The third crown corporation that we identified as having significant deficiencies was the Federal Bridge Corporation Limited, the corporation that looks after the bridges in Cornwall and Montreal. In that corporation we identified two significant deficiencies.
First, these bridges are facing significant refits and modernization updates. The corporation had not, at the time of our audit, resolved all those funding issues, and in our view they presented a threat to the financial sustainability of the corporation.
Second, the Federal Bridge Corporation Limited has a number of subsidiaries that look after the individual bridges. The parent corporation has a very small board of directors, and we were concerned that the board of the parent corporation was exercising insufficient oversight of the operations of the Federal Bridge Corporation and its subsidiaries.
Since we issued this report in 2008, I understand there have been some significant subsequent developments. We've not yet audited those developments, but I understand that the government has provided significant additional funding for upkeep and repairs to some of those bridges.