We’re heading into 2017 in a few weeks and while a new year typically brings forth changes for many, that does not necessarily hold true for the financial industry. For example, on October 19, the Bank of Canada reported that it’s continuing to hold its interest rate at 0.5 percent.

So what does this mean? The more things change, the more they stay the same? Perhaps. I’m sure interest rates will rise eventually…I’m just not going to speculate on when. I’ll leave that to the professionals: the economists from Canada’s six leading banks—RBC, CIBC, Scotiabank, BMO, TD, and National Bank. Rossa O’Reilly looks at how accurate these prognosticators were in their 2016 economic forecasts and what they’re predicting for 2017.

If you’re really into forecasting, read on to find out about superforecasting on page 8. At our Annual Investment Dinner in October, keynote speaker Philip E. Tetlock, author of Superforecasting: The Art and Science of Prediction, explained to the audience that some people—known as superforecasters—can make much better predictions than others.

However, if predictions and forecasts aren’t your thing, then flip to Victoria Barclay’s piece on corporate governance (page 20). She interviews Richard Leblanc, professor of law, corporate governance, and ethics at York University. His latest book, The Handbook of Corporate Governance, looks at corporate boards according to many factors, including composition, skill set, diversity, sustainability, pay, and activism. Leblanc culled 50 authors—from both industry and academia—to write on their areas of expertise, instructing them to write “critically and prospectively.”

Leblanc wants to know what boards should be looking at over the coming years. I can’t forecast that. All I can do is hope financial change is in the near future.

IN MEMORIAM

Terry Milne, CFA
Canadian CFA family member, Terry Milne passed away on August 7 after a lengthy struggle with cancer. Until Terry resigned to concentrate on her health and her family, she was an active member of CFA Society Atlantic Canada Board and was the Vice-Chair of the Canadian Advocacy Council. Terry was a passionate voice for her Society and her community as well as for investor rights in Canada. We would like to express our sincere condolences to Terry’s family and friends.