Dominic Barton
Canadian business executive and diplomat
From Wikipedia, the free encyclopedia
Dominic Stephen Barton (born 14 September 1962),[1] known in China as Bao Damin (Chinese: 鲍达民), is a Canadian business executive, former diplomat, and author. Based in London, he is Chairman of Rio Tinto, one of the largest metals and mining companies in the world,[2] and Chairman of LeapFrog Investments, a private investment firm focused on emerging markets and impact investing.[3] He is also a board member of the Olayan Group, a family-owned global investment company.
Vivek Goel (2021-present)
Dominic Barton | |
|---|---|
Barton in 2009 | |
| 11th Chancellor of the University of Waterloo | |
| In office January 1, 2018 – 30 June 2024 | |
| Preceded by | Tom Jenkins |
| Succeeded by | Jagdeep Singh Bachher |
| President/Vice Chancellor | Feridun Hamdullahpur (2018-2021) Vivek Goel (2021-present) |
| 21st Canadian Ambassador to China | |
| In office September 5, 2019 – December 31, 2021 | |
| Prime Minister | Justin Trudeau |
| Preceded by | John McCallum |
| Succeeded by | Jennifer May |
| Personal details | |
| Born | 14 September 1962 |
| Education | University of British Columbia (BA) Brasenose College, Oxford (MPhil) |
| Occupation | Chairman, university chancellor |
Barton served as the Canadian Ambassador to the People's Republic of China from 2019 to 2021,[4] and was Chancellor of the University of Waterloo from 2018 to 2024.[5] He spent more than three decades at McKinsey & Company, including nine years as the firm's Global Managing Partner from 2009 to 2018.[6] He is a co-founder of FCLT Global, a non-profit promoting long-term investment, and previously chaired the International Integrated Reporting Council (IIRC). He is the author and co-author of four books and more than eighty articles on business, leadership, financial services and Asia.
Early life and education
Dominic Barton was born in Mukono, Uganda in 1962.[7][8] Barton's father was an Anglican missionary who helped develop a theology college in Uganda;[9] his mother was a nurse.[10][11] In his childhood, his family's house was occupied by general and future dictator Idi Amin, who was rising to power in Uganda at the time.[10] At age seven his family moved from Uganda to Canada, eventually settling in the community of Sardis, British Columbia.[11]
Barton attended the University of British Columbia,[12] where he earned a Bachelor's degree in economics.[13] He was awarded a Rhodes Scholarship and attended Brasenose College at Oxford University, where he received an MPhil degree in economics.[14]
Career
After graduating, Barton worked briefly as a currency analyst for N M Rothschild & Sons in London.
McKinsey
Barton joined McKinsey & Company's Toronto office in 1986 and worked from there as a management consultant for eleven years, except for a one-year period from 1989 to 1990 in McKinsey's Australia offices.[15]
Asia
In 1997 Barton moved to the McKinsey's Seoul office, becoming Managing Partner of the Korean office from 2000 to 2004.[16] During his tenure in South Korea, McKinsey worked with the South Korean government to restructure the country's financial system. Based on that experience working on countries in the region during the Asian financial crisis, he co-authored Dangerous Markets: Managing in Financial Crises (2002). He was also a key partner in the project to develop Singapore as a global financial centre. He served as Chairman for McKinsey in Asia from 20024 to 2009, operating out of Shanghai. he co-authored China Vignettes - An Inside Look at China (2007), drawing on interviews with ordinary Chinese citizens.[17]
Barton was an adjunct professor at Tsinghua University in Beijing and served on the School of Economics and Management's international advisory board. He chaired the Seoul International Business Advisory Council for six years and served on the Singapore Economic Development Board's International Advisory Council for ten years.[18]
Global Managing Partner
In July 2009, Barton was elected Global Managing Partner of McKinsey & Company on a vote of 400 senior partners.[6] He was re-elected in 2015 and 2015, serving the maximum three terms before being succeeded by Kevin Sneader in 2018.[19] McKinsey was ranked the number-one consulting firm in the world for nine consecutive years during his leadership, and Glassdoor ranked Barton among the top global CEOs in 2016.[20]
During Barton's tenure, McKinsey expanded considerably in scale and geographic reach, with significant growth across emerging markets and also established many new practices. The firm became widely recognized as a leading source of global corporate leadership; analysis by Time and Statista identified McKinsey as producing more chief executives of major companies than any other private-sector employer.[21]
It was also associated with several controversies, including its work in South Africa with Valeant, an insider-trading fine levied on an investment affiliate, and engagements with authoritarian regimes. After his departure, the firm faced further scrutiny over consulting work for Purdue Pharma related to opioid sales.[22]
Advisory Council on Public Service
Barton served on the Canadian Advisory Committee on the Public Service under former Prime Minister Stephen Harper. Barton was one of several Canadian business leaders that advised the Prime Minister on the renewal and development of the country's public service.[23]
Advisory Council on Economic Growth
Barton served as chair of the Advisory Council on Economic Growth, the Canadian federal government's blue-chip panel, starting in 2017.[24] The council outlined 13 recommendations, including the creation of the Canada Infrastructure Bank, the launch of a re-skilling program for the Canadian workforce, the formulation of growth strategies for sectors with untapped potential, including agriculture, and the development of the Invest in Canada hub.[25]
The Council set a goal of lifting "the median household's income to $105,000 in 2030". It was about $80,000 in 2017.[24] The Council also called for a gradual increase in permanent immigration to Canada to 450,000 people a year.[26]
Academia
On 19 June 2018, Barton was named the 11th chancellor of the University of Waterloo. Barton was reappointed as chancellor on 25 February 2021.[27]
Previously he has served as a co-chair on the Max Bell School of Public Policy Advisory Board at McGill University and on the cabinet of the University of Toronto Psychiatry Campaign.[28][29]
Ambassador of Canada to China
On 4 September 2019, Barton was appointed to be ambassador to China by the Government of Canada.[30][31]
After taking on the role, Barton led Canada's efforts to win the release of Michael Kovrig and Michael Spavor, two Canadians who were imprisoned in China in December, 2018, in a move widely seen as retaliation for the arrest of Huawei executive Meng Wanzhou.[32] Throughout their detention, Barton conducted regular consular visits with Kovrig and Spavor,[33][34] often delivering coded messages to avoid interception from eavesdropping prison guards.[35]
The Toronto Star also reported that Barton's work on this file pre-dated his appointment as Ambassador, as his network and understanding of the relevant stakeholders helped pave the way for open communication channels between Chinese, Canadian, and U.S. officials.[33] All three countries had "red lines" and Barton played a leading role finding a "pathway" that would ultimately lead to their release.[36]
In April 2021, this included meetings in Washington where Barton received a commitment from senior U.S. officials to put intensity into their pressure on Beijing.[37] The Wall Street Journal also reported that Barton maintained a line of communications with Xie Feng, China's Vice Foreign Minister, to coordinate the logistics of an eventual resolution that would bring the prisoner standoff to an end.[35]
On September 24, 2021, Kovrig and Spavor were released from detention in China and boarded a plane with Barton to Anchorage, Calgary, and Toronto.[38] It was reported by Canadian media that this flight followed weeks of consecutive meetings held with Barton and Chinese officials as part of a "highly choreographed" effort.[38]
Barton was personally thanked by Prime Minister Justin Trudeau for his role in securing the release of the two men.[39]
On December 6, 2021, it was announced that Barton would step down from the role after completing the "core mission" that he had been appointed to achieve: securing the release of Kovrig and Spavor.[40][41][42]
Writing
Barton is the author of China Vignettes: An Inside Look At China. Barton led a research team that conducted interviews with ordinary Chinese citizens and captures his findings with a series of short stories about daily life.[citation needed] Barton is the co-author of Dangerous Markets: Managing in Financial Crises. This book lays out a plan for global business leaders to manage their organizations through hazardous economic environments, providing advice to executives on how to navigate increasingly volatile financial markets.[citation needed] He also co-authored Re-Imagining Capitalism, which looks at capitalism through a contemporary lens and ponders how the economic system might be adapted to modern times. The book argues that the focus of capitalism should be expanded and adapted to focus more on long-termism. Re-Imagining Capitalism builds on Barton's previous writing, which reflects on the 2008 financial crisis, rejecting the "false choice" between serving stakeholders and shareholders while advocating for long-term planning from business leaders.
Most recently, Barton co-authored Talent Wins: The New Playbook for Putting People First, which argues that the primary driver of long-term success in companies is talent. The book maintains that business executives and leaders need to develop and manage their human capital even more intensely than they do their financial capital.[citation needed]
Board and advisory positions
Barton has been a member of multiple boards like the Singapore Economic Development Board's International Advisory Council and worked as an advisor to the Asian Development Bank.[43][44] Barton also sits on the steering committee of the China–United States Exchange Foundation.[45]
In April 2022, Barton joined the board of Rio Tinto, and in May, he became chairman.[46]
In April 2022 Barton was also appointed as Chairman of the Management Board of Leapfrog Investments, a private investment firm that invests in high-growth, emerging markets, with a focus on social and environmental impact.[47]
In October 2022 the Eurasia Group, a global political risk consultancy, announced that Barton was joining the firm as a Strategic Counselor. Eurasia Group cited Barton's extensive business and diplomatic acumen as reasons for the appointment.[48]
Century Initiative
Barton co-founded Century Initiative, described as "a diverse, non-partisan network of Canadians” dedicated to advocating for policies and programs aimed at increasing Canada's population to 100 million by 2100. In addition to immigration, this work focuses on urban development and infrastructure, early childhood supports, employment and entrepreneurship, and education. Barton is no longer involved with the project.[49]
Rio Tinto
In April 2022 Barton was recruited to join the board of Rio Tinto in the wake of a series of crises, including the destruction of the Juukan Gorge rock shelters in 2022 and the related crisis of values and culture,[50] becoming Chairman on 5 May 2022.[51] As Chairman, he has overseen efforts to rebuild the company's social licence, reform its culture, and improve operational and financial performance, with the share price reaching new highs and the company outperforming peers in total shareholder return. He has positioned Rio Tinto as a partner to government and customers in the energy transition, emphasizing the role of mining and materials industries in suppling the inputs required for industrial growth and the energy transition.[52]
Under Barton's chairmanship, Rio Tinto has made multibillion-dollar capital investments in Canada, Australia, the United States, Guinea and Argentina. [53]
LeapFrog Investments
In April 2022 Barton was appointed Chairman of the Management Board of Leapfrog Investments, a private investment firm that invests in high-growth emerging markets with a focus on social and environmental impact.
LeapFrog's portfolio comprises 38 companies across financial services, healthcare, and the energy transition. These companies have served more than 622 million low-income consumers in emerging markets, while generating positive returns to shareholders.[54]
Honours, awards, and philanthropy
Awards
INSEAD Business Leader for the World Award (2011); Order of Civil Merit (Peony Medal), South Korea (2013), Public Service Star, Singapore (2014); Academy of International Business International Executive of the Year (2014); Foreign Policy Association Corporate Social Responsibility Award (2017); Public Policy Forum Testimonial Award (2017), Canada. [55]
Honorary degrees
Honorary doctorates from the University of British Columbia (LL.D., 2012); York University (LL.D., 2012); Western University (LL.D., 2014); the University of Edinburgh (D.Sc. Social Science, 2014-15); Amity University, India (2015); the British Columbia Institute of Technology (Honorary Doctor of Technology, 2016); Saint Mary's University (D.Com., 2018); and the University of Toronto (LL.D., 2018).[56]
In 2010 he was made an Honorary Fellow of Brasenose College, Oxford.[57]
Philanthropy
In 2022 Barton made a $1 million gift to the UBC Vancouver School of Economics, establishing the John and Barbara Barton Fellowship for international PhD students, and a $1 million gift to the University of Waterloo supporting Indigenous undergraduate scholarships, international study programs and the Velocity entrepreneurship initiative. He is a major benefactor of the University of Oxford, supporting the Rhodes Trust and Scholarships for students from some Canadian provinces and has made substantial contributions to Brasenose College. He is a member of the University Chancellor's Court of Benefactors, Oxford's senior body honouring its most distinguished philanthropic supporters. He has served on the board of the Malala Fund and as a champion of the United Nations HeForSheInitiative.[58]
Personal life
Barton, whose principal residence is in Beijing, was married to Canadian-born glass artist and scion of the Canadian beer family and former securities lawyer, Sheila Labatt. He has two children from this marriage.[8] He divorced in 2014, later marrying Geraldine Buckingham, an Australian who was formerly Blackrock's Asia Pacific Chairman.[59] Barton and Buckingham have two children together.
Bibliography
- Barton, Dominic; Newell, Roberto; Wilson, Gregory (October 2, 2002). Dangerous Markets: Managing in Financial Crises. John Wiley & Sons. ISBN 978-0-471-42973-9.
- Barton, Dominic (2007). China Vignettes. Talisman Publishers. ISBN 978-981-05-8091-9.