A business leader who rose from early hardship to build one of the world’s leading credit rating agencies told 91ŃÇÉ« graduating students that success carries a responsibility to give back.
Walter Schroeder, who addressed graduands on June 18 after he and his wife Maria both accepted an honorary doctor of laws, urged grads to use their achievements to strengthen communities.
The husband-and-wife team are Canadian entrepreneurs and philanthropists who built a global financial firm and have committed hundreds of millions of dollars to health care, education and social equity.
Introduced by Faculty of Health Dean David Peters, the couple was described as coming from humble beginnings and persevering through hardship to “build a family and also a business grounded in careful analysis, independence, transparency and long-term trust.”
He added that the spirit of their work – in business, education, social justice and philanthropy – has made a lasting impact on the communities they serve.
Schroeder shared words of honesty and encouragement with the graduating class, drawing on his upbringing in “one of Canada’s poorest postal codes,” where he had to learn English at a young age after his German-speaking family fled Ukraine during the Russian Revolution.
He pointed to his wife’s early years, as well, sharing her experience as a refugee who also fled Ukraine during wartime, lost her father and eventually resettled in Canada.
Their life in Canada enabled their path toward opportunity and success, he said, noting their shared experiences framed a broader message about resilience and the importance of using opportunity to benefit others.
The Schroeders co‑founded Dominion Bond Rating Service (DBRS) in 1975, and despite starting with $1,000, grew the company over four decades into the world’s fourth‑largest bond rating agency before its sale in 2014.
“It’s very hard to break into this (industry), but we managed to do it,” Schroeder said. Rising to the top translated to high earnings for the couple, and following the sale of the company, there was more money coming in.
“What are we going to do with all this money?” he recalled discussing with his wife. “The thought was, instead of giving it all to the kids, let’s give it to society. And, if we give it to society, what part of society do we want to give it to?”
Through the Walter and Maria Schroeder Foundation, they have committed nearly $500 million to initiatives that expand access to care, advance medical research and remove barriers to education.
About five years ago, the couple saw an opportunity for a major health care initiative: a vacant hospital.
“We bought that hospital, that shell, which was nothing, and in the past five years we’ve stuck several hundred million dollars into it,” he said. “We turned it into a non-profit hospital with the intent of, first, reducing human pain; second, helping improve mobility of people; and third of all, improving efficiency in the health system.”
The facility, called the Schroeder Ambulatory Centre, works within Ontario’s public framework, with services covered through OHIP, and collaborates with 15 partner hospitals to help address surgical backlogs by treating patients facing long wait times.
“We’re taking some of their patients to help reduce the time they’ve got to wait for medical services,” he said.
With capacity to treat up to 300,000 patients annually, the facility includes eight operating rooms, advanced imaging technology and a focus on orthopaedic care, including thousands of hip procedures each year. It is also designed to expand system capacity through extended operating hours and a larger workforce.
The initiative reflects a broader approach to strengthening health systems, including workforce development. Schroeder highlighted partnerships with 91ŃÇÉ«, Toronto Metropolitan University and McMaster University to train nurses, physician assistants and other health professionals. The hospital is expected to employ hundreds of staff and is recruiting across multiple roles, he shared.
“If people are looking for jobs, we are in the business of hiring people,” he told graduands. “We are helping train nurses, we are helping train PAs (physician assistants) and other people in the health sector.”
Schroeder said the couple is working toward donating $1 billion to public initiatives through their foundation, with that goal nearing completion.
He concluded by reminding the graduating class that they, too, can make a difference.
“Our aim is to improve and help society with a wonderful life that we had in Canada for many, many years,” he said.