Power Corporation of Canada

Power Corporation of Canada operates as an international management and holding company in North America, Europe, and Asia. It operates through Lifeco, IGM Financial, and GBL segments. The company offers life, disability, critical illness, accidental death, dismemberment, health and dental protection, and creditor insurance; retirement and investment management; asset management; and reinsurance and retrocession; investment advisory, financial planning, and related services; and fund, protection, and wealth management services. It also provides employer-sponsored defined contribution plan, individual retirement account and drawdown, enrollment, communication material, investment option, and education services, as well as taxable brokerage accounts; private label recordkeeping and administrative services; payout annuities, equity release mortgages, life bonds, mortgage, securities, pension, private equity, debt and thematic fund, and financial services; and investment products, such as equity, fixed income, absolute return and alternative strategies, exchange traded funds, trust funds, and model-based separately managed accounts and portfolios. In addition, the company holds interests in various businesses, such as mineral-based specialty solutions; testing, inspection, and certification; cement, aggregates, and concrete; wines and spirits; sportswear and sports equipment design and distribution; materials technology and recycling of precious metals; disposable hygiene products; Atlantic salmon; customer experience and business process outsourcing; regional leisure parks; mobile game development and publishing; and bicycle manufacturing. Further, it generates renewable energy through solar and wind facilities; and designs, develops, and manufactures specification-grade LED solutions and zero-emission vehicles. The company was incorporated in 1925 and is based in Montréal, Canada. Power Corporation of Canada operates as a subsidiary of Pansolo Holding Inc.

Power Corporation of Canada was formed in 1925 by two stockbrokers – Arthur J. Nesbitt and his partner, Peter A.T. Thomson. Nesbitt served as the company's first president. Power Corporation was created as a holding company to manage their substantial investments in public utility companies involved in the electrical power industry in Quebec's Eastern Townships, plus in the other Canadian provinces of Ontario, Manitoba, New Brunswick and British Columbia. In the latter part of the 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 . The Nesbitt family sold most of its interest in Power Corporation to the Paul Desmarais group in 1968 and by 1970 no longer had any involvement.In 1975, Power Corporation attempted a takeover of the Argus Corporation holding company which had substantial interests in brewing, food retailing, farm implements manufacturing, paper products and other businesses. The Argus owners rejected the takeover attempt and decided to retain their voting shares, while 50% of the non-voting shares were purchased by Power Corp. In 1976, ten percent of the voting shares were sold by E.P. Taylor to Desmarais. Argus was eventually sold in 1978 to a Conrad Black-controlled firm.

In 1989, corporation began supporting the Imagine Canada program.While Power Corporation was originally established as an electric utility holding company, the company became a conglomerate with interests in the finance industry, as well as interests in other business sectors such as sustainable and renewable energy. 1984 saw the creation of a management and holding company, Power Financial Corporation. Expansion for the group began in the 1970s in Europe and followed in the 1990s in Asia. The group's involvement in the finance sector continued in 2000 with the acquisition of Canada Life, Mackenzie Financial and Putnam Investments. Following the 2020 reorganization, Power Corporation owns 100% of Power Financial’s common shares.

In 2002, Power Corporation created the Sagard SAS fund, then Sagard Capital Partners, later named Sagard Holdings, in 2004 in the United States. R. Jeffrey Orr was named Power Financial Corporation CEO in 2005. By 2007, IGM Financial was the holding company for Power Corporation's investment fund companies. Power Corporation also by 2009 had interests in the parent company of La Presse, Mackenzie Financial, London Life Insurance, Canada Life Assurance, Great-West Life, and Putnam Investments.The company reduced its number of board directors in 2008 from 21 to 12. Power Corporation acquired a stake in China Asset Management in 2011, purchasing 10% from CITIC Securities Co. Also that year, Power Corporation's new fund Sagard China was founded. Through a number of recent initiatives, in partnership with its subsidiaries Great-West Lifeco and IGM Financial, the Power Corporation group has been actively participating in the emerging fintech industry. This fintech strategy is achieved through Portag3 , Wealthsimple, Personal Capital and Diagram.

In connection with the reorganization, Paul Desmarais Jr. and André Desmarais retired as co-chief executive officers of Power Corporation after 24 years in the roles and continue to serve as chairman and deputy chairman, respectively, of Power Corporation's board of directors. R. Jeffrey Orr, president and chief executive officer of Power Financial, become president and chief executive officer of Power Corporation, effective February 13, 2020.

Enhancing shareholder value by actively managing operating businesses and investments which can generate long-term, sustainable growth in earnings and dividends.

Power Corporation aims to act like an owner with a long-term perspective and a strategic vision anchored in strong core values.