CIA (e)Bulletin/(e)Bulletin de l'ICA

Canadian Institute of Actuaries/Institut canadien des actuaires

October 2014
Elliott Bauer
D.W. Simpson & Company
Eckler Ltd.
Your Institute

To view the video, click on the image above, or click here. Below is a transcript:

Hello. My name is Jacques Tremblay and I am President of the Canadian Institute of Actuaries.

As many of you will know, I have started to use video to communicate with you more directly. It is different from newsletters or written reports, and I hope that you will find it valuable!

This month, I would like to focus on some of the meetings that the CIA has participated in with other actuarial associations, government bodies, and officials. Our goal is to move our strategic plan forward in the public interest.

At the end of June, Actuarial Standards Board member Conrad Ferguson and CIA staff actuary Joseph Gabriel participated at a round-table meeting of pension experts, actuaries, and Minister of State Kevin Sorenson. This was our second meeting on the topic as Barbara Sanders—who chairs our Task Force on Target Benefit Pension Plans—Past President Jacques Lafrance, and Joseph Gabriel met with eight Finance and OSFI staff at the end of May. The future regulation of target benefit plans is a topic of concern for the minister and a major consultation was launched by Finance Canada earlier this year. You can find our submission on the CIA website, under the Outreach menu.

One day after I took on the President’s job, we were informed that the Office of the Privacy Commissioner or OPC was going to be releasing a new statement on sharing the results of genetic testing with insurers. Little did I know that this issue was going to emerge as something critically important to governments. The CIA was well prepared, having established the Task Force on Genetic Testing in 2013, which had a statement on the topic that was days away from approval and which had commissioned some very impactful research in support of a CIA position.

The Member Services Council was about to approve the CIA’s statement on the topic along with a research report written by Bob Howard titled Genetic Testing Model: If Underwriters Had No Access to Known Results. We asked the OPC to postpone its release until it had the opportunity to review our statement and the research.

On July 10, the CIA Executive Director Michel Simard, Bob Howard, and I met with the OPC’s senior counsel Patricia Kosseim and its senior policy analyst Carman Baggaley to share our respective work. It was a very productive meeting as Bob’s paper and model were more comprehensive than the work the OPC was using, and we were made aware of many subtleties in the OPC’s position. We were invited to come back and to meet with a larger audience and to present the findings of the research in finer detail.

In early August, Rob Stapleford, Jacques Lafrance, Michel Simard, and I met with the American Academy of Actuaries (AAA) president Tom Terry, president-elect Mary Miller, immediate past president Cecil Bykerk, past president Ken Hohman, executive director Mary Downs, and director of policy Craig Hanna. Some of what the CIA does in Canada is very similar to the work the AAA performs and both groups wanted to explore avenues of collaboration, notably on professionalism, ethics, and policy issue management.

At the International Actuarial Association meeting in London in early September, Michel Simard and I held several bilateral meetings with other actuarial associations.

We met with Society of Actuaries (SOA) president Mark Freedman, president-elect Errol Cramer, past president Tonya Harding, and executive director Greg Heidrich. The discussion focused on an invitation for the CIA to make a presentation to the SOA Board at its Annual Meeting in October, the Cross-Border Discipline Agreement, and the continuing work on a memorandum of understanding on education.

Michel and I met with Dr. Michel Maila, president of the Global Risk Institute in Financial Services. James Wood, managing director of member relations and communications, and Michael Stramaglia, executive in residence, were also at the meeting, which was aimed at exchanging information on our respective missions and programs and exploring avenues of potential cooperation. I see some great results emerging from this relationship, especially for enterprise risk management (ERM) practitioners.

On September 16, Bob Howard and Jacques Boudreau, who chairs our Committee on Genetic Testing, were invited to a conference call of the Canadian Association of Statutory Human Rights Agencies, which is composed of human rights commissioners and their respective staffs. Several provinces are considering legislation regarding the sharing of the results of genetic tests, and the primary advisors were on the call. Bob and Jacques presented the CIA’s new statement on genetic testing and Bob’s research paper.

On September 18, Bob Howard, Michel Simard, and I met with Daniel Therrien, Privacy Commissioner of Canada, Patricia Kosseim, and Carman Baggaley, along with Frank Swedlove, president of the Canadian Life and Health Insurance Association (CLHIA), and Frank Zinatelli, vice-president and general counsel of the CLHIA. It was interesting to see how deeply the commissioner and his staff have dug into this topic and how knowledgeable they have become. It was a very productive and engaging meeting.

On September 29, I attended the ERM Symposium in Chicago and connected with Canadian ERM practitioners at a breakfast session that we host each year. This is a very informal event, meant to help attendees network and meet colleagues in the practice area, and my role was to outline the increasing importance of ERM for the Institute.

On the same day, Bob Howard and Jacques Boudreau testified before the Standing Senate Committee on Human Rights. The Committee is studying Bill S-201, An Act to prohibit and prevent genetic discrimination. You can watch a recording of the session by going to the Senate Committee’s website or by clicking on a link to the CIA announcement from September 29. It’s a fascinating process and the Institute was able to deliver some very good messages about our statement and Bob’s excellent research.

So, that was a whirlwind tour of some of the important meetings the CIA has been part of over the last few months. There were many more: for example, outreach meetings with employers and regulators—with more to come, including a meeting with the Associate Minister of Finance for Ontario to talk about actuaries and the pension field. More on that in a future video.

See you next month!

Jacques Tremblay, FCIA, is President of the Canadian Institute of Actuaries.


By Bruce Langstroth, FCIA

Have you ever wondered what the Practice Council is and how it conducts its business?

In general terms, the Practice Council oversees the production of "guidance material"—practice-related material (usually educational notes or research papers) other than standards. It directs and manages the development and approves the adoption of guidance material. It provides interpretations of standards and all guidance material. And it monitors the work of other professional standard-setting bodies providing comments and feedback on that work as appropriate. The Practice Council is made up of nine volunteer members, who usually serve a term of three years, plus ex officio members.

Most of the council’s work product involves the 11 practice committees (and their subcommittees) that have been established to provide guidance on practice within specific areas. Standing practice committees have been formed in those areas of practice where there is sufficient volume and consistency of work to warrant the commitment. In other areas, where there is an ad hoc or temporary need (e.g., to provide guidance material to support the adoption of International Standard of Actuarial Practice 2 Social Security by the Actuarial Standards Board), the council may establish a task force to produce guidance material on a specific topic, with the intention of disbanding the group once its work is done.

The practice committees cover a broad range of topics and practice areas, including pensions (Pension Plan Financial Reporting), property and casualty insurance (Property and Casualty Insurance Financial Reporting, and Property and Casualty Insurance Pricing), life insurance (Life Insurance Financial Reporting), insurance companies (the Appointed/Valuation Actuary and Risk Management and Capital Requirements), investment practice, actuarial evidence, post-employment benefits, workers’ compensation, and consistency and language (the Standards of Practice Editing).

Task forces that have completed their work but have not yet been disbanded include: Pension and Post-Retirement Benefit Accounting Discount Rates, the Contents of Pension Actuarial Reports, and the Determination of Provisions for Adverse Deviations in Going Concern Valuations.

There are more than 150 volunteer members participating in the various practice committees and subcommittees that support the Practice Council. They generally serve a three-year term before retiring from the committee and being replaced by a new volunteer.

It goes without saying that the council’s work relies heavily on its volunteers and that without the large number of members who contribute their time and energy, fulfilling its mandate would be a near impossible task. This role is not limited to experienced practitioners—younger members with less experience have a valuable part to play in the work of these committees in providing fresh perspectives and being able to challenge established thinking, something that is vital in the development of quality guidance material.

Whether you are experienced or just starting out in your career, the Practice Council and its practice committees need your support. Please consider volunteering. Details on council and committee membership is available on the CIA’s website (log in to the members site and click on Organization) and the chairs would all be more than willing to entertain questions and expressions of interest.

Bruce Langstroth, FCIA, is Chair of the Practice Council.


Jacques Boudreau, Bob Howard, and CIA Executive Director Michel Simard appeared before the Senate Standing Committee on Human Rights to present the CIA's opinion on Bill S-201, An Act to prohibit and prevent genetic discrimination.

Rob Brown appeared on CBC's The Exchange with Amanda Lang to discuss the cost of pension plans.

Robert Dumas, Sun Life Financial's senior vice-president, group business, Québec, has become president of Sun Life Financial Québec.

Blue Cross Life has appointed Jonathan Ferron as its Appointed Actuary, and Tim Mawhinney as chief risk officer.

Susan Kudzman, senior vice-president, human resources, at Laurentian Bank, has been named as the latest member of the board of Yellow Media.

In Benefits Canada, Geoffrey Melbourne and Ian Markham of Towers Watson discussed the issue of how employers can mitigate longevity risk, given the fact that Canadians are living well past the old mandatory retirement age.   

Networking is a key part of any successful professional's career, and the CIA is offering you a fresh opportunity to inform your peers about your achievements and progress.

Our (e)Bulletin section, Actuaries on the Move, is a chance for you to publicize your new job, title, credentials or other information. This is an opportunity to tell thousands of fellow actuaries and financial professionals—whether they are ex-colleagues, former college friends, potential employers, future clients, etc.—about, for example:
  • Your new job;
  • A change of title or area of responsibility;
  • Your new qualifications;
  • A change of contact details;
  • Awards or other recognition; or
  • Publication of academic papers or articles.
Simply send an e-mail—one line of information can be enough, but feel free to add more if you so wish—to the CIA's English Editor at and we will aim to include it in the next issue of the (e)Bulletin.

For more news of CIA members and their activities, follow the CIA on Twitter.



Institute News
John Manistre, left, receiving his award from David Fishbaum.
A CIA Fellow and a CIAnet subscriber were among the prizewinners honoured for their research papers at this year's Enterprise Risk Management (ERM) Symposium.

John Manistre earned the ERM Research Excellence Award in Memory of Hubert Mueller, and a $5,000 prize, for his paper "Down but not Out: A Cost of Capital Approach to Fair Value Risk Margins".

The award is given to the best overall paper at the symposium, which this year took place from September 29 to October 1 in Chicago, IL. It recognizes significant contributions to the growing body of ERM knowledge and research and is named for Hubert Mueller (1960-2009). The U.S. Actuarial Foundation's website pays tribute to him: "[Mr. Mueller] raised awareness of the importance of ERM across the insurance industry and promoted the role of actuaries in ERM. He was instrumental in founding the Joint Risk Management Section and was one of the first actuaries to receive the CERA designation. He is remembered as a great role model and friend. The ERM Research Excellence Award in Memory of Hubert Mueller is funded by contributions from Hubert's colleagues and friends throughout the insurance industry, as well as by Towers Watson. Contributions in memory of Hubert Mueller may be made online or via mail."

Mr. Manistre works as a research actuary at GGY Axis, having previously served as vice-president of risk research and vice-president of corporate actuarial at Aegon, among other roles. He graduated from the University of York (UK) in 1980 with a PhD, and holds the FSA, MAAA, and CERA designations besides his FCIA.

He was recognized along with CIAnet subscriber Carole Bernard, who shared the Professional Risk Managers' International Association (PRMIA) Frontiers in Risk Management Award. Ms. Bernard and her co-author Steven Vanduffel earned the $5,000 prize for their paper "A New Approach to Assessing Model Risk in High Dimensions".

The award is given by the PRMIA to recognize papers that strengthen ERM practice by opening new perspectives and strengthening current insights and methods.

Ms. Bernard, who thanked the CIA for its support, is an associate professor in the department of statistics and actuarial science at the University of Waterloo. Her co-author is a fellow academic, at Vrije Universiteit Brussel in Belgium.

Award winner Carole Bernard with PRMIA executive director Kevin Cuff.


Hundreds of actuaries will be in Montréal next week for the last CIA-organized seminars of 2014. The Pension Seminar on November 4 and the Investment Seminar the following day will bring together investment and pension experts for sessions packed with the latest ideas and insights.

Online registration is now closed, but those who were unable to sign up in time can still register at the venue, the Hilton Montreal Bonaventure Hotel in the city's vibrant downtown core.

The first of the two seminars will feature numerous sessions of interest to those working in the pension field, including:

  • Updates on CIA pension-related committees;
  • Enhancing Canada's Long-Term Investment Markets; and
  • Further analysis of the Institute's Canadian pensioners mortality tables, which were released earlier this year.

The luncheon speaker will be political commentator and columnist Chantal Hébert, who will provide insight into public policy issues with an emphasis on the aging population. Her speech will also look at Ontario and Québec pension solutions, and how they can become part of a national solution.

The following day, leaders in the investment sector will gather for a day packed with diverse sessions taking in such subjects as:

  • Shareholder activism;
  • Longevity risk;
  • Governance; and
  • Behavioural biases.

The guest speakers will include board members and an academic all well versed in the most up-to-date opinions and strategies.

There are still many more CIA events to come in 2014, but work is also well in hand for next year's calendar, the centrepiece of which will be the 50th Anniversary Annual Meeting and Gala Celebration. Be sure to mark your calendar for June 17-18, when many former and current members of the profession commemorate 50 years of achievements by actuaries in Canada, and honour the efforts of those who have helped make actuarial science what it is today. Also present will be keynote speakers Jeff Rubin and David Suzuki, and this promises to be an unmissable event.

For further details of the anniversary, visit the special web page, and for information on other CIA events, be sure to check the Institute's website.





More recruits are needed to join the Member Listening Group (MLG) and deliver their opinions on topics of importance to the CIA Board, Head Office, councils, and committees via short online surveys.

The group has already helped in the development of various projects, and is seeking extra volunteers to ensure that the views of the broadest spectrum of members are represented. Only a small time commitment is required, and we encourage you to click on the link and sign up today.

This link will take you to an English survey form. In the upper right corner, there is a selection box where you can choose to work on the English or French version.

The MLG is one of only dozens of groups CIA members can join in order to help guide the profession through the many challenges facing actuaries today. The Institute has councils, committees, task forces, designated groups, and other bodies covering every aspect of actuarial work and every practice area. New volunteers are always needed to bring fresh ideas and perspectives, and the Institute's leadership encourages each member to consider what skills they could offer and how their experience and knowledge might benefit their peers.

Volunteering can help you in many ways, including:

  • Gaining insight into emerging issues;
  • Building connections;
  • Improving your public image;
  • Learning how to motivate others and deal with difficult situations;
  • Developing your teamwork and time management skills;
  • Increasing your job satisfaction, attitude, and morale; and
  • Improving your sense of self-worth.

For more details of how to become further involved in the CIA, log in to the members section and click on Organization > Volunteer Centre.


Patricia Hladun

1. Why did you become an actuary?

During my time at the University of Saskatchewan, I just took classes that I liked and ended up with a Bachelor of Commerce majoring in Quantitative Analysis and a Bachelor of Science majoring in Math. My goal, after graduating, was to obtain a job with my field of interest so actuary ended up on the list. Although I initially thought that I would end up doing market research or consumer analytics, after I passed a few actuarial exams, my goal became to obtain an actuarial position.

2. When you tell people you’re an actuary, what do they think you do?

I just tell people I work in insurance – really, very few people are interested beyond that!

3. What do you enjoy most about your job?

I started my career in pension consulting but switched to property and casualty insurance after three years. I love that we can obtain knowledge and make decisions based on analyzing huge sets of data. Plus it’s fascinating to work in a field that is so dynamic!

4. What career would you follow if you weren’t an actuary?

I would probably be in something that is statistics based, such as market research or consumer analytics. During my search for an entry-level job, I almost gave up and went back to school for accounting. Thankfully, I found an actuarial position because I would have been miserable being an accountant!

5. What are your hobbies?

I have a five-year-old so find it difficult to have real hobbies! I have spent a lot of my time over the past 10 years volunteering for the Casualty Actuarial Society Exam Committee, if that can be classified as a hobby. I also spend a lot of time planning my vacations, although I need a lot more vacation days to actually go anywhere interesting.

6. What is your favourite music, book, and film?

I’ve been told my taste in music is questionable so in order to avoid judgment, I’m not going to answer!

My favourite series of books are The Selected Journals of L. M. Montgomery. The journals not only provide insight into the life of one of Canada’s most famous novelists but also provide a fascinating overview of middle-class Canada from 1889 through 1942 through the eyes of a professional woman.

My favourite films are a Richard Linklater series starring Ethan Hawke and Julie Delpy that started with Before Sunrise in 1995, and was followed by Before Sunset in 2004 and Before Midnight in 2013. The first film is a romantic drama that tells the story of two people in their early twenties who meet on a train while travelling but only spend the night together before parting. As with most Richard Linklater films, not much happens plot-wise but there is a lot of conversation. I think I initially enjoyed the first film because I had travelled alone in my early twenties so having long conversations with random strangers was very familiar to me.

7. Where is your dream vacation destination?

I enjoy travel and thinking about and planning for travel. However, it’s pretty difficult to go anywhere too exciting on the two weeks or less of vacation that I have remaining after completing all our family visits. For a year after I graduated from university, I worked at a computer college in Malaysia, a job I obtained through the AIESEC international internship program. I have a soft spot in my heart for south-east Asia as it was my first major travel experience.

Patricia Hladun, FCIA, is a senior manager at Deloitte Canada.

If you would like to be featured in Introduce Yourself, please answer the 10 questions above by completing our online form here.


SE3INV2014 Session 3 • Benchmarking: From CAPM to Smart Betas

SES3PEN2014 Session 3 • Enhancing Canada’s Long-Term Investment Markets

SES5-2PEN2014 Session 5 • New CPM Mortality Tables Further Review and Analysis

SES2INV2014 Session 2 • Longevity Risk

214112 Sustained Low Interest Rate Environment: Can It Continue? Why It Matters

RESM046 RES: Minutes - Meeting – August 7, 2014

214111 Educational Note Supplement: Guidance for Assumptions for Hypothetical Wind-Up and Solvency Valuations Update – Effective September 30, 2014, and Applicable to Valuations with Effective Dates Between September 30, 2014, and December 30, 2014

SES5-1PEN2014 Longevity Risk, Key Trends, Issues and Opportunities

SES4-1PEN2014 Is it or Isn’t it Actuarial Evidence? Standards and War Stories

MSCA111 Member Services Council Agenda - Meeting nº 111 (October 22, 2014)

MSCM110 Member Services Council Minutes - Meeting nº 110 (August 26, 2014)

AM-2014-9 Pension Risk Management: Adapting in a Dynamic Environment (Volume 45, June 2014)

AM-2014-18 Macroeconomic Trends – Where are Interest Rates Going? (Volume 45, June 2014)

SES1INV2014 How Environmental, Social and Governance issues affect investment decision-making and what influence large institutional investors may have on corporations

SES4PEN2014 Expert Actuarial Evidence – Counsel’s Perspective

SES5PEN2014 New CPM Mortality Tables - Further Review and Analysis

214110 Volunteer Applicant Registry Procedures and Guidelines

EECA116 Eligibility and Education Council Agenda - Meeting nº 116 (October 20, 2014)

CCSCM005 CCSC: Minutes of the September 18, 2014 Meeting

ERMAM065 ERMA: Minutes – Meeting – September 12, 2014

IAAREWG0614 Notes on IAA REWG Meeting June 6th 2014

IAAREWG0914 Notes on IAA REWG Meeting in London, UK on September 12th 2014

214108 Educational Note – 2014 Guidance to the Appointed Actuary for Property and Casualty Insurers

SI101514 Standards of Practice – Insurance (October 15, 2014)

SC101514 Standards of Practice (October 15, 2014)

SG101514 Standards of Practice – General Standards (October 15, 2014)

CECM2015 Committee on Continuing Education Meetings Schedule for 2015

TIMELINE2015 2015 Annual Meeting Timeline

OG2015 Orientation Guide 2014-2015

214109 Research Paper: Development of New Prescribed Interest Rate Scenarios for CALM Valuations

AM-2014-6 Session 6: What Will Be the Impact of the Recent T10 Industry Lapse Rate Study? (Volume 45, June 2014)

214107 Notice of Intent to Incorporate Principles of International Standard of Actuarial Practice 2 – Financial Analysis of Social Security Programs into the Canadian Standards of Practice

AM-2014-2 Session 2: CIA Update on Key Activities (Volume 45, June 2014)

EB0914PDF (e)Bulletin September 2014 (PDF Version)

EB0914 (e)Bulletin September 2014

AM-2014-GBS Session 1: General Business Session (Volume 45, June 2014)

AM-2014LU1 LU-1: Luncheon, New Fellows Recognition, and Volunteer Awards Ceremony (Volume 45, June 2014)

AM-2014LU2 LU-2: Luncheon, President’s Farewell Speech, Change of Office, and Incoming President’s Address (Volume 45, June 2014)

October's tweets from @CIA Actuaries:

#Pension seminar talks about new #Canadian #Pensioners’ #Mortality (CPM) tables, Nov 4 in #Montreal

As #NS4RW wraps up, tell us your tips on saving for #retirement

#ActuarialStudents Early-bird registration for #ASNA2015is now open!

#Investment seminar: @LisaKramer discusses behavioral biases in investment decision-making

In honor of #NS4RW, #actuaries have insight into how long you might live

Benchmarking: From CAPM to Smart Betas presented by @somseif at the CIA #Investment Seminar

"We're much better prepared for #retirement than we seem to think we are" says #Actuary Fred Vettese

#ActuarialStudents Don’t miss the CIA’s #professionalism workshop Nov 6 in #Montréal

#Actuary Rob Brown talks to @AmandaLang_CBC @ExchangeCBC about the cost of #pension plans (scroll to 14:45)

It’s National Saving 4 #Retirement Week in the US #NS4RW. Here are some tips for Canadians

Excited to have @ChantalHbert as keynote speaker of our #Pension seminar on Nov 4 #Montreal #Actuaries

Congratulations to #Actuary Robert Dumas on your appointment to president @SunLifeQC!

Government of Canada releases financial literacy strategy for seniors

A new version of the Risk Assessment Framework for Federally Regulated Private Pension Plans is available

The pros and cons of longevity - via @winnipegnews via @sharethis

#Actuary Susan Kudzman #FCIA joins Board of Directors of Yellow Media Limited

#Actuaries looking for work? Check out the CIA Actuarial #JobsBank

#Actuary Rob Brown on why shifting from defined benefit to defined contribution #pension plans won’t work

"There is strong evidence #Canada will not meet its international 2020 #greenhouse gas #emission reduction target"

Pension plan solvency declines in third quarter: Aon Hewitt @torontostar

#Actuaries have told #Senators: a ban on sharing known results of #genetic tests is against the public interest

14th #actuarial study: increasing #longevity of Canadian population puts pressure on the cost of #DBPlans

Calendar of Events
Board and Council Updates

Eligibility and Education Council

The following people have been appointed to the (sub)committees named below, effectively immediately:

  • Continuing Education (CEC): Jeremy Bell (Vice-chair), Pierre-Paul Renaud; and
  • Enterprise Risk Management (ERM) Subcommittee of the CEC: Pierre-Paul Renaud (Chair), Jianhua (Jeanna) Li.
The following people have resigned from the groups named below, and leave with thanks:
  • CEC: Ashley Goorachurn, who also resigned as Chair of the ERM Subcommittee;
  • Task Force on the 50th Anniversary Annual Meeting Celebration: Dave Dickson; and
  • CIA Exam 6 Canada Syllabus: Sam Lee.

Member Services Council

The following people have been appointed to the (sub)committees named below, effective October 23, 2014, unless stated:

  • Communications: Vera Afanassieva, Yong Jiang, Si Xie and Garett Klus, effective September 2, 2014, and Christina-Lee Rotstein (not a CIA member), effective retroactively to January 1, 2012.
  • Research: Jill Knudsen, effective October 23, 2014;
  • Enterprise Risk Management Research: Jill Knudsen (Chair), Shannon Patershuk (Vice-chair), Ella Young;
  • Individual Living Benefits Experience: Kristopher Kerwin;
  • P&C Research: Chris Cooney;
  • Climate Change and Sustainability (CCSC): Catherine Jacques–Brissette, effective October 17, 2014.

The membership of the Committee on Public Positions has been approved, effective immediately: Dave Pelletier, Pierre-Yves Julien, Alan Ryder, Jacqueline Friedland, Claudette Cantin, Isabelle Périgny, Jim Christie, Jacques Lafrance, Rob Brown, Bernard Morency, Kelley McKeating, Gary Mooney, Stéphane Levert, Marc Drouin and Jason Vary.

The appointment of Alexis Gerbeau as Chair of the Task Force on Mortality Improvement has been approved, effective September 16, 2014.

The following have left the committees named below and leave with thanks:

  • Communications: Ligia Acevedo and Evelyn Somer completed their mandate, effective September 2, 2014;
  • Op-Ed Team: Robert Mallette resigned, effective September 11, 2014;
  • Enterprise Risk Management Applications: Patrick De Roy, Joseph DeDominicis, and Ashley Goorachurn completed their mandate, effective retroactively to July 1, 2014;
  • CCSC: Sam Lee resigned, effective October 14, 2014;
  • Research: Michel Simard resigned, effective October 14, 2014.