Mr. Speaker, the member for St. Albert exaggerates the case when he talks about a broad exemption. We debated that at committee just yesterday.
The amendment proposed to Bill C-17 by the hon. member would mean that sections 131 to 154 of the Financial Administration Act would apply to the Canada Pension Plan Investment Board. This was not intended when the Canada Pension Plan Investment Board Act was passed by parliament in 1997.
Amendments to the Canadian Wheat Board Act in 1998 inadvertently removed the Canada Pension Plan Investment Board from subsection 85(1) of the Financial Administration Act, a change which made the board subject to various crown corporation control provisions under the FAA. The error put it in conflict with its mandate to operate at arm's length from government, a result which was neither wanted nor intended.
The objective of Bill C-17 is to reinstate the Canada Pension Plan Investment Board as one of the crown corporations exempted from divisions I to IV of the Financial Administration Act. This was the intent of the Canada Pension Plan Investment Board Act and of parliament in the first place.
The Canada Pension Plan Investment Board was created through federal-provincial agreement to operate at arm's length from government. Its legislated mandate and sole objective is to maximize returns for CPP contributors and beneficiaries without undue risk of loss.
The Canada Pension Plan Investment Board has been structured with great care to ensure independence from political interference. At the same time, the board's own legislation contains strong accountability provisions. The board makes its quarterly reports public and is required to submit its annual reports to parliament. The board is also required to hold public meetings at least every two years in participating provinces.
The auditor general is responsible for auditing the financial statements of the Canada pension plan as a whole. The auditor general has access to whatever information from the Canada Pension Plan Investment Board he or she considers necessary to audit the Canada pension plan.
In a 1997 letter to the finance committee chair Mr. Desautels indicated he was satisfied with audit and access provisions for the Canada Pension Plan Investment Board, information that is contained in the Canada pension plan legislation. For these reasons I urge members to vote against the amendment we discussed yesterday in committee.