Parliamentarians Must Move Swiftly to Boost Canadian Productivity, Chief Executives Say

February 21, 2006

Canada’s leading CEOs and entrepreneurs are urging Members of Parliament from all parties to make a concerted effort to increase Canadian productivity and improve our country’s ability to compete globally for people, ideas and investment.

In a major paper delivered to Members of Parliament today, the Canadian Council of Chief Executives (CCCE) offers 10 specific recommendations that could be implemented quickly and should be capable of winning cross-party support in the new minority Parliament.

The CCCE also puts forward five more ambitious ideas that are intended as catalysts for a broad national discussion about how to drive Canada’s economic and social progress over the next decade.

“It is time to think big about what Canadians can achieve and how to get there from here,” says the statement, titled From Bronze to Gold: A Blueprint for Canadian Leadership in a Transforming World.  The statement is signed on behalf of the CCCE’s 150 member chief executives by Richard L. George, Chairman, and Thomas d’Aquino, Chief Executive and President.

The CCCE is a non-partisan organization composed of chief executives from all regions and sectors of the Canadian economy. Member CEOs lead companies that collectively administer close to $3 trillion in assets, have annual revenues of more than $650 billion, and are responsible for the vast majority of Canada’s exports, investment, research and development, and training.

The 20-page statement acknowledges that Canada is a privileged nation with many strengths. Its economic growth has been the best in the G-7 over the past five years, and it is the only major industrialized country enjoying consistent surpluses both in its federal budgets and in its trade and current accounts.

Yet in spite of these advantages, Canada faces fundamental threats to its economic wellbeing. “Other countries are passing us by in raising their standards of living because they have found ways to attract more investment, generate higher returns and create more jobs that pay higher wages,” the statement says.

To forge a more prosperous future and preserve the country’s leadership, jobs and quality of life, the statement says Canadians must learn to compete much more effectively on three fronts: people, ideas and money. “It must do better at unleashing the creative potential of all Canadians and at attracting more talented people to our country. It must do better at encouraging Canadians to generate innovative ideas and to put those ideas to effective use. Finally, Canada must make itself a much more attractive place for individuals and companies to invest in innovative technologies and new ventures.”

The paper lists 10 specific proposals for action in the short term that the CCCE believes could be taken quickly and could win support across party lines. The Council says each of these recommendations would contribute meaningfully to Canada’s competitiveness:

• Reduce the financial burden of raising children and preparing them for productive lives as global citizens;
• Increase access to quality education and lifelong learning;
• Speed up the integration of new immigrants into the labour market;
• Improve Canada’s performance in turning creative ideas into viable businesses;
• Encourage greater conservation and waste reduction as well as more investment in renewable resources and investment in environmentally innovative technologies;
• Develop a Canadian energy strategy;
• Cut the cost of regulation while maintaining high standards;
• Modernize Canada’s physical infrastructure in areas such as transportation, information and communications, the environment and culture;
• Encourage more investment that increases productivity, creates jobs and raises family incomes;
• Repair and strengthen Canada’s economic and security ties with the United States.

Today’s release of From Bronze to Gold is part of an initiative launched by the CCCE in June 2005, aimed at enhancing Canadian productivity and positioning the country to compete more effectively in the global economy. Since then, Council members have engaged in research and consultation across a wide range of issues that matter to Canada’s long-term future.

Founded in 1976, the Canadian Council of Chief Executives is a non-profit, non-partisan organization dedicated to making Canada “the best place in the world in which to live, to work, to invest and to grow.”Composed of the chief executives of Canada’s leading enterprises, the CCCE has a long and proud history of contributing to important national debates, including fiscal policy, trade, competitiveness, the environment, and parliamentary and constitutional reform.

In addition to Mr. d’Aquino and Mr. George, President and Chief Executive Officer of Suncor Energy Inc., the members of the CCCE’s Executive Committee are: Honorary Chairman A. Charles Baillie and Vice-Chairmen Dominic D’Alessandro, Paul Desmarais, Jr., Jacques Lamarre, Gordon M. Nixon and Hartley T. Richardson, the chief executives respectively of Manulife Financial, Power Corporation of Canada, SNC-Lavalin Group Inc., Royal Bank of Canada and James Richardson & Sons, Limited.