Association CEO Anthony Pizzino shares his concerns about former Bank of Canada governor Stephen Poloz’s new working group, announced in the 2024 federal budget.
In March 2024, an open letter to the Minister of Finance of Canada and Provincial Finance Ministers was released. Signed by 92 business leaders of Canadian corporations, including Metro Inc., Manulife, Telus, Rogers, and others, it asked the government to amend the rules governing pension funds to “encourage” them to invest more capital domestically.
In the federal budget presented on April 16, the government announced that former Bank of Canada governor Stephen Poloz would lead a new working group to explore the topic. At first glance, this sounds reasonable. But it’s a slippery slope to more political interference in pension-fund investments. And it’s a move that reflects a deeper problem.
This is not about investing in Canada to boost the economy; it’s about these business leaders seeing money they want spent on their corporations. Such a policy would amount to a business subsidy using Canadians’ retirement savings.
In response, Federal Retirees CEO Anthony Pizzino penned an op-ed in the Globe and Mail.