Power Corporation of Canada
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| Company type | Public |
|---|---|
| TSX: POW | |
| Industry | Conglomerate |
| Founded | 1925[1] |
| Founders | Arthur J. Nesbitt Peter A. T. Thomson |
| Headquarters | Montreal, Quebec, Canada |
Key people |
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| Products | CA$629.10 billion (2020) [2] |
Number of employees | 30,000+ employees (2020)[2] |
| Website | PowerCorporation.com |
Power Corporation of Canada (French: Power Corporation du Canada) is a management and holding company that focuses on financial services in North America, Europe and Asia. Its core holdings are insurance, retirement, wealth management and investment management, including a portfolio of alternative investment platforms.[4]
History
Power Corporation of Canada was formed in 1925 by two
In 1952, Arthur J. Nesbitt was succeeded as president by his son, Arthur Deane Nesbitt (1910–1978). The Nesbitt family sold most of its interest in Power Corporation to the Paul Desmarais group in 1968[5] and by 1970, no longer had any involvement.[when?]
In 1975, Power Corporation attempted a takeover of the Argus Corporation holding company which had substantial interests in brewing, food retailing, farm implements manufacturing, paper products and other businesses. The Argus owners rejected the takeover attempt and decided to retain their voting shares, while 50% of the non-voting shares were purchased by Power Corp.[6] In 1976, ten percent of the voting shares were sold by E. P. Taylor to Desmarais.[6] Argus was eventually sold in 1978 to a Conrad Black-controlled firm. In 1989, corporation began supporting the Imagine Canada program.[7]
While Power Corporation was originally established as an electric utility holding company, the company became a conglomerate with interests in the finance industry, as well as interests in other business sectors such as sustainable and renewable energy.
In 2002, Power Corporation created the Sagard SAS fund, then Sagard Capital Partners, later named Sagard Holdings, in 2004, in the United States.
The company reduced its number of board directors in 2008 from 21 to 12.
In connection with the reorganization, Paul Desmarais Jr. and André Desmarais retired as co-chief executive officers of Power Corporation after 24 years in the roles and continue to serve as chairman and deputy chairman, respectively, of Power Corporation's board of directors. R. Jeffrey Orr, president and chief executive officer of Power Financial, become president and chief executive officer of Power Corporation, effective February 13, 2020.[12][13][14][15]
Politics
The corporation has been criticized for its influence on Canadian politics through its relationships with prominent politicians, including several prime ministers and provincial premiers.
Several former
- Former Prime Minister of Canada Paul Martin was hired in the 1960s to work for Paul Desmarais Sr. by Maurice Strong. Martin became president of Canada Steamship Lines, a subsidiary of Power Corp., and in 1981, Desmarais sold the company to Martin and a partner. Martin went on to make his personal fortune as an owner of CSL.
- Former prime minister of Canada France is married to the son of Paul Desmarais, André.
- Chrétien's long-time aide[16] and chief policy advisor Eddie Goldenberg also worked in the past for Power Corp. John Rae, strategist for Chretien, served as Power Corp.'s executive vice president.[17] His is the brother of former interim Liberal Party of Canada Leader Bob Rae.[16]
- Former prime minister of Canada Pierre Trudeau served in the mid-1990s, on Power Corp.'s international advisory board. Trudeau's assistant Ted Johnson also worked for Power Corp. During the Trudeau administration, Michael Pitfield held a variety of positions in government, but during his time in the private sector, he was at one time a vice-chairman of Power Corp.
- Former prime minister of Canada Brian Mulroney also has a relationship with Power Corporation. Mulroney's friend Ian MacDonald described Desmarais as "Mulroney's mentor in the business world", and it is believed that Mulroney has done legal work for Power Corp. since the end of his term as prime minister. Additionally, former Mulroney Minister of Transport Don Mazankowski served as Power Corp.'s company director.
- Former premiers of Ontario Bill Davis and John Robarts of the Progressive Conservatives have both sat on Power Corp.'s national advisory board.
- Former premier of Quebec Daniel Johnson Jr. worked for Power Corp. from 1973 to 1981, and in the last three years of this term was a vice president of the company.
- Former member of the Liberal Party of Canada Maurice Strong became president of Power Corp. by his mid-thirties. He had a role in the creation of the Canadian International Development Agency, and in 1976, he was appointed to run Petro-Canada. He later worked for the United Nations.
- Power Corp.'s international advisory board has featured individuals such as former US Federal Reserve Board Paul Volcker, and the previously mentioned former prime minister of Canada Pierre Trudeau.
- The former Caisse de dépôt et placement du Québec's president and CEO, Henri-Paul Rousseau, acted as the vice chairman of both Power Corporation and Power Financial Corporation starting in 2009 until January 2018.[9][18]
See also
References
- ^ "Federal Corporation Information". Corporations Canada. Retrieved 2018-09-30.
- ^ a b c d "Annual Report 2020" (PDF). Power Corporation of Canada.
- ^ "Assets under management and advisement". www.powercorporation.com.
- ^ "Power Corporation of Canada | Home".
- ^ a b c d e The name is Power and it fits, The New York Times, January 25, 2007.
- ^ a b Rohmer 1978, p. 338.
- ^ Imagine Canada
- ^ a b c History, Power Corporation
- ^ a b Caisse de dépôt president leaving to join Power Corp., CBC
- ^ Kiladze, Tim (11 August 2011), "Power Corp. buys into big China asset manager", The Globe and Mail
- ^ Silcoff, Sean (3 December 2019). "Portag3 Ventures, affiliate of Power Corp., creates Canada's largest fintech investment fund - The Globe and Mail". The Globe and Mail.
- ^ "Power Corporation and Power Financial Announce Reorganization, Simplified Corporate Structure and Refocused Strategy - Press Releases".
- ^ "Power Corporation and Power Financial Announce Completion of Reorganization and the Determination of the Final Offer Price for the Pre-Emptive Right - Press Releases".
- ^ "Power Financial shareholders vote in favour of reorganization plan". The Globe and Mail. 11 February 2020.
- ^ "Power Financial Corp. shareholders vote to approve reorganization plan". The Toronto Star. 11 February 2020.
- ^ a b A new guy and the Nervous Nellies, CBC
- ^ "The players behind the scenes", The Globe and Mail, 4 June 2002
- ^ "Power Corporation announces the retirement of Henri-Paul Rousseau - Press Releases".
Bibliography
- ISBN 0-9694148-0-3.
- ISBN 0-7710-7709-2.
External links
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| National | |
