Prime Minister Mark Carney is making changes to the leadership of the federal agency responsible for luring foreign investments just ahead of an upcoming summit aimed at that exact goal. Carney revealed on Monday that Dominic Barton, the former Canadian ambassador to China and a prominent figure in corporate Canada, will head the board of directors for Invest in Canada.
Barton, known for his tenure at McKinsey and Co., a global consulting firm, also serves as the chair of mining company Rio Tinto and LeapFrog Investments. Back in 2016, Barton led the Liberal government’s economic advisory council under Justin Trudeau. The council’s recommendations included the establishment of Invest in Canada to attract foreign direct investments.
During a challenging period in Canada-China relations from 2019 to 2021, Barton played a crucial role. Trudeau acknowledged Barton’s efforts in securing the release of two detained Canadians, Michael Kovrig and Michael Spavor, following Barton’s resignation in 2021. Barton will hold the chair position part-time for a three-year term, while Karl Tabbakh, the outgoing chair, will stay on the board to aid the transition.
The reshuffling at Invest in Canada precedes Carney’s upcoming investment summit in Toronto by two weeks, where he plans to convene foreign investors and key domestic fund leaders to promote Canadian projects. Carney expressed confidence in Gurinder Grewal, founder of MEM Growth Partners, who will take over as the chief executive of Invest in Canada. Carney praised Grewal’s experience in deploying capital across various sectors such as energy, industrial, infrastructure, and technology.
Carney emphasized that Barton and Grewal possess the necessary expertise to help Canada leverage its strengths with new investors. The aim is for Invest in Canada, under their leadership, to attract billions in new investments, fostering a more robust and resilient Canadian economy for all.
Laurel Broten, the outgoing CEO, will be succeeded by Grewal. Dominic LeBlanc, the minister overseeing the federal investment agency, confirmed Broten’s resignation effective September 1. Broten’s departure, occurring nearly four years into what is typically a five-year term, was not accompanied by an official explanation.
Carney commended Tabbakh for his service as Invest in Canada’s chair but made no mention of Broten in his statement. A spokesperson for the Prime Minister’s Office declined to comment on Broten’s resignation, referring to LeBlanc’s acknowledgment of her service. The spokesperson highlighted Broten’s dedicated service and extended best wishes for her future endeavors.
An insider familiar with the planning of September’s investment summit, speaking on condition of anonymity, revealed that Invest in Canada’s involvement has been somewhat limited, with a few staff members assisting with event logistics. The source disclosed that the Prime Minister’s Office and other government departments, in collaboration with the Canada Pension Plan Investment Board and Public Sector Pension Investment Board, have predominantly spearheaded the summit’s organization.