Prime Minister Mark Carney is making changes to the leadership of the federal agency responsible for attracting foreign investments just prior to a significant summit focused on that goal. Carney revealed on Monday that Dominic Barton, the former Canadian ambassador to China and a prominent figure in Canadian corporate circles, will take on the role of chairman of the board of directors for Invest in Canada.
Barton’s extensive career includes tenure at McKinsey and Co., a global consulting firm, along with chair positions at mining giant Rio Tinto and LeapFrog Investments. In 2016, Barton was appointed as the head of the Liberal government’s economic advisory council by Justin Trudeau, and one of the key recommendations from the council was the establishment of Invest in Canada to facilitate foreign direct investments.
During the period of strained relations with China from 2019 to 2021, Barton played a crucial role in navigating the diplomatic challenges. Trudeau acknowledged Barton’s contribution to the release of detained Canadians Michael Kovrig and Michael Spavor amidst the diplomatic tensions. Barton is set to serve as chairman on a part-time basis for a three-year term, with outgoing chair Karl Tabbakh staying on the board to aid in the transition.
The reshuffle at Invest in Canada occurs just ahead of Carney’s upcoming investment summit in Toronto, where he plans to bring together foreign investors and leaders of major domestic funds to present investment opportunities in Canada. Carney emphasized that both Barton and Gurinder Grewal, who will take on the role of chief executive at Invest in Canada, have the necessary expertise to leverage Canada’s strengths and attract new investors to bolster the Canadian economy.
Grewal, the founder and managing partner of MEM Growth Partners, brings a wealth of experience in deploying capital across various sectors such as energy, industrial, infrastructure, and technology. Carney expressed confidence that under the leadership of Barton and Grewal, Invest in Canada will drive substantial investments into Canada, fostering a more robust and resilient Canadian economy.
Laurel Broten, the outgoing CEO, will be replaced by Grewal. Meanwhile, Dominic LeBlanc, the minister overseeing the federal investment agency, confirmed Broten’s resignation effective September 1. Although no specific reasons were provided for Broten’s early departure, 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, deferring to LeBlanc’s statement acknowledging her years of service and wishing her success in future endeavors. A source familiar with the planning of the September investment summit, speaking on condition of anonymity, mentioned that Invest in Canada’s involvement has been limited to a few staff members assisting with logistics. The source highlighted that the summit’s organization has primarily been led by 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.