Seymour Schulich

Seymour Schulich
Born (1940-01-06) January 6, 1940
Montreal, Quebec, Canada
Residence Toronto, Canada
Nationality Canadian
Alma mater McGill University
Net worth IncreaseCAD$1.75 billion (2011)
Spouse(s) Tanna Schulich
Children 2

Seymour Schulich, OC (born January 6, 1940) is a Canadian businessman, investor, author and philanthropist.

Biography

Schulich graduated from McGill University with a BSc in 1961 and an MBA from the Desautels Faculty of Management in 1965. He earned the Chartered Financial Analyst designation from the University of Virginia in 1969.

He is married to Tanna and they live in the Toronto area of Willowdale, Ontario. They have two daughters and four grandchildren.[1]

Career

His first job was at Shell Oil Company. From 1968 to 1990, he worked at Beutel, Goodman & Company Ltd., a pension fund management company which manages in excess of $10.6 billion CAD (as of 2003), becoming president and vice-chairman.

In 1978, Schulich, along with partner Pierre Lassonde, helped pioneer the concept of royalty payments in the mining industry: their Franco-Nevada and Euro-Nevada companies discovered some precious minerals, but their royalty arrangements allowed them to gain ownership stakes in some of the world’s most profitable mines. A $1,000 investment in Franco-Nevada's stock in 1983 was worth $1.2 million in 2002, equivalent to a 40% average annual rate of return. In 2002, Franco-Nevada merged with Normandy Mining Limited of Australia and Newmont Mining Corporation, creating the largest gold mining company in the world, Newmont Mining Corporation. Schulich was Director of Newmont Mining and Chairman of its merchant banking division from 2002-2007.[2]

In 2007, Schulich published a book titled Get Smarter: Life and Business Lessons.

Philanthropy

Schulich is well known for his philanthropic activities, having donated funds to numerous Canadian universities including York[3] (Schulich School of Business), Western Ontario (Schulich School of Medicine & Dentistry),[4] Calgary (Schulich School of Engineering),[5] Dalhousie (Schulich School of Law),[6] McGill (Schulich School of Music),[7] and Nipissing (Schulich School of Education).[8] The first and largest donation that was made was to the Schulich School of Business at York University. All degrees issued by the Schulich School of Business now bear the signature of Seymour Schulich. His philanthropy also extends beyond universities, to the Sunnybrook Health Sciences Centre (Schulich Heart Centre)[9] in Toronto, and outside Canada to the University of Nevada, Reno (Schulich Lecture Hall) and Technion – Israel Institute of Technology.[10]

Some of Schulich's gifts have been met with controversy from the student bodies of the recipient institutions. His $25 million endowment to the Faculty of Medicine & Dentistry at the University of Western Ontario was protested by a few of the School of Medicine's undergraduate students for both the source of the funds and the manner in which the faculty administration finalized the deal. Some students contended that unethical practices by some of Schulich's companies, such as Newmont Mining, made the conditions attached to the gift unacceptable. However, during this time, he did give generously to McGill's Library of Science and Engineering which was renamed the Schulich Library of Science and Engineering in honour of his family in 2001.[11] He was finally able to endow the Schulich School of Music under the principalship of Heather Munroe-Blum in 2005.[12]

On October 15, 2009, Schulich officially presented a donation in the amount of $20 million to Dalhousie University's Law School; in doing so, the Law School has now been renamed the Schulich School of Law.[13]

On October 14, 2011, Schulich announced a $100 million scholarship program targeting students entering the science, technology, engineering and math fields (STEM) in Canada and Israel. This gift is being co-administered by UJA Federation of Greater Toronto and the Schulich Foundation.[14] The program is called Schulich Leader Scholarships, the largest undergraduate STEM scholarship opportunity in each country.[15]

Honours

Partial bibliography

  • Schulich, Seymour. Get Smarter Life and Business Lessons. Toronto: Key Porter Books, 2007. ISBN 978-1-55263-942-9
  • Schulich, Seymour. Weather Gas Distribution Companies and Stock Markets ( a Theory for Short Term Traders.) --. S.l: s.n.], 1965.

References

  1. ↑ "The life of Seymour Schulich: Biographical notes". canadian-universities.net. September 30, 2005. Retrieved October 27, 2007.
  2. ↑ Newmont Mining Corp.{http://www.newmont.com/our-investors/press-releases/2007/02122007}
  3. ↑ http://news.yorku.ca/2011/05/03/york-u-benefactor-seymour-schulich-to-join-canadian-business-hall-of-fame/
  4. ↑ http://www.theglobeandmail.com/report-on-business/seymour-schulich-is-a-mining-tycoon-who-spreads-the-wealth/article1216106/
  5. ↑ http://www.ucalgary.ca/news/uofcpublications/oncampus/online/oct4-07/schulich
  6. ↑ http://www.dal.ca/news/2009/10/15/schulich.html
  7. ↑ http://communications.uwo.ca/western_news/stories/2005/September/seymour_schulich_donates_20_million_to_mcgill.html
  8. ↑ http://www.nipissingu.ca/departments/external-relations/nunews/2012-archive/Jan-12-2012/Pages/Congratulations-to-Mr.-Seymour-Schulich.aspx
  9. ↑ http://www.newswire.ca/en/story/521229/seymour-schulich-give-sunnybrook-10-m-gift
  10. ↑ http://www.technioncanada.org/seymour-schulich-donates-landmark-gift-of-us-20-million-to-the-technion-israel-institute-of-technology-2/
  11. ↑ http://www.mcgill.ca/library/branches/schulich/about
  12. ↑ http://www.mcgill.ca/music/about-us/about-seymour-schulich
  13. ↑ Smulders, Marilyn. "Introducing the Schulich School of Law". Retrieved March 19, 2013.
  14. ↑ Bradshaw, James (October 14, 2011). "Toronto philanthropist Schulich unveils $100-million scholarship – The Globe and Mail". The Globe and Mail (Toronto).
  15. ↑ http://www.schulichleaders.com
  16. ↑ "Seymour Schulich Honorary Degree Recipient". dal.ca. Retrieved June 1, 2013.
  17. ↑ "Appointments to the Order of Canada".
  18. ↑ http://www.newswire.ca/en/story/817449/junior-achievement-of-canada-welcomes-four-new-companions-into-the-canadian-business-hall-of-fame
  19. ↑ "Seymour Schulich Honorary Degree Recipient". ucalgary.ca. Retrieved June 9, 2010.
  20. ↑ "Convocation for Schulich MDs pays tribute to benefactor". uwo.ca. Retrieved June 12, 2008.
  21. ↑ http://mininghalloffame.ca/inductees/s-u/seymour_schulich
  22. ↑ "The Benefactor – Seymour Schulich: New standard for giving". mcgill.ca. Archived from the original on January 22, 2008. Retrieved October 27, 2007.
  23. ↑ "Biography Seymour Schulich, CM, BSc, MBA, CFA, HonLLD (York)". yorku.ca. 2002. Retrieved October 27, 2007.
  24. ↑ http://www.gg.ca/honour.aspx?id=6356&t=12&ln=Schulich
  25. ↑ "Hall of Fame Inductee". halloffame.mining.ca. Archived from the original on February 12, 2008. Retrieved October 27, 2007.

Sources

Further reading

  • Gray, John. 2006. "LIVE & LEARN – Seymour Schulich – The Entrepreneur, Mentor and Philanthropist on His First Investment and Favourite Painter". Canadian Business. 79, no. 24: 144.
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