Top Business Leaders Back Opposition Conservatives Ahead of Canada’s Parliamentary Elections
In the lead-up to Canada’s federal election on April 28, 2025, a coalition of over 30 prominent corporate figures has publicly endorsed the opposition Conservative Party, signaling a significant shift in the nation’s political landscape. This endorsement, spearheaded by Indo-Canadian billionaire Prem Watsa, underscores growing concerns among business leaders regarding Canada’s economic trajectory under the current Liberal government.
The “Friends of Free Enterprise” Initiative Operating under the banner of “Friends of Free Enterprise in Canada,” this group of influential entrepreneurs and executives has issued an open letter published in major Canadian media outlets. The signatories advocate for a return to principles they believe are essential for reversing Canada’s economic decline. These principles include: -Supporting Free Enterprise: Emphasizing the importance of a market-driven economy.
Eliminating Barriers: Reducing unnecessary regulations that hinder business growth. – Restoring Fiscal Discipline: Implementing policies to control government spending and reduce debt. – Reforming the Tax System: Simplifying and adjusting tax structures to encourage investment and entrepreneurship. The letter explicitly endorses Conservative leader Pierre Poilievre, stating, “Now is the time to act. That is why we are supporting Pierre Poilievre and the Conservative Party of Canada. They have a clear plan to address these issues and get Canada back on track.” Notable Signatories Among the notable signatories are: -Prem Watsa: Chairman and CEO of Fairfax Financial, often referred to as the “Warren Buffett of Canada.” -Bob Dhillon: Real estate magnate and CEO of Mainstreet Equity Corp.
Amar Varma: Serial entrepreneur and CEO of Marval Capital Ltd. – Ben Watsa: Chairman of Fairfax India. Other prominent figures include Jay Hennick, Global CEO and Chairman of Colliers International; Peter Gilgan, Chairman and CEO of Mattamy Homes; and Brian J. Porter, former CEO and President of Scotiabank. Economic Concerns and Political Implications The open letter highlights several economic challenges facing Canada, including stalled productivity, slowed economic growth, and a shrinking GDP per capita. The signatories argue that these issues are not inevitable and can be addressed through the proposed policy changes.
The endorsement of the Conservative Party by such a significant group of business leaders may influence public opinion and sway undecided voters in the upcoming election. ConclusionAs Canada approaches its federal election, the endorsement of the Conservative Party by a coalition of prominent corporate leaders adds a new dimension to the political discourse. Their collective call for economic reform and support for Pierre Poilievre’s leadership could play a pivotal role in shaping the nation’s future economic policies.
