Prime Minister Mark Carney has initiated changes in the leadership structure of the federal agency dedicated to attracting foreign investment shortly before a significant summit with the same goal. Carney revealed on Monday that Dominic Barton, the former Canadian envoy to China and a prominent figure in corporate Canada, will assume the position of board chair for Invest in Canada.
Barton’s professional background primarily revolves around his tenure at McKinsey and Co., a renowned global consulting firm. He also holds chair positions at mining behemoth Rio Tinto and LeapFrog Investments. Notably, in 2016, Barton was appointed as the head of the economic advisory council by the Liberal government under Prime Minister Justin Trudeau. The council’s recommendations included the establishment of Invest in Canada to facilitate foreign direct investment.
During the tumultuous diplomatic relations with China from 2019 to 2021, Barton played a crucial role. Trudeau acknowledged Barton’s efforts upon his resignation in 2021, attributing his assistance to securing the release of detained Canadians Michael Kovrig and Michael Spavor amid the diplomatic tensions.
Barton is set to serve as chair on a part-time basis for a three-year term, succeeding outgoing chair Karl Tabbakh, who will continue to support the transition within Invest in Canada. Meanwhile, Gurinder Grewal, the founder and managing partner of MEM Growth Partners, will assume the position of chief executive at Invest in Canada. Carney highlighted Grewal’s proficiency in deploying capital across various sectors such as energy, industrial, infrastructure, and technology.
The reshuffle at Invest in Canada is unfolding just before Carney’s inaugural investment summit in Toronto, where he plans to engage foreign investors and key domestic fund leaders to promote Canadian projects. Carney expressed confidence in Barton and Grewal’s capabilities to leverage Canada’s strengths in attracting new investors. He emphasized the potential for Invest in Canada, under their leadership, to drive substantial new investments into Canada, fostering a more robust and resilient Canadian economy.
As part of the changes, Grewal replaces the outgoing CEO Laurel Broten, a former Ontario cabinet minister during Dalton McGuinty’s tenure as Liberal premier. Dominic LeBlanc, the minister overseeing the federal investment agency, confirmed Broten’s resignation effective September 1 through a social media announcement. Broten’s departure, occurring nearly four years into what is typically a five-year term, was not accompanied by an official explanation.
While Carney acknowledged Tabbakh’s service as the outgoing chair of Invest in Canada, no specific mention of Broten was made in his statement. The Prime Minister’s Office spokesperson deferred further comments on Broten’s resignation, redirecting to LeBlanc’s remarks. The source familiar with the summit planning in September, albeit unauthorized to speak publicly, indicated that Invest in Canada’s involvement has been somewhat limited to a few staff members assisting in logistical arrangements for the event.
The summit’s organizational responsibilities have predominantly been shouldered by staff from the Prime Minister’s Office, in collaboration with various government departments, the Canada Pension Plan Investment Board, and the Public Sector Pension Investment Board.