Financing Defence at Scale: Spending, Procurement, and Industrial Capacity

Roundtable Luncheon with Joanne Lostracco, The Honourable Peter MacKay and Michael Nessim.

C.D. Howe Institute events and webinars are open to members and their guests.

Please follow this link or contact events@cdhowe.org to register.

Joanne Lostracco, Director General, Defence Procurement, Defence Investment Agency

Joanne Lostracco is a seasoned Canadian diplomat and defence expert with a distinguished career spanning over two decades. Appointed as the Minister at the Embassy of Canada to the United States and Director General of Defence Procurement for Public Services and Procurement Canada (PSPC) in Washington, D.C. in 2023, she brings extensive expertise in Canada-US trade relations and defence materiel governance.

In her current role, Ms. Lostracco oversees the management of all Foreign Military Sales (FMS) acquisitions for Canada, valued at over $20 billion CAD. She works closely with the U.S. Departments of Defense, State, and Commerce to execute this program, delivering vital goods and services to support the Canadian Armed Forces' objectives outlined in the new Defence Policy Our North, Strong and Free and the National Shipbuilding Strategy.

Ms. Lostracco has represented Canada on various Five Eyes and NATO Boards of Oversight, negotiated international acquisition agreements, and provided strategic advice on Canada-US defence industrial cooperation and the Defence Production Sharing Agreement (DPSA).

Ms. Lostracco holds a Bachelor of Arts (Honours) in Business and Political Science from the University of Waterloo and a Master of Arts in International Relations from Dalhousie University, where she completed her thesis on Canadian Naval Policy. She is also a graduate of the Canadian Forces College's National Security Program (NSP13). With her deep understanding of defence and trade relations, Joanne Lostracco is well-positioned to strengthen Canada's strategic partnerships and advance its national security interests on the global stage.

The Honourable Peter MacKay, Executive Advisor, Deloitte

The Honourable Peter MacKay, PC, QC, is a distinguished Canadian public servant, lawyer, and strategic advisor. With over 18 years in Parliament, Peter has held senior Cabinet positions including Minister of Justice and Attorney General, Minister of National Defence, and Minister of Foreign Affairs. He was the Leader of the Progressive Conservative Party of Canada. He brings unparalleled experience in defense modernization, justice reform, economic development, and Canadian politics.

At Deloitte, Peter serves as an Executive Advisor in the Growth Office, Clients & Industries, offering national and international perspectives in sectors such as aerospace, defence, procurement, and infrastructure. He is also Counsel with Atlantic Canadian law firm McInnes Cooper and serves on several National & International boards supporting veterans, children, and public policy. Peter is dedicated to public service, community engagement, and advancing Canada’s interests at home and abroad.

Michael Nessim, Managing Director & Head, Diversified Industries Group, BMO Capital Markets

Michael Nessim joined BMO Capital Markets in 2026 as Managing Director and Head of Diversified Industries, bringing more than 25 years of advisory experience to the firm. Before joining BMO, Michael served for nine years as Head of Metals & Mining, North America at Greenhill. Previously, he spent six years at Goldman Sachs, where he led Canadian investment banking coverage for the Power & Utilities and Metals & Mining sectors. Michael began his investment banking career at CIBC World Markets, where he spent seven years and served as an Executive Director in the Office of the CEO and the Mergers & Acquisitions Group.