Power Corporation of Canada
A Canadian holding and investment company focused primarily on insurance, retirement services, wealth management, investment management and alternative investments.
Last updated August 21, 2026
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Overview
Power Corporation of Canada is a Canadian holding and investment company headquartered in Montreal. Established in 1925 by stockbrokers Arthur J. Nesbitt and Peter A. T. Thomson, it was originally created to own and coordinate investments in electric utilities and related infrastructure across Quebec and other Canadian provinces. Over time, the company moved away from its original utility-centered identity and developed into a diversified group with financial services at its core. The corporation's contemporary activities are conducted mainly through interests in insurance, retirement and savings products, wealth management, investment management and alternative investments. Its historical and present portfolio has included major financial businesses such as Great-West Lifeco, Canada Life, London Life, Great-West Life, IGM Financial, Mackenzie Investments and Putnam Investments. The group has also invested in private equity, venture capital, sustainable and renewable energy, digital financial services and fintech. Its geographic reach extends across North America, Europe and selected Asian markets. Control of Power Corporation changed materially in the late 1960s, when the Nesbitt family sold most of its interest to an investor group led by Paul Desmarais Sr. The Desmarais family's stewardship shaped the corporation's transformation into a broad conglomerate and financial-services holding company. The group expanded internationally in Europe during the 1970s and in Asia during the 1990s and 2000s. It also established or backed investment platforms including Sagard, Sagard China and fintech-oriented initiatives such as Portage Ventures and Diagram. Power Financial Corporation was created in 1984 as a management and holding company within the group. In a 2020 reorganization, Power Corporation became the owner of all Power Financial common shares, consolidating the corporate structure. The same reorganization ended the 24-year tenure of Paul Desmarais Jr. and André Desmarais as co-chief executive officers. R. Jeffrey Orr, previously president and chief executive officer of Power Financial, became president and chief executive officer of Power Corporation on February 13, 2020. The corporation has also attracted public commentary because of the political and institutional networks associated with the Desmarais family and certain former Canadian officials who held positions with the company, its subsidiaries or advisory bodies. Such commentary has focused on perceived links between business, government and Canadian federalist politics. These relationships are part of the company's public history, but they do not define its operating model, which is principally based on owning and managing financial-services and investment businesses.
History
Power Corporation of Canada was established in 1925 by Arthur J. Nesbitt and Peter A. T. Thomson. Its original purpose was to hold investments in electric utilities and related businesses, particularly in Quebec's Eastern Townships and in provinces including Ontario, Manitoba, New Brunswick and British Columbia. Arthur J. Nesbitt became the first president. In the late 1930s, the company broadened its industrial holdings, including a controlling interest in Bathurst Pulp and Paper Company and an interest in Canadian Oil Companies. Canadian Oil Companies was sold to Shell Oil Company in 1962. Arthur Deane Nesbitt succeeded his father as president in 1952. The company's ownership changed decisively in 1968, when the Nesbitt family sold most of its interest to a group led by Paul Desmarais Sr.; by 1970, the Nesbitt family was no longer involved in operations. Under the Desmarais family's influence, Power Corporation developed from a utility holding company into a diversified conglomerate. In 1975 it attempted to take over Argus Corporation, whose portfolio included brewing, retail, farm machinery and paper products. The takeover was not completed because Argus's controlling shareholders retained their voting shares, although Power Corporation acquired approximately half of the non-voting shares. The investment was later resolved after Argus was sold in 1978 to a company controlled by Conrad Black. The group's emphasis increasingly shifted toward financial services. Power Financial Corporation was created in 1984 as a management and holding company. Power Corporation expanded in Europe during the 1970s and later increased its presence in Asia. In 2000, the group acquired or brought under its control major financial businesses including Canada Life, Mackenzie Financial and Putnam Investments. These transactions reinforced its position in insurance, asset management and retirement-related services. Alternative investment became another important area. Sagard SAS was created in 2002, followed by Sagard Capital Partners in the United States and its later development as Sagard Holdings. The group also used IGM Financial as a holding structure for investment-fund businesses. By the late 2000s, the broader Power group had interests associated with Great-West Life, Canada Life Assurance, London Life, Mackenzie Financial, Putnam Investments and the parent company of La Presse. The corporation continued to adjust its governance and investment portfolio. Its board was reduced from 21 directors to 12 in 2008. In 2011 it acquired a 10 percent stake in China Asset Management from CITIC Securities and launched the Sagard China fund. The group subsequently participated in financial-technology investments through initiatives connected with Portage Ventures, Wealthsimple, Personal Capital and Diagram, often alongside Great-West Lifeco and IGM Financial. In 1989, Power Corporation began supporting the Imagine Canada program. The company has also been associated with public debate about the political and institutional networks surrounding the Desmarais family. Former Canadian prime ministers, ministers, provincial premiers, senior political advisers and public-sector figures have held positions at the corporation, its subsidiaries or advisory bodies. Media and critics have sometimes argued that these connections gave the group unusual access or influence, while the company has been associated with support for Canadian federalism in Quebec. A major structural change occurred in 2020. Paul Desmarais Jr. and André Desmarais stepped down as co-chief executive officers after 24 years in those roles and continued as chairman and deputy chairman of the board, respectively. R. Jeffrey Orr, who had led Power Financial, became president and chief executive officer of Power Corporation on February 13, 2020. The reorganization also resulted in Power Corporation owning all common shares of Power Financial, consolidating the group's corporate structure.
- 2020
Corporate reorganization and CEO transition
[1]Power Corporation assumes ownership of all Power Financial common shares, while R. Jeffrey Orr becomes president and chief executive officer.
- 2011
China Asset Management investment
[1]Power Corporation purchases a 10 percent interest in China Asset Management and establishes Sagard China.
- 2008
Board restructuring
[1]The corporation reduces its board from 21 directors to 12.
- 2002
Sagard is established
[1]Power Corporation creates the Sagard investment platform, later expanded through Sagard Holdings and related funds.
- 2000
Financial-services expansion
[1]The group expands its financial-services platform through interests including Canada Life, Mackenzie Financial and Putnam Investments.
- 1989
Support for Imagine Canada begins
[1]Power Corporation begins supporting the Imagine Canada program.
- 1984
Power Financial Corporation is created
[1]The group establishes Power Financial as a management and holding company.
- 1975
Attempted Argus Corporation takeover
[1]Power Corporation attempts to acquire Argus Corporation but does not obtain control because voting shareholders retain their controlling shares.
- 1968
Desmarais group gains control
[1]A group led by Paul Desmarais Sr. acquires most of the Nesbitt family's interest, changing the company's controlling ownership.
- 1938
Investment in Canadian Oil Companies
[1]Power Corporation expands its industrial portfolio through Canadian Oil Companies, which was later sold to Shell Oil Company in 1962.
Products and positioning
A long-term, family-influenced Canadian investment group whose principal strategic focus is financial services, complemented by asset management, alternative investments and selected technology and sustainability investments.
Insurance and retirement services
Great-West Lifeco
A major financial-services platform associated with the Power group, operating in insurance, retirement savings and related financial products. Its businesses have included Canada Life, Great-West Life and London Life, giving the group substantial exposure to life insurance, wealth accumulation and institutional retirement markets.
Wealth and investment management
IGM Financial
The group's investment-management and wealth-services platform. IGM Financial has served as a holding structure for investment-fund and advisory businesses, including Mackenzie Investments, and connects Power Corporation with retail investors, financial advisers and institutional asset-management markets.
Investment management
Mackenzie Investments
An investment-management business associated with the Power group through IGM Financial. Its activities include managing investment funds and other portfolios for individuals, advisers and institutions across a range of asset classes and investment objectives.
Asset management
Putnam Investments
A U.S.-based investment-management business that became part of the group's international financial-services portfolio. Putnam provides professionally managed investment products and portfolio-management capabilities, extending Power Corporation's presence in the American asset-management market.
Alternative investments · 2002
Sagard
An alternative-investment platform established by Power Corporation and subsequently developed through vehicles such as Sagard Holdings. The platform has been used for private-equity and other private-market investments, complementing the group's publicly traded insurance and asset-management interests.
Fintech investment
Portage Ventures
A fintech-focused investment initiative connected with the Power group. It represents the corporation's effort to gain exposure to financial-technology companies and digital financial services alongside established insurance, savings and investment-management operations.
Controversies
2007
Political-connection criticism
Media commentary, including reporting cited in the corporation's history, discussed the Desmarais family's relationships with former Canadian prime ministers, ministers, advisers and other public figures. Critics alleged that these networks could provide business advantages, while the company was also associated with support for federalism in Quebec. The material describes political commentary and allegations rather than an established corporate finding of wrongdoing.
Marketing campaigns
- 1989Imagine Canada support
Canada
Power Corporation began supporting the Imagine Canada program, linking the company with a national initiative in the charitable and nonprofit sector.
Outcome. The support is recorded as part of the corporation's community and institutional engagement.
Brand decisions
2020
Power Financial consolidationStrategyBackground
The group sought to simplify its corporate structure and consolidate its financial-services holdings.
Action taken
Power Corporation became the owner of all Power Financial common shares. The reorganization also installed R. Jeffrey Orr as president and chief executive officer.
Aftermath
The group operated under a more consolidated holding structure, while Paul Desmarais Jr. and André Desmarais moved from executive leadership to board roles.
2011
Investment in China Asset ManagementM&ABackground
Power Corporation pursued greater exposure to Asian financial markets and investment management.
Action taken
The company purchased a 10 percent interest in China Asset Management from CITIC Securities and established Sagard China.
Aftermath
The transaction and fund formation expanded the group's Asian investment platform.
1975
Attempted acquisition of Argus CorporationM&ABackground
Argus Corporation controlled interests in brewing, retail, farm machinery, paper products and other sectors. Power Corporation sought to obtain control through a takeover attempt.
Action taken
The takeover was not completed because Argus's controlling shareholders retained their voting shares, although Power Corporation acquired approximately 50 percent of the non-voting shares.
Aftermath
Argus was ultimately sold in 1978 to a firm controlled by Conrad Black.
Sources1 sources
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