Mr. Speaker, with respect to media reports surrounding the government’s decision on the matter of the takeover bid by BHP Billiton for the Potash Corporation of Saskatchewan, under the Investment Canada Act, the minister responsible has the sole authority to determine the likely net benefit of a reviewable investment. Except for the investor, only the minister can make a net benefit determination public.
Under the act, the minister may appoint a director of investments to advise and assist him in exercising his powers and performing his duties.
Section 19 of the act outlines the responsibilities of the director of investments in assisting the minister in determining the likely net benefit of a reviewable investment:
19. The Director shall refer to the Minister […] any of the following material received by the Director in the course of the review of an investment […]: (a) the information contained in the application filed under section 17 and any other information submitted by the applicant; (b) any information submitted to the Director by the person or entity from whom or which control of the Canadian business is being or has been acquired; (c) any written undertakings to Her Majesty in right of Canada given by the applicant; and (d) any representations submitted to the Director by a province that is likely to be significantly affected by the investment.