Stephen Jarislowsky, billionaire investor and corporate governance champion, dies at 101

MONTREAL — Stephen Jarislowsky, the billionaire investor who co-founded one of Canada's largest asset management firms and became a fierce champion of shareholder rights, has died at the age of 101.

His family announced his death in a statement calling him "a visionary investor, philanthropist and committed citizen" who "dedicated his life to promoting education, ethics, and excellence across Canada."

Jarislowsky founded Jarislowsky Fraser & Co. in Montreal in 1955, starting with $100 of his own money and $50 from a partner.

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He led the firm for more than six decades before stepping down in 2012, by which time it was managing around $40 billion in assets.

Bank of Nova Scotia acquired Jarislowsky Fraser in 2018 for $950 million.

His business success made him worth some US$3.9 billion, according to Forbes.

Jarislowsky made his name as a pioneer advocate for shareholder rights, engaging in public battles with CEOs, family businesses and boards of directors.

He fought against deals put forward by Canadian corporate titans, including the Billes family behind Canadian Tire, Montreal's powerful Bronfman clan, the corporate raider Conrad Black and auto parts magnate Frank Stronach.

"I don't ever ask for anything I think is unfair," Jarislowsky told the Financial Post. "I want a fair deal, no more, no less. I don't want to be cheated. I don't want to be made a fool of."

In 2002, he co-founded the Canadian Coalition for Good Governance, an influential lobby group to help empower shareholders.

He was also instrumental in the creation of the Institute for Governance of Private and Public Organizations of Quebec.

Jarislowsky was born in Berlin in 1925 to a Jewish family.

He attended schools in the Netherlands and France before emigrating to the United States in 1941.

He earned a bachelor's degree in mechanical engineering at Cornell University before serving as an intelligence officer in the U.S. Army in Asia after the Second World War.

He later earned a master's degree at the University of Chicago and an MBA at Harvard Business School.

He then worked for Alcan Aluminum Ltd. before moving to Montreal to found his investment firm with stockbroker Scott Fraser.

Jarislowsky used his wealth to donate many millions of dollars, including to establish dozens of research chairs at Canadian universities.

The Jarislowsky Foundation, launched in 1991, funded almost 48 research chairs in areas of democracy, governance, the environment, health and Canadian art, donating about $10 million a year.

In 2022, he announced a $10 million gift to establish five endowed chairs at Canadian universities focused on training future politicians.

"People need to understand historical experiences in order to prevent repeating them," Jarislowsky said in a statement at the time. "Once democracy disappears in a country, it takes years to re-establish if it is even possible."

He had received honorary degrees from 20 universities, his family said.

Among other honours he received was the Order of Canada.

His citation at the time of his promotion to Companion of the Order reads in part: "Known for his generosity of spirit, he has been unwavering in his support of higher education, establishing university chairs and institutes in diverse academic areas, including medicine, management and the arts."

He was inducted into the Canadian Business Hall of Fame in 2007.

Jarislowsky leaves behind his wife Gail and three children.

With files from The Canadian Press, The Globe and Mail and CBC News