Over two dozen current and former Canadian business executives and bank CEOs say they are backing Pierre Poilievre’s Conservatives in the upcoming federal election.
In declaring their endorsement, they say the nation needs to support free enterprise, reduce red tape, restore fiscal discipline, reform the tax system, build more pipelines, and invest in energy and natural resource development.
The group of more than 30 former and current executives co-signed an open letter published in several Canadian newspapers on April 12, titled “Time for Change,” saying that the Conservatives’ plan is best suited to getting Canada’s economy “back on track.”
The signees include Fairfax Financial chairman and CEO Prem Watsa, Colliers International Global CEO Jay Hennick, former Scotiabank CEO Brian Porter, and former RBC Capital Markets CEO Anthony Fell.
“Productivity has stalled. Economic growth has slowed. Our GDP per capita is shrinking,” the letter states, adding that “this decline is not inevitable—and it’s not the Canada we know and love.”
The business leaders propose a list of remedies. One is to encourage Canadians in entrepreneurship and innovation and to let businesses grow, where “Government is not the answer—but a facilitator.” Another is to remove barriers and red tape that hinder investment and job creation.
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They also advocate holding government spending in check, as “We cannot borrow our way to prosperity.” In addition, they propose lowering taxes to make Canada more competitive, and investing responsibly in energy and resource development in order to create jobs and revenue.
“Now is the time to act,” the authors write, adding that Poilievre and the Conservatives “have a clear plan to address these issues,” noting, “It’s because of President Trump’s threats that Pierre’s plan makes so much sense.”
The endorsement represents one of the biggest shows of support Poilievre has seen from the business community yet.
The letter was also signed by former Toronto Blue Jays president Paul Godfrey, former RioCan Real Estate Investment Trust founder Edward Sonshine, Fairfax Financial president and COO Peter Clarke, and EnCana founding CEO Gwyn Morgan.
Liberal contender Mark Carney has argued that his experience as head of central banks in both England and Canada makes him the best candidate for prime minister in the upcoming election, particularly when facing the country’s economic challenges and U.S. President Donald Trump’s tariff threats.
Carney has also pledged to fund transportation infrastructure to link energy extraction sites to rail lines and roads, and boost interprovincial trade by revising the Canadian Free Trade Agreement.
NDP Leader Jagmeet Singh took aim at both the Conservatives and Liberals in a statement last month. “Mark Carney and Pierre Poilievre are offering different versions of the same thing: a better deal for the wealthiest few,” he said.
“While the Liberals and Conservatives promise tax cuts for millionaires, we’re focused on helping the people who actually need it—families trying to get by, workers squeezed by higher costs, and people directly hit by Donald Trump’s tariffs.”
Last week, Poilievre unveiled a plan to cut federal government red tape by 25 percent within two years and to roll out a “two-for-one” law, which would remove two regulations for every new one added and ensure $2 of savings in administrative costs for every $1 added.
The Conservatives view the letter of endorsement as an indication that Poilievre’s platform is resonating with the business community.
“Pierre Poilievre’s Canada First Economic Action Plan is being recognized as a strong plan to lower taxes and eliminate red tape to unleash our industries and bring home powerful paycheques for our people and a thriving economy,” Tory spokesperson Sam Lilly said in a statement.
The Canadian Press contributed to this report.
