Prime Minister Mark Carney is making changes to the leadership of the federal agency responsible for attracting foreign investment shortly before an important summit focused on this objective. Carney revealed on Monday that Dominic Barton, the former Canadian ambassador to China and a prominent figure in the corporate world, will now lead the board of directors for Invest in Canada.
Barton has a background primarily at McKinsey and Co., a global consulting firm, and currently serves as the chair of mining company Rio Tinto and LeapFrog Investments. In 2016, he was appointed as chair of the economic advisory council by the Liberal government under Prime Minister Justin Trudeau. One of the key suggestions in the council’s report was the establishment of Invest in Canada to encourage foreign direct investment.
Barton played a crucial role in navigating Canada through a challenging diplomatic phase with China from 2019 to 2021. Prime Minister Trudeau acknowledged Barton’s efforts in helping secure the release of two detained Canadians, Michael Kovrig and Michael Spavor, during the tense diplomatic standoff.
Barton will take on the chairmanship role for a part-time basis over a three-year term, while the outgoing chair Karl Tabbakh will continue to support the transition on the board of Invest in Canada.
Gurinder Grewal, the founder and managing partner of MEM Growth Partners, has been appointed as the new chief executive of Invest in Canada. Carney highlighted Grewal’s expertise in deploying capital effectively across various sectors such as energy, industrial, infrastructure, and technology.
The restructuring at Invest in Canada comes just ahead of Carney’s upcoming investment summit in Toronto, where he aims to bring together 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 and attract new investors to drive significant investments into the country.
Grewal will be taking over the role from the outgoing CEO Laurel Broten, a former Ontario cabinet minister under ex-Liberal premier Dalton McGuinty. Dominic LeBlanc, the minister in charge of the federal investment agency, confirmed Broten’s resignation effective September 1. Although no specific reason was 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.
A spokesperson for the Prime Minister’s Office redirected inquiries on Broten’s resignation to LeBlanc’s announcement, where he acknowledged Broten’s service and wished her success in her future undertakings. A source familiar with the planning for the investment summit in September noted that Invest in Canada’s involvement has been relatively limited to a few staff members assisting with logistical arrangements for the event, with the Prime Minister’s Office and other government departments taking the lead alongside pension investment boards.