Thank you, Mr. Chair.
In the budget the government committed to ensure that government institutions are aligned to best support infrastructure innovation by transferring responsibility for PPP Canada to the Minister of Infrastructure and Communities. Currently PPP Canada is a subsidiary of the Canada Development Investment Corporation, which is a parent crown corporation in the finance portfolio.
Created in 2008 by OIC and incorporated under the Canada Business Corporations Act, PPP Canada is a small organization whose mandate relates to two things: first, providing advice on P3 opportunities to the federal government and to others, and second, managing the PPP fund on behalf of the federal government.
Division 14 of the budget legislation provides for two things to effect the transfer of PPP Canada from the Minister of Finance to the Minister of Infrastructure and Communities. First, as required under the FAA, it allows the shares of PPP Canada to be transferred to the Minister of Infrastructure. Second, as is currently the case, the legislation preserves the government's oversight of PPP Canada by authorizing the Governor in Council to amend key business characteristics, such as mandate and business restrictions, the selling or disposal of shares or assets, amalgamation or dissolution of the corporation, and its agency status in the future.
As it is a parent crown, there needs to be an act of Parliament to do these things. Previously or currently, when it was a subsidiary, they could be done by OIC.
That's a brief overview of the legislation.