Senator Massicotte tackles the Canada Infrastructure Bank ActPublished on 13 June 2017 News Releases by Senator Paul Massicotte
Ottawa – Tuesday, June 13, 2017 – The Honourable Senator Paul J. Massicotte delivered a speech in the Senate today to express his support for the federal government’s initiative to create the Canada Infrastructure Bank. He explained his vision of a bank that balances transparency and accountability with the independence and flexibility that private investors need to collaborate with the government.
“The Canada Infrastructure Bank is a game-changing project for our country and our economy,” Senator Massicotte stated. “That’s why we have to ensure it is given the means to achieve its promise.”
Senator Massicotte called on the government to adopt a clear governance model for the infrastructure bank as to ensure its credibility in the eyes of private investors.
He suggested that the government forego approving each investment individually, as they will already approve the annual budget and business plan for the bank. He has also suggested that the Chief Executive Officer of the Bank be protected from firing without just cause. Finally, he proposed that credentials for future board members of the bank be published.
As a member of the Senate Committee on Banking, Trade and Commerce, Senator Massicotte participated in the pre-study of Division 18 of Part 4 (Canada Infrastructure Bank Act) of Bill C-44, An Act to implement certain provisions of the budget tabled in Parliament on March 22, 2017 and other measures, which was tabled in the House of Commons on April 11, 2017.
The Senate Committee on Banking, Trade and Commerce tabled its own report in the Senate on June 7, 2017.
For more information:
Office of Senator Paul J. Massicotte