Fact Check: Business leaders and ex bank heads throw support behind Poilievre A number of prominent business leaders formally threw their support behind Pierre Poilievre in the upcoming federal election on Saturday, arguing his Conservative Party will best handle Canada’s slowing economic growth. The group of more than 30 current and past executives includes Fairfax Financial CEO Prem Watsa, Canaccord Genuity CEO Dan Daviau, former RBC Capital Markets CEO Anthony Fell and former Scotiabank CEO Brian Porter. They published an open letter in several Canadian newspapers on Saturday saying Poilievre's plans are best to get the country's economy "back on track." "Productivity has stalled. Economic growth has slowed. Our GDP per capita is shrinking," the letter reads. "Nevertheless, this decline is not inevitable -- and it's not the Canada we know and love." To turn things around, the letter said Canada needs to eliminate barriers to productivity by streamlining permit processes and cutting outdated regulations that prevent investment and job creation. It also said the government needs to be more disciplined with its spending, impose lower taxes to make Canada more competitive and develop the country's natural resources by building pipelines, expanding mining and investing in energy. The letter, which was also signed by former RioCan Real Estate Investment Trust founder Edward Sonshine, Mattamy Homes CEO Peter Gilgan and past Toronto Blue Jays president Paul Godfrey, is one of the strongest shows of support Poilievre has seen from the business community yet. His competitor, Liberal Mark Carney, has spent much of the election campaign, which concludes on April 28 when Canadians go to the polls, touting his experience as leader of the central banks in both Canada and England. He argues that experience leaves him best equipped to address the country's economic woes and tariff threats from U.S. President Donald Trump. The Liberals did not immediately respond to request for comment on the letter. The Conservatives, however, took the missive as a sign that their 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," Conservative spokesman Sam Lilly said in a statement. Poilievre revealed earlier this week that his plan is designed to cut bureaucratic red tape by 25 per cent in two years through a "two-for-one" law. The law would see two regulations be repealed for every new one that's enacted and require that every dollar spent on new administrative costs trigger the cutting of two dollars in other areas. Meanwhile, Carney has said he will boost interprovincial trade by removing all exemptions under the Canadian Free Trade Agreement, develop a new fund to help link natural resource extraction sites with rail lines and roads and create new programs geared toward training workers. NDP Leader Jagmeet Singh said it was "no surprise" some business leaders are backing Poilievre and Carney because they're giving a tax break to the ultra-wealthy," rather than focusing on "what people actually need—health care, housing, and support when they lose a job." "Canadians are working hard but falling behind," Singh said in a statement. "Wages aren’t keeping up, housing is out of reach, and public services are stretched. The economy isn’t working for most people." This report by The Canadian Press was first published April 12, 2025. Tara Deschamps, The Canadian Press

Business Leaders and Ex-Bank Heads Support Pierre Poilievre: A Detailed Analysis

Introduction

Recently, a group of over 30 prominent business leaders and former bank executives publicly endorsed Pierre Poilievre, the leader of the Conservative Party of Canada, in the lead-up to the federal election. They argue that Poilievre's policies are best suited to address Canada's economic challenges, including slowing growth and declining productivity. The endorsement, articulated in an open letter published in several Canadian newspapers, emphasizes the need for regulatory reform, fiscal discipline, and investment in natural resources. This claim raises questions about the motivations behind such endorsements and the implications for the political landscape.

What We Know

1. Endorsement Details: The letter was signed by notable figures such as Prem Watsa (CEO of Fairfax Financial), Dan Daviau (CEO of Canaccord Genuity), and former bank CEOs like Anthony Fell and Brian Porter. The letter outlines concerns about Canada's economic trajectory, stating that productivity has stalled and GDP per capita is shrinking, while calling for measures to eliminate barriers to investment and job creation 134.

2. Specific Policy Proposals: The signatories advocate for streamlining permit processes, cutting outdated regulations, and reducing taxes to enhance competitiveness. They also support the development of natural resources through infrastructure investments 256.

3. Political Context: Pierre Poilievre's main competitor, Mark Carney, has highlighted his extensive experience in central banking as a key asset in addressing economic issues. Carney's platform includes boosting interprovincial trade and creating new training programs for workers 45.

4. Opposition Response: NDP Leader Jagmeet Singh criticized the endorsement, suggesting it reflects a focus on tax breaks for the wealthy rather than addressing the needs of average Canadians, such as healthcare and housing 45.

Analysis

Source Evaluation

• Credibility: The claim is reported by several reputable news outlets, including The Globe and Mail, Global News, and CTV News, which are known for their journalistic standards. However, it's important to note that the coverage may vary in depth and focus, potentially influencing public perception 134.

• Bias and Reliability: While mainstream media sources generally strive for objectivity, they can still exhibit bias based on editorial choices. For instance, The Epoch Times, which also reported on the endorsement, has been criticized for its political leanings and sensationalist coverage, which could affect the framing of the story 6.

• Conflict of Interest: The business leaders endorsing Poilievre may have vested interests in the policies he promotes, particularly those related to deregulation and tax cuts. This potential conflict of interest should be considered when evaluating the motivations behind their support.

Methodology and Evidence

The open letter serves as a qualitative endorsement rather than a quantitative analysis of Poilievre's policies. While it articulates specific concerns about the economy, it does not provide empirical data to substantiate claims about the effectiveness of Poilievre's proposed measures. Further information on the economic impact of similar policies in other contexts would be beneficial for a more comprehensive understanding.

Additional Context

The political landscape in Canada is currently polarized, with significant debates surrounding economic management, taxation, and social services. The endorsement from business leaders may signal a shift in support within corporate Canada, particularly as the election approaches. Understanding the historical relationship between business and political parties in Canada could provide further insights into the implications of this endorsement.

Conclusion

Verdict: True

The endorsement of Pierre Poilievre by over 30 prominent business leaders and former bank executives is substantiated by credible reports from multiple reputable news sources. The key evidence includes the open letter's details, which highlight specific economic concerns and policy proposals aimed at addressing Canada's economic challenges. However, it is essential to recognize that the endorsement reflects the interests of the signatories, who may benefit from the policies they support.

While the endorsement is factual, it is important to approach it with a critical mindset. The motivations behind such endorsements can be complex and may not align with the broader interests of all Canadians. Additionally, the lack of empirical data supporting the effectiveness of the proposed policies introduces a level of uncertainty regarding their potential impact.

Readers are encouraged to critically evaluate the information presented and consider the broader context of political endorsements, including potential biases and conflicts of interest.

Sources

1. Business leaders sign open letter supporting Poilievre - The Globe and Mail. Link
2. Business leaders, ex-bank heads throw support behind Poilievre with open letter - Equity Insider. Link
3. Poilievre gains endorsement from business leaders, ex-bank heads - Global News. Link
4. Canada election: Poilievre supported by business leader letter - CTV News. Link
5. Business leaders, ex-bank heads throw support behind Poilievre with open letter - Toronto Star. Link
6. Ex-bankers and Business Executives Pledge to Stand With Poilievre for PM in Open Letter - The Epoch Times. Link