Canada’s Leading CEOs Lay Out Three Priorities for Achieving Martin’s Vision of Social Progress and Global Influence

November 19, 2003

The chief executive officers of 150 leading Canadian enterprises today congratulated Paul Martin on his election as Leader of the Liberal Party of Canada and expressed broad support for his vision of a “politics of achievement” that would strengthen the country’s social foundations while ensuring a place of influence and pride for Canada in the world.

But in a 10-page memorandum to the prime minister designate titled Building Our Country, Shaping the World: A Leadership Vision for Canada, the members of the Canadian Council of Chief Executives (CCCE) emphasized that Canada’s economic strength will determine the extent to which Canadians are able to transform this ambitious vision into tomorrow’s reality. “Everything that Canada can hope to achieve as a country depends on a healthy and growing economy.”

The memorandum, signed by CCCE Chairman Richard L. George, President and Chief Executive Officer of Suncor Energy Inc., and by CCCE President and Chief Executive Thomas d’Aquino, puts forward three strategic priorities. First, Canada must build an increasingly competitive economy to provide all Canadians with a quality of life that is unmatched in the world. Second, Canada must be a sovereign and dynamic partner in shaping a secure and prosperous North America. Third, Canada must become an effective catalyst for human progress globally.

These priorities build on the extensive work that member CEOs have performed over the past year in addressing national and international issues. In particular, the Council has worked with its counterparts in Europe, the United States and Japan to build support for an ambitious multilateral agenda of trade and investment liberalization; has developed a comprehensive strategy for Canada’s future within North America; and most recently put forward a detailed proposal for the review and reallocation of federal spending.

“In the pursuit of noble ideals, the bread and butter issues of economic growth still matter greatly. If our domestic policy choices fail to produce both rising incomes and social justice, if they cannot combine robust economic growth with enhanced protection of the environment, Canada will lose both the economic means and the credibility to persuade others to follow in our footsteps. Strength abroad flows from strength at home,” the CCCE says.

“Whether you judge the priority to be tax relief, debt reduction or increased spending in critical areas such as health care and national defence, the most recent fiscal projections suggest little room for major new measures of any kind unless your government seriously addresses the ongoing review of existing spending,” the memorandum adds.

The CCCE has recommended creation of a reallocation pool that would require public service executives and ministers to identify annually the least effective five percent of the spending under their direction. Even excluding debt service costs, transfers to the provinces, Employment Insurance benefits and pensions, applying this “5 percent solution” to direct program spending would still produce a pool for potential reallocation of more than $3 billion a year.

“As leaders of Canadian enterprises, we must do our share. We must be relentless in our efforts to build competitive, innovative and growing enterprises from a Canadian base,” the memorandum concludes. “And we must exercise personal leadership both in strengthening the economic and social fabric of Canadian communities and in acting as ambassadors abroad for Canada’s economy and values.”

The CCCE, Canada’s senior business organization, is composed of the chief executives of 150 leading Canadian corporations. Its members head companies that administer in excess of $2.3 trillion in assets, have annual revenues of more than $550 billion and account for a significant majority of Canada’s private sector investment, exports, training and research and development.

In addition to Messrs. George and d’Aquino, the members of the CCCE’s Executive Committee are Honorary Chairman A. Charles Baillie and Vice-Chairmen Derek H. Burney, Dominic D’Alessandro, David L. Emerson, Gwyn Morgan, Gordon Nixon and Paul M. Tellier, the chief executives respectively of CAE, Manulife Financial, Canfor Corporation, EnCana Corporation, Royal Bank of Canada and Bombardier Inc.