Jim Flaherty

[Government Assets, June 3rd, 2009]

What is clear is what I said yesterday, Mr. Speaker, and that is we have identified certain departments for asset review this year and we will proceed with that.

What is odd is the position taken by the opposition, including the Bloc, when they say to the government, “Spend more, but be fiscally responsible and don't increase the deficit”. Part of being fiscally responsible is reviewing assets and making sure that those assets continue to perform in the best interests of the Canadian people.

[Employment Insurance, June 2nd, 2009]

Mr. Speaker, during the global economic recession, Canadians expect strong leadership from the government. The first pillar of the economic action plan deals with the necessary investments to help protect our economy and protect Canadian families. To help Canadians who have been the hardest hit by the recession, we will invest $5.5 billion more in EI benefits this year.

[Government Assets, June 2nd, 2009]

Let me say this slowly, Mr. Speaker. The answer is no. The assets of Heritage Canada are not being reviewed this year. That is set out in the budget.

[Government Assets, June 2nd, 2009]

Mr. Speaker, on a housekeeping note, I am concerned about the quality of the sound system in this place.

This is the third or fourth time this question period that I have pointed out that if anyone wants to read the budget, Canada's economic action plan, which is a wonderful book, they would see that Heritage Canada is not listed in the asset review for this year.

[Nortel, June 2nd, 2009]

Mr. Speaker, the pension regulation of Nortel is the responsibility of the provincial government not the federal government.

[Canada Pension Plan Investment Board, June 2nd, 2009]

Mr. Speaker, I know the member opposite wants to interfere with how the Canada pension plan invests money. Well, Canadians do not want that interference. This is one of the best publicly funded pension plans in the entire world.

The three principles to which I refer are: firms' boards of directors to play an active role in the design, operation, and evaluation of compensation schemes; compensation arrangements, including bonuses, to properly reflect risk and the timing and composition of payments to be sensitive to the time horizon of risks; payments should not be finalized over short periods where risks are realized over long period. And there is one more for later.

[Canada Pension Plan Investment Board, June 2nd, 2009]

Mr. Speaker, we thank the CPPIB for its work, and of course it is not to be interfered with politically. It is responsive to the Government of Canada and to the provinces.

Having said that, the G20 leaders at the London summit agreed on three fundamental principles with respect to executive compensation. I spoke with, and wrote to, the chair of CPPIB today, asking him to confirm to me that there has been compliance with those principles. I look forward to his reply.

[Government Assets, June 2nd, 2009]

Mr. Speaker, as I said a moment ago, the purpose of the asset sale review is good business management. We want to make sure that government assets still perform a useful function for Canadians, that the original purpose is being maintained, and that tax dollars are being spent wisely.

I am sure the member opposite would value those objectives and would think that this is prudent business management for the people of Canada.

[Government Assets, June 2nd, 2009]

Mr. Speaker, I know the member must have read the economic action plan because he voted for it. If he has forgotten, then perhaps I can remind him that in the economic action plan that he voted for, we set out an asset review. The first stage of the review will specifically focus on the following departments: finance, Indian and northern affairs, natural resources, transport and infrastructure portfolios. Not Heritage Canada.

[Automotive Industry, June 2nd, 2009]

Mr. Speaker, in fact, as we said we would do in the economic action plan, we have put in place all of the elements, actually, of the extraordinary financing framework and that includes the assistance to the auto industry.

BDC has been very active in this regard working with commercial banks. The reality is there are some auto dealerships in the country that are excess capacity as we have seen with respect to General Motors.