Former Air Canada CEO Calin Rovinescu is urging Canadian pension funds to invest more in Canadian businesses.
“If Canadian institutions don’t support Canadian companies, it becomes this sort of self-fulfilling prophecy of the hollowing out of corporate Canada,” Rovinescu told BNN Bloomberg in a television interview.
“The elimination of head offices here, the elimination of growth, the elimination of investment.”
Rovinescu, who now serves on the boards of Scotiabank and BCE, made the comments amid growing conversation around how much money the nation’s biggest investors are putting to work here at home.
Recent efforts by the federal Liberal government to encourage more investing in Canada have prompted some in the pension fund community to suggest it could risk their long-term returns.
But Rovinescu’s comments align with those of influential investor Peter Letko, co-founder of Letko Brosseau…
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