CFA Society Toronto - Members Only

The Analyst March 2016

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2 © 2016 CFA Society Toronto THE ANALYST | March 2016 EDITORIAL BROOKE SMITH March 2016 Table of Contents EDITORIAL ......................................................... 2 PRESIDENT'S MESSAGE ................................... 3 FROM THE DESK OF THE CEO ........................... 4 UPFRONT: BOOKS FOR BUSINESS SPRING FLINGS ......................................... 6 INTERNATIONAL WOMEN'S DAY TRAILBLAZING WOMEN ........................... 8 GENDER BALANCE ................................. 10 CHARTERHOLDER PROFILE THE VISIONARY ....................................... 12 ONTARIO RETIREMENT PENSION PLAN RETIREMENT PLANS .............................. 14 RRSP VS. TFSA THE DRIVE TO SAVE ............................... 16 TAX PART 1: THE TAXMAN RETURNS ............ 18 INDUSTRY DEVELOPMENT BLIND SPOTS ........................................... 22 THE ZEN FACTOR .....................................24 2016 CHARTER RECOGNITION CEREMONY THE FUTURE OF FINANCE...................... 26 WELCOME NEW MEMBERS ............................................. 27 BROAD INFLUENCE In honour of International Women's Day, March 8, I'd like to address the women in the room or, more precisely, the lack of women in the board room. My grandmother used to tell me that a woman's work is never done. Day job, housework, children—it was (and still is) never-ending. But there are some work opportunities that many women would love to take advantage of and don't get a chance to. I'm talking about corporate board membership. Corporate board membership is not simply participating in corporate management of a single company; it's often a gateway to further professional opportunities and success. And, historically, it has largely been the province of men. Unfortunately, in 2013, only 15.9 percent of women held board seats in corporate Canada, according to that year's Catalyst Census: Financial Post 500 Women Board Directors. That's a startling statistic, given women make up just over half of Canada's population. But why do we need women on boards, anyway? Well, a recent report from Catalyst—The Bottom Line: Corporate Performance and Women's Representation on Boards—showed that Fortune 500 companies with the highest representation of women board directors attained considerably higher financial performance, on average, than those with the lowest representation of women directors. That report looked at three financial measures: return on equity, return on sales, and return on invested capital. On average, companies with the highest percentages of women directors outperformed those with the least by 53 percent for return on equity, by 42 percent for return on sales, and by 66 percent for return on invested capital. Hillary Clinton, speaking about women in politics last year, said, "I just think women in general are better listeners, are more collegial, more open to new ideas and how to make things work in a way that looks for win-win outcomes." Women, it seems, bring a unique intellectual perspective to boards—in addition to financial advantage. Surely any corporate board would want such directors! Unfortunately, it would appear that board positions for women are simply few and far between—but not for lack of talent or desire to fill those directorships. Perhaps it is still, in many ways, the traditional old boys' club where gender still remains a live issue, and the paths that lead the way to a board position are still largely controlled by male-dominated networks. But thanks to initiatives such as CFA Society Toronto's Alpha Project and organizations like the 30% Club (see Camilla Sutton's story on page 10), women's influence might be getting a little broader. Such initiatives are critical to help women break through the glass ceiling. They deserve our support and encouragement. FOLLOW US ON TWITTER AND LINKEDIN

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