As the federal government looks to mobilize $1 trillion in investment over the next five years, Canada is entering a period of extraordinary economic ambition. We are preparing to invest in infrastructure, technology, defence, agriculture, natural resources, strategic supply chains and the industries that will determine our competitiveness for decades.

That raises a fundamental question: who will have access to that capital, who will make the investment decisions and who will build the companies and industries of the future?

The Canada Investment Summit is an ambitious initiative that will bring together many of the people who will help shape our economic future, by determining where capital flows and what gets built in Canada over the next decade. Women are dramatically underrepresented among those scheduled to attend.

In advance of the Summit, the PowerShift convened a roundtable of women working across wealth, finance, investing and research to discuss how we can ensure women’s participation and leadership are treated as central to the success of Canada’s investment agenda.

The result is an open letter to Prime Minister Mark Carney, signed by women with decades of experience building companies, deploying capital, leading institutions, creating jobs and shaping public policy. The letter calls out the untapped economic capacity of women, and says that “building a Canada Strong economy means making full use of the talent, capital and entrepreneurial capacity of Canadians, including the millions of women who remain underrepresented in the sectors driving our growth.”

The signatories of the letter bring decades of experience building companies, deploying capital, leading institutions, creating jobs and shaping public policy across Canada. They know, firsthand, that women remain substantially underrepresented in the institutions that determine where capital flows.

At the same time, women are becoming an increasingly powerful force in Canada’s economy. They are expected to control $4 trillion in assets by 2028, nearly double the $2.2 trillion they control today.

Canada should be asking a very basic economic question: what happens when a growing share of the country’s wealth is controlled by women, while women remain significantly underrepresented among the people making investment decisions and leading the companies receiving that capital?

There is compelling evidence that greater participation of women in corporate leadership can create value.

A meta-analysis published in the Academy of Management Journal, examining 140 studies, found that female representation on corporate boards is positively associated with accounting returns, as well as stronger board monitoring and involvement in strategy. A separate 2024 meta-analysis of 193 studies found that greater gender diversity on boards is associated with lower firm risk, particularly downside risk, with stronger monitoring identified as an important mechanism.

More recent market evidence points in the same direction, with other studies finding that companies with at least 30 per cent female directors generated cumulative returns that are about 20 per cent higher than companies below that threshold.

The broader point is that women do not need to outperform men to justify having a greater role in Canada’s economic future. The evidence shows that women can contribute to strong financial performance, better governance and lower risk. Yet they continue to receive a disproportionately small share of leadership opportunities and capital.

Women are not a constituency to be added to Canada’s investment strategy after the big decisions have been made. Women are workers, entrepreneurs, investors, business owners and leaders who are already creating enormous economic value. When women are missing from the rooms where capital is allocated and economic priorities are set, Canada is leaving capacity on the table.

The government has an opportunity to change that, by making the goal maximizing economic growth — not representation for representation’s sake. Canada is making a generational bet on its economic future. We should make sure we are using every source of talent, capital and leadership available to us.

A truly Canada Strong strategy cannot afford to leave women out.

Emily Feairs is a leadership and political strategist, advocate for women in elected office, former Chief of Staff and co-founder of The Power Shift.  Gabrielle Gallant is a policy and advocacy leader with a career that has included political staff roles, policy development, civil society leadership and is the director of communications at the Power Shift. Frédérique Tsai-Klassen is a strategic advisor with 30 years of experience in federal politics, diplomacy and public affairs, former Chief of Staff and co-founder of Power Shift.

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