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June 6th, 2013Committee meeting

Greg Smith

Public Accounts committee  Yes. In fact, we disclose that in our annual report. We're just in the final stages of completing our audit, of finalizing our audit report, but in the management discussion and analysis of our annual report, you'll see the projects and the expected cash flows.

June 6th, 2013Committee meeting

Greg Smith

June 6th, 2013Committee meeting

Greg Smith

Public Accounts committee  How much...?

June 6th, 2013Committee meeting

Greg Smith

Public Accounts committee  Perhaps you can pose your next question. I'll just find my notes on that one.

June 6th, 2013Committee meeting

Greg Smith

Public Accounts committee  It's actually significant.

June 6th, 2013Committee meeting

Greg Smith

Public Accounts committee  First of all, let me clarify that our funding goes to other levels of government. It goes to the provinces or municipalities that would give the money. They are the ones that actually procure the public asset that they need to provide services to their citizens, and they own those assets.

June 6th, 2013Committee meeting

Greg Smith

Public Accounts committee  You would have to ask Treasury Board, but our view is that we are a very safe investment.

June 6th, 2013Committee meeting

Greg Smith

Public Accounts committee  The strategy that's discussed with our audit committee.... To the extent that we have investments with a maturity of less than one year, we try to get those maturities to happen equally during the 12 months, so we can be ready should there be any changes in the interest rates within the market.

June 6th, 2013Committee meeting

Greg Smith

Public Accounts committee  The policy established by Treasury Board allows us to lock in a longer than one-year term investment when we know we have a payment that's going to go on a contract when that public asset is constructed and our payment is due. If we don't have those in contractual arrangements and know when our payment's going to be due, the Treasury Board policy we have says we can only invest up to one year.

June 6th, 2013Committee meeting

Greg Smith

Public Accounts committee  PPP Canada is responsible for that. Initially the governance around that goes to our board of directors, whom we report to regularly, who review our investments every quarter during an audit committee meeting. They look at the strategies and make sure we're compliant with all of the policies that have been handed to us from Treasury Board.

June 6th, 2013Committee meeting

Greg Smith

Public Accounts committee  That policy was established by Treasury Board.

June 6th, 2013Committee meeting

Greg Smith

Public Accounts committee  I think Finance might want to answer that.

June 6th, 2013Committee meeting

Greg Smith

Public Accounts committee  Those amounts are set out in the estimates documents that are part of the supply process and the appropriation process of Parliament. Our business was basically laid out to have various annual rounds where we say we're open for business and we accept applications. To a certain extent they were spread out over five years to try to match our activity in the marketplace in accepting applications.

June 6th, 2013Committee meeting

Greg Smith

Public Accounts committee  I will add that in our case, when we execute a contractual arrangement with another level of government, say a province where there's a project, and we're committing to making a payment three or four years down the road, when I actually sign and execute that agreement, I have to know in my mind that the corporation, PPP Canada, is able to honour that commitment down the road.

June 6th, 2013Committee meeting

Greg Smith