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RISKY BUSINESS?
Oil sands investing in a new economic era
THE EVENT
EXPERT PANEL DISCUSSION & NETWORKING RECEPTION
On April 23, 2015, investment analysts, thought-leaders, and decision-makers
will gather for what is sure to be an animated discussion on the very real risks
of oil sands investing.
Led by such eminent business and financial personalities as Tom Sanzillo,
Wayne Wachell, and Karen Lockridge, participants will explore some of the
very serious questions facing the investment community today.
A networking cocktail before the panel discussion will help to get the
conversation started.
THE SPOKE CLUB
APRIL 23, 2015 | 6:00 - 8:30 PM
THIRD FLOOR GALLERY, 600 KING ST W, TORONTO, ON M5V 1M3.
The event will take place in The Spoke Club, located in the
heart of Toronto’s bustling King West strip. Guests and panelists
will enjoy lively discussion in what is certain to be a comfortable
and engaging atmosphere.
THE ISSUE
Will fossil fuel investments hold their value long-term? That’s the question many investors are starting to ask.
While oil has historically brought strong returns, in this changing economic and energy landscape, it may
no longer be a successful bet.
Even before the precipitous drop in oil prices, major oil sands projects were being shelved as a result of
market access constraints, public opposition, and soaring production costs. Since then, many others have
been pushed to the margins of profitability and the industry remains on edge as it waits for decisions on
major infrastructure projects such as the Keystone XL pipeline.
Short term market access constraints dominate current uncertainty in the industry, but mid and long term
risks associated with unburnable carbon and stranded assets are also gaining traction as regions and
nations move to address climate change.
Concern related to these climate risks has been raised by institutions ranging from the International
Energy Agency (IEA) and the World Bank to national banks like the Bank of England. According to the IEA,
a minimum of two thirds of known fossil fuel reserves must stay underground in order to have a 50% chance
of reaching global climate goals. Given the high-cost, high-carbon nature of the oil sands, further studies
(such as a recent one in the journal Nature) indicate that oil sands expansion will not be profitable as the
world moves to address climate change.
Some investors are betting that our energy future is going to look exactly like the past, and they’re sticking
with oil. Others are shedding their fossil fuel assets in anticipation of future market trends in a low carbon
economy.
All investments have, by nature, an element of risk. Investors seek to minimize these risks by knowing the
facts. The panel will discuss the most recent research and expertise to help investors weigh the risks and
make wise decisions for their portfolios.
It’s a conversation about finance, with a dash of social responsibility.
JOIN US!
THE PANELISTS
TOM SANZILLO
Director of Finance for the Institute for
Energy Economics and Financial Analysis, New York.
Tom Sanzillo is the Director of Finance for the Institute for Energy Economics and
Financial Analysis (IEEFA). Sanzillo has run his own company, TR Rose Associates,
for the past six years.The company has served several clients working to create fossil
fuel alternatives in the United States and around the world. Sanzillo has served in
senior management positions to the publicly elected Chief Financial Officers of
New York City and New York State. He also served as the First Deputy Comptroller
or the State of New York. Among his responsibilities was the management of a
$150 billion globally invested public pension fund. Additionally, he performed
the duties of the New York State Comptroller for a short period following his
predecessor’s early retirement. Sanzillo’s reports on the American coal industry
have resulted in multiple investigations by federal oversight bodies including
the Securities and Exchange Commission, the United States Congress, and the
Government Accountability Office (GAO). His most recent publication on New York
State government and finance is part of the 2012 Oxford Handbook of New York
State Government and Finance.
WAYNE WACHELL
Co-Founder, CEO & Chief Investment Officer,
Genus Capital Management, B.C.
Wayne Wachell co-founded Genus Capital Management in 1989 and is the architect
of the firm’s investment process. He directs the company’s investment and research
operations and the development of new products, including the firm’s industryleading Fossil Free suite of equity and fixed income portfolios. With growing interest
from endowments, pensions and institutional asset owners in divesting from fossil
fuels, Wachell was invited to speak at the Vancouver Climate Risk Forum on his
firm’s unique approach to “Making Fossil Free Investing Work for Canadians”.
He was also invited to address the University of British Columbia Faculty Association
prior to their vote to divest from fossil fuels. Wachell also serves on the Board of the
Bill Reid Foundation and mentors students in the University of British Columbia
Portfolio Management Foundation program. He is a past-president of the Vancouver
Society of Financial Analysts. Wachell grew up in northern Manitoba. He holds an
MBA and a Bachelor of Science in Computer Science from the University of Alberta.
KAREN LOCKRIDGE
Principal, Mercer Investments, Toronto.
Karen Lockridge is a Principal at Mercer based in Toronto. Karen focuses on
raising awareness and understanding of sustainability-related risks, trends and
opportunities, such as those relating to water and resource shortages, climate
change, environmental management and corporate responsibility. She represents
Mercer on the Marsh & McLennan Companies Task Force on Sustainability and
Climate Change. During her 20 year career at Mercer, Karen has held a variety of
leadership roles in defined benefit risk management, strategy execution, knowledge
management and operations. In addition to her time at Mercer, Karen spent 18
months in 2010/11 as Director, Pension and Benefits at BMO Financial Group. Karen
graduated from the University of Alberta with an Honours Bachelor of Science in
Applied Mathematics in 1990. She is a Fellow of the Society of Actuaries and the
Canadian Institute of Actuaries (CIA). Karen is a member of the CIA Board of Directors
and she chairs the CIA Climate Change and Sustainability Committee.
MODERATOR
SEAN MALLEN
Sean is a top rank communications professional with broad and deep experience in
delivering compelling stories on the national and international stage in both traditional
and new media. Sean enjoyed an award-winning career as a reporter with more than
30 years covering major stories across Canada and around the world. For Global News
he was London Bureau Chief, Queen’s Park Correspondent and Host-Producer of the
influential Focus Ontario program — a must-view show at both the Ontario Legislature
and on Parliament Hill. From prime ministers and premiers, Catholic Cardinals and
CEOs, Sean has interviewed some of the most intriguing figures of our time.