Prime Minister Mark Carney is making changes to the leadership of the federal agency responsible for attracting foreign investment just ahead of a significant summit focused on this goal. Carney revealed that Dominic Barton, a former Canadian ambassador to China and a prominent figure in corporate Canada, will now lead the board of directors for Invest in Canada.
Barton has a background at McKinsey and Co., a global consulting firm, and currently serves as the chair of mining company Rio Tinto and LeapFrog Investments. Back in 2016, Barton chaired the Liberal government’s economic advisory council under Justin Trudeau, which proposed the establishment of Invest in Canada to draw foreign direct investments.
During a challenging diplomatic period with China from 2019 to 2021, Barton played a crucial role. Following Barton’s resignation in 2021, Trudeau acknowledged his efforts in facilitating the release of two Canadians, Michael Kovrig and Michael Spavor, who were detained in China amid the diplomatic tensions.
Barton’s appointment as chair will be for a part-time three-year term, with outgoing chair Karl Tabbakh staying on the Invest in Canada board to aid the transition. Gurinder Grewal, founder of MEM Growth Partners, will take over as the chief executive of Invest in Canada. Carney highlighted Grewal’s experience in capital deployment across various sectors like energy, industrial, infrastructure, and technology.
The restructuring at Invest in Canada comes just before Carney’s upcoming investment summit in Toronto, where he plans to gather foreign investors and key domestic fund leaders to showcase Canadian projects. Carney expressed confidence in Barton and Grewal to leverage Canada’s strengths and engage new investors effectively.
Grewal will succeed the current CEO, Laurel Broten, a former Ontario cabinet minister under ex-Liberal premier Dalton McGuinty. Dominic LeBlanc, the minister overseeing the federal investment agency, announced Broten’s resignation effective September 1. Although no specific reasons were provided for Broten’s early departure, Carney commended Tabbakh for his service without mentioning Broten in his remarks.
Regarding Broten’s resignation, a spokesperson for the Prime Minister’s Office referred to LeBlanc’s statement, where he thanked Broten for her service and wished her well in future endeavors. A source familiar with the planning of the September investment summit, speaking anonymously, mentioned that Invest in Canada’s involvement has mainly revolved around a few staff members assisting with event logistics.
The source also indicated that the Prime Minister’s Office and several government departments, along with entities like the Canada Pension Plan Investment Board and Public Sector Pension Investment Board, have been leading the summit’s organization.