Auto exec Linda Hasenfratz provides a strong voice on NAFTA
Linda Hasenfratz isn’t worried when U.S. President Donald Trump tweets or makes an off-the-cuff comment about ripping up the North American Free Trade Agreement. “It’s a negotiation. I don’t think you should ever be surprised by things your opponents may or may not say and do,” says the CEO of Guelph, Ont.-based auto-parts maker Linamar Corp. “Everyone’s going to have a different perspective and strategy on how to approach it. We need to focus on facts, not speculate on what they may or may not do, and try to come up with the best agreement for Canada.”
As one of the 13 members of the council advising the Canadian government on what to do with NAFTA, Hasenfratz, 50, is a crucial voice for the auto industry amid renegotiations that have put the sector on centre stage. Hasenfratz took over as the head of Linamar in 2002 after working at the company for 12 years in a wide range of positions, working her way up from machine operator to general manager of the manufacturing divisions. Under her tenure, the company’s sales have grown to $6 billion from $800 million, with 23 straight quarters of double-digit operating earnings growth. Linamar has emerged as a global player in the auto-parts industry, with 59 plants scattered around the world and 24,500 employees.
Linamar is also among the many companies integrated in a system where auto parts are said to cross NAFTA borders seven times before a vehicle is ready for sale. Major changes to that system could cause major disruptions. Through the early stages of renegotiations, questions have been raised about possible changes to rules of origin, in particular, the U.S.’s desire to have an American content requirement that could prove contentious.
But Hasenfratz remains unfazed. The best approach in her eyes is to finish the renegotiations quickly, modernize the deal without negatively affecting the economy, and actually improve the North American auto industry’s position in the global marketplace. “We have an opportunity here to take advantage of a huge market that’s outside of North America,” she says, pointing out that 80% of automotive sales are outside the continent.
But NAFTA isn’t the only file Hasenfratz is influencing. She met Trump in February during a meeting at the White House between the president, Prime Minister Justin Trudeau and several women business leaders on the newly formed Canada-United States Council for Advancement of Women Entrepreneurs and Business Leaders. Since the meeting, the council has been working on a series of recommendations covering a range of topics, including how to improve access to capital for female entrepreneurs — an issue that has always been important to Hasenfratz.
“I want to do as much as I can to encourage other women to do the same, to start a business, be entrepreneurs and have the very rewarding experience that I have had,” she says. “It’s also important for our country, our economy and our continent, for that matter. If we tap into a broader section of our workforce to start businesses and scale them up, we have that much more of an economic growth engine, which is fantastic for everybody.”
Hasenfratz becomes noticeably more animated when the conversation switches from politics to her company’s prospects in an industry being disrupted by technological innovations. “There’s so much going on in the industry, whether it be in terms of propulsion of vehicles, moving platforms from internal combustion to hybrid and electric, and other things shaping our future,” she says. “We just see it as a huge opportunity for us to grow our business.”
One area Hasenfratz sees as key to Linamar’s growth is the trend toward outsourcing production. Automakers have produced about 70% of their content in-house on average, but as they look to invest in new areas, they are turning to suppliers such as Linamar for production. Looking decades ahead, the company is also making sure it has a foot in the autonomous driving market, incorporating vehicle-to-vehicle communication capabilities to existing systems. “It’s an exciting time for us at Linamar,” she says. “It’s sure been a busy few months, but things are going great on all fronts.” By Alicja Siekierska
Networker Sunil Sharma is helping startups go global
Sunil Sharma once had a successful career as a diplomat working for the Canadian foreign service on industry-related files, helping the Canadian Space Agency, the Canadian Intellectual Property Office and others link up with businesses. But a mid-2000s stint running the Canadian consulate in San Diego, Calif., took his life in a different direction when he was bitten by the startup bug.
“I started to really see the growth of the tech industry and the spirit of how these entrepreneurs are really embracing and creating change,” he says. “I felt very inspired by that.”
A decade later, Sharma is playing a prominent role in helping the tech industry heat up in Canada. In mid-August, he was named the inaugural managing director of Techstars Toronto, a new arm of the internationally renowned startup accelerator based in Boulder, Colo. Techstars’ expansion into Canada is part of a trend of major corporations, venture capitalists and various levels of government pouring money into the local tech industry.
Accelerators, incubators and research hubs that have recently received significant amounts of funding include the University of Toronto’s Vector Institute for artificial intelligence research, Uber Technologies Inc.’s Toronto lab for research into self-driving cars and Montreal’s Element AI, an incubator and research lab. Sharma says he’s already received hundreds of applications from startups hoping to snag one of 10 spots in the Techstars’ first cohort in January. And he’s using his diplomatic training to think beyond this country’s borders, hoping to convince the best young companies in the world to set up shop in Toronto by making the accelerator a designated entity for Canada’s Startup Visa program.
“I was trained as a foreign affairs person to be a globalist,” he says. “Startups have to be global. By internationalizing them at the earliest stage when they’re just startups is very powerful, because they start thinking as international companies before it is normally the time.”
After heading the Canadian consulate in San Diego, Sharma worked as international director of the Canadian Venture Capital and Private Equity Association before launching his own accelerator, Extreme Startups, in 2011. He developed a reputation as a great networker, connecting founders with mentors and sources of capital. John Stokes, a partner at Montreal-based venture-capital firm Real Ventures, says Sharma was very good at talking up startups to potential
investors like him, while simultaneously managing expectations. “He struck the right balance between being the entrepreneur’s champion without being the entrepreneur’s cheerleader,” he says.
Sharma says he has long admired Techstars, which is widely considered one of the world’s top accelerator programs alongside San Francisco’s Y Combinator, and modelled Extreme Startups after the accelerator, which puts young companies through a rigorous three-month program culminating in a “demo day” where founders present their ideas to investors.
About a year ago, when Techstars was in the early stages of its plan to expand into Toronto, Sharma met the accelerator’s co-CEO David Brown for dinner in Boulder. Brown says he was impressed by Sharma’s connections. “He seemed to know everybody in the ecosystem,” he says. “One of his great qualities is that he has his finger on the pulse of what’s going on.” Those contacts are something Sharma’s looking forward to expanding around the world. “Having a good network of contacts and relationships is very helpful to these companies.” By Claire Brownell
Ian Anderson is getting it done despite opposition
Ian Anderson, president of Kinder Morgan Canada Inc., was having a good day in late August. The National Energy Board had just notified his company that it had cleared all conditions to start expanding its Westridge Marine Terminal in Burnaby, B.C. — a promising sign that his proposed $7.4-billion Trans Mountain pipeline expansion was on track to break ground. But, all told, Anderson has been having a good year. His company, a subsidiary of Houston-based Kinder Morgan Inc., pulled off a $1.7-billion IPO, shipper support for the pipeline expansion from Alberta to Burnaby remains steadfast, and Prime Minister Justin Trudeau — though not exactly an industry fan — isn’t having second thoughts about giving Trans Mountain a conditional permit, despite facing politically problematic opposition in many quarters of British Columbia.
For the 59-year-old accountant originally from Winnipeg, receiving the NEB’s thumbs-up on that August day marked a significant step forward after a six-year-plus battle to nearly triple the size of Kinder Morgan’s 1,147-kilometre conduit from Alberta to the B.C. coast. For much of that time, Anderson was in the centre of a nasty debate, concentrated in B.C., over whether the oilsands industry should be allowed to grow by building export pipelines that would increase tanker traffic, threaten climate change commitments and cross the traditional lands of many worried Indigenous communities. The debate, he says, “became bigger than me, and bigger than just our company.”
Anderson recognized he had to do business differently. Unlike many corporate leaders, who run for the hills rather than engage their critics, Anderson accepts that controversy is the new normal in the energy business and requires a new roadmap. “What we have tried to do is demonstrate that by facing up to the issues, by acknowledging that different points of view exist, by trying to reconcile differences as best we can, and really rely on facts and science as much as possible, we can blaze a path that will be successful that others can look to, perhaps contributing to an evolution of the industry,” he says.
For example, Anderson set out to appeal to as many constituencies as possible (from Indigenous leaders to municipalities); he reshaped his job to be more external facing (approximately half his time is dedicated to dealing with government, authorities and the public); and he became more reliant on an expanded team. It’s a roadmap others in the resource industries would be wise to follow given the rising opposition to new projects. Making the case for Trans Mountain “has been a windy road, and around each corner there has been different hurdles, barriers and obstacles as the industry, as the regulators, as the public views and perceptions evolved,” he says. “We have had to be very flexible and adaptive to changes that have come our way, and I think that’s been a measure of our success.”
Though massive protests are still expected during the pipeline’s construction, Anderson is ready for whatever comes. “The time has passed where we can solely look to and rely upon established regulatory proceedings to get us through project completions,” he says. “Freedom of speech and the right to lawful protest is embedded within our country’s values and we’ll adhere to that as well.” By Claudia Cattaneo
CMHC Evan Siddall is making more with less
Few business models are built on losing market share, but no one is complaining about what the CEO of Canada Mortgage and Housing Corp. has done with the nation’s largest mortgage default insurance provider. The success of Evan Siddall, who was brought in to run CMHC at the end of 2013, seems to be at least partially defined by the fact he keeps shrinking the Crown corporation’s business and, by extension, the government of Canada’s overall exposure to the housing market.
CMHC was bumping up against its government-imposed limit of $600 billion in backed mortgages when Siddall arrived. By the second quarter of 2017, its total insurance-in-force was $496 billion. In 2015, Siddall said CMHC was holding 50 per cent of new residential insured mortgages and planned to hold steady at that market share. Dominion Bond Rating Service Inc. estimates CMHC in 2016 controlled about 54% of the residential market in the single-family residential market. Genworth Financial Mortgage Insurance Co. Canada had 32% and Canada Guaranty Mortgage Insurance Co. had 14%. CMHC, by some estimates, had controlled as much as 75% of the market in recent years. Consumers with less than 20 per cent down on a home must get mortgage default insurance to protect the banks in case the loan goes bad. Ottawa backs 100% of CMHC insured loans and 90% of the loans backed by its two private-sector competitors.
The shrinking strategy seems to be working and CMHC has boasted about how much money it makes for the federal government via its government insurance program. In the second quarter of 2017, the Crown corporation paid Ottawa a $240-million dividend from profits. It also declared in June a special $4-billion dividend to the federal government, because it determined that it simply had more capital than it needed to cover its loans.
The influence of Siddall and CMHC, which advises Ottawa on housing, may not always be easy to pinpoint, but it’s hard to miss the reality that it is a market leader everyone else looks to. When it raises premiums for mortgage insurance — for example, in January, it instituted the third major increase in four years — competitors quickly follow. “CMHC has direct and irrefutable influence on the financing of mortgages in the country,” says Brian Johnston, chief operating officer of Mattamy Homes and a former CMHC board member.
It’s also worth noting Siddall’s speeches seem to neatly fit changes in government-enforced regulations. For example, in December 2015, Ottawa moved to increase the minimum down payment to 10% on the portion of house prices above $500,000. “Politicians are tempted to help first-time homebuyers enter the market, but low down payments may be part of the problem adding to affordability pressures and macro-economic vulnerabilities,” Siddall remarked to a Bank of England audience, shortly afterwards.
Phil Soper, CEO of Royal LePage Real Estate Services, says Siddall stands out as “someone who is willing to say what he thinks is right even if it’s politically charged,” and noted CMHC’s leader came out against taxing foreign buyers. “He’s more of a classic business leader. And whether he has the title or not, he’s treating his role like the minister of housing almost,” he says. “He’s focused on doing the right thing for Canadians related to housing on a broad basis that goes beyond mortgage insurance.” By Garry Marr
Oilman Scott Saxberg challenges industry conventions
To find someone who appreciates Crescent Point Energy Corp. CEO and president Scott Saxberg’s candid and outspoken views, look no further than Saskatchewan Premier Brad Wall. “They’re the major player in our energy sector,” he says. “They’re the only one that says we support Saskatchewan’s position. I think it’s bolstered our position.”
Wall has led a relatively lonely fight against Prime Minister Justin Trudeau’s plan to mandate a nationwide carbon tax. Other premiers have supported the plan, but Wall has consistently said it’s not appropriate in Saskatchewan and would breach the division of powers between Ottawa and the provinces. Saxberg, who leads the largest energy producer in Saskatchewan, has been among the few to lend his support, even breaking with the Canadian Association of Petroleum Producers’ stance on the issue. “Every province has its own approach to this and every province is unique,” Saxberg says. “To put a blanket approach to the entire country doesn’t make any sense to us.”
Wall credits Saxberg for having the courage and “clarity of thought” to take up what may not be seen as a popular opinion elsewhere. “For me, if I’m advocating and the major association isn’t saying the same thing, it’s sure nice when the No. 1 player in our province and a major player makes the point,” he says.
Saxberg’s support of Saskatchewan’s stance on climate policy isn’t the only thing he’s outspoken on. He’s also been blunt in his willingness to discuss the pressures facing the energy sector in Canada and how it’s losing its competitive edge against the U.S. “I applaud his willingness to step into the ring,” says Gary Leach, president of the Explorers and Producers Association of Canada. “Canada has a lot of corporate executives who are rather colourless, but I think Scott has distinguished himself by being willing to express views on policy issues and government issues.”
Saxberg has also blasted other Canadian governments for imposing additional rules on oil and gas producers while their competitors in the U.S. don’t face the same additional regulations. “Ten years ago, there was no competition for energy. We didn’t have to do a lot of things to compete with the U.S.,” Saxberg says. Back then, capital flowed to Canada’s oilsands and energy sector, but that was before the advent of shale oil and gas exploration. “That has all turned upside down and now we’re competing with energy in Texas that is in the local market and that is very cheap. Now, Canada has to do something different and that is to compete with the U.S. directly on energy. Any time we delay pipeline projects, we are subsidizing the U.S.”
Crescent Point, which operates in Alberta, Saskatchewan, North Dakota and Utah, is not immune to those types of market pressures. As a result, Saxberg says his company is reallocating capital to Utah since returns there exceed what’s available in Canada. “For Canada to progress and grow and succeed,” he says, “we need to be competitive.” By Geoffrey Morgan
Canada Goose’s Dani Reiss is a Canadian brand champion
Iconic Canadian apparel brands are few and far between when it comes to having any kind of sway beyond these borders. Maybe Roots, maybe Lululemon, at some point. But one company has turned that most Canadian item of clothing — the parka — into a fashion must-have even in places that have absolutely no need for a $1,000 warm coat in winter, let alone any other time. Canada Goose, of course, is that brand and Dani Reiss knows his company has a rare opportunity to be a worldwide retail leader. “We take our inspiration from the country that is home,” says the CEO of Canada Goose Holdings Inc. “The same things the world loves about Canada — our resiliency and pioneering spirit, the warmth of our people and our desire to make the world a better place — are our shared values within Canada Goose.”
Reiss feels the responsibility of being a flag bearer for Canadian companies, not just in retail, but all industries. Though he says he welcomes it, he admits there are ever increasing temptations as Canada Goose becomes more successful. “We have to keep trusting ourselves and our intuition and not deviate from what makes us successful,” he says. “Our focus and our commitment is to remain just as disciplined as when we were a small company that nobody had heard of.”
Indeed, it’s only been in the past decade that Canada Goose has become embedded in the consumer consciousness. The company was started as Metro Sportswear Ltd. by Sam Tick, an immigrant, in a small Toronto warehouse in 1957. His eventual son-in-law, David Reiss, in the 1970s came up with the label Snow Goose, which morphed into Canada Goose by the time David’s son, Dani, took over in 2001. Since then, the company has been in active growth mode, with Bain Capital LLC taking a majority stake in 2013 to fuel expansion, and a $340-million IPO in March has kept the coffers full. Today, the company has more than 2,000 employees, annual revenue of $403.8 million and a market cap of $2.4 billion. Oh, and its stock has risen 33% from its $17 IPO price.
That Reiss is the architect of Canada Goose’s success is perhaps all the more surprising given that he didn’t follow any tried-and-true formula — hell, he didn’t even go to business school — and he admits he wasn’t always a “brand guy.” He once cut the alligators off his Lacoste shirts. “I used to think brands were just labels,” he says, “but I learned, though, through my early years at Canada Goose, that real brands do exist. I believe that people crave authenticity. They want to buy real things, things they can believe in, and the stories behind them.”
No surprise, however, that with success comes imitation. From a distance, there are plenty of other jackets that look like a Canada Goose one, even down to mimicking the distinctive patch on the arm sleeve. Reiss wishes them the best, but points out that anyone who says imitation is the sincerest form of flattery has never had to deal with counterfeits. “It’s not just about protecting IP for Canadian companies like ours — although that is extremely important — it’s about protecting the health and welfare of every Canadian,” he says.
The key for Canada Goose now, Reiss says, is to maintain the company’s position in products — it recently introduced a knitwear collection, its first non-outerwear collection — and thought leadership — part art, part science. “What I’ve learned over the years is that as Canadians, we spend too much time imagining failure, instead of imagining success,” he says. “We’re so focused on what could go wrong, and on the downside, that we often miss out on opportunities.” Spoken like a true ambassador. By Andy Holloway
OSC Enforcer Jeff Kehoe is getting tough on crime
Comparing the Ontario Securities Commission to the U.S. Securities and Exchange Commission usually isn’t favourable to Canada’s largest securities regulator when it comes to case volume, punishment or process speed. The comparison isn’t entirely fair. After all, the two regulators operate under different legal frameworks, procedures and jurisdictions. Moreover, the comparison may be becoming irrelevant as the OSC over the past five years has been rebuilding its enforcement tool kit. It also has a new director of enforcement, Jeff Kehoe, a veteran lawyer — and amateur stunt pilot — with a deep background in market regulation, criminal prosecution and, as an added bonus, the private sector.
Kehoe’s skill set is unique and it’s the kind of mix that will be required in his demanding position, says Howard Wetston, chair of the regulator between 2010 and 2015 who, with former enforcement director Tom Atkinson, initiated many of the OSC’s new enforcement programs. “Modern financial systems rely on confidence to function properly,” Wetston says. “Investors need to know that securities regulators and regulations are in place to protect them and that the regulations will be enforced when broken.” The task of leading that effort, he adds, requires a spectrum of qualities: a good grounding in law, a nose for prosecutorial discretion and case selection, solid managerial skills and a deep understanding of the markets and its participants.
With Kehoe’s appointment in October 2016, the OSC has identified just such an individual. His enthusiasm for aerial acrobatics leaves no doubt about his nerve. His résumé proves the pedigree. Kehoe began his career as an assistant Crown attorney with the Ontario Ministry of Justice, where he worked on high-profile cases such as the 1994 Just Desserts murder in Toronto. That was followed by four years as senior litigation counsel for Justice Canada, where he gained international experience. In 2001, he joined the Investment Industry Regulatory Organization of Canada (then known as the Investment Dealers Association of Canada) as director of enforcement litigation and as vice-president of enforcement. In addition to his regulatory experience, Kehoe also spent time in the private sector, working as general counsel for Difference Capital, the investment firm founded in 2012 by Henry Kneis and Michael Wekerle, who is perhaps best known — beyond Bay Street, at least — for his starring role on CBC’s Dragons’ Den.
In announcing Kehoe’s appointment, OSC chair Maureen Jensen — a former colleague at IIROC — specifically pointed to his range of experience in the decision to hire him. “He had quite a varied background, he’d also spent a little bit of time in the industry,” Jensen said. “All the way around he really understands the area we work in.” Kehoe cites that diversity when talking about his role. “When you look at the background, it works really well,” he says. “It really is a good fit.” He’s also enthusiastic about the challenges ahead, from strengthening international ties when investigating major crimes to leveraging the emerging power of analytics to detect misconduct. It will take time for the results of these initiatives to become fully transparent, but rest assured the markets will be watching. By Cooper Langford
Former CPPIB chief Mark Wiseman settling in at world’s largest asset manager
There are approximately 5.4 trillion reasons Mark Wiseman has enjoyed his time spearheading the investment strategy of BlackRock Inc., the world’s largest asset manager, after spending five years at the top of Canada Pension Plan Investment Board. That’s the difference in the value of their respective assets under management, a startling amount given that CPPIB is one of the country’s largest asset managers and responsible for a big chunk of every Canadian’s retirement kitty. No wonder then that Wiseman is having a ball. “You can imagine that if you are an investor, being in an organization like BlackRock is like being a kid in a candy store,” he says. “We just have so much access to information, technology, data, research, people around the world, both inside the firm and externally, it really is just a chance to have the world at your fingertips.”
CPPIB had 70 people all in Toronto when Niagara Falls, Ont.-born Wiseman joined in 2005 as senior vice-president of Private Investments after stints at Ontario Teachers’ Pension Plan, merchant bank Harrowston Inc. and law firm Sullivan & Cromwell. He became CEO and president in 2012 and as he was leaving in 2016, CPPIB was opening its eighth office and had 1,400 employees around the world. By comparison, BlackRock has 135 investment teams and about 13,000 employees across 30 countries.
But there’s more than just numbers separating the two money managers. For one thing, CPPIB is singularly focused on a single client — Canada Pension Plan — which allows it to think much more long term; BlackRock has a multitude of clients, each with a different risk appetite and different investing objective. CPPIB is also just an institutional investor while BlackRock additionally operates a massive retail investor business. “The retail side is a side of the business I’ve never been involved with before so there’s a lot of learning there,” Wiseman says, listing portfolio construction, distribution, raising capital and regulations as the big lessons.
BlackRock’s mandate is simply exponentially bigger as is Wiseman’s now. At BlackRock, he’s officially global head of Active Equities, chair of Alternative Investors — which covers private equity, hedge funds, real estate, infrastructure and private credit — and chair of the Global Investment Committee. What that means in practice is that he has a hand in just about everything the firm does. “Between those things, I’m in a position and have the experience where people seek my input and advice,” he says. “A fair amount of my investing style gets into it.”
But Wiseman sees his role as even bigger than that. Yes, he sits on the Advisory Council on Economic Growth, which advises Finance Minister Bill Morneau and serves on several non-profit boards, but he also has a lofty corporate goal: “Our job isn’t to transform BlackRock,” he says. “Our job is to change the entire way people invest.” Part of that involves investing in data and machine learning technologies, part of it involves making sure environmental, social and governance (ESG) concerns are integrated into all of BlackRock’s investment processes. At the heart of these changes is a desire to deliver high-quality products at a reasonable cost. That, Wiseman says, is no different for investing than it is for other industries, whether it’s consuming entertainment or buying groceries.
“If you’re going to buy groceries from Amazon, you don’t want a rotten tomato, you want a high-quality tomato and you want the convenience of it being delivered to your home and you want all of that at a lower cost than if you went to a grocery store,” he says. “The investment industry is going exactly the same way. One of the strategies we have been employing is to bring institutional-quality products and solutions to the retail investor.” As an example, he points to BlackRock’s Advantage Series, a quantitatively driven series of equity funds that were previously only available to institutional investors. “As a business leader, this is a fascinating set of challenges and opportunities.”
One thing that hasn’t changed is Wiseman’s travel schedule. As at CPPIB, Wiseman still travels the world — for example, Singapore, London and Zurich — but he also spends quite a bit of time in Canada despite being in New York Monday to Thursday. On one late September day he was interviewed from a taxi heading to La Guardia, where he was hopping a plane to Edmonton to give a speech at Alberta Investment Management Corp.’s annual conference. From there he flew to Toronto to introduce chief justice Beverly McLaughlin at her retirement fête (he was her law clerk many years ago), then back to New York for one day before returning to Toronto, where his wife and children still live, for the weekend. “As I tell Bill Morneau, I’m still a Canadian resident with all the costs and benefits of that,” Wiseman says, then laughs. “I’m working hard, but having a lot of fun.” By Andy Holloway
Alain Bellemare: Bombardier Inc. CEO and mastermind of the company’s five-year turnaround plan, which, against all odds, seems to be coming around.
Marc Cohodes: Shortseller has legions of fans and just as many enemies, but you can’t deny the impact he has on companies and investors alike.
Drake: Musician, sure, but so much more: an entrepreneur who owns a record company, clothing line and music festival and is a brand unto himself.
Paul Desmarais Jr.: Power Financial Corp. chairman and co-chief executive officer rules a big chunk of the financial industry with his brother André.
Bruce Flatt: Brookfield Asset Management Corp. CEO: Is there anything important in this country that the company doesn’t have its finger in?
Chrystia Freeland: Canada’s NAFTA point person and Minister of Foreign Affairs, she has her hands full with Donald Trump’s war on Canadian business.
Jon Love: KingSett Capital CEO, one of real estate’s accretion masters, says: “Relationships are built not on the golf course, but around getting things done.”
Tobias Lutke: Shopify Inc. CEO heads a rare thing: a successful Canadian e-commerce operation that supports some half-a-million merchants.
David McKay: Royal Bank of Canada CEO runs the country’s biggest financial institution by revenue and by market cap.
Catherine McKenna: Climate change minister will be passing federal carbon tax policy this fall, and compel provinces to implement a minimum price on carbon by 2018.
Al Monaco: Enbridge Inc. CEO oversees one of the single-largest entities in North America after his massive $37-billion takeover of Spectra Energy Corp.
Pamela Palmater: Lawyer, professor, activist and politician from Mi’kma’ki, N.B., is a thorn in the side of the federal government, for which she worked 10 years.
Stephen Poloz: Bank of Canada Governor is finally raising interest rates after seven years of inaction, affecting investors and homebuyers in the process.
David Rosenberg: Investing guru is Gluskin Sheff + Associates Inc.’s chief economist and strategist and his pronouncements are widely heeded.
Calin Rovinescu: Air Canada CEO has turned a one-time dog around and has so far successfully repelled lower-cost competitors.
Jeremy Rudin: Leads the Office of the Superintendent of Financial Institutions, which keeps tabs on all banking practices, including mortgages.
Steve Williams: Suncor Energy Inc. CEO is keeping the oilsands flame alive despite low energy prices and high environmental opposition.
How we did it
Any Power List is bound to be a subjective exercise that is sure to generate controversy and criticism, unless it’s done solely by some sort of financial metric, thus excluding a large number of people who do not work for publicly traded companies. With that in mind, we asked Financial Post writers and editors who they think are the ones shaping business affairs across the country, as well as a select group of outside voices. We also deliberately excluded obvious candidates such as Prime Minister Justin Trudeau, Finance Minister Bill Morneau, etc. We then took those names and cross-checked them with Infomart, a sister Postmedia Network Inc. company that has management and director databases, and Meltwater, which has an advanced media monitoring and analytics platform. We hope the resulting 25 individuals stir a little debate. We welcome your thoughts, painful though they might be, at: