Evidence of meeting #96 for Finance in the 42nd Parliament, 1st Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was project.
A video is available from Parliament.
9:55 a.m.
Assistant Deputy Minister, Canada Infrastructure Bank Transition Office, Office of Infrastructure of Canada
That's correct. It will be reflected in the government's financial statements and will also be identified in the annual plan that will be tabled before Parliament by the corporation.
9:55 a.m.
Liberal
Robert-Falcon Ouellette Liberal Winnipeg Centre, MB
We have the amendment here from Mr. Dusseault, but I also want to point out something on page 242:
Financial Management and Control Corporate plans 16. The Bank must annually submit a corporate plan to the designated Minister, who may, with the concurrence of the Minister of Finance, recommend it for the approval of the Governor in Council. Operating budgets 17. (1) The Bank must annually submit an operating budget for its next financial year to the designated Minister, who may, with the concurrence of the Minister of Finance, recommend it for the approval of the Treasury Board. Capital budgets (2) The Bank must annually submit a capital budget for its next financial year to the designated Minister, who may, with the concurrence of the Minister of Finance, recommend it for the approval of the Treasury Board.
So there is a lot of oversight by parliamentarians.
9:55 a.m.
Assistant Deputy Minister, Canada Infrastructure Bank Transition Office, Office of Infrastructure of Canada
Yes. There is a well-established crown corporation operating framework that is largely set out in the Financial Administration Act, which applies to this new corporation, except in a couple of very specific areas. The corporate plan is very specific that the corporation needs to come forward to the responsible minister, and then, in turn, it needs to be approved before it can carry out any of its activities on an annual basis.
9:55 a.m.
Conservative
Dan Albas Conservative Central Okanagan—Similkameen—Nicola, BC
Not to leave any stone unturned, you said there were a couple of things that the bank, or infrastructure crown corporation—I don't like calling it a bank—would not be subject to.
9:55 a.m.
Shawn Grover Senior Policy Analyst, Canada Infrastructure Bank Transition Office, Office of Infrastructure of Canada
There is, for example, a higher standard for auditors, so in the FAA it could be the Auditor General or a private sector auditor. Here, in the infrastructure bank act, it's joint auditors. There's an additional provision in the FAA for acquiring subsidiaries. Typically that requires Governor in Council approval, but here, given the nature of the bank's activities, it would just require the designated minister's approval. Those are some examples.
9:55 a.m.
Conservative
10 a.m.
Liberal
The Chair Liberal Wayne Easter
We're on amendment NDP-27.
(Amendment negatived: nays 8; yeas 1)
I thought we could move ahead to amendment PV-19, but NDP-29 will create a conflict with it, so we can't do that, Elizabeth. Sorry about that, I know you were looking forward to it.
10 a.m.
NDP
Pierre-Luc Dusseault NDP Sherbrooke, QC
Thank you, Mr. Chair.
My amendment deals with the five-year review of the bill, which is even more imperfect now that all my amendments have been rejected so far. So, at the moment, the bill is unchanged. However, here is a unique opportunity for the Liberals to be able to say in their statements that they have accepted some opposition amendments.
Amendment NDP-28 says that, on the first anniversary of the day on which the act comes into force, there will be a review of the new Canada Infrastructure Bank Act. One year after the act comes into force, meaning the end of June 2018, the effectiveness and legitimacy of the act will be evaluated. Otherwise, going by the bill, which mentions a five-year review, there will be no examination of this legislation before 2022. In my opinion, that is too long. It would also be in the interests of parliamentarians for this review to take place in one year.
So here is a unique, unprecedented opportunity for the Liberals to accept an opposition amendment. They could then rise in the House and declare how good they are to have accepted an opposition amendment on the Canada Infrastructure Bank. That would certainly be a topic for discussion.
10 a.m.
Liberal
Robert-Falcon Ouellette Liberal Winnipeg Centre, MB
Thank you very much.
I am interested in the words. Every five years from “the day on which this act comes into force”. When exactly do we see it coming into force?
10 a.m.
Assistant Deputy Minister, Canada Infrastructure Bank Transition Office, Office of Infrastructure of Canada
Subject to parliamentary approval, it would come into force when this budget implementation act, no. 1, receives royal assent. Again, that is subject to Parliament's will.
10 a.m.
Liberal
Robert-Falcon Ouellette Liberal Winnipeg Centre, MB
That's as soon as it goes to the red chamber and the Governor General gives his nod and it receives royal assent, or does it take a declaration or something from the cabinet again?
10 a.m.
Assistant Deputy Minister, Canada Infrastructure Bank Transition Office, Office of Infrastructure of Canada
It's on royal assent of the legislation.
10 a.m.
Assistant Deputy Minister, Canada Infrastructure Bank Transition Office, Office of Infrastructure of Canada
The Canada infrastructure bank will be incorporated as per the legislation. Then, of course, there is the corporate plan and other activities that follow. Once Parliament passes the legislation, it will be incorporated under the act.
10 a.m.
Liberal
Robert-Falcon Ouellette Liberal Winnipeg Centre, MB
So the review would be five years from that date.
10 a.m.
Assistant Deputy Minister, Canada Infrastructure Bank Transition Office, Office of Infrastructure of Canada
Correct.
10 a.m.
Liberal
