Business career After leaving office, McKenna moved to
Cap-Pélé, New Brunswick, near
Moncton, and returned to the practice of law and sat on numerous corporate boards. He also purchased (with his son, James McKenna), Glenwood Kitchen Ltd., a manufacturer of high-end custom cabinetry in
Shediac, New Brunswick. His membership on the Canadian advisory board of the
Carlyle Group drew adverse media attention; the media ceased pursuing the issue when McKenna explained that the board was established to advise on a Canadian investment fund that the group never created and that the board had never become active. Following the announcement of his appointment as Canadian ambassador to Washington, he resigned his position as counsel at law firms including
McInnes Cooper and
Osler, Hoskin & Harcourt, as well as all positions on corporate boards including his role as interim
chairman of the board of
CanWest Global Communications, a post he assumed upon the death of its founder and chairman
Israel Asper. McKenna was appointed as Deputy Chair,
TD Bank Financial Group effective May 1, 2006. Effective August 2006, McKenna was appointed to the board of Brookfield Corporation (known as Brookfield Asset Management until the spinoff of the operations of the current
Brookfield Asset Management in 2022), and he has been the Chair of Brookfield Corporation since August 2010. McKenna is referenced in the book
Clinton Cash by Peter Schweizer. The majority of the reference is regarding the
Keystone Pipeline decision-making process. Hillary Clinton serving as secretary of State in the United States, and the monetary involvement with TD Bank in Canada is described in depth. The book describes TD Bank, with McKenna as vice chairman, as having "paid Bill more than any other financial institution for Lectures. More than
Goldman Sachs, UBS, JPMorgan, or anyone on Wall Street." Quoting from the book,
Federal politics involvement Since leaving politics in 1997, McKenna served for a brief time on the
Security Intelligence Review Committee. He has been touted several times as a potential
Atlantic Canadian minister in the cabinets of
Jean Chrétien and
Paul Martin. He expressed some interest in running in the
2004 federal election but announced he would not do so because of the lack of an available
riding in the
Moncton, New Brunswick, area. He did not want to push aside any incumbent Liberal member of Parliament. After resigning the premiership of New Brunswick, McKenna was identified as a potential future leader of the
Liberal Party of Canada, and
Prime Minister of Canada. A poll released on August 23, 2005, commissioned by the
Toronto Star, showed that McKenna was the top choice of the public to succeed Prime Minister Paul Martin. Among the general public, McKenna beat former
New Democratic Party Ontario Premier Bob Rae by a margin of 23 to 11 while among self-identified Liberals, McKenna beat former
Deputy Prime Minister of Canada John Manley by a margin of 28 to 13. The October 2005 issue of
Saturday Night magazine had pollster
Darrell Bricker and Liberal strategist
Warren Kinsella create
odds for potential Liberal leadership candidates. They made McKenna the favourite with 7 to 2 odds beating
Scott Brison (8 to 1),
Martin Cauchon (10 to 1),
Michael Ignatieff and
John Manley (each 15 to 1) among others. On January 30, 2006, McKenna confirmed earlier reports that he was not running for the
Liberal leadership to replace Paul Martin, who announced his resignation as party leader on the January 23, 2006 election night. McKenna acknowledged the strength of the Liberal brand stating: "You've got pretty good odds of being the prime minister if you're the leader of the Liberal party" – every leader of the Liberal party since Sir
Wilfrid Laurier in 1896 had become prime minister. However, he put an end to his involvement in the 2006 Liberal Party leadership race, explaining his decision by saying that he did not want "his life to become consumed by politics." and that: "I reminded myself of my vow upon leaving office that, having escaped the trap, I wouldn’t go back for the cheese." Following
Stéphane Dion's resignation as federal Liberal leader after the
2008 election, McKenna was once again touted as a possibility to take the helm of the federal Liberal Party. However, on October 28, 2008, McKenna said that he would not be seeking the leadership, saying "Although I have been deeply moved by expressions of support for me from across the country, I have not been persuaded to change my long-standing resolve to exit public life for good," and "My only regret is that I cannot honour the expectations of friends and supporters who have shown enormous loyalty to me." == Distinctions ==