The discussion expanded on the “client’s investment needs and objectives” section of the guidelines, which state that “dealers should provide their clients with the opportunity to express their investment needs and objectives in terms that are meaningful to them.” This can include “investing in accordance with [ESG] criteria or other personal preferences.”
IIROC didn’t include ESG criteria in the first release of the guidance, but added it after a round of comments, said panellist Jennifer Schwartz, vice-president and chief compliance officer with AGF Investments.
“Adding that in there is really saying to clients, ‘What do you want to achieve when investing your money? What do you want to do with your money? And how do you want to align that with your personal values?’” Schwartz said.
For example, a client can say, “I feel strong about investing in minority-owned businesses, or, environmentally, electric vehicles,” Schwartz said. “Personal values are now just a part of the conversation. There’s all these things that come together as part of the KYC practice — balancing [clients’] personal values with financial goals. Now, it’s a fulsome conversation.”
However, panellist Carol Smith, financial advisor with Desjardins Financial Security Independent Network, said that in her experience, clients “seldom bring up” the topic of ESG. “It’s always an educating opportunity for me to actually speak to clients and explain to them about ESG investing and the options that are out there,” she said.
Smith cautioned advisors not to impose their values on clients.
“This is something that the client-focused reforms (CFRs) and the whole KYP [requirements discuss],” she said. “We document the information about the products we recommend to clients — and this is something good advisors are probably doing anyways. Ultimately, it’s very important for us to make sure that the values we hold as individuals, [that] they’re our values.”
Schwartz said having more values-based conversations can lead advisors to a more holistic understanding of their clients.
“The more these conversations happen and the education happens, and you’re really explaining what this means to a client, clients can have really important conversations about how [their] personal values impact [their] other goals,” she said.
Also on the panel was Ian Robertson, portfolio manager, director and vice-president with Odlum Brown Ltd. The panel was moderated by Katie Keir, research and special projects editor with Investment Executive.
Disclosure: Investment Executive was a media partner for this event.
Tense diplomatic relations may not impact trade, investment ties between India, Canada: Experts
NEW DELHI: The tense diplomatic relations between India and Canada are unlikely to impact trade and investments between the two countries as economic ties are driven by commercial considerations, according to experts. Both India and Canada trade in complementary products and do not compete on similar products.
“Hence, the trade relationship will continue to grow and not be affected by day-to-day events,” Global Trade Research Initiative (GTRI) Co-Founder Ajay Srivastava said.
Certain political developments have led to a pause in negotiations for a free trade agreement between the two countries.
On September 10, Prime Minister Narendra Modi conveyed to his Canadian counterpart Justin Trudeau India’s strong concerns about the continuing anti-India activities of extremist elements in Canada that were promoting secessionism, inciting violence against its diplomats and threatening the Indian community there.
India on Tuesday announced the expulsion of a Canadian diplomat hours after Canada asked an Indian official to leave that country, citing a “potential” Indian link to the killing of a Khalistani separatist leader in June.
Srivastava said these recent events are unlikely to affect the deep-rooted people-to-people connections, trade, and economic ties between the two nations.
Bilateral trade between India and Canada has grown significantly in recent years, reaching USD 8.16 billion in 2022-23.
India’s exports (USD 4.1 billion) to Canada include pharmaceuticals, gems and jewellery, textiles, and machinery, while Canada’s exports to India (USD 4.06 billion) include pulses, timber, pulp and paper, and mining products.
On investments, he said that Canadian pension funds will continue investing in India on grounds of India’s large market and good return on money invested.
Canadian pension funds, by the end of 2022, had invested over USD 45 billion in India, making it the fourth-largest recipient of Canadian FDI in the world.
The top sectors for Canadian pension fund investment in India include infrastructure, renewable energy, technology, and financial services.
Mumbai-based exporter and Chairman of Technocraft Industries Sharad Kumar Saraf said the present frosty relations between India and Canada are certainly a cause for concern.
“However, the bilateral trade is entirely driven by commercial considerations. Political turmoil is of a temporary nature and should not be a reason to affect trade relations,” Saraf said.
He added that even with China, India has acrimonious relations but bilateral trade continues to remain healthy.
“In fact, bilateral trade is an effective tool to improve political relations. India must make special efforts to increase our bilateral trade with Canada,” Saraf said.
India and Canada have a strong education partnership. There are over 200 educational partnerships between Indian and Canadian institutions.
In addition, over 3,19,000 Indian students are enrolled in Canadian institutions, making them the largest international student cohort in Canada, according to GTRI.
According to the Canadian Bureau for International Education (CBIE), Indian students contributed USD 4.9 billion to the Canadian economy in 2021.
Indian students are the largest international student group in Canada, accounting for 20 per cent of all international students in 2021.
Benefits of educational partnerships are mutual and hence the current situation may have no impact on the relationship, Srivastava said.
Apple supplier Foxconn aims to double India jobs and investment
Apple supplier Foxconn aims to double its workforce and investment in India by next year, a company executive said on Sunday.
Taiwan-based Foxconn, the world’s largest contract manufacturer of electronics, has rapidly expanded its presence in India by investing in manufacturing facilities in the south of the country as the company seeks to move away from China.
V Lee, Foxconn’s representative in India, in a LinkedIn post to mark Indian Prime Minister Narendra Modi’s 73rd birthday, said the company was “aiming for another doubling of employment, FDI (foreign direct investment), and business size in India” by this time next year.
He did not give more details.
Foxconn already has an iPhone factory employing 40,000 people in the state of Tamil Nadu.
In August, the state of Karnataka said the firm will invest US$600 million for two projects to make casing components for iPhones and chip-making equipment.
The company’s Chairman Liu Young-way said in an earnings briefing last month that he sees a lot of potential in India, adding: “several billion dollars in investment is only a beginning”.
Taiwan election: Foxconn’s Terry Gou taps star-powered running mate
Last month, Foxconn’s billionaire founder Terry Gou said he would run for the Taiwanese presidency in next year’s election, as an independent candidate.
He said the ruling and independence-leaning Democratic Progressive Party (DPP) was unable to offer a bright future for the island and left Foxconn’s board following his decision to run.
The firm operates the world’s largest iPhone plant, in the city of Zhengzhou in Henan province.
Foxconn to double workforce, investment in India by ‘this time next year’
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