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.
A leadership change in the U.S., a federal election in Canada, falling-but-still-high interest rates, lackluster GDP growth and sluggish productivity, 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, policymakers and investors will face in the year ahead.
John McKenzie, CEO, TMX Group, will introduce a panel featuring Frances Donald, Chief Economist, RBC, and David MacNaughton, President, Palantir Technologies and former ambassador to the U.S. The discussion will be moderated by Kevin Carmichael, an esteemed economics columnist, who will guide the conversation on Canada’s future in the global economy.
On January 21, 2025, join us at the Empire Club of Canada for a timely discussion of the economic and political factors expected to reshape the global economy, and the policy responses required for Canada to come out on top.
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.
David MacNaughton became Canadian President of Palantir Technologies, a data analytics and software firm based in Denver, in September 2019. Prior to his appointment he was Canada’s Ambassador to the United States for three and a half years.
In his capacity as Ambassador, Mr. MacNaughton was a key member of the Canadian team that renegotiated the NAFTA agreement. He travelled extensively in the United States and Canada building support for Canada’s position in the negotiations and seeking input from Canadian Premiers and business and labour leaders across Canada.
Mr. MacNaughton has had a career as an entrepreneur in the private sector in Canada, having built an international consulting company, served at a senior level in both federal and provincial governments, and spent several years as an advisor to one of Canada’s leading investment banks. He has served on Boards of both private companies and not for profit organizations over the years.
Mr. MacNaughton lives in Toronto with his wife Leslie.
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.
