Stephen Jarislowsky, a Canadian investment manager, advocate for ethical business practices, and philanthropist, has passed away at the age of 101.
Born in Germany in 1925, Jarislowsky established Jarislowsky Fraser & Co. in 1955, transforming the Montreal-based firm into what was once the largest pension fund manager in Canada.
After gaining experience in Kingston, Ont., Montreal, and New York, he returned to Montreal to launch his namesake firm with an initial investment of $100 of his own funds and $50 from a partner.
Jarislowsky led the company for over 60 years, retiring in 2012 when the firm was overseeing approximately $40 billion in assets.
In 2018, Scotiabank acquired the firm for $950 million.
His achievements in business earned him an estimated fortune of around $3.9 billion US, as reported by Forbes, a significant portion of which he dedicated to philanthropy, including the establishment of numerous research chairs at Canadian universities.
His family announced that he received honorary degrees from 20 different universities.
Order of Canada
Among his many accolades, he was awarded the Order of Canada. The citation acknowledging his promotion to Companion of the Order noted, “Renowned for his generosity, he has consistently supported higher education by establishing university chairs and institutes across various academic fields such as medicine, management, and the arts.”
The citation also highlighted his vigorous advocacy for robust corporate governance and his enduring commitment to defending shareholder rights.
In recent years, he established five endowed chairs aimed at preparing the next generation of leaders in government. Jarislowsky expressed concerns about the political parallels he observed in his childhood, particularly following Russia’s invasion of Ukraine and other movements toward totalitarianism.
“It is essential for people to learn from historical events to avoid repeating them,” Jarislowsky stated in a 2022 announcement regarding a $10 million donation to set up chairs at five Canadian universities focused on educating future politicians.
“Once democracy is lost in a nation, it can take years to restore, if it is even achievable.”
The Jarislowsky Foundation, founded in 1991, has supported nearly 48 research chairs in fields such as democracy, governance, environmental studies, health, and Canadian art, contributing about $10 million annually, as noted by the University of Saskatchewan when a new chair in regenerative agriculture was created.
Honorary degrees
His philanthropic efforts and civic engagement have been recognized by at least a dozen honorary degrees from various universities. In a unique tribute, McMaster University planted 99 trees to commemorate his 99th birthday.
Jarislowsky’s educational background includes a degree in mechanical engineering from Cornell University, a master’s in Far Eastern studies from the University of Chicago, and an MBA from Harvard Business School.
In addition to his research contributions, Jarislowsky participated on numerous civic, charitable, and corporate boards, advocating for enhanced leadership and accountability within the business sector.
He co-founded the Canadian Coalition for Good Governance in 2002, which aimed to empower shareholders to hold executives accountable and restore trust in capital markets. He also played a key role in establishing the Institute for Governance of Private and Public Organizations of Quebec.
He is survived by his wife Gail and their three children.