

Thomson Reuters 6, 7, 8, 18, 29, 36

Tidewater Midstream and Infrastructure 28, 40

TORC Oil & Gas 12, 30, 37

Torex Gold Resources 39

Toromont Industries 30, 36

Tourmaline Oil 39

TransCanada 5, 7, 8, 9, 10, 16, 18, 22, 26, 30, 35

Transcontinental 30, 39

Trican Well Service 40

Tricon Capital 12, 30, 37

Trinidad Drilling 4, 7, 12, 15, 30, 37

Turquoise Hill Resources 39

Uni-Select 40

Veresen 4, 8, 23, 30, 37

Vermilion Energy 5, 11, 14, 17, 19, 30, 35

Western Energy Services Corp 30, 38

WestJet Airlines 9, 30, 36

Whitecap Resources 30, 37

WSP Global 4, 5, 7, 9, 11, 14, 17, 20, 21, 22, 30, 35

RBC 5, 7, 9, 10, 16, 18, 20, 24, 26, 30, 35

Red Eagle Mining 8, 28

Richmont Mines 7, 12, 15, 31, 36

Ritchie Bros Auctioneers 39

Rogers Communications 4, 5, 9, 13, 20, 30, 36

Russel Metals 31, 38

Sandvine 31, 38

Saputo 16, 30, 37

Scotiabank 5, 7, 9, 10, 13, 18, 22, 23, 30, 35

Secure Energy Services 30, 38

Seven Generations Energy 6, 30, 36

Shaw Communications 23, 30, 39

ShawCor 30, 37

Shopify 40

Silver Wheaton 39

Sirius XM 39

SNC-Lavalin 5, 11, 14, 17, 21, 23, 30, 35

Spectra Energy 8, 26

Stantec 5, 7, 8, 9, 11, 17, 19, 24, 25, 30, 35

Stella-Jones 38

Stingray Digital Group 30, 38

Sun Life Financial 6, 24, 30, 36

Suncor Energy 5, 7, 8, 9, 10, 13, 16, 20, 22, 25, 30, 35

Superior Plus 40

Tahoe Resources 40


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