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‘It is very difficult for us as a country to move forward on things with any degree of confidence,’ says the head of Canada’s largest bank
By Steven Wilhelm
Originally Published in Financial Post Here
Dave McKay, president and CEO of RBC, takes part in a fireside chat with with Deborah Yedlin, Calgary Chamber of Commerce president and CEO, on Wednesday, Oct. 8, 2025. Brent Calver/Postmedia
Royal Bank of Canada’s CEO — a self-described Swiftie — says Canada is too afraid of taking risks on massive projects and hopes the country can Shake it Off to get them built.
Chief executive Dave McKay told an Alberta crowd that this widespread aversion to risk —the fear of making mistakes — is an important reason why Canada has failed to build more energy infrastructure.
“We need to move forward and get these things approved, and then start securing the finance,” McKay said Wednesday at a Calgary Chamber of Commerce event. “It’s just waiting for us to get out of our own
The head of Canada’s biggest bank had a wide-ranging fireside chat with Deborah Yedlin, the chamber’s chief executive, with a focus on challenges facing the economy.
During one lighthearted exchange, McKay revealed that he’s also a fan of Taylor Swift, whose Eras Tour he saw multiple times. RBC sponsored the pop star’s Canadian shows, which he said helped the bank attract more than 500,000 new clients.
On a more serious note, McKay said Canada has a long list of rules and lengthy approval timelines for major projects, creating uncertainty for investors.
Although he didn’t name specific projects, the CEO’s visit to Calgary comes shortly after Premier Danielle Smith revealed plans for Alberta to become a proponent in an application for a new oil pipeline to the B.C. coast.
Smith is hoping the private sector will eventually get behind a new export pipeline after a series of proposed projects were cancelled or terminated amid backlash over concerns with environmental and Indigenous impacts.
‘We’re afraid of making a mistake’
During his speech, McKay said Canada is too risk-averse when it comes to the environment, among other things.
“We’re afraid of making a mistake,” McKay said. “Certainly (at) the political level, municipal, provincial, federal — very afraid of making a mistake.
“Time costs money, uncertainty costs money,” he said. “It is very difficult for us as a country to move forward on things with any degree of confidence.”
Smith announced last week the province is spending $14 million in taxpayer money on planning a pipeline to B.C.’s coast — though the proposal has sparked opposition from B.C. Premier David Eby and some Indigenous groups.
But McKay said the economic gains of such a project could help address B.C.’s provincial deficit of more than $11 billion and “continue to help your people.”
“Industries can come together, (with the) financial industry, with the energy industry, with the government, to get these things done,” McKay said.
Canada has leverage because of its energy industry — with growing demand in Asian and European markets, particularly for liquid natural gas, he said.
“Leveraging our resources is critical for Canada, as (it) always has been,” McKay said.
Dave McKay, president and CEO of RBC, takes part in a fireside chat with with Deborah Yedlin, Calgary Chamber of Commerce president and CEO, on Wednesday, Oct. 8, 2025. Brent Calver/Postmedia
Diversity in trading partners
Creating more diversity in Canada’s trading partners has become a frequent topic of discussion among various industries, amid U.S. tariffs.
“We have this opportunity to secure and leverage our resources into broader-based agreements that allow us to create jobs, prosperity, and offset lost income from other areas,” McKay said.
He noted there are many countries Canada should partner with, and highlighted Germany.
“Germany is boring heavily to re-industrializing and building out their military defenses,” McKay said. “It’s creating an enormous opportunity to produce new things in Germany. What does Germany need? Talent? Do they need energy?”
Toward the end of his talk, Yedlin asked McKay about his love for Swift. He said he’s yet to listen to Taylor Swift’s latest album, The Life of a Showgirl, but he’s a fan.
“I went to see the Eras Tour like four or five times,” McKay said. “I was blown away. I thought it was incredible. (She’s) really an amazing talent.”
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