2014 annual report - cfa institute · connor, clark & lunn private capital . 3 table of...
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2014 ANNUAL REPORT
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MISSION STATEMENT To lead the investment profession by promoting ethical behaviour, professional excellence, and fellowship.
VISION STATEMENT To be the gold standard investment professional designation.
OFFICERS DIRECTORS President Candidates Committee Chair Daren Atkinson, CFA Jessie Bobinski, CFA Leith Wheeler Investment Counsel Dixon Mitchell Investment Counsel Vice President University Outreach Committee Chair Maria Pacella, CFA Eric Bukovinsky, CFA Terramera Yaletown Venture Partners, Inc. Treasurer Programs Committee Co-Chair Duane Tup Chong, CFA Dmitri Kotliarov, CFA KPMG Travelers Capital Corporation Secretary Sponsorship Committee Chair David Smith, CFA Paul Martin, CFA Pinnacle Fund Administration Phillips, Hager & North Past President Social Committee Chair David Barr, CFA Troy Peart, CFA PenderFund Management Royal Bank of Canada Forecast Dinner Committee Chair Ross Turnbull, CFA Odlum Brown Public Awareness Committee Daniel Wong, CFA Connor, Clark & Lunn Private Capital
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TABLE OF CONTENTS President's Message ............................................................ 4 Candidates Committee ........................................................ 6 Finance & Governance Committee ..................................... 8 Forecast Dinner Committee ................................................ 9 Membership Committee ..................................................... 10 Programs Committee .......................................................... 11 Public Awareness Committee ............................................. 13 Social Committee ................................................................ 15 Sponsorship Committee ...................................................... 16 University Outreach Committee ......................................... 18 Women's Symposium Committee....................................... 19 New Charterholders ............................................................ 20 Committee Volunteers ........................................................ 21
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PRESIDENT'S MESSAGE Daren Atkinson, CFA Dear members of CFA Society Vancouver,
I am pleased to report to our membership that CFA Society
Vancouver had another very successful year due to the efforts
of our board members, volunteers and staff.
One area our Society focused on during the 2013/2014 fiscal
year was promoting awareness of the charter and its
importance in today’s environment. In this regard, our
society has been very excited to support a global CFA
Institute initiative called “The Future of Finance,” whose
objective is to create positive change in the financial industry. This endeavor is built around
the following six focus areas:
1. Investors 1st – the fiduciary duty to protect investor interests
2. Financial knowledge – empowering investors to make better decisions
3. Regulation and enforcement – protecting investors and preserving capital market
integrity
4. Retirement security – sensible solutions for pension systems worldwide
5. Safeguarding the system – promoting stability and minimizing systemic risk
6. Transparency and fairness – standards to promote and open and honest financial
system.
CFA Society Vancouver has engaged in a variety of activities to support these initiatives. To
date our efforts have been focused on the publication of our semi-annual BC Investor
Outlook, which is intended to further investor education by providing objective and unbiased
content focused on the economy, capital markets, portfolio management, taxation, estate
planning and other topics of interest to investors in our local market. We are also hosting bi-
annual Wealth Management Conferences which are designed to appeal to private investors by
accessing the talent pool of CFA Society Vancouver’s membership and industry contacts to
help address issues and challenges facing investors.
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Another significant accomplishment during the year was the Women’s Symposium we hosted
last November, a full day event with a focus on changing the demographic perception of
leadership and professional careers. The symposium was the first women focused event
organized by CFA Society Vancouver. We received tremendous support from the local
business community and the event sold out well in advance. Feedback was extremely positive
and we will definitely look to host similar events in the future.
CFA Society Vancouver is a not-for-profit organization and we could not provide the
programs and events we offer to our membership without the help of our volunteers. We are
very fortunate to have three very qualified individuals up for election to join our board this
year, including Kelly Woodall (Partner at Seymour Investment Management), Wally
Trueman (Fixed Income Trader at Odlum Brown) and Michael Job (Private Client Portfolio
Manager at Leith Wheeler Investment Counsel).
I have personally been involved with our Society’s Board for over six years and have
thoroughly enjoyed the experience. Earning the CFA Charter was a significant milestone in
my career and I have been fortunate to give back through my role on the board. It has been
my privilege to serve our membership as President of CFA Society Vancouver over the past
year. I look forward to continuing to watch our society evolve and grow as we approach the
50th anniversary of CFA Society Vancouver in 2015.
Sincerely,
Daren Atkinson, CFA
President
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CANDIDATES COMMITTEE Jessie Bobinski, CFA CFA Society Vancouver supported its nearly 1,100 candidates through a number of initiatives
and programs in the 2013/2014 fiscal year. Notably, this was the first year we offered the
Candidate Associate Membership, an optional membership that provides discounts to mock
exams, access to a “Day in the Life” event, a Level 1 and Level 2 Financial Statement Analysis
workshop, study group co-ordination, candidate reception, charter award ceremony ticket for
new charter recipients and access to the job board. We have enjoyed great success with the
Candidate Associate Membership, as approximately 20% of our candidates are utilizing the
membership program with the numbers growing as we reach the June exam period.
In December 2013, we welcomed Beth Hamilton-Keen, board member with the Board of
Governors of the CFA Institute, as the keynote of the charter awards ceremony. Fifty five of
the 84 charter recipients enjoyed an amazing dinner at the Four Seasons Hotel with their
friends, families and past presidents of CFA Society Vancouver.
In March 2014, we welcomed Michael McMillan, Director of Ethics and Professional
Standards at CFA Institute, as the keynote of the candidate reception. Candidates had the
opportunity to network and enjoy presentations from local CFA charterholders, who shared
personal stories of study success and discussed the importance of the CFA charter in their
career. Further, a local recruiting firm, McNeill Nakamoto, was present to discuss the
importance of the CFA charter when seeking a role in finance, as well as resume and
interview tips.
In December 2013 and May 2014, we hosted two mock exams created by BSAS and Schweser.
Candidates had the opportunity to attempt these two exams over two consecutive Saturdays.
The mock exams were well attended with approximately 30% of the candidates taking
advantage of the additional exam practice.
In addition, we participated in the CFA Institute scholarship program, facilitated the
organization of study groups, created and issued regular newsletters and hosted two social
events in June (the after-exam party) and October.
We continued our strong relationship with Morgan International, who has graciously
continued to sponsor our Candidate programs. Further, we have begun a relationship with
the UBC DAP program and we thank them for providing us with future mock exam space and
instructors for our financial analysis workshops.
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We sincerely thank the many volunteers, including industry professionals, charterholders and candidates, as without their support we would not be able to continue the programs we offer today.
2013 Charter Awards Ceremony
2013 Charter Awards Ceremony
Beth Hamilton-Keen
Mock Exam May 2013
2014 Candidate Reception
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FINANCE & GOVERNANCE COMMITTEE Duane Tup Chong, CFA The Finance Committee assists the Board of Directors in its duty to manage the net assets of the
Society. The Committee adheres to the Investment Policy Statement (“IPS”) which outlines the
investment objectives, time horizon and constraints, including overall tolerance for risk as
approved by the Board of Directors. The IPS specifically prohibits investments in any products
where there may be a real or perceived conflict of interest with any member of the Board or the
Committee.
During fiscal 2014, the Committee met multiple times during the period to discuss the Society’s
operating results. The net assets of the Society increased from $381 thousand to $480 thousand
for the period, largely due to the Society’s operating surplus for the period. Currently, the net
assets are allocated approximately 50% cash and cash equivalents, 30% fixed income and 20%
equities. The investments are invested in mutual funds developed by major financial
institutions. The Committee monitors and balances this portfolio based on the constraints of
the IPS on a quarterly basis.
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FORECAST DINNER COMMITTEE Ross Turnbull, CFA & Jason Anderson, CFA CFA Society Vancouver was proud this past January to host the 36th Annual Forecast Dinner,
which has once again set the standard for gala dinners in the city's investment community.
Capacity at the Hyatt Regency ballroom in Vancouver was stretched another 3% for the tour de
force, so that 643 CFA Society members and guests could sample the market prognostications of
esteemed headliners John Mauldin, Jim Gilliland, and Avery Shenfeld.
The speakers' views were consistent in that all three expected the TSX and S&P500 to rally in a
narrow band in line with nominal GDP growth as the North American economic recovery takes
hold. The S&P500 was generally expected to slightly outperform the TSX, despite continued
monetary stimulus tapering by the Federal Reserve Bank, which was also expected to lead to
slightly higher 10 year sovereign yields in both Canada and the USA.
Major Event Committee and Sponsorship Committee volunteers worked hard to increase the
number of sponsors 45% from the prior year, which was reflected in the sumptuous menu and
wine list procured by event organizers. Meticulous attention to detail and time management
allowed for all the proceedings to be completed on schedule with numerous tables afterwards
regrouping in the hotel bar for extended and animated variations on the evening investment
themes.
From left: Ross Turnbull, John Mauldin, Ian Robertson, John Gjervan, Andrew Sweeney
Congratulations to Mary Lou Miles
2013 Forecast Winner
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MEMBERSHIP COMMITTEE Virginia Coles CFA Society Vancouver was founded in 1965 and has a long proud history, offering programs
of interest and other services to our members. The volunteers at CFA Society Vancouver have
worked hard to meet the needs of our membership for the past 48 years, as our industry
continues to evolve. We have conducted a number of surveys over the past several years and
the feedback has been extremely valuable. The areas that consistently rank highest in terms
of the priorities our members would like us to focus on include:
Hold Educational Events (including High Profile speaker events)
Provide Career Development Resources
Promote the CFA Charter Locally
The scope of the events we offer has expanded significantly to meet these objectives. It is
important to note that all of our events are put on for the benefit of our members and are run
at break even or often a loss. We are also increasing our outreach efforts, as we look to raise
investor awareness of the Charter, the high ethical standards it imposes on Charterholders
and its importance in today’s environment. In order to meet the growing needs of our
membership, the Board of CFA Society Vancouver hired a professional administrator in 2010.
Your membership with CFA Society Vancouver provides you the following benefits:
Access to CFA Society Vancouver job board (restricted to members)
Members receive discounts of up to 20% on our events
CFA Society Vancouver offers several events each year exclusive to members (examples include upcoming presentation with Deputy Governor of the Bank of Canada, Timothy Lane, and member only social events)
Priority registration for events with limited capacity (e.g. Annual Forecast Dinner, CFA Day)
CFA Society Vancouver social media groups (e.g. LinkedIn)
Member discounts with Perkopolis (up to 20% off car rentals, up to 40% off hotel bookings, up to 30% off movie tickets, up to 60% off at OK Tire and discounts at Disney World)
Contact information updated with CFA Institute
List of annual event payments upon request CFA Society Vancouver has a total of 1,257 Regular and Affiliate members, up from 1166 in 2013 and a member retention rate is 94.5%, which is approximately 8% higher than all other CFA Societies.
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PROGRAMS COMMITTEE David Smith, CFA & Dmitri Kotliarov, CFA CFA Society Vancouver had one of its most active years in delivering programs and events. We
opened the box this year to broaden the scope, structure and variety of events, which resulted in
several selling out. We could not put on all of these events without the continuing support of
our dedicated committee, our programs sponsor, Horizons ETFs, and of course the participation
of our membership and guests. Next year we look to build on the great success we had this year
buy widening the topic areas, offering more CE credits and focusing on high quality events. As
always, we appreciate all your feedback as it helps strengthen our programs offerings.
A few highlights of the year:
CFA Day in September with David Foot was a fantastic event with our largest attendance of
the year. David Foot, as always, entertained the audience and presented updated results of
his enlightening research on demographics and their impact on the global economy.
February saw the return of the Alternative Investment Outlook Forum and our partnership
with CAIA and PRMIA in hosing this event. Several investment professionals across many
topic areas, graciously donated their time to give the audience an inside look into the inner
workings of Alternative Investments. We look to build on this success for next year and
address new issues impacting alternative investments and the investing community.
Below is a summary of all our events of the year:
Options for Enhanced Yield May 09 Accounting Scandals October 22
Derivatives Reform May 16 Presenting Like a Leader November 07
Minimum Risk Strategies May 23 Commercial Real Estate November 26
Mining Essentials Course May 24 Price of Gold December 05
Global Economy June 06 Alternative Investment Outlook Forum February 27
Currency Wars June 18 Environmental, Social and Governance Issues February 28
Monte Carlo Approach and Simulation July 09 Ethics March 12
Mergers & Acquisitions September 10 Global Opportunities March 25
CFA Day – Demographics September 23 Sustainable Withdrawal Rates April 08
GIPS Performance Measurement September 26 Goals Based Wealth Management April 22
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Alternative Investment Outlook Forum February 27, 2014
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PUBLIC AWARENESS COMMITTEE Daren Atkinson, CFA & Daniel Wong, CFA The CFA designation competes for recognition with a number of other professional
organizations in financial services in Canada. For this reason “promoting the
value/increasing awareness of the CFA charter among the investing public” was identified as
a key priority amongst Canadian CFA Society members in the CFA Institute’s most recent
member survey.
As mentioned in this year’s President’s address, a key area of focus for CFA Society Vancouver
has been promoting awareness of the charter. Our Society has several initiatives under way
which we feel will help assist these efforts. We launched our semi-annual publication – the
BC Investment Outlook - in June 2013, which provides investors objective and unbiased
content focused on the economy, capital markets, portfolio management, taxation, estate
planning and other topics of interest to investors in our local market. We are also hosting bi-
annual Wealth Management Conferences which are designed to appeal to our membership as
well as the investing public.
On a national basis, CFA Societies across Canada are working together to raise awareness of
the Charter amongst the investing public. There are currently preliminary plans in place to
create a national website which would provide unbiased investment educational content to
investors. We are also discussing a national public awareness campaign to help promote the
CFA designation to Canadian investors as the pre-eminent mark of integrity and investment
knowledge.
It is our expectation that as a result of these efforts, investors will increasingly demand the
expertise of a CFA Charterholder when looking for an investment advisor/counselor.
CFA Society Vancouver continues to help support the Canadian Advocacy Council for
Canadian CFA Institute Societies (“CAC”). The CAC is a Pan Canadian body representing the
interests of Canadian CFA Institute societies with regards to advocating CFA Institute’s Code
of Ethics and Standards of Practice to Canada’s securities regulators, standard setters, self-
regulatory organizations, industry groups and legislators. The committee responded to a
wide variety of requests for comments in the 2013/14 fiscal year on issues ranging from
investor rights to proxy voting.
In the past year, CFA Society Vancouver continued to expand the use of social media to
connect with our members. On Twitter (@cfavancouver), we live tweeted from various events
including luncheons, the annual Forecast Dinner, and the recent Wealth Conference. It has
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become one of the tools to communicate upcoming CFA Society Vancouver events and
reminders of any last minute detail changes. There are close to 500 followers and the plan is
to continue to grow and connect with members with the Society as well as with our peers
across the CFA Institute.
Members can also connect with CFA Society Vancouver and with each other through
LinkedIn. This is a great forum for members to share ideas, career opportunities, and
professional updates. This social platform is more acutely focused on matters related to the
finance profession and we will continue to grow its usage in helping our members connect. If
you have not already done so, please find CFA Society Vancouver on LinkedIn.
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SOCIAL COMMITTEE Troy Peart, CFA CFA Society Vancouver's Social Committee had another successful year hosting five events,
two in partnership with the Chartered Professionals Accountants of BC and the Canadian Bar
Association of BC.
The committee continued its support of candidates by organizing pub nights in October and
June, following the June CFA exam. These events are very important for candidates, as they
provide the opportunity to share exam stories and successes as well as to network within
Vancouver's finance community.
The annual Monte Carlo Night on June 19, 2013 was well received by professionals with
a wide range of designations, including CFA, CA, CGA, and LLB which definitely achieved
one of the key CFA membership requests to create opportunities to broaden the awareness of
the CFA designation within complementary professional circles.
On April 24, 2014, CFA Society Vancouver hosted its first wine dinner at Lupo Restaurant
where guests enjoyed a five course meal paired with a selection of wines from Italy and
British Columbia. Feedback was excellent, so the wine dinner may become an annual event
for the Society.
Events June 1 CFA Exam After Party June 19 Monte Carlo Night October 10 Candidate Pub Night December 10 Holiday Affair April 24 Wine Dinner 24
April Wine Dinner at Lupo Restaurant
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SPONSORSHIP COMMITTEE Paul Martin, CFA Sponsorship is an important activity for your Board of Directors. In the most recent fiscal
year, sponsorship represented 18% of the Society’s revenues. This allows us to offer events
such as our forecast dinner and our lunch programs at or close to their cost.
This year’s sponsorship revenue set a record. For that, we thank our sponsors, as well as the
volunteers who contributed to our efforts.
Looking ahead, our objectives are to further improve the value that our sponsors receive from
supporting us. We also want to continue to improve our processes around managing
sponsorships, including pursuing multi-year arrangements with sponsors, to reduce the
volatility in revenue from year to year that we have experienced in the past
Thank you to the following sponsors for their generous support of our programs and events. Candidate Sponsors
Programs Sponsors
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Forecast Dinner Sponsors
Women's Symposium Sponsors
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UNIVERSITY OUTREACH COMMITTEE Eric Bukovinsky, CFA CFA Society Vancouver’s University Relations Committee increases the awareness of the
designation among students and pre-candidates in the Lower Mainland. For the current year,
the committee held numerous information sessions and spoke at university events in the
greater Vancouver area. In addition to the outreach activities, the committee held the local
competition for the CFA Institute Research Challenge.
The Research Challenge is an annual global competition involving over three thousand
students and over seven hundred universities. The purpose of the competition is to provide
students with hands-on mentoring and intensive training in financial analysis. Six
universities participated in this year’s local competition; each team producing a research
report and presentation on the subject company, Ritchie Brothers Auctioneers. The winning
university of the local competition was University of British Columbia, earning the right to
participate in the regional competition held in Denver, Colorado.
The work of the University Relations Committee could not be accomplished without the
outstanding commitment of the more than thirty volunteers who have made each and every
event a success.
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WOMEN'S SYMPOSIUM COMMITTEE Maria Pacella, CFA
Effecting Change: 2013 CFA Society Vancouver Women’s Symposium
Leadership challenges for women has been a much talked about topic for many years, but
recently reignited with more direct dialogue by high-profile executives like Sheryl Sandberg in
her book Lean In. Advancing your career is a challenge that women across a variety of
industries and positions face, including finance and investments. This presented CFA Society
Vancouver the opportunity to organize a cross-functional event to attract not only our
membership, but also other members of the local professional community.
The first women focused event hosted by CFA Society Vancouver was held on November 5, 2013.
The symposium comprised five panels and a keynote address by Jessica Herrin, CEO and
Founder of Stella & Dot. The full day event attracted over 250 participants, many senior
executive speakers, prominent local CFA charterholders and great community support. The
panels, consisting of over 25 speakers, both men and women, focused on a variety of topics and
personal stories:
Promoting Women in the Workplace
Navigating your Personal Finances
What it Takes to be a CEO in a Man’s World
Get Women on Board – A Call to Action
The Art of Negotiations – How to Get What you Want and not Apologize for it
The success of this event clearly demonstrates that many individuals and organizations are more
open and willing to participate in the conversation and are trying to effect change in a variety of
ways than ever before. The event would not have been possible without the generous support
of all our sponsors. We look forward to hosting future events like this for our members and the
Greater Vancouver professional community.
Keynote Speaker: Jessica Herrin, Stella & Dot
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NEW CHARTERHOLERS 2013 Congratulations to the following individuals for earning their CFA charter in 2013.
Abigail Diane Syyong, CFA Guo Sally, CFA Peleg Bartfeld, CFA
Amir Boloor Foroosh, CFA Hong Liang, CFA Peyvand Bayzae, CFA
Andrew William Blazenko, CFA Jay Dilley, CFA Pieter Andrew Giezen, CFA
Anna Komissarova, CFA Jeanette Uy Hatol, CFA Qianying Zhou, CFA
Anson Lo, CFA Joe Kang Ma, CFA Ran Sun, CFA
Antony David Ramsden, CFA John Haggett, CFA Richard Daniel Arienzale, CFA
April Gagnon, CFA Jui-I Reya Lu, CFA Ryan Scott Mymko, CFA
Arsalan Farrokh, CFA Justin Jin-Hyung Cha, CFA Samson Yee Shun Mui, CFA
Ashkan Mohammadian-khezerlou, CFA Kalen Joseph Stewart, CFA Samuel Kenneth Meraw, CFA
Bahman Shafiei, CFA Kevin Arthur Mah, CFA Sean Young, CFA
Bardia Baradarani, CFA Kim Ly Uy, CFA Shannon Suzanne Sabine August, CFA
Blake Ryan Steels, CFA Krysta Janine Rehaag, CFA Stephane Guerraz, CFA
Bradley J. Bennest, CFA Lawrence William Schouten, CFA Stephen Szu Hao Chang, CFA
Brian Spencer Martin, CFA Lee Michael Edwards, CFA Tatenda Chirusa, CFA
Chih-ling Yin, CFA Lisa Marie Meger, CFA Thompson Pascal James, CFA
Christopher Gregory Michael Gillett, CFA Lori Robin Satov, CFA Tony Emil Buonaguro, CFA
Christopher Michalak, CFA Marc L. Ricou, CFA Trevor James O'Reilly, CFA
Darren Tze-Yen Lai, CFA Marc L. Tomlinson, CFA Victor Chin Yong Whang, CFA
David Craig McGowan, CFA Mark Anthony Tiberio, CFA Victor Kar-Kit Ko, CFA
Davies Town, CFA Mark Man Ho Tsang, CFA Vivian Si Yan Chow, CFA
Duncan Lai, CFA Martin Gordon McNish, CFA Wael Tfaily, CFA
Ellen Hoi Lam Chui, CFA Michael John Forge, CFA Wayne Aaron D'Sylva, CFA
Erfan Kazemi-Esfahani, CFA Michal Jan Krol, CFA Wei Zhang, CFA
Eric Leung Heng Chin, CFA Milan Raj Roy, CFA William Ben Temple, CFA
Farhan Anwar Beg, CFA Naraporn U-nanupap, CFA Wing Chung Tang, CFA
Gaganpreet Lalli, CFA On Tou Ernest Tsui, CFA Xiao Ning Liu, CFA
Gee Yoon Bae, CFA Parveen Walia, CFA Ximeng Sun, CFA
Glenn Neil Schoenroth, CFA Patrick Edward Padmore, CFA
Graham Sheppard, CFA Patrick Wilson, CFA
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COMMITTEE VOLUNTEERS CFA Society Vancouver would not be able to provide the level of support it does without the dedication of the following volunteers. The board of directors of CFA Society Vancouver would like to thank all of our volunteers for their hard work in making our organization a success. Candidates Committee University Outreach Committee Tricia Wu Ethan Dang Anna Imperial, CFA Randal Wong, CFA Estelle L'Heureux Gary Liang, CFA Jatinder Rai Tracy Steele, CFA Simon Tso Simon Dyakowski, CFA Andrew Blazenko, CFA Jamie Kozak, CFA William Wong Finance & Governance Committee Geoff Castle Deepak Gill Edison Lee Scott Blair, CFA Forecast Dinner Committee Glenn Powers, CFA Jason Anderson, CFA Jason Smolensky, CFA Jordie Hutchinson, CFA Programs Committee Kenton Freitag, CFA Nick Karliychuk, CFA Amarjit Grewal, CFA Theoni Pilarinos, CFA Deon Vernooy, CFA Jacqueline Kwok, CFA Sean Finucane, CFA Chris Haines, CFA Stephen Boland, CFA Jason Zandberg, CFA Public Awareness Committee Sheila Broughton, CFA Michael Job, CFA Derek Yee, CFA Kelly Woodall, CFA Women's Symposium Committee Sponsorship Committee Janine Guenther, CFA Kelvin Kwong, CFA Sarah Sharafzadeh Anna Imperial, CFA Cindy Hu Jennifer Liu Nikoo Nasr Bea Valles Theoni Pilarinos Estelle L'Heureux