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Royal Bank defends funding B.C.'s Coastal GasLink pipeline despite environmental concerns – CBC.ca

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3 years ago

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Royal Bank of Canada’s chief executive defended the bank’s funding of the Coastal GasLink pipeline Thursday and called for incentives to help the shift to a net-zero economy, as investors and Indigenous groups denounced its support of fossil fuels.

Chief executive Dave McKay was speaking at the bank’s annual shareholder meeting, which had been changed to a virtual-only format late on Wednesday after confirmation of a positive case of COVID-19 among its staff.

Wet’suwet’en hereditary chiefs had travelled from British Columbia to Toronto to express their opposition in person to RBC’s financing of the pipeline’s construction on traditional Indigenous land. The pipeline is 65 per cent owned by private equity firm KKR & Co. Inc. and the Alberta Investment Management Corp.

Calling into the meeting, they accused the bank of funding a project that they said has damaged rivers and wetland forests and limited their ability to hunt wildlife. 

McKay said the project has been extensively reviewed and approved by regulators and has the support of all 20 elected First Nations along the route. He added that 16 of them have taken the option to have an economic interest in it.

Despite support from elected leaders, the pipeline still faces fierce opposition from several groups, most notably Wet’suwet’en hereditary chiefs who say band councils — as political entities created by the federal government — do not have authority over land beyond reserve boundaries. 

That job, they say, belongs to hereditary chiefs under the Wet’suwet’en governance system which predates the formation of Canada and has not been extinguished.

Continued funding of fossil fuel companies

Canada’s major banks, including RBC, the largest, have released plans to lower their financed emissions but continued funding of fossil fuel companies and pipelines has riled some investors and communities. 

Last week, Canada released a $9.1-billion plan to meet its 2030 emissions-reduction targets.

Spending on green technologies is set to be a focal point of the 2020 budget, to be released later on Thursday.

The Canadian government’s plan to reduce carbon emissions will lead to “a massive shift in this decade,” which will require “public and private capital to support both growth and the green transition,” McKay said.

“That’s why investment and tax policies, as well as incentives must be considered.”

McKay also reiterated his concern about a proposed tax on banks’ profits. 

Two shareholder proposals urging RBC to exclude fossil fuel activity and projects opposed by Indigenous groups from eligibility for sustainable financing, and refrain from funding and advising on the privatization of pollution-intensive assets were defeated, in line with the board’s recommendation.

Pipeline a challenge to emission targets

Once completed, the Coastal GasLink pipeline will carry natural gas from near Dawson Creek, in northeast B.C. to the LNG Canada processing plant on the coast in Kitimat.

That project has been described by the Canadian Centre for Policy Alternatives as a “carbon bomb” that is incompatible with the province’s carbon reduction goals.

Speaking to CBC this week, B.C.’s minister for environment, George Heyman, said the emissions associated with Phase 1 of the LNG Canada plant are accounted for in the models laid out by the Clean B.C. plan. The province has said details on the program for reducing emissions from industries will be released in 2023. 

But the Sierra Club B.C., which is suing the province for failing to provide a detailed plan to achieve emissions targets, says the full emissions enabled by the LNG Canada terminal in Kitimat alone would make it nearly impossible to meet the province’s targets.

Hollywood criticism

Actor and activist Mark Ruffalo has spoken out against the Coastal GasLink pipeline in British Columbia. (Craig Ruttle/The Associated Press)

RBC’s support of the pipeline has also drawn criticism from high-profile Hollywood stars including The Avengers stars Mark Ruffalo, Robert Downey, Jr. and Scarlett Johannson.

In an interview with CBC, Ruffalo said he banks with RBC subsidary City National Bank and so feels responsible to push the bank to stop funding the pipeline.

“As much as they speak about being champions for climate change and being champions of Indigenous rights and Indigenous people, everything that I’ve seen is absolutely contrary to those two claims,” Ruffalo said.

But Crystal Smith, elected chief councillor of the Haisla Nation in northwest B.C. and one of the supporters of Coastal GasLink, said the actor failed to understand the benefits of the pipeline project in providing jobs and money and supporting cultural revitalization and education initiatives for Indigenous people in the region.

“It’s done more for economic reconciliation than any other project,” she told CBC.

As for the divide between hereditary and elected Wet’suwet’en leaders over whether to support the project, Smith said disagreements are to be expected among any group of people and that it is up to members of the nation to decide how to move forward.

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What Difference Will You Make to an Employer?

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5 hours ago

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October 21, 2024

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Ex-Employer (Job)

It’s common knowledge that companies don’t hire the most qualified candidates. Employers hire the person they believe will deliver the best value in exchange for their payroll cost.

Since most job seekers know the above, I’m surprised that so few mention their Employee Value Proposition (EVP). Most job seekers list their education, skills, and experience without substantiating them and expect employers to determine whether they can benefit their company; hence, most resumes and LinkedIn profiles are just a list of opinions—borderline platitudes—that are meaningless and, therefore, have no value. Job seekers need to better explain, along with providing evidence, how they’ll contribute to an employer’s success.

Employers don’t hire opinions (read: talk is cheap); they hire results.

You’re not offering anything tangible when you claim:

 

  • I’m a great communicator.
  • I’m detail oriented.
  • I’m a team player.

 

Tangible:

 

  • “At Global Dynamics, I held quarterly town hall meetings with my 22 sales reps, highlighting our accomplishments, identifying opportunity areas, and recognizing outstanding performers.”
  • “For eight years, I managed Vandelay Industries IT department, overseeing a staff of 18 and a 12-million-dollar budget while coordinating cross-specialty projects. My strong attention to detail is why I never exceeded budget.”
  • “While working at Cyberdyne Systems, I was part of the customer service team, consisting of nine of us, striving to improve our response time. Through collaboration and sharing of best practices, we reduced our average response time from 48 to 12 business hours, resulting in a 35% improvement in customer feedback ratings.”

 

These examples of tangible answers provide employers with what they most want to hear from candidates but rarely do; what value the candidate will bring to the company. Typically, job seekers present their skills, experience, and unsubstantiated opinions and expect recruiters and employers to figure out their value, which is a lazy practice.

Getting hired isn’t based on “I have an MBA in Marketing and Sales,” “I’ve been a web designer for over 15 years,” “I’m young, beautiful and energetic,” blah, blah, blah. Likewise, being rejected isn’t based on “I’m overqualified,” “I’m too old,” “I don’t have enough education,” blah, blah, blah. Getting hired depends entirely on showing employers that you can add value and substance to their company; that you’ll serve a purpose.

When you articulate a solid value offer, the “blah, blah, blah” doesn’t matter. Job seekers focus too much on the “blah, blah, blah,” and when not hired, they say, “It’s not me, it’s…” The biggest mistake I see job seekers make is focusing on the “blah, blah, blah”—their experience and education—believing this is what interests employers. Hiring managers are more interested in whether you can solve the problems the position exists to solve than in your education and experience.

 

Not impressive: Education

Impressive: A track record of achieving tangible results.

 

You aren’t who you say you are; you are what you do.

 

If you want to be somebody who works hard, you have to actually work hard. If you want to be somebody who goes to the gym, you actually have to go to the gym. If you want to be a good friend, spouse, or colleague, you have to actually be a good friend, spouse, or colleague. Actions build reputations, not words.

The biggest challenge job seekers face today is differentiating themselves. To stand out and be memorable, don’t be like most job seekers, someone who’s all talk and no action. Any recruiter or hiring manager will tell you that the job market is heavily populated with job seekers who talk themselves up, talk a “good game” about everything they can “supposedly” do, drop names, etc., but have nothing to show for it.

More than ever, employers want to hear candidates offer a value proposition summarizing what value they bring. If you’re looking for a low-hanging fruit method to differentiate yourself, do what job seekers hardly ever do and make a hard-to-ignore value proposition.

  1. Increase sales: “Based on my experience managing Regina and Saskatoon for PharmaKorp, I’m confident that I can increase BioGen’s sales by no less than 25% in Winnipeg and the surrounding area by the end of 2025.”
  2. Reduce cost: “During my 12 years as Taco Town’s head of purchasing, I renegotiated contracts with key suppliers, resulting in 15% cost savings, saving the company over $450,000 annually. I know I can do the same for The Pasta House.”
  3. Increase customer satisfaction:“During my time at Globex Corporation, I established a systematic feedback mechanism that enabled customers to share their experiences. This led to targeted improvements, increasing our Net Promoter Score by 15 points. I can increase Dunder Mifflin’s net promoter score.”
  4. Save time: “As Zap Delivery’s dispatcher, I implemented advanced routing software that analyzed traffic patterns, reducing average delivery times by 20%. My implementation of this software at Froggy’s Delivery can reduce your delivery times by at least 20%, if not more.”

 

If you want to achieve job search success as soon as possible, structure your job search with a single thread that’s evident and consistent throughout your résumé, LinkedIn profile, cover letters and especially during interviews; clearly convey what difference you’ll make to the employer.

_____________________________________________________________________

 

Nick Kossovan, a well-seasoned veteran of the corporate landscape, offers “unsweetened” job search advice. You can send Nick your questions to artoffindingwork@gmail.com.

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Netflix’s subscriber growth slows as gains from password-sharing crackdown subside

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4 days ago

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October 17, 2024

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Netflix on Thursday reported that its subscriber growth slowed dramatically during the summer, a sign the huge gains from the video-streaming service’s crackdown on freeloading viewers is tapering off.

The 5.1 million subscribers that Netflix added during the July-September period represented a 42% decline from the total gained during the same time last year. Even so, the company’s revenue and profit rose at a faster pace than analysts had projected, according to FactSet Research.

Netflix ended September with 282.7 million worldwide subscribers — far more than any other streaming service.

The Los Gatos, California, company earned $2.36 billion, or $5.40 per share, a 41% increase from the same time last year. Revenue climbed 15% from a year ago to $9.82 billion. Netflix management predicted the company’s revenue will rise at the same 15% year-over-year pace during the October-December period, slightly than better than analysts have been expecting.

The strong financial performance in the past quarter coupled with the upbeat forecast eclipsed any worries about slowing subscriber growth. Netflix’s stock price surged nearly 4% in extended trading after the numbers came out, building upon a more than 40% increase in the company’s shares so far this year.

The past quarter’s subscriber gains were the lowest posted in any three-month period since the beginning of last year. That drop-off indicates Netflix is shifting to a new phase after reaping the benefits from a ban on the once-rampant practice of sharing account passwords that enabled an estimated 100 million people watch its popular service without paying for it.

The crackdown, triggered by a rare loss of subscribers coming out of the pandemic in 2022, helped Netflix add 57 million subscribers from June 2022 through this June — an average of more than 7 million per quarter, while many of its industry rivals have been struggling as households curbed their discretionary spending.

Netflix’s gains also were propelled by a low-priced version of its service that included commercials for the first time in its history. The company still is only getting a small fraction of its revenue from the 2-year-old advertising push, but Netflix is intensifying its focus on that segment of its business to help boost its profits.

In a letter to shareholder, Netflix reiterated previous cautionary notes about its expansion into advertising, though the low-priced option including commercials has become its fastest growing segment.

“We have much more work to do improving our offering for advertisers, which will be a priority over the next few years,” Netflix management wrote in the letter.

As part of its evolution, Netflix has been increasingly supplementing its lineup of scripted TV series and movies with live programming, such as a Labor Day spectacle featuring renowned glutton Joey Chestnut setting a world record for gorging on hot dogs in a showdown with his longtime nemesis Takeru Kobayashi.

Netflix will be trying to attract more viewer during the current quarter with a Nov. 15 fight pitting former heavyweight champion Mike Tyson against Jake Paul, a YouTube sensation turned boxer, and two National Football League games on Christmas Day.

The Canadian Press. All rights reserved.

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All Magic Spells (TM) : Top Converting Magic Spell eCommerce Store

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4 days ago

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October 17, 2024

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