Kevin Carmichael: Both CGI and Enbridge tout his vast experience, but one observer calls the optics ‘terrible’
Stephen Poloz, the former Bank of Canada governor, might have waited a few days before enlisting with Enbridge Inc., North America’s biggest pipeline company.
“Bank of Canada Governor joins Enbridge board like 20 seconds after his last day as governor. Banana republic,” tweeted Scott Terrio, a Toronto-based credit counsellor and occasional pundit. “The optics are terrible,” he said in a second tweet. “Stephen Poloz’s deep knowledge of financial markets, the global economy and international trade will be an invaluable asset to CGI as we continue to help worldwide organizations grow their businesses,” Serge Godin, CGI founder and executive chairman, said in a press release. And Greg Ebel, chair of Enbridge’s board, said: “He has extensive business and financial experience, as well as expertise in global economics and public policy.
The sight of a Bank of Canada governor walking out of his Wellington Street office for the last time and almost straight onto the board of a company that generated adjusted revenue of more than $5 billion in 2019 by transporting oil can only contribute to that feeling of distrust.
We carefully considered any potential conflicts with his role as governor and determined there were none The central bank’s battle against the COVID-19 recession forced it to wade into a conflict-of-interest quagmire. It paid $750,000 to BlackRock Financial Management, the advisory arm of BlackRock Inc., the New York-based financial behemoth that has become infamous for its political connections, for advice on setting up various bond-buying programs, according to the central bank’s quarterly disclosure of contracts.
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