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Non-farm payroll employment fell by 0.5% (79,600 jobs) in February, down 2.0% (296,000 jobs) since the hitting a peak in October 2008, according to Statistics Canada’s newly released Survey of Employment, Payrolls and Hours.

The industry that saw the largest decline in February is manufacturing, with payroll employees down by 19,300. Manufacturing employment has been in steady decline but the pace of job losses has accelerated in recent months. Since October 2008, payroll employment in manufacturing has fallen by 99,700 or 6.1%, more than three times the rate of decline of total payroll employment. Almost one quarter of the of that decline can be attributed to the decline of the auto sector.

Other industries that are recording a decline in payroll employees are:

• Construction (11,100); • Non-Internet publishing (4,800); • Credit intermediaries and related activities (4,300); and • Truck transportation (4,200).

However it’s not all bad news. Health and education — specifically ambulatory healthcare services, specialty hospitals, elementary and secondary schools, and community colleges and Collège d’enseignement général et professionnel (CEGEPs) — all saw modest job growth.

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TD Asset Management goes green

TD Asset Management has implemented a sustainable investing policy across its operations in Canada and the U.S.

Karen Clarke-Whistler, chief environment officer with TD Bank Financial Group explains the decision to apply its sustainable investing policy across its operations demonstrates the company’s ongoing commitment to operate in a sustainable manner.

“Sometime ago we designed the TD Asset Management global sustainability strategy, a global equity approach that invests in companies that contribute to the world’s future sustainability,” adds Barbara Palk, president of TD Asset Management. “Where environmental, social and corporate governance factors are key drivers of financial value for that global sustainability strategy, they should be part of our analysis for all our investment mandates. Our sustainable investing policy lays out our approach, and builds on our long history of promoting good governance at the companies in which we invest.”

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Ethical gets some shareholder support at Barrick AGM

Ethical Funds received the support of nearly 20% of shareholders for a proposal filed at Barrick’s annual general meeting on Wednesday in Toronto.

After five years of dialogue with company and a site visit to Barrick’s operations in Nevada, Ethical asked that Barrick hire an independent party to assess performance against the company’s current community engagement and sustainable development guidelines.

In response to the proposal, Barrick has committed to review its existing policies in 2009 as part of its membership obligations in the International Council of Mining and Metals. However, many shareholders believe the core risks associated with on-the-ground performance will not be captured by an industry review of existing policy alone.

“The risk here is the ability of Barrick to maintain its social license to operate,” said Bob Walker, vice president of sustainability for Ethical Funds. “Without an independent review focused on community engagement practices and getting robust feedback from the affected communities, investors cannot properly evaluate the company’s performance.”

“Barrick has good policies in place but is falling behind industry best practices, given that competitors Newmont Gold and Goldcorp Inc. have recently conducted independent reviews of their community engagement policies and performance to address similar risks, at the request of shareholders,” Walker added.

The controversy over Barrick heated up earlier this year when Norway’s state pension fund divested from the gold miner, citing environmental concerns and human rights violations.

“We are active shareholders and we are looking for action from Barrick to address these social issues,” Walker added. “We must own [shares] to engage and address risks — Barrick has strong policies; it’s time to see them realized.”

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Invesco Trimark simplifies, strengthens fund lineup

Invesco Trimark Ltd. is planning to simplify and strengthen its product lineup to provide investors with a more cost-effective and enduring suite of products.

The proposed changes include six fund mergers, which are:

• Invesco Trimark Core American Equity Class fund with the Invesco Trimark Core Global Equity Class fund;

• Trimark Global Technology Class with Trimark U.S. Companies Class;

• Trimark Global Technology Fund with Trimark U.S. Companies Fund;

• Trimark Discovery Fund with Trimark U.S. Companies Fund;

• Trimark Global Health Sciences Fund with Trimark Global Health Sciences Class; and

• AIM European Growth Fund with AIM European Growth Class.

If approved, the mergers will are expected to happen in mid-August of this year.

Also, effective May 15 at 4 p.m. ET, Invesco Trimark will cap the Trimark Canadian Bond Private Pool to new investors to help maintain the tax-efficiency of the private pool. Current investors in the fund will be allowed to purchase additional securities and maintain their existing investment options. Purchase orders and transfers in cash from new investors into the fund will not be accepted after May 15, 2009. FundSERV has been advised and will be rejecting any purchases or switches effective May 16, 2009.

(04/29/09)