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Michael Sabia

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Michael Sabia
OC
Deputy Minister of Finance
Incumbent
Assumed office
December 14, 2020
MinisterChrystia Freeland
PrecedingPaul Rochon
Personal details
Born
Michael John Sabia

(1953-09-11) September 11, 1953 (age 71)
St. Catharines, Ontario, Canada
SpouseHilary Pearson
Parent(s)Michael Joseph Sabia
Laura Sabia
EducationRidley College
Alma materUniversity of Toronto (BA)
Yale University (MPhil)
OccupationBusinessman and civil servant

Michael John Sabia OC (born September 11, 1953)[1] is a Canadian businessman and civil servant. From 2009 until January 2020, Sabia was president and CEO of Caisse de dépôt et placement du Québec.[2][3] He previously was CEO of BCE Inc. from 2002 to 2008.[4] In November 2019, the University of Toronto's Munk School of Global Affairs and Public Policy announced that Sabia would be its new director.[5] He was in that role from February to December 2020, when he was appointed by the Government of Canada as Deputy Minister of Finance.[6]

On May 23, 2023 Sabia was announced as the next CEO of Hydro-Québec, Quebec's public electricity utility.

Personal life

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Born in St. Catharines, Ontario, Sabia is the son of Michael Joseph Sabia and Laura Sabia (née Villela); both of his parents are of Italian descent.[7] He attended Ridley College in St. Catharines. Sabia received his undergraduate education from the University of Toronto, and he earned his graduate degree at Yale University.

His wife, Hilary Pearson, is the granddaughter of former Prime Minister Lester B. Pearson.[8] In 2016, Sabia was appointed as an Officer of the Order of Canada.[9]

Career

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Sabia held a number of senior positions in Canada's federal public service during the 1980s and early 1990s, including Deputy Secretary to the Cabinet of the Privy Council Office. Sabia's supervisor at that time, Clerk of the Privy Council Paul Tellier, left the public service in the early 1990s to assume the presidency of a Crown corporation, Canadian National Railway. He subsequently persuaded Sabia to follow him to help in privatizing the company. Sabia held a number of executive positions at Canadian National Railway during the 1990s, including the position of chief financial officer.

He left Canadian National Railway to join Bell Canada Enterprises in 1999 and became chief executive in 2002, succeeding Jean Monty. In 2007, the BCE board of directors accepted an offer from the Ontario Teachers' Pension Plan to privatize the telecommunications company. Later that year, Sabia said he would leave Bell after the privatization deal was finalized.[10] Sabia left Bell in July 2008 and was succeeded by George Cope. By December 2008, following the collapse of the debt market, the privatization deal fell apart.

On March 13, 2009, Sabia was named chief executive of Caisse de dépôt et placement du Québec (CDPQ), succeeding Fernand Perrault.[11] At CDPQ, he was both president and CEO.[12] On February 15, 2017, CDPQ announced that Sabia's mandate as president and CEO was renewed until March 31, 2021. Bloomberg said in 2019 that "under Sabia's tenure, the Caisse dove into international markets. About 64% of the fund, which manages the pension savings for the province of Quebec, is now in global markets versus 36% in 2009."[13]

Sabia was a member of the Canadian Government's Advisory Council on Economic Growth, which advised the Canadian finance minister on economic policies to achieve long-term sustainable growth. In 2016, the council called for a gradual increase in permanent immigration to Canada to 450,000 people a year.[14][15]

On November 12, 2019, it was announced that Sabia would be leaving CDPQ to become head of the Munk School of Global Affairs and Public Policy at the University of Toronto, ending his term at CDPQ a year early.[16] He started the new role in February 2020.[5] Sabia was replaced as head of CDPQ by Charles Emond in January 2020.[17]

In April 2020, Sabia was appointed as Chairperson of the Canada Infrastructure Bank.[18] In June 2020, he was named to the board of directors of the Mastercard Foundation.[19]

On December 6, 2020, it was announced that Sabia would replace Paul Rochon as Deputy Minister of the federal Department of Finance.[20] On January 27, 2021, Tamara Vrooman was appointed to succeed Sabia as Chairperson of the Canada Infrastructure Bank.[21]

On May 23, 2023 Sabia was named as the next CEO of Hydro-Québec, the province of Quebec's public electrical utility. Sabia replaces Sophie Brochu in that role.[22]

See also

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References

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  1. ^ "In the eye of the hurricane". The Globe and Mail. June 20, 2012.
  2. ^ "Canada's Caisse de Depot Names Sabia Chief Executive". Bloomberg. March 13, 2009. Retrieved August 15, 2022.
  3. ^ "Michael Sabia announces departure from CDPQ at the beginning of 2020". November 12, 2019.
  4. ^ "Michael J. Sabia". The Learning Partnership. 2007. Archived from the original on September 28, 2007. Retrieved September 21, 2007.
  5. ^ a b "Michael Sabia leaving Caisse to head University of Toronto's Munk School". CBC News. November 12, 2019.
  6. ^ "Michael Sabia, Deputy Minister". Canadian Department of Finance. June 12, 2006.
  7. ^ Dutrisac, Robert (May 6, 2009). "L'Héritage maternel de Michael Sabia" (in French).
  8. ^ Stewart, Sinclair (October 26, 2007). "That was intense". Seaboard Group. Archived from the original on July 16, 2011. Retrieved August 15, 2022.
  9. ^ "Governor General Announces 100 New Appointments to the Order of Canada as Canada Turns 150". The Governor General of Canada. June 29, 2022. Retrieved December 31, 2016.
  10. ^ McLean, Catherine (September 21, 2007). "Sabia will leave BCE after privatization deal". The Globe and Mail. Retrieved September 21, 2007.
  11. ^ "Caisse de dépôt et placement du Québec announces the retirement of Fernand Perreault". CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC. Retrieved August 15, 2022.
  12. ^ Peter Bisson and Jonathan Terault (2015). "A conversation with CDPQ's Michael Sabia" (PDF). www.mckinsey.com. McKinsey. Retrieved October 7, 2020.
  13. ^ Sambo, Paula; Rastello, Sandrine (November 28, 2019). "Head of $247 Billion Fund Says China-U.S. Tension Here to Stay". Bloomberg.com. Bloomberg. Retrieved November 28, 2019.
  14. ^ "Fortier, Ragan part of Advisory Council on Economic Growth". McGill Reporter. May 17, 2016.
  15. ^ Blatchford, Andy (October 23, 2016). "Influential Liberal advisers want Canadian population to triple by 2100". Global News.
  16. ^ Barbara Shecter (November 13, 2019). "Sabia's dual legacy at the Caisse: He kept his stakeholders — and his political masters — happy". Financial Post. Retrieved October 7, 2020.
  17. ^ The Canadian Press (January 29, 2020). "Quebec government selects new CEO of the Caisse, replacing Michael Sabia". www.thestar.com. The Star. Retrieved October 7, 2020.
  18. ^ "Michael Sabia – Canada Infrastructure Bank – Banque de l'infrastructure du Canada". cib-bic.ca. Archived from the original on October 8, 2020. Retrieved May 9, 2020.
  19. ^ "Mastercard Foundation Appoints Zein M. Abdalla as Board Chair". Bloomberg. June 25, 2020.
  20. ^ Curry, Bill (December 6, 2020). "Michael Sabia to be named next deputy minister of Finance Canada". The Globe and Mail.
  21. ^ Canada, Government of. "Orders In Council - Search". orders-in-council.canada.ca. Retrieved February 3, 2021.
  22. ^ Lessard, Denis (May 23, 2023). "Michael Sabia à la tête d'Hydro-Québec". La Presse.
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Preceded by Chairperson of the Canada Infrastructure Bank
April 2020 – January 2021 		Succeeded by
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