Prime Minister Mark Carney is making changes to the leadership of the federal agency responsible for attracting foreign investment just before a significant summit focused on this objective. Carney revealed on Monday that Dominic Barton, the former Canadian ambassador to China and a prominent figure in corporate Canada, will head the board of directors for Invest in Canada.
Barton’s career was mainly with McKinsey and Co., a global consultancy firm, and he also serves as the chair of mining company Rio Tinto and LeapFrog Investments. In 2016, Barton led the Liberal government’s economic advisory council under Justin Trudeau, which proposed the establishment of Invest in Canada to attract foreign direct investment.
Having navigated through challenging diplomatic relations with China from 2019 to 2021, Barton was commended by Trudeau for his role in securing the release of two detained Canadians. Barton will serve as chair part-time 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 precedes Carney’s upcoming investment summit in Toronto, where he plans to present Canadian projects to foreign investors and key domestic fund leaders. Carney expressed confidence in Barton and the newly appointed chief executive, Gurinder Grewal, to leverage Canada’s strengths and attract new investors.
Grewal takes over from outgoing CEO Laurel Broten, a former Ontario cabinet minister. Dominic LeBlanc, the minister overseeing the federal investment agency, confirmed Broten’s resignation and praised her service. While no reason was provided for Broten’s early departure, Carney acknowledged Tabbakh’s contributions as chair but did not mention Broten in his statement.
The Prime Minister’s Office declined to comment on Broten’s resignation, referring to LeBlanc’s statement. A source involved in planning the investment summit in September noted that Invest in Canada’s involvement has been minimal, with most of the summit coordination led by staff from various government departments and pension investment boards.