National Bank of Canada unveils its spring 2022 report The family advantage

This year, the publication features the views of three leading Canadian business leaders on the world stage: Dani Reiss (Canada Goose), Karine Bouchard (Food Couche-Tard) and Jean, Antoine and Frédéric Chagnon (Lallemand). The publication also includes two international views on family businesses, the perspective of a global investor Arjun Khullar (GIC) and the European prospects for Charles Paris by Bollardière (Total Energy, 2009-2021).

Strong points:

  • The report features the NBC Canadian Family Index (hereinafter, Total Return), calculated by S&P Dow Jones Indices, which tracks and measures the performance of Canadian companies controlled by families and founders against the S&P Composite Index /TSX (hereafter, total return), the main Canadian stock market index.
  • Of June 2005 at June 2021the NBC Canadian Family Index posted a cumulative return of 325.1% compared to 221.9% for the S&P/TSX Composite Index (9.4% compared to 7.6% in annualized terms).
  • Although we measure the NBC Canadian Family Index over a long-term horizon, as we highlight the ability of family businesses to generate alpha over generations, it is also interesting to note that, both over From the 2008 financial crisis to the 2020 crisis – Market disruptions related to COVID-19 in 2021, the NBC Canadian Family Index also outperformed the S&P TSX Composite Index.


  • Laurent FerreiraPresident and Chief Executive Officer, National Bank of Canada: “Many of the great successes of Canadian business are rooted in the idea of ​​an entrepreneur who, surrounded by talented and trustworthy people, knew how to make it grow with patience and discipline. Understanding the role of family businesses, as well as their specificities, is essential to the development of our economy and its diversity.”
  • Vincent Joli-CoeurVice-President, Financial Markets at the National Bank of Canada: “This Spring 2022 issue is about the long-term vision adopted by their leaders and the role played by Canadian families and founders in building leading global companies such as Alimentation Couche-Tard, Canada Goose and Lallemand. Each of these companies is a true global champion, with strong family roots in Canada. Each is a world leader in its field and has been dedicated to its long-term international expansion.”
  • Dr. Karl Moore Ph.D.Associate Professor, Desautels Faculty of the management, McGill university and Associate, Green Templeton College, Oxford University“One of the loveliest things was to hear Dani Reiss, Karine Bouchard, the modest starting positions of Antoine and Frédéric Chagnon in their companies. Hearing their perspectives reinforced in my mind the enormous value of family businesses in a rapidly changing global economy. I came away impressed that these family businesses are well positioned to thrive and scale successfully in these uncertain times. Family business leaders often spend 25 or 30 years or more in their company, giving them a depth of perspective that is so often lacking in most executives who move from one company to another during their career. .”
  • Karine BouchardCorporate Director, Alimentation Couche-Tard: “The greatest advantage of being a family business is the corporate culture instilled by its founders. I remember when I was World Treasurer, every penny counted. It’s our money, it’s our hard work that we’ve done all our lives. The four founders are still the major shareholders and Couche-Tard is the result of their hard work culture. This is the basis of our long-term success.
  • Antoine ChagnonPresident and CEO, Lallemand: “When you grow a family business, I believe it all comes down to the lasting relationships the owners develop. Our unique industry knowledge, relationships and perseverance in negotiating with other parties helped us to consolidate and internationalize.”
  • Arjun KhullarManaging Director and Head of Integrated Strategies, GIC: “GIC is truly long-term. In our annual reports, we refer to 20-year returns as an important benchmark. When you think of 20 years, you assume that every investment what you’re going to do might be long term and it changes the way you look at it.In my opinion, one of the biggest benefits of family businesses is that they’re willing to take that long term view.
  • Dani ReissCEO and Chairman, Canada Goose: “Being a good company and being a good corporate citizen is very important to me and to everyone at Canada Goose. Giving back to the community and ensuring we’re doing our part to protect the environment At Canada Goose, our goal is to keep the planet cold and people warm – and that’s exactly what we’ll do.
  • Maureen sabiaFormer Chairman of the Board, Canadian Tire Corporation: “Since becoming Chairman of the Board in 2007, I have seen the company’s revenues go from $8 billion to end $16 billion, the result of bold and innovative initiatives. This would not have been possible without the long-term guidance of the Billes family. I am sure that the Billes brothers would be very proud that their innovative and entrepreneurial vision of tires and their concern to help communities always guide us. I know that Martha and Owen Billes are very proud that the values ​​of our founders are still deeply rooted in the culture of Canadian Tire. »

About The Family Advantage – Spring 2022 Report

The Family Advantage 2022 updates and expands the 2020 edition of the report. It features the NBC Canadian Family Index calculated by the S&P Dow Jones Indices, which tracks and measures the performance of Canadian family-controlled companies against the S&P/TSX Composite Index, the main stock market index. The family index includes 44 Canadian family businesses in different sectors across the country (see the full list of companies included in the appendix) and is based on the application of objective quantitative criteria to a universe of indices provided by S&P Dow Jones Indices, the Index Calculator.

In the NBC Canadian Family Index, a company is considered to be family-controlled if the founding family or the founder(s) directly or indirectly hold at least 10% of the company’s voting rights or, alternatively, if one or several individuals and/or related entities (non-founders) hold at least 33.3% of the company’s voting rights (for more information, see our website here).

Vincent Joli-Coeur, Philippe Lefebvre Duquette and Alexandre Tessier of the National Bank of Canada alongside academic contributor Dr. Karl Moore of McGill university and Oxford University are the co-authors and coordinators of this report.

About National Bank of Canada

With $370 billion in assets at April 30, 2022, National Bank of Canadawith its subsidiaries, forms one of the from Canada large integrated financial groups. It has more than 28,000 employees in knowledge-intensive roles and has been repeatedly recognized as a top employer and for its commitment to diversity. Its securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank’s activities on or via social networks such as Facebook, LinkedIn and Twitter.

SOURCE National Bank of Canada

For further information: Marie-Pierre Jodoin, Senior Director – Public Affairs and Corporate Social Responsibility, National Bank of Canada, Tel. : 514-394-4209, [email protected]

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