The Empire Club of Canada
Hybrid Event
Tuesday, January 21, 2025
Presented in partnership with TMX Group
A new world economy is rapidly emerging, and Canada needs to stake its claim.
In the wake of the U.S. presidential inauguration, join us for a timely discussion of the economic and political factors set to reshape the economy in 2025, and their projected impact on Canadian businesses and investors.
Tariffs on trade, fierce competition for investment, a global race to secure the critical minerals required to transition to clean energy…these are just some of the issues business leaders, investors and policymakers will grapple with in the year ahead.
John McKenzie, CEO, TMX Group, will introduce a discussion featuring Frances Donald, Chief Economist, RBC and Steve Verheul, Principal at GT & Co. The discussion will be moderated by esteemed economics columnist Kevin Carmichael of The Logic, who will guide the conversation on the emerging world economy and expectations for the year ahead.
On January 21, 2025, join us at the Empire Club of Canada for a key discussion on the economic and political shifts shaping the global economy, and the policies Canada needs to succeed.
Kevin Carmichael has spent more than two decades writing about economics, business and finance for outlets including Bloomberg News, The Globe and Mail and the Financial Post, where he also served as editor-in-chief. His journalism has been honoured by the Society for Advancing Business Editing and Writing, including “gold” awards for commentary in 2019 and 2023; the National Magazine Awards for a feature on the late Jim Flaherty; and the Portfolio Management Association of Canada for an investigation on the companies that claimed COVID-19 benefits while also paying dividends and buying back shares. Kevin is a graduate of Carleton University and has worked as a correspondent in Ottawa, Washington, D.C., and Mumbai. He now lives in Montreal.
Frances Donald is the Chief Economist at RBC and leads a team of economists who deliver economic analyses to help inspire and empower informed decision making in an evolving world. Frances is a leading voice on economic issues and is highly sought after by clients, government leaders, policy makers, and media in the U.S. and Canada for her deep insights on the macro-economic environment and financial markets in North America. She is recognized for her ability to effectively communicate complex economic issues to wide audiences.
Frances joined RBC from another financial institution where she served as global chief economist and strategist. In this capacity, she was responsible for forecasting global macroeconomic and financial trends, analyzing the economy and capital markets for potential opportunities and risks, and serving as a thought leader both within the firm and externally.
She’s a frequent public speaker and regularly appears in international media, including Bloomberg and CNBC.
Frances obtained a Bachelor of Economics from Queen’s University and earned her master’s degree in economics from New York University.
John McKenzie is the Chief Executive Officer (CEO) of TMX Group.
Mr. McKenzie is a member of the TMX Group Board of Directors and also a member of the Board of Directors of several TMX Group subsidiaries.
Mr. McKenzie has worked for TMX for over 20 years; prior to his appointment as CEO on August 17, 2020, he served as Chief Financial Officer and was responsible for corporate strategy, corporate development, investor relations and the financial management of the company as well as for the administrative oversight of TMX Group’s Capital Formation business. He has led various TMX acquisitions, including the Maple transaction, and the acquisitions of Montréal Exchange and Trayport.
From July 2015 to August 2016, Mr. McKenzie served as President of CDS, Canada’s equity and fixed income clearing house and a wholly-owned subsidiary of TMX Group. Prior to that he was the Chief Operating Officer (COO) and CFO of CDS.
Mr. McKenzie is a Chartered Professional Accountant (CPA, CMA) and has an MBA from Edinburgh Business School, Heriot-Watt University and an Honours BA from Wilfrid Laurier University. He has served on a number of boards, and is currently the Working Committee Chairman of the World Federation of Exchanges, and a Board Member and Treasurer for the Hamilton Health Sciences Foundation.
Prior to his retirement from the Federal Public Service in 2022, Mr. Verheul held a number of senior level positions in the federal government, including Assistant Deputy Minister of the Trade Policy and Negotiations Branch at Global Affairs Canada. As Canada’s Chief Trade Negotiator, he led the negotiations that resulted in the Canada-US-Mexico Trade Agreement (the new NAFTA), and before that led the negotiations between Canada and the European Union that led to the Comprehensive Economic and Trade Agreement. From 1989 to 2009, he worked in international trade policy at Agriculture and Agri-Food Canada and was Canada’s Chief Agriculture Negotiator from 2003 to 2009, responsible for leading Canada’s involvement in international trade negotiations on agriculture. Mr. Verheul is currently a Principal with GT and Company Executive Advisors, as well as President of Steve Verheul Consulting Inc. He is also a Fellow of the Public Policy Forum.
