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Power Corporation of Canada

From Academic Kids

Power Corporation of Canada Template:Tsx is a major Canadian company with assets in North America and Europe in a number of industries. These industries include media, pulp and paper, and financial services.

Assets

The assets of Power Corporation in which they have a controlling interest are organized as follows:

  • Power Corporation of Canada

Politics

The company is controlled by Paul Desmarais, Sr.. The company has long been a close ally of the Liberal Party of Canada, although former or current members of other Canadian political parties have also worked for Power Corp. A brief summary of the connections between Power Corp. and those with political power in Canada is below.

  • Current Prime Minister of Canada, Paul Martin, was hired in the 1960s to work for Paul Desmarais, Sr. by Maurice Strong. Martin became President of Canada Steamship Lines, a subsiduary of Power Corp., and in 1981 Desmarais sold the company to Martin and a partner. Martin went on to make his personal fortune as an owner of CSL.
  • Former Prime Minister of Canada, the late Pierre Trudeau, served in the mid-1990s on Power Corp.'s international advisory board. Trudeau's assistant Ted Johnson also worked for Power Corp. During the Trudeau administration Michael Pitfield held a variety of positions in government but during his time in the private sector he was at one time a Vice-Chairman of Power Corp. and is currently listed as a Director Emeritus.
  • Former Prime Minister of Canada Brian Mulroney also has a relationship with Power Corporation. Mulroney friend Ian MacDonald described Desmarais as “Mulroney’s mentor in the business world.”, and it is believed that Mulroney has done legal work for Power Corp. since the end of his term as Prime Minister. Additionally former Mulroney Minister of Transport Don Mazankowski is currently Power Corp.'s company director.

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