Paul Desmarais Jr. served as Co-CEO of Power Corporation of Canada for nearly twenty-five years, transitioning a family-founded industrial conglomerate into a global financial services entity. He is known for championing patient capital and advocating for Canada's long-term economic competitiveness on the world stage. This profile collects his perspectives on active ownership, partnership, and the quiet necessity of building sustainable, multi-generational businesses.

Part 1: Long-Term Vision & Permanent Capital

  1. On maintaining perspective: "We maintain our focus on having a long-term vision and managing with a prudent view." — Source: [Power Corporation]
  2. On resisting trends: "Power's leaders demonstrate courage in their business decisions. They perform their work with conviction and a focus on long-term value creation, resisting trends and short-term imperatives, which are often misguided." — Source: [Power Corporation]
  3. On core commitments: "Our unwavering commitment to long-term shareholder value, responsible ownership, respect for individuals, and community support have remained constant." — Source: [Power Corporation History]
  4. On conservative profitability: "GBL believes that nurturing companies for the long term is a source of profitability. This is a conservative belief by nature... to preserve and grow capital." — Source: [GBL]
  5. On avoiding short-term traps: "Trying to get risky assets to increase your profit margins on a short-term basis [is dangerous]." — Source: [INSEAD]
  6. On strategy execution: "Long-term value creation must be shared by the members of the Management, carried out through concrete operational action plans, based on appropriate assumptions, with a structured, efficient decision-making process." — Source: [GBL]
  7. On principled operations: "Our people conduct themselves with integrity, working tirelessly to ensure that Power Corporation always operates in an honest and principled manner." — Source: [Power Corporation History]
  8. On navigating volatility: "In such times [of volatility], it is more necessary than ever that we hold our core values dear and maintain a long-term focus on the fundamentals that create value." — Source: [GBL]
  9. On analytical rigor: "We started a culture of strategy and analytics... things like: 'Who are the competitors? What are their margins? How can we compete more effectively?'" — Source: [INSEAD]

Part 2: The Anatomy of Active Ownership

  1. On the fundamental idea: "The idea of owner is fundamental to Power Corporation. I think that it allows us to have a much longer-term view on the decisions that we make." — Source: [GBL]
  2. On owning time: "It is the fact that if you act like an owner and you own something, you can take the time to make the right decision because you can afford that time." — Source: [YouTube: Paul Desmarais Jr.]
  3. On defining ownership: "Being an owner really is two words for me: the first one is responsibility... The second notion is the one of respect." — Source: [YouTube: Paul Desmarais Jr.]
  4. On societal embedment: "More than an investor, [we are] an owner and steward of companies, deeply embedded in the fabric of the countries and societies in which [we operate]." — Source: [GBL]
  5. On real care over rules: "Rigid, externally generated checklists cannot replace real care, responsibility and personal engagement. Governance must be focused on substance rather than the application of generic processes and standardized rules." — Source: [Power Corporation]
  6. On unique board tasks: "The board should be responsible for those tasks that are unique to the board... Such tasks may include selecting and evaluating the CEO, ensuring that the company's strategy is relevant and appropriate, and monitoring strategic risk management." — Source: [FinDev Gateway]
  7. On clear boundaries: "The board should develop a list of board responsibilities so there is clarity as to what is the responsibility of the board and what is the responsibility of management... [to ensure] everyone understands their role and is not stepping on anyone's toes." — Source: [FinDev Gateway]
  8. On management's domain: "It would however be fatal to allow directors any say whatsoever in the execution of advertising. That is a management function. There is however a policy aspect... which is a proper matter for the board to discuss." — Source: [SEC.gov]
  9. On active voices: "GBL is an informed voice at the table, showing respect, but also opening new perspectives where needed to make the changes that will propel [companies] successfully into the next stage of their development." — Source: [GBL]

Part 3: Partnership & Co-Leadership

  1. On his brother André: "I also acknowledge my most important partnership, which is with my brother André. André had an important hand in the success of Power Financial, bringing his unique perspective and decisiveness at critical junctures." — Source: [Grokipedia]
  2. On shared focus: "Since becoming co-CEOs in 1996, the brothers' principal strategy was to focus on one or two sectors in which to become number one in." — Source: [INSEAD]
  3. On co-ownership: "Once you're co-owner with somebody, then really you better have a partnership. And you better be sharing in the decisions." — Source: [CTV News]
  4. On the requirements of partnership: "Partnerships are a great thing, but you have to have trust and you have to have respect for each other." — Source: [YouTube: Paul Desmarais Jr.]
  5. On management philosophy: The brothers operated on a joint principle of identifying strong underlying businesses, installing capable management, and providing long-term capital without daily interference. — Source: [Power Corporation History]
  6. On structural debate: A successful co-CEO partnership requires a mutual veto rule, ensuring that major moves are only executed when both leaders are in full, debated agreement. — Source: [Wikipedia]
  7. On complementary strengths: While he led international expansion and European holdings, André anchored domestic financial services and strategic partnerships, proving that shared leadership thrives on divided operational focus. — Source: [Power Corporation History]
  8. On gratitude: "I can never thank him enough for being there wholeheartedly at all those key moments." — Source: [Grokipedia]
  9. On mutual trust: Deep mutual trust is the foundation for sharing executive authority effectively over two and a half decades. — Source: [CTV News]
  10. On risk vigilance: "We have to remain vigilant... because the turbulence of recent years is a reminder of the potential perils in the business world." — Source: [INSEAD]

Part 4: Productivity & Economic Competitiveness

  1. On declining productivity: "Many of the challenges we face today are global, but Canada has had its own problem of declining productivity, stretching back decades. Quite simply, Canada is falling badly behind other developed countries in economic growth and standard of living." — Source: [Power Corporation]
  2. On building the economy: "Building an economy focused on productivity, I believe, is in many ways like building a company, and I think some of the same concepts can apply." — Source: [Power Corporation]
  3. On funding social nets: "Better productivity is required if we are to keep paying for our social safety net, including health care, childcare, post-secondary education, and support for the most vulnerable." — Source: [Power Corporation]
  4. On future infrastructure: "Weak productivity undermines our capacity to invest in transportation, strategic infrastructure, or the transition to renewable energy." — Source: [Power Corporation]
  5. On adopting technology: "Adopting new technologies widely, including AI, is critical to our productivity and international competitiveness." — Source: [Power Corporation]
  6. On alarming forecasts: "The OECD recently forecast that Canada will likely come in dead last over the next four decades in GDP growth per capita. This is alarming." — Source: [Power Corporation]
  7. On the entrepreneurial rebound: "We need that entrepreneurial spirit in Canada to rebound. As the economy comes back, I hope we can all have an eye out for [entrepreneurs] and buy their services again." — Source: [Power Corporation]
  8. On fiscal sustainability: "As we return to balanced budgets... it is important we listen to Canada's leading business and economic innovators." — Source: [Brookings]
  9. On ordinary impacts: "Ordinary Canadians are feeling the pain of this lack of growth most acutely. We are losing the Canadian living standard that we have cherished." — Source: [Power Corporation]
  10. On collective solutions: Productivity is a collective issue, not a corporate metric alone that requires structural collaboration between businesses, policymakers, and civil society to cut red tape. — Source: [Power Corporation]

Part 5: Global Perspective & International Expansion

  1. On broad education: "I like the INSEAD spirit of saying it truly embraces the world… and the business world and, but the social world and other things of that nature so that INSEAD grads can really be people who can move the dial." — Source: [INSEAD]
  2. On unraveling globalization: "Having seen how globalization and the expansion of international commerce have transformed living standards in recent decades, it is heart breaking to witness the process unravelling in the face of rising geopolitical tensions and the unspeakable horrors of war." — Source: [Dokumen]
  3. On constant turbulence: "The past year has once again been one of global economic and political turbulence. Volatility and unpredictability seem to be ongoing features of the geopolitical and macroeconomic landscape." — Source: [GBL]
  4. On relevant values: "In a world where business is often seen as short term, financially driven and disconnected from the concerns of society at large, GBL's values have never been more relevant." — Source: [GBL]
  5. On singular vision: "At GBL, heritage and focus combine to create a singular culture with a clear vision – to become Europe's leading permanent capital investment holding." — Source: [GBL]
  6. On confronting dislocation: "We found ourselves facing a major geopolitical conflict as well as in Europe, but also massive economic dislocation with global supply chain bottlenecks, inflation and a surge in energy prices." — Source: [Emerald Insight]
  7. On the utility of education: Education is the primary lever that allows ambitions to expand and become achievable on a global, cross-cultural scale. — Source: [UManitoba]
  8. On entering new markets: Expanding a business internationally requires a rigorous analytical approach to understanding local margins, competitors, and the underlying rights to win in new geographies. — Source: [INSEAD]
  9. On true globalization: Global stewardship means remaining deeply embedded in the fabric of the countries and societies where a company operates, effectively making international borders secondary to local commitment. — Source: [GBL]

Part 6: Culture, Talent, & Leadership

  1. On rounded leadership: "If you're going to lead a large group, you have to have more than just a business side... You've got to have a sense of the world, of history, of culture and particularly of caring." — Source: [INSEAD]
  2. On comprehensive perspective: "A comprehensive perspective on a number of issues is required to analyse a situation properly and energize and rally people around a successful course of action." — Source: [INSEAD]
  3. On talent as the bedrock: "Any company's success depends upon the talent it attracts. It has been our privilege and good fortune to work with our employees to shape Power Corporation and its subsidiaries into a group of solid and sustainable companies." — Source: [Power Corporation]
  4. On acknowledging people: "There is no great company without great people. This is a story about a lot of people... without them, I don't think Power Corp would be what it is." — Source: [Power Corporation History]
  5. On team quality: "Strengthened by the remarkable quality of our team, we look forward to celebrating Power Corporation's 100th anniversary... We are humbled by and grateful for our employees' efforts..." — Source: [Power Corporation History]
  6. On clear values: "Be clear about your values and stick to them. Having the right values is the best foundation for sound decision making." — Source: [Dokumen]
  7. On respect as alignment: "I think that if you respect people, then it's the building block to having them join you." — Source: [YouTube: Paul Desmarais Jr.]
  8. On the nature of true leadership: True leadership is demonstrated not solely by financial returns, but by maintaining a deep, humanistic sense of history and an active duty of care for one's personnel. — Source: [INSEAD]
  9. On conservative back-office culture: A strong corporate culture often involves maintaining a low-cost approach to the back office while aggressively focusing resources on product design and sales. — Source: [INSEAD]

Part 7: Social Responsibility & Community

  1. On the responsibility to give: "They [my parents] instilled in us a deep belief in this great country of Canada... Plus, a belief in the responsibility to give and to provide leadership." — Source: [Power Corporation]
  2. On gratitude: "For as we think about all that has been built and all the wonderful people who have contributed to it, we have, and I certainly have, so much to be grateful for." — Source: [Power Corporation]
  3. On protecting the vulnerable: "This is a time when we need to be looking out for the most vulnerable. I am pleased that our group companies have pledged millions across Canada to support such causes..." — Source: [Power Corporation]
  4. On Canadian society: "I am also appreciating even more our strengths as a society in Canada. The cooperative, sharing spirit of Canadians and our institutions seem to be allowing us to cope better than some." — Source: [Power Corporation]
  5. On rebuilding solidarity: "I want to speak with you today about the importance of being resilient, of maintaining our solidarity, and having confidence in our capacity to rebound and build back." — Source: [Power Corporation]
  6. On pacing life: "My experience [with COVID-19] has underscored for me how important caring for each other is, being attentive to other's needs. I am reflecting on how in normal times perhaps we allow the frenetic pace of things to take over too much." — Source: [WCF]
  7. On frontline humanity: "They are giving back so generously and selflessly, alongside their incredible professionalism and skill. They gave me a lesson in humanity." — Source: [WCF]
  8. On corporate DNA: "Community involvement is something that I think is in the DNA of our corporation and also of our family... because if you have community involvement, it will enrich your life and your corporate life." — Source: [Power Corporation History]
  9. On using advantage: "I believe that the groups of companies that are well-off, who have the chance to have an advantage in life, must participate in the community and help people help themselves." — Source: [YouTube: Paul Desmarais Jr.]

Part 8: Family Legacy & Generational Stewardship

  1. On second-generation responsibility: "As an owner, and especially being a second generation in particular, I think you have a keen sense of responsibility of following up on a legacy that the founder builds." — Source: [YouTube: Paul Desmarais Jr.]
  2. On passing knowledge down: "We have a clear duty to ensure that the benefits of that rich heritage of knowledge, know-how and experience are passed on to the next generation of business leaders taking their rightful place at the top of the great companies of tomorrow." — Source: [Power Corporation]
  3. On his father's acumen: "My father had... an unusual financial acumen to be able to see opportunities... He was a true entrepreneur: opportunistic when required but always maintaining a long-term perspective." — Source: [INSEAD]
  4. On time horizons: "Our time horizons are multigenerational... More than an investor, [we are] an owner and steward of companies..." — Source: [GBL]
  5. On the true meaning of success: Success is the feeling of accomplishment from building an institution that provides real services and sustains a dynamic relationship with its employees, rather than simply generating wealth. — Source: [UManitoba]
  6. On the danger of wealth: Being born into privilege can be terrifying as it risks killing one's ambition or instilling a constant fear of loss; the right to dream and work must be actively claimed regardless of a person's starting point. — Source: [UManitoba]
  7. On inheriting entrepreneurial blood: "My brother and I like to think we still have some of our father's entrepreneurial blood... So we do like to have an opportunistic instinct." — Source: [INSEAD]
  8. On the equity of hard work: Hard work and principled conduct are the only mechanisms to achieve lasting success, creating tremendous intrinsic equity in the value of labor itself. — Source: [Power Corporation History]
  9. On stewardship over extraction: Generational thinking mandates viewing a corporation as a trust to be managed, preserved, and eventually passed to the next generation in better shape than it was received. — Source: [GBL]
  10. On wealth creation: "It is important to restate the centrality of wealth creation to our progress and our wellbeing." — Source: [Dokumen]