- Power Corporation of Canada
company_name =Power Corporation of Canada, Inc.| company_| company_slogan =
company_type = Public (tsx|POW)
foundation = 1925
location = flagicon|Canada
Montreal, Quebec, Canada
founder = Jerry Sanders and John Carey
James Burns and Michael Pitfield, CEO
industry = media,
pulp and paper, and financial services.
revenue = profit$26.136 billion USD (2005)
net_income = profit$1.661 billion USD (2005)
num_employees = 15,500 (2008)cite web |url=http://zenobank.com/index.php?symbol=CA;POW&page=quotesearch |title=Company Profile for Power Corp of Canada (CA;POW) |accessdate=2008-10-09]
homepage = [http://www.powercorporation.com www.powercorporation.com]
Power Corporation of Canada (tsx|POW) is a major Canadian company with assets in
North Americaand Europein a number of industries. These industries include media, pulp and paper, and financial services.
The corporation is known for its active participation in Canadian politics through its relationships and the relationships of the Desmarais family with prominent politicians of all political stripes.
Power Corporation of Canada was formed in 1925 by
stockbrokers Arthur J. Nesbitt and his partner Peter A. T. Thompson. Nesbitt served as the company's first president. Power Corporation was created as a holding companyto manage their substantial investments in public utilitycompanies involved in the electrical power industryin Quebec's Eastern Townshipsplus in the other Canadian Provinces of Ontario, Manitoba, and British Columbia. In the latter part of 1930s, the company acquired a controlling interest in Bathurst Pulp and Paper Company Ltd. and in 1938, Canadian Oil Companies Ltd., selling the latter to Shell Oil Company in 1962.
In 1952, Arthur J. Nesbitt was succeeded as president by his son
Arthur Deane Nesbitt(1910-1978). The family sold most their interest in Power Corporation to the Paul Desmaraisgroup in 1968 and by 1970 no longer had any involvement.
Power Corporation owns 100% of
Gesca Ltee, 66.4% of Power Financial Corporation and 7.1 % of CITIC Pacific.
Current members of the
board of directorsof the company are: Laurent Dassault, André Desmarais, Paul Desmarais, Paul Desmarais, Jr., Anthony Graham, Robert Gratton, Don Mazankowski, Jerry Nickerson, James Nininger, Robert Parizeau, Michel Plessis-Bélair, John Rae, Amaury-Daniel de Seze, and Emöke Szathmáry.
Directors Emeritus of the company are: James Burns and
The company is controlled by Paul Desmarais, Sr.. Paul Desmarais, Jr. is one of thirty members of the North American Competitiveness Council, a group whose advice directs the policies of North American Security and Prosperity Partnership. Additionally, 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.
* Former 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 subsidiary 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.
Prime Minister of Canada Jean Chrétiensat on the board of Power Corp. subsidiary Consolidated Bathurstin the late 1980s before he became the leader of the Liberal Party of Canada. Chrétien's daughter France is married to the son of Paul Desmarais, Sr., André. Also Chrétien's chief of staff Eddie Goldenberg worked in the past for Power Corp.
* 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 Pitfieldheld 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 Mulroneyalso has a relationship with Power Corporation. Mulroney's 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 Mazankowskiis currently Power Corp.'s company director.
* Former Premiers of Ontario William Davis and
John Robartsof the Progressive Conservatives have both sat on Power Corp.'s national advisory board. John Rae, the brother of former NDP Premier Bob Rae, currently serves as Power Corp.'s Executive Vice President.
Premier of QuebecPremier Daniel Johnson, Jr.worked for Power Corp. from 1973 to 1981 and in the last three years of this term was a Vice-President in the company.
* Former member of the Liberal Party of Canada
Maurice Strongbecame President of Power Corp. by his mid-thirties. He had a role in the creation of the Canadian International Development Agencyand in 1976 he was appointed to run Petro-Canada. He later worked for the United Nations.
* Power Corp.'s international advisory board has featured individuals such as former German Chancellor
Helmut Schmidt, former oil minister of Saudi ArabiaSheikh Ahmed Zaki Yamani, former head of the US Federal Reserve Board Paul Volcker, and the previously mentioned former Prime Minister of Canada Pierre Trudeau.
* [http://www.powercorp.com/index.php?lang=eng Power Corporation web site]
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