On the 34th floor of First Canadian Place, the BMO-branded tower at the core of corporate Canada’s Bay Street hub, a distinctly downtown crowd of about 150 people gathered to get a glimpse of Pierre Poilievre.
Law firm Bennett Jones hosted the fundraiser. Robert Staley – a close ally of the Conservative leader and chair of the party’s powerful fundraising arm – is the firm’s vice-chair and a partner. Other hosts included Scotiabank vice-chair Mark Mulroney, son of a former prime minister, health care services executive Shaun Francis of Medcan Health Management and former Assante Wealth Management CEO Joe Canavan.
The price of admission was $1,750 per head to hear “Pierre share his common sense vision for Canada,” as the party had advertised it.
For Mr. Poilievre, gatherings like this over his first two years as party leader were unremarkable events ahead of what was expected to be a cake walk of an election against Justin Trudeau. The stakes rose when the Prime Minister decided to resign, U.S. President Donald Trump launched a trade war and Liberal leadership candidate Mark Carney emerged as a viable answer to the question: Who is best equipped to deal with Mr. Trump?
Many of the executives shaking Mr. Poilievre’s hands on this evening were back-slapping with Mr. Carney, and handing him cheques, at a fundraiser the previous week. The cake walk has become a horse race. And losing a contest he seemed all but certain to win would likely see Mr. Poilievre put out to pasture, just like his past two predecessors.
Liberal leadership candidate Mark Carney speaks with Mr. Poilievre before a ceremony at the National Holocaust Monument in Ottawa in January. Mr. Carney, the would-be Liberal leader, presents a notable challenge to Mr. Poilievre in the upcoming federal election.Adrian Wyld/The Canadian Press
As guests sipped Oyster Bay Chardonnay, Mr. Poilievre delivered a familiar stump speech, according to four sources who attended the event in late February. He promised to lower taxes, make Canada more competitive, and get things done faster. He took shots at Mr. Carney for being “just like Justin” – and for moving Brookfield Asset Management Ltd.‘s head office to New York when he was its board chair. And he made a few remarks about the looming threats from the United States on tariffs.
When one executive in the crowd – William Cheng, owner of a Mississauga company that makes candles – said he would consider moving his factory and its 500 employees to avoid tariffs, Mr. Poilievre urged him not to give up on Canada just yet, and said he would create a more welcoming environment for entrepreneurs, sources who witnessed the exchange said.
On the event’s sidelines, Mr. Poilievre chatted with top business executives, including Edward Rogers, the executive chair of Rogers Communications Inc. and scion of the family that controls the telecommunications giant. But sources in attendance said his remarks to the larger group lacked specific details about the Conservatives’ plan for business and the economy, or for winning a trade war with Mr. Trump.
The evening was hardly a love-in, and had more of an atmosphere of an obligatory gathering of extended family, sources who were in the room said. But neither did Mr. Poilievre antagonize the business leaders, as he has in the past.
At another time, with another Conservative candidate, none of this would be especially noteworthy. But Mr. Poilievre has an unconventional, fraught, at times even hostile relationship with the business leaders who make up Canada’s corporate power centre.
Conservative Leader Pierre Poilievre is widely considered the frontrunner to be Canada’s prime minister after the next federal election.Spencer Colby/The Canadian Press
He openly challenges the clubby relationship that existed between CEOs and previous Conservative leaders. He has shown a distinct lack of interest in, and respect for, the finance crowd. In December, 2023, Mr. Poilievre started a lunch speech to bankers and fund managers at downtown Toronto’s C.D. Howe Institute by saying, “I almost never speak to crowds in downtown Toronto or anywhere close to Bay Street.”
With Mr. Poilievre still considered the frontrunner to be Canada’s prime minister after the next federal election campaign, business leaders are struggling to understand what to expect if he wins – and the extent to which some of them could end up in his crosshairs one day.
The Globe and Mail interviewed nearly 30 senior people in business and political roles about what Prime Minister Poilievre would mean for Canadian business. The Globe is not identifying most of those sources as they feared professional repercussions for speaking out about him.
Some of Mr. Poilievre’s policy positions are familiar hallmarks of Conservative orthodoxy. He leans toward free markets, blaming obstacles such as high taxes and overregulation for getting in the way of entrepreneurs and investors whose risk-taking creates jobs and raises wages for workers. In general, business leaders welcome those instincts.
In other respects, he is a breed of Conservative leader that the country’s business elite has rarely encountered.
Mr. Poilievre has almost no connections to the business world. He has spent his entire career in politics, serving as an MP since 2004, when he was 25 years old. His lone brush with work in the corporate world was a job working the phones to do corporate collections for Telus as a teenager.
Mr. Poilievre responds to questions in the House of Commons in his role as Conservative MP in October, 2012. Mr. Poilievre, who has served as an MP since 2004, has almost no connections to the business world.Adrian Wyld/The Canadian Press
As a parliamentarian, Mr. Poilievre earned a reputation as an attack dog, and the instincts he honed are still on display. He spent time as the Conservative finance critic, where business sources say he gained a good grasp of the financial sector, but always through a political lens.
Mr. Poilievre thinks the leaders of big companies don’t understand how government works, and is skeptical of what he sees as an ineffective, self-interested corporate culture that is out of touch with the needs of workers, sources said.
Top business executives think Mr. Poilievre doesn’t understand big business, and won’t surround himself with many people who do, senior business sources said. Corporate leaders repeatedly said they are concerned he is too caught up in the cut-and-thrust of Question Period and catchy slogans like “Axe the Tax.”
In public and in private, Mr. Poilievre is sharply critical of top executives and CEOs, “particularly a certain type of business leader, I might add – a more Bay Street, corporate, Toronto-centric type of business leader,” said Ginny Roth, a partner at Crestview Strategy who served as Mr. Poilievre’s communications director when he ran for the Conservative leadership.
In an opinion piece in the National Post last May, Mr. Poilievre chastised “gutless executives” and their circuit of “pointless luncheons and meetings,” saying there was no guarantee that “businesses will get their way” from a Poilievre government.
People close to Mr. Poilievre still point to the article as a window into his thinking, and a road map for how to interact with him. “If you do have a policy proposal, don’t tell me about it. Convince Canadians that it’s good for them. Communicate your policy’s benefits directly to workers, consumers and retirees,” he wrote.
He loudly blames big corporations and their leaders for staying silent when Mr. Trudeau’s Liberal government made missteps, and even cozying up to the government to win its support and subsidies. Mr. Poilievre and his team are particularly critical of businesses for what they see as self-serving lobbying in pursuit of corporate handouts. As one friend in Conservative politics put it: “Pierre’s superpower is not caring what Bay Street thinks of him.”
“When Poilievre thinks about solutions – like lowering taxes, and deregulation and all kinds of policy-making questions – he’s not terribly interested in spending all his time talking to those people,” Ms. Roth said.
On Friday, in a statement to The Globe and Mail, Mr. Poilievre’s director of media relations Sebastian Skamski said: “Conservative Leader Pierre Poilievre has crossed the country meeting tens of thousands of everyday Canadian workers across hundreds of businesses, factories, shop floors, mines, mills and plants spreading his message of powerful paycheques and lower taxes to unleash the full force of our economy and production.”
“If business leaders are interested in creating more jobs and higher wages for Canadians, common sense Conservatives are willing to listen,” said Mr. Skamski in an e-mail.
Former prime minister Stephen Harper was not especially close to major business leaders, and his finance minister Jim Flaherty occasionally took them to task in public. But Mr. Poilievre’s critiques have a harder edge. CEOs who have raised money for him say the elbows-up style is something business leaders need to get used to.
“Does Pierre understand the challenges facing business, like a lack of investment, weak productivity and too much red tape? He 100 per cent does,” said Dan Daviau, chairman and CEO of investment bank Canaccord Genuity Group Inc. “Will 100 per cent of business leaders be comfortable with how he plans to tackle these challenges? Hard to say, as Pierre represents fundamental change and change sometimes is hard on the status quo.”
Contrary to Mr. Poilievre, who has been sharply critical of top executives and CEOs, Mr. Carney has long-established friendships and ties in the top ranks of business.ANDREJ IVANOV/AFP/Getty Images
Contrast that with Mr. Carney, the would-be Liberal leader, who arrives on the scene with long-established ties in the top ranks of business, and is casting himself as a political outsider. Many of the executives shaking Mr. Poilievre’s hand are also back-slapping at Liberal events and donating to the former central banker. Across a string of fund raisers from both parties, executives have been taking the measure of both politicians.
The event at First Canadian Place was one of three that Mr. Poilievre attended in Toronto that week, with another at the Lambton Golf & Country Club, and a third at Mr. Daviau’s Yorkville home. On March 11, executives from toy maker Spin Master Corp. plan to host another soiree in midtown Toronto.
Executives meeting Mr. Poilievre for the first time have said he’s hard to like, and even harder to read. Several bankers and lawyers say they have met the Conservative leader on multiple occasions, but still have no clear sense of what makes him tick.
His populist messaging, which has focused on the country being “broken,” inevitably draws comparisons to U.S. President Donald Trump. But unlike Mr. Trump, Mr. Poilievre shows almost no desire to surround himself with billionaires or top CEOs. And last week, Mr. Trump put some distance between the two men, saying that Mr. Poilievre’s “biggest problem is he’s not a MAGA guy.”
Like his Conservative predecessors, Mr. Poilievre says he wants to spur more competition. He also wants to simplify corporate taxes to encourage businesses to make investments.Thomas Skrlj/The Canadian Press
Some sources who have seen Mr. Poilievre up close are more complimentary. They said he is the same in private as he is in public and his message is consistent, which makes him predictable.
He consumes huge amounts of information, including reports from bank economists, and sometimes calls the authors to discuss them further. He is said to be intellectually curious, has a good command of facts, and does his homework, the sources said.
He has no problem with CEOs offering ideas and advice, they said. But he is deeply frustrated with chief executives who are, in his eyes, too risk-averse and meek, tiptoeing around and trying to avoid causing offense. He is irked when corporate leaders take selfies with Mr. Trudeau, even as they trash the Liberal prime minister in private, one source said.
“If business leaders do have creative ideas that don’t involve either protection or spending, they should propose them. They should talk about them in public. They should convince people they’re a good idea,” Ms. Roth said. “And there’s no reason to believe he won’t listen.”
Mr. Poilievre wants more blunt talk. He relishes it, enjoys it, and thinks that’s part of a healthy relationship, rather than damaging to relations, sources said. Charm, executives say, is not his style.
That makes many among Canada’s business elite wary. They point to Mr. Poilievre’s response to a controversy when CTV News journalists edited a clip of him in a way that was misleading to viewers. Speaking in the House of Commons, Mr. Poilievre took direct aim at Mirko Bibic, chief executive of Bell Canada, the network’s owner, calling him “an overpaid CEO” who “empties the books to pay his wealthy friends an unacceptably and unrealistically high dividend.”
“He and his cronies at that company are going after me because they know that I am standing up for the people against the crony capitalists and insiders like them,” Mr. Poilievre said. Senior executives said they found the comments gratuitous and unnecessarily personal. They fear that Mr. Poilievre would turn on any CEO if it’s politically advantageous.
Former deputy Prime Minister and Minister of Finance Chrystia Freeland approved RBC's $13.5-billion takeover of HSBC Canada in December, 2023, despite calls from opposition politicians, including Mr. Poilievre’s eleventh hour decision to oppose the takeover.Adrian Wyld/The Canadian Press
In banking circles, Mr. Poilievre’s eleventh hour decision to oppose Royal Bank of Canada’s $13.5-billion takeover of HSBC Bank Canada was seen as an attempt to score political points. Executives from multiple banks said the Conservative leader only decided to say he would block the purchase 11 months after the deal was announced, so he could portray Finance Minister Chrystia Freeland as a friend of RBC when she approved the deal – which she did several weeks later. Bankers say Mr. Poilievre ignored the reality of the transaction, with London-based HSBC determined to leave the Canadian market.
“If the wariness comes from a place of, he is going to be different, and he is not concerned with violating norms – particularly the norms of a cozy business-government relationship – then that wariness is warranted,” Ms. Roth said. “But I don’t think that is cause for panic, or even really concern. I think the positive side for business is the guy is pretty easy to read.”
It would be wrong to assume that Mr. Poilievre has no contact with business leaders. He meets with CEOs selectively. But most of the leading figures in Canadian business have never had a one-on-one conversation with a Conservative who has been in politics for more than two decades, sources said.
A small circle of prominent business people have at least some access to the Conservative leader. Scotiabank’s Mr. Mulroney has helped build his profile by making introductions and raised money for his campaigns, as did Mr. Daviau.
Billionaire Mattamy Homes founder Peter Gilgan, an entrepreneur with strong views on the housing shortage, hosted a fundraiser for Mr. Poilievre in his penthouse condominium.
A small circle of prominent business people have some access to Mr. Poilievre, including John Ruffolo, founder of Maverix Private Equity, who is helping him come up with a strategy to encourage business investment and build the country’s digital economy.Melissa Tait/The Globe and Mail
Tech-focused fund manager John Ruffolo, founder of Maverix Private Equity, and former Blackberry co-CEO Jim Balsillie are helping Mr. Poilievre come up with a strategy to encourage business investment and build the country’s digital economy.
Shopify Inc. founder Tobi Lütke is swapping ideas on strengthening the tech sector with Mr. Poilievre, but one source said Mr. Lütke is keeping a low profile to avoid being cast as an Elon Musk-wannabe. A spokesperson for Shopify did not respond to a request for comment.
The government relations machine has revved up in recent months, with companies flocking to other ex-Conservative ministers such as Lisa Raitt, James Moore and Rona Ambrose for advice on how to approach Mr. Poilievre. But sources cautioned that none of these people are especially close to Mr. Poilievre, after he remade the core of the Conservative party.
The inner circle that surrounds Mr. Poilievre is small and closely guarded: It includes his top adviser, Jenni Byrne – a former chief of staff to Mr. Harper – as well as Mr. Staley from Bennett Jones and lawyer Michael Wilson of Goodmans LLP, a former chief of staff to Ontario’s attorney general. Sources said Mr. Poilievre also speaks regularly to Mr. Harper.
Conservative MP Melissa Lantsman is an important member of Mr. Poilievre’s team, and is among those who could be in line for key economic roles in a Conservative cabinet.Adrian Wyld/The Canadian Press
Conservative MPs who play a key role on Mr. Poilievre’s team include Adam Chambers, a former executive at Canada Life Assurance Co. with a joint MBA-law degree, and Melissa Lantsman, who worked in communications at Canadian Imperial Bank of Commerce and Coca-Cola Canada Bottling Ltd. Both could be in line for key roles in a Conservative cabinet.
Former Conservative leader Andrew Scheer is seen as a leading candidate to be Mr. Poilievre’s finance minister, sources said. Mr. Poilievre’s cabinet is unlikely to have much representation from people with deep business experience, as past finance ministers such as Liberal Bill Morneau and Conservatives Joe Oliver and Michael Wilson had – and that is by design.
Most Canadians will be familiar with the broad strokes of Mr. Poilievre’s pitch to voters, encapsulated in pithy slogans: He will scrap the carbon tax, “fix” the federal budget, spur more home building and crack down on crime. The business elements of his platform in the upcoming campaign will focus on tax reform. The Conservative leader is skeptical of the role government can play in boosting private-sector growth. He sees his role as removing regulatory and policy roadblocks rather than intervening to provide support.
Mr. Poilievre would be expected to lower personal income tax rates and eliminate many deductions, sources say. He also wants to simplify corporate taxes to encourage businesses to make investments. His agenda includes boosting energy and minerals production, along with rolling out a digital-economy strategy.
Like his predecessors, Mr. Poilievre says he wants to spur more competition. Executives in any industry that looks oligopolistic – think of the Big Six banks or the Big Three telcos – are acutely aware they could be targeted as Mr. Poilievre looks to curb prices for consumers.
Mr. Poilievre will put out a fully costed economic platform once the federal election campaign begins. Until then, he is leery of giving away ideas he fears the Liberals would adopt as their own.
Mr. Poilievre earned a reputation as an attack dog during his time as a parliamentarian, and the instincts he honed are still on display.Thomas Skrlj/The Canadian Press
In the coming election, all the party’s platforms will likely take a back seat to the challenge of how their leaders plan to handle Mr. Trump, a self-styled master of the art of the deal. In recent weeks, the nation-defining challenge posed by the U.S. President led Mr. Poilievre to make a conscious pivot away from his theme that the country is broken.
Instead, Mr. Poilievre is celebrating Canada as a land of unrealized opportunity. He used a keynote speech on National Flag Day in February to say the Conservatives “will unleash a fierce free enterprise economy.”
Unleashing that economic potential, and dealing with Mr. Trump’s tariff threats, requires warming up what has been a frosty relationship between Mr. Poilievre and business leaders. No one expects a thaw just yet – not until after an election campaign.