Evidence of meeting #99 for Industry, Science and Technology in the 44th Parliament, 1st Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was board.
A recording is available from Parliament.
6:20 p.m.
Founder and managing partner, Cycle Capital, As an Individual
We didn't have the information when we left the meeting, and we didn't know what decision the board had made when we returned. We were never informed about the debates. Consequently, I never knew what had been said about the businesses in which Cycle Capital held shares at the time of a vote at SDTC. That's the answer to the first part of your question.
As for the second part, the board made decisions. Very important debates were conducted. The entire SDTC team, composed of qualified people, also did a lot of work before the vote. The engineers who were there, the technicians and the people who looked at things did an enormous job. I can tell you that an SDTC board meeting represented more than 10 hours of reading. So there were experts. We conducted in‑depth debates in the investment committee.
6:20 p.m.
NDP
Brian Masse NDP Windsor West, ON
Every board member got the same package, though.
Say, for example, you get your package. You'd look at it and find out that you're in a conflict of interest on this issue, and then you would know that issue, though, so does somebody screen that, or do you just self-choose which conflict of interest...? You still receive the same package as everybody else.
Is that what happens? What would stop somebody from picking up the phone or talking to another board member outside of the board meetings about their own projects and own companies, especially since you're spending all of this time together?
6:20 p.m.
Founder and managing partner, Cycle Capital, As an Individual
We received a list before we got the documents.
We had established a methodology at Cycle Capital. We manage 1,200 files a year, and I don't know them off by heart. An analyst examined that list and told us that we were investing in this one and that we had been considering that one for two months.
In the case of GHGSat, I declared that I was in conflict of interest and withdrew from the case because my niece was a member of the company's senior management.
So the analysts did some initial work on investment opportunities, the portfolio businesses and the more personal cases, such as the one involving my niece.
6:20 p.m.
Liberal
The Chair Liberal Joël Lightbound
Thank you, Mr. Masse. I'm afraid that's all the time you have.
I have Mr. Perkins for five minutes.
6:20 p.m.
Conservative
Rick Perkins Conservative South Shore—St. Margarets, NS
Thank you, Mr. Chair.
Madame Méthot, in the nine years that Steven Guilbeault worked for you, SDTC made announcements on the companies you have listed as invested on your website. The amount totals $111 million on announced stuff.
6:20 p.m.
Founder and managing partner, Cycle Capital, As an Individual
I think that Sustainable Development Technology Canada—
6:20 p.m.
Conservative
Rick Perkins Conservative South Shore—St. Margarets, NS
It wasn't a question.
Secondly, during the time that your company has existed, announced projects from SDTC have totalled $143 million, including $8.5 million that was given to VueReal and announced after you departed for the Infrastructure Bank of Canada.
It seems to me that being, knowing and employing Liberals is apparently a fairly profitable thing for directors of SDTC.
I would like to know when you joined the board of the Infrastructure Bank.
6:25 p.m.
Founder and managing partner, Cycle Capital, As an Individual
Is this committee concerned with the Canada Infrastructure Bank? Must I answer that question, Mr. Chair?
6:25 p.m.
Liberal
The Chair Liberal Joël Lightbound
No, this actually concerns Sustainable Development Technology Canada. It may fall outside the field of our study, but it probably concerns information that's in the public domain.
6:25 p.m.
Founder and managing partner, Cycle Capital, As an Individual
I was just asking the question.
6:25 p.m.
Conservative
Rick Perkins Conservative South Shore—St. Margarets, NS
Chair, the witness, in her opening remarks, gave a very lengthy description of her qualifications. One of those is that she is now at or was transferred to the Infrastructure Bank.
It's a simple question. I don't know what you're afraid of.
What year, and what time of year, did you join the Infrastructure Bank?
6:25 p.m.
Founder and managing partner, Cycle Capital, As an Individual
Allow me to—
6:25 p.m.
Conservative
6:25 p.m.
Founder and managing partner, Cycle Capital, As an Individual
You can answer for me, sir; I won't object.
6:25 p.m.
Conservative
Rick Perkins Conservative South Shore—St. Margarets, NS
In 2022, you joined the Infrastructure Bank of Canada. In February 2023, this year, Annette Verschuren's company, NRStor, received $170 million in financing for the Infrastructure Bank. That was after you had left the SDTC board.
Is that correct? Were you part of that decision on the Infrastructure Bank board?
6:25 p.m.
Founder and managing partner, Cycle Capital, As an Individual
I have no holding in NRStor.
Is that the company you're talking about?
6:25 p.m.
Conservative
Rick Perkins Conservative South Shore—St. Margarets, NS
Were you on the board in February 2023, when the Infrastructure Bank granted financing to NRStor, Annette Verschuren's company, of $170 million?
6:25 p.m.
Founder and managing partner, Cycle Capital, As an Individual
I have no holding in NRStor. I don't know why you're asking me that question.
6:25 p.m.
Conservative
Rick Perkins Conservative South Shore—St. Margarets, NS
I didn't ask you about holdings.
The witness is refusing to answer the question.
The question is this: Were you on the board of the Infrastructure Bank of Canada in February 2023?
6:25 p.m.
Founder and managing partner, Cycle Capital, As an Individual
I'll look at the date of my appointment on LinkedIn. To be honest, I didn't prepare to answer questions about the Canada Infrastructure Bank.
6:25 p.m.
Conservative
Rick Perkins Conservative South Shore—St. Margarets, NS
Do you know if you were a member of the board of directors at the Infrastructure Bank this year?
6:25 p.m.
Conservative
Rick Perkins Conservative South Shore—St. Margarets, NS
You were on the board of the Infrastructure Bank, and the Infrastructure Bank granted financing to Annette Verschuren's NRStor, which also received money prior to her joining the SDTC board. There's a nice, cozy relationship going on between board members, such as you, Annette Verschuren and other directors we will call before this committee.
Can you explain to me why you received...? Did you recuse yourself the seven times—not four, but the seven times you were a board member, as reported on the SDTC site— when you were a board member and your companies received funding announcements while you were on the board?
Did you recuse yourself for all seven? You said you recused yourself for four, but there are seven listed on the SDTC website.