Thank you, Mr. Chair.
Budget 2016 proposed adjustments to the Royal Canadian Mint Act. Amendments to the act are proposed to facilitate effective and efficient operation of the Royal Canadian Mint. The following are the proposed amendments.
First, clause 136 amends the Royal Canadian Mint Act to restore the ability of the Mint to anticipate a profit from the provision of goods and services to the Government of Canada and its agents. This includes the sale of Canadian coins to the Department of Finance for resale to financial institutions. By restoring the capacity of corporations, the corporation will benefit from its transactions with the government and its agents. This change will foster innovation and improve processes, and lead to lower costs to the government as a whole.
Next, clause 137 amends the Royal Canadian Mint Act by clarifying in section 4 the specific types of incidental activities that the Mint may undertake. As currently worded, section 4 refers to four general activities relating to coins and metals, which may leave room for interpretation. The proposed amendments to section 4 clarify the activities that the Royal Canadian Mint may undertake and includes activities such as marketing, consulting, storage services and exchange-traded receipts for precious metals associated with the gold and silver reserves of the Royal Canadian Mint. These amendments will help to clarify the corporation's mandate and will help to minimize the operational and reputational risks to the corporation and the Government of Canada.
Furthermore, clause 138 amends the Royal Canadian Mint Act by adding provisions to ensure that $350 coins minted between 1999 and 2006 have legal tender status. This clarification stems from the fact that the Royal Canadian Mint Act, as it existed between 1999 and 2006, did not include references to $350 coins.
Lastly, clause 139 amends the Royal Canadian Mint Act by removing the requirement that the Mint's directors must have experience in the field of precious metal fabrication or production. This will help significantly broaden the pool of candidates available for appointments to the board of directors. Collectively, these amendments will encourage and facilitate effective and efficient operation of the Royal Canadian Mint.
My colleague and I will be pleased to answer your questions.