CALGARY — The silence from many Alberta business leaders on the upcoming provincial referendum comes as no surprise to one corporate leadership expert. Monday’s vote includes 10 questions: one on whether Alberta should remain in Canada or move toward a binding separation referendum; five on immigration and four on constitutional matters. Richard Leblanc, a professor of governance, law and ethics at York University, says there’s a tradition in Canada for CEOs to stay in their lanes and not risk alienating shareholders or employees by taking a political stand. But Leblanc says there may be times a company’s board of directors agrees that a CEO should speak out on a matter that affects the well-being of the business, as Alberta taking steps toward a potential split from Canada arguably would. A handful of leaders at big, publicly traded companies are among the more than 70 signatories to an open letter from the Calgary Chamber of Commerce warning of the economic fallout of separation, while the top brass at many prominent firms have stayed mum. A few top executives have made their views known: Imperial Oil’s John Whelan has spoken in favour of Alberta and Canada sticking together while Atco Ltd.’s Nancy Southern has warned of the disruption a split would cause. “It’s hardly surprising that a majority of CEOs are not speaking up,” Leblanc said. “There’s more to be lost than gained, generally, by speaking up about a political matter.” Some corporations have former prime ministers, premiers and cabinet ministers as directors on their boards, who can advise on when and how to weigh in on politics, Leblanc noted. Atco’s board includes former Alberta premier Jason Kenney, who has been a fervent voice in favour of the province staying in Confederation, as well as former federal cabinet minister Rona Ambrose. Leblanc said customers and employees may have “legitimate expectations” that a CEO take a public stand on something that could affect the business, though getting board sign-off on the message is no easy feat. “Sometimes the risk of not doing something can be far greater than doing something and dealing with the blowback.” This report by The Canadian Press was first published Oct. 15, 2026. Lauren Krugel, The Canadian Press
