MESSAGE FROM THE CHAIR & CEO
If 2025 showed us anything, it’s that business in Newfoundland and Labrador doesn’t stand still—it adapts, recalibrates, and keeps moving forward. This was a year of taking stock and asking important questions about what comes next. Global uncertainty, economic pressure, and shifting policy conversations introduced a level of complexity we haven’t seen in some time—with the added element of multiple elections. There were moments of fragility. There were real challenges. And through it all, our business community leaned on one another.
We spent the year bringing people together in ways that mattered. Whether it was learning from experts, engaging directly with decision-makers and partners, celebrating local success, or simply creating space to connect, every gathering reinforced the value of being part of a business community that supports one another. From small conversations to big stages, our members were front and center—driving discussion, sharing experiences, and pushing ideas forward.
This year wasn’t about easy wins. It was about clarity. It was about strengthening relationships and ensuring business perspectives were heard—creating space for members to connect when it mattered most. In times of uncertainty, connection becomes more than networking—it becomes support, perspective, and momentum. As we look ahead, the environment may remain uncertain— but we are confident our business community will navigate it with focus, collaboration, and determination.
To our members: thank you for showing up, for sharing your insight, and for being active voices. To our Board of Directors and team: your leadership, commitment, and behind-the-scenes work keep everything moving forward. We’re proud of what we’ve built together this year—and excited for what’s ahead as we continue shaping the future of business across Newfoundland and Labrador.
Byron Chubbs
Chair, The Board of Trade
AnnMarie Boudreau
CEO, The Board of Trade
ABOUT US
The Board of Trade is Newfoundland and Labrador’s business advocate. We are a community of more than 800 members, combining the collective power of industries, sectors, and diverse perspectives. Together, we are developing a thriving business community in Newfoundland and Labrador.
We exist to serve our members across all sectors and industries, and advocate on their behalf. We are a driving force of progress in our community. To put it simply, our job is to foster growth, innovation, and success for all. We do this by:
• Serving as a catalyst for business opportunity and connection.
• Connecting business leaders and big ideas.
• Advocating for conditions that allow all businesses to succeed.
• Providing the tools and information our members need to elevate their business.
We are a member of the Canadian Chamber of Commerce—the primary and vital link between business and the federal government, to advocate for public policies that will foster a strong, competitive economic environment that benefits businesses, communities, and families across Canada.
2025 Board of Directors
Byron Chubbs | Chair
Anna Cook | Vice Chair
Geoff Spencer | Second Vice Chair
Kevin Casey | Immediate Past Chair
Karen Veitch | Secretary
Tarah Schulz | Treasurer
AnnMarie Boudreau | Ex-Officio and CEO
Constanza Safatle | Director
Craig Ralph | Director
Judy Sparkes-Giannou | Director
Kate Vallis | Director
Paul Grant | Director
Sarah Halliday | Director
Steve Clark | Director
PURPOSE
The Board of Trade exists to support and represent the needs of all businesses in Newfoundland and Labrador. We work to amplify the interests, ideas, and concerns of more than 800 members living and working in Canada’s most easterly province.
VISION
Champion Newfoundland and Labrador as an attractive place to grow and do business. Mission
Helping business succeed.
VALUES
Our values represent how we act and approach any situation on behalf of our members.
• Purpose-Driven
• We are a driving force of progress in our business community. Our work is driven by our members and makes positive social, economical, and community impact.
• Connected
• We build lasting connections with people, government and organizations that help strengthen our province’s potential.
• Inclusive
• We make sure everyone feels welcomed and included in the work we do together. When someone is left out, we find a way to do better.
• Adaptable
• We remain flexible to factors we can’t control. Change is expected and we respond to it with confidence and ease.
CONNECTING WITH OUR MEMBER & BUSINESS COMMUNITY
AGM and Meet the Board Welcome Reception
On February 26, members came together virtually for our 2025 Annual General Meeting to reflect on the year behind us, share key updates, and help shape the direction for the year ahead.
Later that day, we officially launched the year at our Board of Directors Welcome Reception, reconnecting with members, meeting the new Board, and celebrating Byron Chubbs as incoming Chair. The evening was full of conversation and optimism, setting the tone for a year of collaboration, leadership, and a connected business community.
Board of Trade Ambassadors: David Campbell; Heather McNeill; Yousef Alabed; Nicole Kennedy; Jessica Noseworthy; Ambassador Staff Lead, Chris Kane; Sarah Halliday.
Board of Trade Ambassadors – Driving Business Community Connection
2025 was a big year for our Ambassadors! Full of energy and ideas, this group of motivated members really helped bring events and initiatives to life. From executing and running member events to kicking off volunteer efforts, they showed what happens when passionate people roll up their sleeves.
Highlights included supporting Easter Seals Newfoundland and Labrador with mock interviews to help participants build workplace skills, and getting the Ambassador program organized with subcommittees, a skills matrix, and monthly check-ins. Yousef Alabed, our Ambassador Chair, led the charge on redesigning the Ambassador team, Sarah Halliday acted as the link between the Board and Ambassadors, and Nicole Kennedy kept the Events Subcommittee running smoothly.
Our Ambassadors are the heart of hands-on engagement—bringing a sense of fun while making a real impact in our business community.
Geoff Spencer; Kate Vallis; Steve Clark; Constanza Safatle; Craig Ralph; Karen Veitch. Missing from photo: Anna Cook, Paul Grant.
Post-Budget Luncheon with Minister Coady
In March, we continued a long-standing tradition with a post-budget conversation with the Hon. Siobhan Coady, following the release of Budget 2025. As her first public engagement after the budget, the session offered members a firsthand look at the province’s financial outlook, key investments, and economic priorities, followed by an open Q&A moderated by CEO AnnMarie Boudreau. The discussion sparked thoughtful dialogue and gave members a direct line to the decision-makers shaping Newfoundland and Labrador’s economic future.
A True Local Experience, The Newfoundland & Labrador Way
Later in the spring, chambers, and boards of trade from across Atlantic Canada came together to learn, connect, and celebrate the vital role local businesses play in our communities. A highlight of the gathering was the “Screech-In”, a time-honoured tradition where participants became honorary locals. We were thrilled to host our colleagues for a “Local Night”, share a taste of Newfoundland and Labrador hospitality, and enjoy a fun, memorable experience together.
Love Local: Sip, Savour, Shop!
What began as Love Local Lunch during Business Bootcamp grew into Love Local: Sip. Savour. Shop.
On June 10, 2025, hundreds of members and friends joined us for a night of connection, culture, and community. Attendees explored handmade goods, local cuisine and drinks, and one-of-a-kind products, all while enjoying live music from The Hallidays. The event highlighted the creativity, talent, and heart of our local business community, providing a space to truly sip, savour, shop, and celebrate local entrepreneurs.
A special thank-you to everyone who joined us and helped showcase the strength and vibrancy of Newfoundland and Labrador’s local businesses.
Board Members: Craig Ralph; Paul Grant; Anna Cook; Karen Veitch; CEO AnnMarie Boudreau; former Deputy Premier and Minister of Finance; Board Members: Sarah Halliday; Chair, Byron Chubbs.
Bank of Canada Luncheon
National Economic Outlook: Insights from Governor Macklem
We were pleased to welcome Governor Tiff Macklem for a timely discussion on the national economic outlook and what it means for business in Newfoundland and Labrador. Governor Macklem highlighted the province’s strong trade diversification, positioning us to navigate uncertainty and foster long-term prosperity.
Key takeaways from the session included:
• Leading in Trade Diversification: Newfoundland and Labrador conducts business with international markets outside the U.S. at a higher rate than the Canadian average.
That’s the Newfoundland and Labrador advantage – access to tidewater, a reputation for resilience, and centuries of global trade experience.
- Governor Macklem
• The Importance of Strengthening Internal Trade: Reducing internal barriers presents a major opportunity to grow the domestic market.
• Embracing Uncertainty: Continued investment and business growth, even amid uncertainty, are essential for resilience.
Sun, swings, and summer vibes! On July 16, we teed off at The Wilds for our Annual Golf Classic. It was a day full of friendly competition, blackjack, an iced coffee bar, games, and tons of prizes, keeping everyone entertained on and off the course. The afternoon wrapped up with dinner, providing the perfect opportunity to connect, network, and celebrate a fun-filled summer day with the business community.
Golf Classic
State of the Province
In November, our annual State of the Province event welcomed the Honourable Tony Wakeham, who, just 27 days into his term as Premier of Newfoundland and Labrador, delivered his first address in this role.
Premier Wakeham shared his priorities and vision, highlighting initiatives such as advancing the Bay du Nord project, strengthening Newfoundland and Labrador’s role in the defense sector, and pursuing a deal with Hydro-Québec.
Our members dug into the big questions facing our province, sharing ideas, debating opportunities, and hearing firsthand about initiatives shaping Newfoundland and Labrador’s future.
Maximizing Your Membership
A Board of Trade membership gives your business the tools, connections, and opportunities it needs to thrive. In 2025, we continued to help our 800+ members make the most of their benefits through monthly Maximizing Your Membership sessions, exclusive savings, the Member-to-Member (M2M) program, access to signature events, and visibility through our member portal and directory—all designed to save you money and grow your network.
Photos: GovNL
2025 Member Socials: Connecting Our Business Community!
Creating opportunities to connect, collaborate, and celebrate local enterprise, our social events brought together members of Newfoundland and Labrador’s business community throughout the year. Sparking new partnerships, sharing insights, and showcasing local talent, these gatherings highlighted the energy, creativity, and resilience that make our business community thrive. Each event reinforced the value of coming together to learn, grow, and succeed as a collective.
Whether long-time members or new faces, everyone enjoyed the opportunity to connect throughout 2025.
For BDC Small Business Week — We Delivered Some Local Love!
With 98.4 % of businesses in Newfoundland and Labrador classified as small, BDC Small Business Week (October 18–24, 2025) was the perfect opportunity to celebrate the people who keep our economy moving. We delivered a little local love by visiting standout small businesses, including Carpet Factory, The Olive Branch, East Coast Quilt Co., Bellie Beth, Newfoundland Chocolate Company, and Hungry Heart Café, highlighting the creativity, dedication, and community spirit that makes our small business sector the heart of the province.
98 % of the businesses in Newfoundland and Labrador are small businesses
Informing our Advocacy
Our members are the heart of everything we do at the Board of Trade and our advocacy work is no exception. The positions we take, the statements we make, and policy we fight for are informed by our members and the broader business community.
In 2025, we took several opportunities to hear directly from our members on shaping our priorities—member surveys, polls, and other feedback forums allowed us to develop our advocacy framework in a way that was reflective of the needs of our members.
In 2025 we also launched the Business Advocacy Council (BAC), established to provide strategic advice, guidance and direction on the identification and definition of key policy and advocacy issues facing the business community in Newfoundland and Labrador. Members of the BAC include business leaders from a wide range of industries and sectors. With this broad expertise, the BAC provides insight and counsel to the development of policy solutions and recommendations, with an overarching aim to steer our province towards a prosperous future.
CEO Roundtables: Conversations that Matter
In 2025, the Board of Trade hosted several CEO Roundtables, bringing business leaders together with top decision-makers to tackle the province’s most pressing issues. In February, members met with the Hon. Joanne Thompson, MP St. John’s East, the Hon. Mark Holland, former federal Minister of Health, and Dr. Pat Parfrey, former CEO of NL Health Services, to discuss the current and future state of healthcare. In July, Jennifer Williams, CEO of NL Hydro, and Walter Parsons, VP of Transmission Interconnections & Business Development, shared insights following a landmark energy MOU. Later in the year, business leaders also heard from Tore Løseth and Jim Butler of Equinor on the Bay du Nord project, discussing its progress and potential benefits for Newfoundland & Labrador.
These exclusive sessions gave CEOs the opportunity to share insights, learn from each other and decision-makers, and engage in candid discussions on issues shaping the province’s economic and social future.
CEO Roundtable with Equinor’s Tore Løseth, Country Manager and Jim Butler, Commercial Manager. AnnMarie Boudreau, Board of Trade CEO; Joanne Thompson, MP St. John’s East; Mark Holland, Former Minister of Health; Dr. Pat Parfrey, Former CEO NL Health Services.
CEO Roundtable with Jennifer Williams, CEO of NL Hydro, and Walter Parsons, VP of Transmission Interconnections & Business Development.
Advocacy Pillars
In 2025, the Board of Trade focused on three main policy pillars to direct our advocacy work. These pillars represent the core, long-term priorities of our members and the broader business community. These are aligned and are an extension of our advocacy goals from our 2025-2028 Strategic Plan and will continue to evolve.
1. Promoting Connectivity: focuses on strengthening affordable and reliable transportation and ensuring access to domestic and international markets, while ensuring Newfoundland and Labrador’s regional realities are reflected in policy decisions.
2. Enabling a Productive and Innovative Workforce: prioritizes understanding labour needs, attracting and retaining workers, supporting employers, and advancing skills development and innovation.
3. Fostering Business and Investment: supports a competitive economic environment through affordable costs, responsive government policy, and vibrant, safe communities that attract investment, talent, and growth across the province.
Promoting Connectivity
Ensuring our province is connected within our boundaries, as well as to the Atlantic region and to the rest of Canada, is essential for our economic stability and growth. The Board of Trade promotes policies that strengthen our connectivity to the rest of Canada and connects our markets beyond our provincial boarders.
Marine Atlantic
In 2025 we urged the federal government make Marine Atlantic, our constitutionally mandated ferry service, more accessible and reliable. We continue to advocate for greater capacity and reliability on Marine Atlantic crossings, and ensuring the ferry system is positioned to meet commercial demand is a key focus.
While we welcome the 50 per cent reduction in Marine Atlantic passenger fares, it falls short of what Newfoundland and Labrador needs. Commercial traffic remains excluded, leaving our province without federal support for essential freight, and there is no plan to address capacity constraints. Marine Atlantic is a constitutionally mandated economic lifeline—without investment in commercial support and expanded capacity, fare reductions offer little real relief to businesses and communities that rely on it.
Air Canada Strike
- Statement from the Board of Trade
The Board of Trade continues to prioritize reliable air access and minimizing travel disruptions, recognizing its importance to our province. In August, during the Air Canada flight attendants’ strike, we called on the federal government to act swiftly. Thanks to timely intervention, the strike concluded within days, helping to reduce disruption during a critical tourism season and protect businesses that rely on consistent air connectivity.
Internal Trade
Navigating Disruption
Following the change in administration in the United States and subsequent impacts to trade and tariff policies, the Board of Trade identified the need to strengthen resiliency throughout the business community in Newfoundland and Labrador.
In response, we brought together industry leaders, experts, and decision-makers for Navigating Disruption, a day dedicated to unpacking the economic and energy trends reshaping Newfoundland and Labrador amid global uncertainty. Designed around the real challenges emerging in 2025, the event created space for members to gain insight, exchange ideas, and reflect on how to adapt in a complex environment. Goldy Hyder, a seasoned public policy leader with deep experience in corporate leadership, public policy, and strategic communications, delivered an eye-opening keynote on spotting opportunities in uncertainty, while former Premier Andrew Furey reminded us, “How do we define disruption? We don’t. It defines us.”
Through interactive panels and discussions, attendees explored different perspectives, shared experiences, and left with a deeper understanding of how to navigate change together.
Trade & Tariffs Premier Roundtable
In addition, we continued our focus on this issues throughout 2025, participating in the Premier’s Trade Roundtable—bringing together government, industry, labour, and community leaders to tackle national and international trade barriers and strengthen economic resilience. These discussions focused on improving provincial initiatives, like the movement of goods, services, and workers across provinces, identifying regulatory obstacles, and exploring opportunities to expand market access for local businesses.
WATCH | AnnMarie Boudreau tells CBC News how businesses are preparing for an uncertain future
Capital City Chambers Interprovincial Trade Roundtable
In April 2025, the Chambers of Commerce and Boards of Trade representing Halifax, Fredericton, Charlottetown, and St. John’s came together for the first Capital City Chambers Interprovincial Trade Roundtable. The Board of Trade joined members and industry representatives from sectors including construction, transportation, post-secondary education, and manufacturing to explore opportunities for eliminating barriers and harmonizing regulations across Atlantic Canada.
Supporting Local: Buy from Newfoundland and Labrador
In response to the threat of tariffs on Canadian goods, the Board of Trade supported the “Buy from Newfoundland and Labrador” campaign, a provincial initiative encouraging people to choose locally made products. The campaign underscored the value of buying local at a critical time, reminding residents that investing in Newfoundland and Labrador businesses helps keep the heart of our communities strong.
Municipal Collaboration: Municipalities Role in Trade Uncertainity
In May, we attended the Municipalities Newfoundland & Labrador Symposium in Gander, connecting with municipal and business leaders from across the province. The event reinforced the importance of strong partnerships between local governments and the business community, particularly as communities navigate ongoing economic change.
Our CEO, AnnMarie Boudreau, joined a panel on Navigating Economic Uncertainty, sharing perspectives on how businesses and municipalities can adapt, innovate, and plan for the future.
International Trade UK Mission
In October, we participated in the Canadian Chamber of Commerce’s Mission to the United Kingdom. The delegation met with key partners— including the High Commission of Canada in the UK, the Canada-UK Chamber of Commerce, the Confederation of British Industry, and Chatham House—to explore opportunities for businesses to strengthen their role in the evolving Canada–UK relationship.
Delegates gained practical insights on how the strong ties between Canada and the UK can be leveraged to attract investment, drive economic growth, and create new opportunities for local businesses.
Enabling a Productive and Innovative Workforce
Our workforce is at the heart of our economy. Creating the conditions for a skilled, thriving workforce promotes economic growth and increased productivity
Immigration
To achieve the workforce, we need now and into the future we must ensure we have an effective and responsive immigration system that supports our province’s needs.
This year, we have continued to advocate for greater levels of immigration in Newfoundland and Labrador to support growth in our economy. This included collaboration with other chambers, such as with the Labrador North Chamber of Commerce on a joint statement of concern, as well as participation in the province’s Jobs Forum to share our perspective on the economic need for increased immigration.
Candace Laing, President & CEO of the Canadian Chamber of Commerce and AnnMarie Boudreau, CEO, The Board of Trade outside Canada House in London, UK
Julianne Griffin, CEO, Labrador North Chamber of Commerce and AnnMarie Boudreau, CEO, the Board of Trade chat with Michael Connors at NTV on the implications of provincial immigration cuts.
Wage Support Program
In 2025 we continued and expanded our Wage Support Program, designed to support small-and medium-sized businesses (SMEs) as they navigate the challenges of rising operational costs. Its objective is to financially assist employers implementing regulatorily mandated minimum wage increases.
This year we distributed approximately $2.5 million of support to 550 small businesses to help them maintain their staffing levels and stability employment for their staff.
This year we distributed approximately $2.5 million of support to 550 small businesses to help them maintain their staffing levels and stability employment for their staff.
Celebrating MUN’s 60th Business Day: Inspiring Innovation and Workforce
We were so honoured to spend the morning with MUN business students, speaking to them on why a career in business is a truly rewarding one, how collaboration is key to growth, and how the Board of Trade works to ensure businesses have the right environment in Newfoundland and Labrador to succeed.
Fostering Business and Investment
The Board of Trade champions economic environments that welcome growth, innovation and new investment. We also support projects and policies that foster this environment.
Newfoundland and Labrador’s Nation Building Projects
This year, we have communicated our strong support for economy-driving projects, including the Churchill Falls opportunity with NL Hydro and Hydro-Québec, as well as the unique energy opportunity in Bay du Nord. We have advocated provincially and federally for our representatives to fully support these opportunities. Their advancement would send the signal to the rest of Canada and globally that Newfoundland and Labrador is poised for new investment.
City of St. John’s
Strengthening Downtown: Insights from Local Businesses In 2025, the Board of Trade met with downtown business owners to discuss ongoing concerns and opportunities to ensure the viability and sustainability of local businesses in the Downtown core, while maintaining a vibrant city for visitors, businesses, and residents alike. Members shared valuable insights on areas where policy and action can make the biggest impact—ranging from safety and accessibility to economic growth, innovation, beautification measures, and fostering a thriving business environment.
Based on the feedback discussed at this session, the Board of Trade released a “What We Heard” report and “Recommendations Plan” document, outlining the path forward for the city to better support local businesses. These key documents have been shared with the city and we look forward to continuing this important discussion with our local government.
2025 Elections: Elections at All Levels
2025 was a busy year for our business community with municipal, provincial, and federal elections taking place. We engaged throughout the election periods to convey our members’ perspectives to all candidates and worked to ensure that both new and returning elected officials understood our priorities and the issues that matter most to our members—keeping our advocacy focused and effective.
EMPLOYER ADVISORS
Throughout 2025, our Employer Advisors were a steady, trusted resource for employers navigating the day-to-day realities of running a business. From complex workplace issues to routine compliance questions, they provided confidential, one-on-one guidance—free of charge—helping employers make informed decisions with confidence.
At the heart of the program is accessibility. Employer Advisors met businesses where they were, offering clear, practical advice on workers’ compensation, occupational health and safety, HR best practices, and employment legislation. Whether supporting claims management and early and safe return-to-work planning, reviewing OHS programs and PRIME requirements, or helping employers understand their obligations to WorkplaceNL, Advisors played a hands-on role in reducing uncertainty and risk for businesses of all sizes.
Case Law: Key Legal Insights for 2025
Our 2025 Annual Case Law Review brought together business leaders, HR professionals, and top lawyers to explore the year’s most important employment and labour law developments. Attendees gained practical insights from experts at Stewart McKelvey, McInnes Cooper, Cox & Palmer, and O’Dea Earle Injury Lawyers, and had the chance to get their questions answered in an interactive Ask an Expert session. The event provided a high-energy forum to stay ahead of legal changes and strengthen strategies for navigating today’s workplace challenges.
Employer Advisors also supported employers through review processes and navigating government systems. Advisors have consistently assisted employers by liaising with case managers and adjudicators of review processes. In addition to this, they now offer full representation for employers at Independent Review Board hearings, which are now being scheduled into 2026. Advisors have a key role in ensuring employers’ concerns are fairly considered in the decision-making process.
Beyond one-on-one support, they focused on education and prevention. Advisors delivered training sessions and presentations across the province, shared weekly Employer Advisor insights with members on topics like mental health, workplace safety, evolving employment practices, and provided guidance on implementing violence and harassment policies and conducting risk assessments. These proactive efforts helped employers stay ahead of issues before they became challenges.
Connecting directly with the business community remained a priority. Employer Advisors were attended key events throughout the year— including Placentia Bay Industrial Showcase (PBIS), Expo Labrador, Hospitality Newfoundland and Labrador (HNL), numerous Board of Trade events, and other industry gatherings. This furthers the key goal of raising awareness of available supports and strengthening relationships with employers across regions and sectors.
For many members, the value of the program is simple: knowing there is someone they can call. As one employer shared:
Having an accessible service that is just a phone or email away provides peace of mind when issues suddenly arise. The advice was
By providing consistent, reliable guidance and staying closely connected to employers, our Employer Advisors continue to play a vital role in supporting healthy workplaces and informed decision-making across Newfoundland and Labrador’s business community.
