Evidence of meeting #24 for Finance in the 42nd Parliament, 1st Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was regions.
A video is available from Parliament.
5:30 p.m.
Director of Operations, Machinery of Government, Privy Council Office
It's in the FAA already for subsidiaries that these types of things can be changed by order in council. As it's changed over to the Minister of Infrastructure and Communities, it has been added into the legislation to mirror the same governance.
5:30 p.m.
NDP
Guy Caron NDP Rimouski-Neigette—Témiscouata—Les Basques, QC
I have one last question.
The new subsection 209.1(1) stipulates the following: "The Minister of Infrastructure ... may acquire the shares of PPP Canada Inc."
Why the “may”? It seems to be left to his discretion.
5:30 p.m.
Director of Operations, Machinery of Government, Privy Council Office
In order for, again, the shares to transferred, this is technical language that needs to be included in legislation, and then that transfer can happen. It allows for it to happen; it doesn't actually make the change.
5:30 p.m.
Liberal
Francesco Sorbara Liberal Vaughan—Woodbridge, ON
This is just for clarification. Previous to this amendment, PPP Canada was not a crown corporation, just a wholly owned subsidiary.
5:30 p.m.
Director of Operations, Machinery of Government, Privy Council Office
Previously, PPP Canada was a subsidiary of the Canada Development Investment Corporation. It was a subsidiary; now it will be its own parent crown. They're both crowns, but one is a subsidiary crown and the other is now a parent crown.
5:30 p.m.
Liberal
Francesco Sorbara Liberal Vaughan—Woodbridge, ON
It will be a parent crown within the Ministry of Infrastructure.
5:30 p.m.
Director of Operations, Machinery of Government, Privy Council Office
Correct.
5:30 p.m.
Liberal
Francesco Sorbara Liberal Vaughan—Woodbridge, ON
As a follow-up, in terms of the ease of facilitation within the infrastructure ministry of a rollout of infrastructure spending, there's really no impact, I would estimate, in this change, other than it's within the same umbrella.
5:30 p.m.
Director of Operations, Machinery of Government, Privy Council Office
It strengthens alignment between the crown corporation's activities and the expertise and activities of the Office of Infrastructure of Canada, but there should be no other changes in terms of Minister Sohi's ministry.
5:30 p.m.
Vice-President, Finance, Risk, and Administration and Chief Financial Officer; and Vice-president, Strategy and Organizational Development, PPP Canada Inc.
With respect to us as a corporation, we are a corporation. We exist. Our appropriations continue to exist as they always have in main estimates. We continue to govern ourselves appropriately. This is just changing the board's reporting to a different minister.
5:30 p.m.
Liberal
Francesco Sorbara Liberal Vaughan—Woodbridge, ON
You made the comment earlier that you just hold the cash that will be used when a project is undertaken, when there is a federal component to the project.
5:30 p.m.
Vice-President, Finance, Risk, and Administration and Chief Financial Officer; and Vice-president, Strategy and Organizational Development, PPP Canada Inc.
Correct.
We don't own any of what I call fixed assets. This funding is in support of construction of infrastructure assets. We don't hold any of those assets. We are a transfer payment organization. In order for us to make our commitments to these projects, we have the cash. That's the asset that we hold, other than some small working capital just to manage as a corporation.
5:35 p.m.
Liberal
Robert-Falcon Ouellette Liberal Winnipeg Centre, MB
I was going to be doing some questioning along the same lines as Monsieur Caron.
I'm actually right now in the Jobs, Growth and Long-term Prosperity Act, from 2012. What this division 14 actually says is:
The Jobs, Growth and Long-term Prosperity Act is amended by adding the following after section 209:
Now I'm looking at section 209. Unfortunately, I can't seem to find this authorization parent crown corporation, especially part 4.
I'd like to know, then, in relation to this part 4, how many assets you actually hold in PPP Canada. How much are we talking about that's allowed to be sold by the Governor in Council?
5:35 p.m.
Director of Operations, Machinery of Government, Privy Council Office
I'll start and then maybe my colleague can add to it.
In the 2012 Jobs, Growth and Long-term Prosperity Act there is a small provision, as you have mentioned, with respect to PPP Canada. That's where the changes in this legislation are being proposed. PPP Canada was set up by order in council; it was not set up through legislation. You will not find legislation that governs PPP Canada. It does not exist.
I don't know if you want to add to....
5:35 p.m.
Vice-President, Finance, Risk, and Administration and Chief Financial Officer; and Vice-president, Strategy and Organizational Development, PPP Canada Inc.
As far as our assets are concerned, we've received $1.4 billion in appropriations over the years and we have committed a little more than $1.3 billion into 24 projects. Those projects are generating a little less than $2 billion in value for money.
5:35 p.m.
Liberal
Robert-Falcon Ouellette Liberal Winnipeg Centre, MB
Currently on your books, then, you have $2.4 billion?
5:35 p.m.
Vice-President, Finance, Risk, and Administration and Chief Financial Officer; and Vice-president, Strategy and Organizational Development, PPP Canada Inc.
No. We have $1.4 billion in cash, and that is in support of commitments to 24 projects in the amount of a little over $1.3 billion.
5:35 p.m.
Liberal
Robert-Falcon Ouellette Liberal Winnipeg Centre, MB
Are these such projects as the Barrie water treatment plant?
5:35 p.m.
Vice-President, Finance, Risk, and Administration and Chief Financial Officer; and Vice-president, Strategy and Organizational Development, PPP Canada Inc.
That's correct.
5:35 p.m.
Liberal
Robert-Falcon Ouellette Liberal Winnipeg Centre, MB
It seems like a fairly large group or corporation. Why was there no legislation before?
5:35 p.m.
Conservative
