Prime Minister Mark Carney is making changes to the leadership of the federal organization responsible for drawing in foreign investments just ahead of a significant summit focused on this goal. Carney revealed on Monday that Dominic Barton, a former Canadian ambassador to China and a prominent figure in the corporate sector in Canada, will lead the board of directors for Invest in Canada.
Barton’s professional background mainly involves working at McKinsey and Co., a global consulting firm. Additionally, he serves as the chair of mining company Rio Tinto and LeapFrog Investments. In 2016, Barton was appointed as the chair of the economic advisory council by the Liberal government under Justin Trudeau. The council’s recommendations included the establishment of Invest in Canada to attract foreign direct investments.
Barton played a key role in navigating Canada through a challenging period in diplomatic relations with China from 2019 to 2021. Trudeau acknowledged Barton’s efforts in securing the release of two Canadians, Michael Kovrig and Michael Spavor, who were detained in China during the diplomatic tensions.
Barton will take on the position of chair on a part-time basis for a three-year term, while outgoing chair Karl Tabbakh will continue to support the transition by remaining on the board of Invest in Canada.
Shakeup is happening at Invest in Canada as Gurinder Grewal, the founder and managing partner of MEM Growth Partners, assumes the role of chief executive. Carney emphasized Grewal’s expertise in deploying capital across various sectors such as energy, industrial, infrastructure, and technology.
This reorganization at Invest in Canada is occurring just two weeks before Carney’s upcoming investment summit in Toronto, where he plans to gather foreign investors and key figures from major domestic funds to present Canadian projects to them. Carney expressed confidence in Barton and Grewal’s abilities to help Canada leverage its strengths and attract new investors.
Grewal is taking over from the outgoing CEO, Laurel Broten, a former Ontario cabinet minister under the previous Liberal premier, Dalton McGuinty. Dominic LeBlanc, the minister overseeing the federal investment agency, announced Broten’s resignation effective September 1. Despite her departure nearly a year before the completion of her usual term, no reasons were provided for Broten’s early exit.
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 spokesperson deferred commenting on Broten’s resignation, referencing LeBlanc’s statement acknowledging her service and wishing her success in her future endeavors.
Ahead of the September investment summit, sources familiar with the planning revealed that Invest in Canada’s involvement has been primarily limited to a few staff members assisting with logistical arrangements for the event. The Prime Minister’s Office staff and other government departments, in collaboration with entities like the Canada Pension Plan Investment Board and Public Sector Pension Investment Board, have been actively leading the summit preparations.