- Brian Mulroney, Canada’s 18th prime minister, passed away at 84 Thursday surrounded by family
- He served as prime minister from 1984-1993 and distinguished himself as a fierce negotiator and human rights champion
- As a corporate steward, Mulroney occupied leadership roles for the likes of Blackstone, Quebecor and Barrick Gold
Brian Mulroney, Canada’s 18th prime minister, passed away at 84 on Thursday surrounded by family.
Mulroney underwent a heart procedure and was treated for prostate cancer in 2023. He had recently been in hospital to recover from a fall at his home in Palm Beach, Fla.
The former prime minister began his career in 1964 as a labour lawyer in Montreal at what is now Norton Rose Fulbright, where he represented Iron Ore Company of Canada and Power Corporation of Canada.
After a failed political leadership bid in 1976, he took control of the Progressive Conservative Party in 1983, and won the party a majority government in 1984, its first since the 1950s, coming in ahead of Pierre Trudeau’s Liberals.
Mulroney’s tenure as prime minister, which lasted until 1993, is notable for his participation in the North American Free Trade Agreement with the United States in 1988, a boon to Canadian exports and foreign investment, and the introduction of a goods and service tax in 1991 that helped to balance the government’s books. NAFTA later was extended to include Mexico.
In The Globe and Mail on Friday, Jon Hartley praised Mulroney for his free enterprise philosophy and push for deregulation and privatization. “His government privatized several Crown corporations such as Air Canada and Petro-Canada, further encouraging private sector investment and innovation. Canadians now have cheaper airfare and gasoline in part because of the privatization efforts conducted decades ago,” Hartley wrote.
Mulroney also made an impact in global affairs beyond North America, speaking out against South African apartheid, leading relief efforts during the 1984 Ethiopian famine and becoming the first Western leader to recognize Ukrainian independence. Mulroney’s government also secured the 1991 Air Quality Agreement with the U.S. to minimize emissions responsible for acid rain, paving the way for broader climate change agreements.
A recession in the early 1990s led to the Progressive Conservatives’ ousting in 1993, leaving behind a steep deficit for new prime minister Jean Chretien to deal with, and allowing Mulroney to re-focus on the corporate world.
After leaving public service, Mulroney took on a partner role at Norton Rose Fulbright, which he never left, as well as numerous executive positions at leading Canadian companies, where he continued his mostly spotless career in furtherance of Canadian economic interests.
Barrick Gold
Mulroney served as Barrick Gold’s (TSX:ABX) director, senior advisor of global affairs and chairman of its international advisory board, which was instituted to provide advice to the company’s board and management on geopolitical and other strategic issues.
Blackstone
He served as director for Blackstone (NYSE:BX), the world’s largest alternative asset manager, with over US$1 trillion in assets under management, approximately 12,500 real estate assets and over 230 portfolio companies.
Iron Ore Company of Canada
Mulroney was vice president of the Iron Ore Company of Canada (IOCC) in 1976 and president from 1977 to 1983.
The IOCC is a consortium owned by Rio Tinto, Mitsubishi and Labrador Iron Ore Royalty that produces iron ore pellets and high-grade concentrate for the North American market. It has nameplate capacity to produce 23 million metric tons of concentrate per year, 12.5 million of which can be processed into higher-value pellets.
Quebecor
The former prime minister also spent over 20 years on the board of Quebecor (TSX:QBR.A), serving as chair since 2014, helping to grow the company into a leader in Canadian telecom, media and sports and entertainment.
“Mr. Mulroney has left his mark not only on Canadian history, but also the history of our corporation,” Pierre Karl Péladeau, president and CEO of Quebecor, said in a statement. “In the late 60s, he was a trusted advisor to my late father, Pierre Péladeau, and became an invaluable mentor to me. It was a privilege to be able to count on his vast experience and wisdom. His sound counsel played an important role in Quebecor’s growth and its present-day success.”
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