James S. Kinnear

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James Kinnear
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Born December 31, 1947 (1947-12-31) (age 69)
Toronto, Ontario
Occupation Entrepreneur and philanthropist

James S. Kinnear (born December 31, 1947) is a Canadian entrepreneur and philanthropist. Kinnear was born in Toronto, Ontario, and grew up in Montreal and Toronto.

Career[edit]

Kinnear graduated from the University of Toronto in 1969[1] with a Bachelor of Science degree and worked in the securities business in Toronto, London and Montreal until 1980.[2] In 1979 he was awarded the Chartered Financial Analyst (CFA) designation.[3] He subsequently moved to Calgary, Alberta where he established Kinnear Financial Consulting Limited in 1980 and then Pengrowth Management Limited in 1982.[4]

Pengrowth Management Limited, a private company, initially initiated investments in oil and gas properties on behalf of pension fund clients. In December 1988, Pengrowth Management Limited launched Pengrowth Gas Income Fund (the name was later changed to Pengrowth Energy Trust) with an initial public offering of $12.5million, a new investment vehicle which permitted individual investors to be involved with oil and gas production without being exposed to the added risks of oil and gas exploration.[5] Kinnear is recognized as a pioneer in the Canadian energy trust sector, and under his leadership Pengrowth Energy Trust grew into a $5 billion enterprise value.[6][7]

Pengrowth Energy Trust acquired numerous oil and gas producing properties between 1989 and 2009 under the direction of James Kinnear and his company, Pengrowth Management Limited. Some of the more notable acquisitions include: Judy Creek/Swan Hills – acquired from Imperial Oil in 1997 for C$496 million;[8] an interest in the Sable Offshore Energy Project – acquired in 2001 for C$265 million;[9] the C$550 million acquisition of Murphy Canada assets in 2004;[10] the Carson Creek purchase in 2006 – acquired from Imperial Oil for C$475million;[11] and a C$1 billion acquisition of various assets from ConocoPhillipsin 2007.[12] Additionally, Pengrowth Energy Trust combined with Esprit Energy Trust in 2006.[13] At the time, Esprit Energy Trust’s market capitalization was over C$1.0 billion.[14]

Upon his retirement from Pengrowth Energy Trust in 2009, Kinnear, along with other investors, established Caledonian Royalty Corporation, a private Canadian Corporation that purchases royalty interests in oil and gas properties.[15] Caledonian Royalty Corporation currently holds royalty interests (royalties) in the oil and gas production of twelve Canadian energy companies.

Community activity[edit]

Kinnear is active in the community, and is known for supporting various organizations that promote leadership, sports, culture, health and education. He has donated, and encouraged others to give, tens of millions of dollars to nonprofit and charitable initiatives.

Since 1992, he has chaired an annual golf tournament that has raised over C$10 million for the Calgary Health Trust.[16] In January 2010, proceeds from this tournament were used to purchase a C$3.3 million surgical robot for the Rockyview General Hospital in Calgary.[17] In honour and recognition of Kinnear’s long standing support of health care in Calgary, the recently opened emergency centre at the Rockyview General Hospital was named after him.[18][19]

In 2000, Kinnear’s private company, Pengrowth Management Limited, sponsored the National Hockey League (NHL) arena in Calgary known as the Saddledome and it was thus renamed the Pengrowth Saddledome. This move helped to keep the Calgary Flames, the local NHL hockey team from leaving the city at a particularly difficult time for the franchise.[20] The naming rights agreement with the Calgary Flames and the Saddledome expired in 2010.[21]

Through Pengrowth Management Limited, Kinnear established the Pengrowth-Nova Scotia Energy Scholarship in 2005 in partnership with the government of the province of Nova Scotia. The aim of this $2.5 million scholarship program is to enhance petroleum industry skills for the students in Nova Scotia’s post secondary institutions.[22] During the same year, Kinnear became a founding partner of the Duke of Edinburgh’s Award for Business. He subsequently became the National Benefactor for Canada as a result of making the largest single donation to the Duke of Edinburgh's Award in Canada.[23]

In 2007 Kinnear lead an effort to assist the Royal Canadian Golf Association (RCGA) in the search for a title sponsor for the Canadian Open. He gathered several executives and business leaders for roundtable discussions at both the 2007 Canadian Open at Angus Glen Golf Club in Markham, Ontarioas well as the Presidents Cup in Montreal. His passion and dedicated efforts in 2007 proved to be a major catalyst in RBC ultimately signing on as title sponsor of RBC Canadian Open.[24] As a result, he was awarded the RCGA Distinguished Service Award in 2008.

Kinnear has donated C$5 million and engaged his friends and business associates to commit a further C$5 million to the Banff Centre's Kinnear Centre for Creativity and Innovation, a major new building opened in 2010 at the heart of the Banff Centre.[25]

Kinnear was a member of the board of directors of the National Art Centre Foundation from 2009 to 2012. He was co-chair of the Governor General's Annual Award for the Performing Arts in 2010 and 2011.

Substantial fundraising for renovation activities at St. George's Chapel in Windsor, England, were made possible by the Bray Fellowship of which Kinnear is a member.

Selected honours[edit]

Boards and committees[edit]

Notes[edit]

  1. ^ Who’s Who in Canadian Business, 2001 p. 436
  2. ^ ”Calgary Herald”, Phil Novak June 30, 2000 p. A1
  3. ^ ”Who’s Who in Canadian Business”,2001 p.436
  4. ^ "Calgary Sun", Persistence Pays Off, May 19, 1997, p. B1.
  5. ^ Pengrowth Gas Corporation, “Prospectus”, Dec 2, 1988.
  6. ^ Pengrowth Energy Trust, “Annual Report 2009”.
  7. ^ "Energy trust pioneer retiring". www2.canada.com. Retrieved 2014-07-24. 
  8. ^ ”Financial Post”, Claudia Cattaneo, $600 M Shuffle in Oilpatch, Aug 21, 1997 p.1.
  9. ^ Emera Inc, “Press Release”, Emera & Pengrowth Offer to Purchase NSRL Assets, Feb 6, 2001. http://www.emera.com/en/home/mediacentre/archivedpressreleases/2001/emerapengrowthoffertopurchasensrlassets.aspx
  10. ^ “CBC News”, Pengrowth Pays $550 million for Canadian Assets of Murphy Oil, April 8, 2004. http://www.cbc.ca/money/story/2004/04/08/pengrowth040408.html
  11. ^ CCN Matthews, Pengrowth Corporation Press Release, Sep.28,2006.
  12. ^ " The Star", Pengrowth Pays $1 billion for Oil Properties, Nov 29, 2006.
  13. ^ “CBC News”, Pengrowth, Esprit energy trusts merge” July 24, 2006. http://www.cbc.ca/money/story/2006/07/24/pengrowth-esprit.html
  14. ^ Bloomberg July 24, 2006, https://www.bloomberg.com/apps/news?pid=newsarchive&sid=afKAqHBB75dM&refer=canada
  15. ^ see www.kinnearfinacial.com
  16. ^ ”Minutes of the meeting of the Board (Board) of Alberta Health Services (AHS)” June 29, 2010. http://www.albertahealthservices.ca/board/ahs-brd-2010-06-29-minutes.pdf
  17. ^ "Surgical robot a Canadian first | Calgary | News | Calgary Sun". calgarysun.com. Retrieved 2014-07-24. 
  18. ^ Alberta Health Services. June 29, 2010.
  19. ^ "New ER named for Kinnear". www2.canada.com. Retrieved 2014-07-24. 
  20. ^ "Calgary Sun” June 30, 2000. P1.Calgary Herald, June 30, 2000. P.1
  21. ^ CBC.ca Arena renamed Scotiabank Saddledome October 8, 2010. Calgary Herald Oct 9 2010
  22. ^ "Department of Energy". gov.ns.ca. Retrieved 2014-07-24. 
  23. ^ "Jim Kinnear takes it to "the next level"" (PDF). The Duke of Edinburgh's Award. 5 June 2009. Archived from the original (PDF) on 8 August 2014. Retrieved 2014-07-24. 
  24. ^ "Golf Canada – Jim Kinnear Honoured with RCGA Distinguished Service Award". rcga.org. Retrieved 2014-07-24. 
  25. ^ “Calgary Herald”, September 11, 2007 p. 3
  26. ^ Saint Mary’s University, https://www.smu.ca/events/turningpoints/speakers.html
  27. ^ Saint Mary’s University, https://www.smu.ca/events/turningpoints/speakers.html