Prime Minister Mark Carney is making changes to the leadership of the government agency responsible for luring foreign investments shortly before an important summit with that aim. Carney revealed on Monday that Dominic Barton, the former Canadian envoy to China and a prominent figure in the corporate world, will head the board of directors for Invest in Canada. Barton’s extensive career was predominantly at McKinsey and Co., a global consulting firm. He also serves as the chair of mining powerhouse Rio Tinto and LeapFrog Investments.
In 2016, Barton was appointed chair of the economic advisory council for the Liberal government led by Justin Trudeau. One of the council’s key proposals was the establishment of Invest in Canada to attract foreign direct investments. Barton played a crucial role during Canada’s challenging relations with China from 2019 to 2021. Trudeau acknowledged Barton’s efforts in securing the release of two detained Canadians, Michael Kovrig and Michael Spavor, during the diplomatic crisis.
Barton is set to hold the chair position on a part-time basis for a three-year term. The current chair, Karl Tabbakh, will continue on the Invest in Canada board to facilitate the transition. Gurinder Grewal, the founder and managing partner of MEM Growth Partners, will take over as the chief executive of Invest in Canada. Carney highlighted Grewal’s expertise in deploying capital across various sectors like energy, industry, infrastructure, and technology.
The reshuffle at Invest in Canada comes just before Carney’s premier investment summit in Toronto, where he plans to gather foreign investors and top domestic fund leaders to promote Canadian projects. Carney expressed confidence in Barton and Grewal’s capabilities to leverage Canada’s strengths and attract new investors. He emphasized that under their leadership, Invest in Canada will drive billions in fresh investments to fortify the Canadian economy.
Grewal succeeds the outgoing CEO Laurel Broten, a former Ontario cabinet minister under ex-Liberal premier Dalton McGuinty. Dominic LeBlanc, the minister overseeing the federal investment agency, confirmed Broten’s resignation effective September 1 via social media. Broten’s departure, nearly four years into what is typically a five-year term, was not explained on Monday. Carney commended Tabbakh for his service as the chair of Invest in Canada but did not mention Broten in his statement.
The Prime Minister’s Office declined to comment on Broten’s resignation, referring to LeBlanc’s statement where he thanked Broten for her service. An insider familiar with the planning of the September investment summit, speaking anonymously as they were not authorized, mentioned that Invest in Canada’s involvement had mainly been limited to a few staff members assisting with event logistics. The insider noted that staff from 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 been primarily driving the summit’s organization.