Several of the world’s leading investors shared a common thought with John Graham during the Canada Investment Summit.
Mr. Graham is the CEO of Canada’s largest pension fund, the Canada Pension Plan Investment Board, a well-known name in global finance with $864 billion to invest. As one of the co-organizers of the summit, he played an important role in welcoming top money managers to Toronto for two days last week.
In private talks, major global investment figures complimented the event to him but also noted that “this is the very first time they have stepped foot in Canada,” Mr. Graham mentioned during an interview.
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John Graham, president and CEO of CPP Investments, was a co-organizer of the Canada Investment Summit. Fred Lum/
“These are individuals who’ve been investing globally for 30 years,” he continued, emphasizing his point. One such person resides in New York.
That same observation, which Mr. Graham encountered multiple times while moving around at the summit, highlights a unique opportunity to shift perceptions among many global CEOs about Canada as an investment destination. It also reveals how difficult it can be for the country to make its mark.
The two-day summit drew around 250 influential financial CEOs, senior executives, and Canadian political leaders. Together they represented significant financial power-approximately $120 trillion in assets-gathered around Toronto’s Four Seasons hotel on Monday and Tuesday. About 80 side events took place throughout downtown.
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Public Sector Pension Investment Board CEO Deborah Orida was part of Mr. Carney’s small steering committee that hand-picked the summit’s guest list. Carlos Osorio/Reuters
Repeatedly, CEOs with substantial influence over global capital flows expressed their admiration to Canadian politicians and business leaders about how impressed they were by Canada’s investor-friendly signals and how its economic direction had piqued their interest.
However, they also frankly reminded those Canadian leaders-on stage, privately, and even when speaking with reporters-that what matters from here on out is taking action on plans made. To make their case credible, Canada needs to provide more attractive investment opportunities and streamline its regulatory processes.
“Frankly, for a very long time, business investment has been slow in Canada partly because issues surrounding planning, permitting and approvals have hindered private investment,” Shemara Wikramanayake, CEO of Australian financial services giant Macquarie Group Ltd., said during an interview. “And I think the government is really focusing on where and how it’s going to speed that up.”
One element contributing to the success of this summit was its exclusive guest list; it was carefully selected by Prime Minister Mark Carney along with a small steering group including Mr. Graham, Public Sector Pension Investment Board CEO Deborah Orida and Canada’s ambassador to the U. S., Mark Wiseman. Only top executives were invited; many others received declines.
Police barricades were set up around Four Seasons hotel in Toronto where roughly 250 prominent financial CEOs gathered for this week’s two-day summit. Fred Lum/ ; Laura Proctor/
Besides speakers at the event itself, most executives didn’t get badges for plus-one guests; thus they navigated without assistants accompanying them. The lobby area at Four Seasons turned into a space filled with free-range CEOs making their way from one meeting to another while stopping casually for chats along their route.
They packed into crowded elevators together or were ushered away by hurried political staff clearing paths for ministers heading toward press scrums. They avoided groups of RCMP officers and security guards monitoring lobbies and sidewalks around Yorkville while looking somewhat puzzled trying to find tables at Café Boulud-a French restaurant inside the hotel.
Despite having some autonomy compared to usual settings at these events-some remarked that this made interactions feel more genuine-the atmosphere felt relatively intimate overall.
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Majid Al Suwaidi, CEO of UAE-based climate fund ALTÉRRA attended the summit and noted that Mr. Carney’s reputation played a big role in attracting invitees. JANA RODENBUSCH/Reuters
“I didn’t feel overwhelmed by everything happening at once,” Majid Al Suwaidi remarked regarding his experience at this event compared with other summits he typically attends where there are just too many people creating chaos.”He heard similar feedback from a large delegation sent by UAE that included “all the right people,” he stated..
Multiple CEOs told The Globe they appreciated how quickly federal cabinet ministers responded during discussions by sharing personal contact numbers providing direct communication lines back home.
What are Carney’s next moves after EU meetings? Ask us your questionsWith Toronto International Film Festival filling hotels as well , places suited for private conversations became scarce. Executive teams congregated within restaurants or bars located within Four Seasons or nearby Hazelton Hotel just one block west. Some met up within hotel rooms , gathering outside Sassafraz patio – an established eatery situated within upscale Yorkville neighborhood – where discussions continued amid street construction noise close-by.During meals , participants dismissed menus handed out regularly or requests from servers hoping they’d take drink orders opting instead only water realizing next scheduled discussion lay close ahead requiring focus upon limited time available.Openthisphotoingallery:Mr. Carneyhascreatedanimageofapragmaticleaderthroughouthiscareerintop-levelglobalbankingandfinance. Laura Proctor/
Certain international CEOs approachedtheeventprimarilyastimefor reconnectingwithexistingclientsandmeetingotherinternationalinvestorswhile exploringpossibilitiesfornewacquisitions. In contrast, someattendedwithspecificgoals alreadyin mind rather than relying purelyonnetworking opportunities presentedaroundthem instead.
Lennart Blecherchairpersonof EQTReal Assetsconnectedto US$389billion Swedishassetmanager EQTGroupclaimedthat95percentofhismeetingswerefocusedon Canadianpartnerships.”Everyhalfhourisfilledwithnewmeetingsmostlyarrangedaround Canadianpartners,”heexplained.
Partoftheappealofthesummitwas Mark Carneyhimself. Havingservedascentralbankgovernorin Canadaand Britainalongsideexperienceat Goldman Sachs, andmostrecently Brookfield Asset Management Ltd., Carneydeliveredreputationstrikingcloseconnectionswithseveralguestswhilealsoestablishingafigureknownforcalmleadershipduringcrises.”Peoplecamebecauseit’s Mark Carneyaskingthem,”Al Suwaidisaid.
Cohere CEOAidan Gomezand Managing Partnerof Inovia Capital Chris Arsenaultdiscussbuildingandbackingglobal AIcompaniesfrom Canadaatthe Canadian Global Growth Forumon Monday. Inadditiontothemainsummitprogram, some80sideeventsdottedthedowntowncore. Fred Lum/ Manitoba Premier Wab Kinewtalkstochairofthe Councilof Canadian Innovators Jim Balsillieand UAEAmbassadorto Canada Abdulrahman Ali Al Neyadiatthe Canadian Global Growth Forum. Fred Lum/Former Prime Minister Stephen Harperdeliversclosingkeynotespeechat Canada Investment Summit. Mr. Harperexpressedsupportforthegovernment’sdecisiontowalkawayfromtradetalkswiththe U. S. Nathan Denette/THECANADIANPRESSAnnette Mosman, C E O o f €639-billion Dutch pension fund APGGroup, toldagroupofreportersfeeling“inspiredandalsoenergizedbecauseofhisleadership.”
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