Lögberg-Heimskringla - 05.12.2003, Page 4

page 4 * Lögberg-Heimskringla » 5 December 2003
My Career as an lcelandic North American
This column recognizes people oflcelandic descent who have made or are making a contribution to the Icelandic/North American community. Please let us know if there is someone
you would like to see featured. Contact (204) 284-5686 or email us at logberg@mts.net
A Philanthropist at Heart
Donald Johnson
Donald K. Johnson is Vice
Chairman of BMO Nesbitt
Bums. He joined its predeces-
sor firm Bums Bros. & Denton
on June 3, 1963, just shy of his
28th birthday. So he’s been
with them now for over forty
years. And he is not contem-
plating retirement, although he
grants that the “normal retire-
ment age is sixty-five.”
This year he has been lob-
bying to have the Canadian tax
law changed, in conformity
with UK and US law, to
encourage donations to chari-
ties. In a piece entitled “Our
charities need Ottawa’s help,”
he says, “I’m very enthusiastic
about the prospect of strength-
ening the finances of our uni-
versities, hospitals and other
charitable organizations and
revitalizing Canada’s cultural
institutions.” In the Financial
Post, he was described as “a
tireless investment banker”
arguing for the amendment of
the Income Tax Act.
Don Johnson knows what
he’s talking about. When
speaking with L-H he said,
rather modestly, “I spend a por-
tion of my time on the not-for-
profit sector.” In fact, he has
been involved in fund raising
campaigns in the health care,
education, social services and
arts sectors, including for his
alma maters, the Universities of
Manitoba and Westem Ontario.
He has been the Chairman of
the Council for Business and
the Arts in Canada. It was
while he was chairing the
National Ballet Company of
Canada’s $12 million Capital
Campaign that he became con-
cerned about the adverse
impact of the federal and
provincial government cut-
backs to the charitable sector.
From 1995 through 1997, Don
led a team of community lead-
ers from all areas of the charita-
ble sector across Canada to
lobby the government to
change the tax law to exempt
gifts of appreciated capital
property from capital gains
taxes. They succeeded in hav-
ing it reduced by fifty percent.
He is now proposing that the
remaining capital gains tax on
gifts of listed securities be
eliminated.
Don started out in Lundar
MB, the son of Fjola
(Kristjansson) and Paul
Johnson, and brother to
Margret Reykdal of Edmonton,
AB, Paul of Winnipeg, MB and
Cyril of Canmore, AB. The
family moved to Winnipeg in
1952, where he finished his
senior matriculation at Daniel
Mclntyre High School and then
went to the University of
Manitoba to study engineering.
He still wears his engineering
ring, even though he figured
out early on that his interests lie
elsewhere.
Following his graduation in
1957 he joined Canadian
General Electric in Toronto,
and there became intrigued
with marketing and finance.
He knew he wanted more edu-
cation, and that he needed some
money to pursue that dream.
So he went north and worked
on the DEW line for two years.
He applied to the Ivey Business
School at the University of
Western Ontario in London,
ON to pursue his Masters in
Business Administration and
attended there from 1961-1963.
He was the gold medallist in his
class. He had chosen the right
profession.
Don describes the business
he is in as unique. “It is an
opportunity to work with and
provide advice to senior execu-
tives, advising them on financ-
ing, acquisitions and mergers.
It is interesting and satisfying.”
When asked what he saw
as the biggest changes in his
business over the years, he
identified four. One is global-
ization. He has seen “a huge
increase in intemational trade
and capital markets. Leading
Canadian companies are going
international while foreign
interests are acquiring compa-
nies in Canada.”
Another change is between
Canada and the United States,
“it has become a borderless
society in our industry. With
eighty percent of Canadian
exports going to the United
States, and Canada being with-
in the same time zones ...”
A third change is within the
company itself. “Up until 1986
investment banking firms were
employee owned and con-
trolled. It was a partnership
culture. Once the banks
acquired the firms, we became
part of a major financial institu-
tion with employees. We were
a smaller part of a larger and
much more structured organi-
zation.”
And identifying the fourth
rnajor change, he said,
“Technology and communica-
tions have influenced the flow
of and access to information. It
has increased productivity by
speeding up communications,
but on the other hand you can
get swamped.”
In 2000 Don led the BMO
Nesbitt Burns team on the
largest merger and acquisition
deal in the firm's history up to
that point. It involved British
American Tobacco and IMAS-
CO. He says, “There’s an
expectation in the firm that I
will bring in another deal. So I
have no specific plans to
retire.”
Following Lundar’s lOOth
anniversary celebrations in
1987, he and his siblings and
children went to Iceland.
Subsequently he has been there
several times for business rea-
sons.
Please see A Philan-
thropist at Heart on Page 5
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