Prime Minister Mark Carney is making changes to the leadership of the federal agency responsible for drawing in foreign investment just before an important summit focused on that goal. Carney recently revealed that Dominic Barton, the former Canadian ambassador to China and a prominent figure in corporate Canada, will lead the board of directors for Invest in Canada.
Barton, known for his tenure at McKinsey and Co., a global consulting firm, as well as his roles at mining giant Rio Tinto and LeapFrog Investments, will take on the new position. Previously, Barton chaired the Liberal government’s economic advisory council under Justin Trudeau, which proposed the establishment of Invest in Canada to attract foreign direct investment.
During a challenging diplomatic period with China from 2019 to 2021, Barton played a crucial role. Following his resignation in 2021, Trudeau acknowledged Barton’s efforts in securing the release of two detained Canadians, Michael Kovrig and Michael Spavor, amidst strained relations with China.
Barton is set to serve as chair on a part-time basis for a three-year term, while Karl Tabbakh, the outgoing chair, will support the transition by remaining on the board. Gurinder Grewal, founder of MEM Growth Partners, will assume the role of chief executive at Invest in Canada, bringing expertise in capital deployment across various sectors.
These changes come ahead of Carney’s upcoming investment summit in Toronto, where he plans to engage foreign investors and domestic fund leaders to promote Canadian projects. Carney expressed confidence in Barton and Grewal’s abilities to leverage Canada’s strengths to attract new investors and drive significant investments into the country.
Laurel Broten, the former CEO, will be replaced by Grewal. Dominic LeBlanc, the minister overseeing the federal investment agency, accepted Broten’s resignation effective September 1. Though Broten’s early departure lacked explanation, LeBlanc’s office and the Privy Council Office did not provide further details.
Carney commended Tabbakh for his service but did not mention Broten in his statement. The Prime Minister’s Office spokesperson redirected inquiries on Broten’s resignation to LeBlanc’s announcement, which expressed gratitude for Broten’s service. The upcoming investment summit in September has seen limited involvement from Invest in Canada, with most planning led by the Prime Minister’s Office and other government entities, in collaboration with pension investment boards.