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2000 Annual Report to Parliament on Crown Corporations and Other Corporate Interests of Canada
Transport
Atlantic Pilotage Authority
Appropriate MinisterThe Honourable David Collenette, P.C., M.P. ChairpersonAnne Soucie Chief Executive OfficerR. Anthony McGuinness Head OfficePurdy's Wharf |
AuditorAuditor General of Canada Incorporation and Status1972 pursuant to the Pilotage Act (R.S.C. 1985, c. P-14); Schedule III, Part I of the Financial Administration Act; not an agent of Her Majesty. MandateTo establish, operate, maintain and administer a safe and efficient pilotage service within designated waters in and around the Atlantic provinces. These objectives are to be achieved by establishing a fair and reasonable tariff. |
Corporate Profile
In addition to providing pilotage services, the Atlantic Pilotage Authority with the approval of the Governor in Council makes regulations that prescribe the compulsory pilotage areas; the ships or classes of ships that are subject to compulsory pilotage; when compulsory pilotage may be waived; the tariff rates for pilotage; and the classes of licences and classes of pilotage certificates that may be issued.
Of the 33 pilotage areas in the Atlantic region, 16 are compulsory pilotage areas. The criteria for determining which ports should become compulsory are: the degree of difficulty and hazard in the approaches and within the port itself; the amount of vessel movement and the manoeuvrability of those vessels; the design of wharves and slips; the nature of the cargo; and environmental concerns and the preservation of the ecosystem.
Performance Information
The Atlantic Pilotage Authority's 1999 to 2003 Corporate Plan Summary included, among others, the following major objectives:
- To provide a safe, economical, reliable and effective marine pilotage service within the Atlantic Region;
- To participate with the Pilotage Review Panel with reference given to those items outlined in the Canada Marine Act; and
- To implement a centralized dispatch system within the Atlantic Region.
The Corporate Plan Summary also noted the Authority's commitment to maintaining its course of financial self-sufficiency, and its overall goal of individual port self-sufficiency and a 10 per-cent rate of return each year.
The Authority's 1999 Annual Report stated that:
- Throughout the year, the Authority co-operated with the Canadian Transportation Agency (CTA) in its Ministerial Review of Outstanding Pilotage Issues, and that the Authority was committed to following through on the recommendations of the CTA Review Panel as accepted by the government;
- The centralized dispatch of pilots had been implemented; and
- Each of the compulsory and non-compulsory pilotage areas had a positive operating return during the year, meaning that there was no cross-subsidization among ports to meet the operating expenses within a port.
Selected performance indicators are shown in the table below.
|
1999 Forecast |
1999 Actual |
1998 Actual |
|
| Net income ($ thousand) |
1,136 |
963.6 |
670 |
| Number of assignments |
9,814 |
11,091 |
9,726 |
| Number of incidents* |
14 |
12 |
10 |
| Incident-free assignments (%) |
99.9 |
99.9 |
99.9 |
* Compilation of all maritime incident reports with or without damage.
Canada Ports Corporation
Appropriate MinisterThe Honourable David Collenette, P.C., M.P. ChairpersonKenneth R. Nurse Acting President and Chief Executive OfficerGraham Pettifer Head OfficePlace de Ville, Tower C |
AuditorRaymond Chabot Grant Thornton Incorporation and Status1983 by the National Harbours Board Act (R.S.C. 1970, N-8, s.3); reconstituted by the Canada Ports Corporation Act (R.S.C. 1985, c. C-9); Schedule III, Part II of the Financial Administration Act; an agent of Her Majesty. MandateTo administer, manage and control Canadian harbours and any other harbour, work or property of Canada transferred by the Governor in Council. |
Corporate Profile
During 1998, the Canada Ports Corporation (CPC) had co-ordinated the national port activities of seven autonomous local port corporations and also had direct responsibility for operating seven non-corporate divisional ports.
During 1999, CPC assisted in implementing certain provisions of the Canada Marine Act, which had received Royal Assent on June 11, 1998. This Act provides for the creation of new organizational structures for ports as Canada port authorities (CPAs), the dissolution of CPC, reorganization of Ridley Terminals Inc. from a wholly owned subsidiary of CPC to a parent Crown corporation, and the transfer of all remaining assets and liabilities of CPC to the Minister of Transport.
The Halifax, Montreal and Vancouver port corporations became port authorities on March 1, 1999. The Port of Quebec Corporation, and the Prince Rupert, Saint John and St. John's port corporations, and CPC's Saguenay, Sept-Îles and Trois-Rivières divisional ports became port authorities effective May 1, 1999. These new entities are non-share-capital, shared-governance corporations with the associated municipalities and provinces each appointing a member to the board of directors, and the federal government appointing the majority.
On October 1, 1999, the CPC's Port Colborne port facilities and property were officially transferred to the City of Port Colborne, and the CPC port at Baie des Ha! Ha! was deproclaimed as a federal harbour on December 16, 1999. On March 29, 2000, the Port of Belledune, which was a CPC divisional port but not one of the original 18 ports designated to become a CPA, was granted CPA status. On October 11, 2000, CPC's last remaining divisional port - the Port of Prescott - was transferred to the Corporation of the Township of Edwardsburgh.
Subsequently, on October 18, the Governor in Council approved the dissolution of CPC as of November 1, 2000. CPC's wholly owned subsidiary, Ridley Terminals Inc., became a parent Crown corporation upon CPC's dissolution.
Performance Information
The CPC's 1999 to 2003 Corporate Plan Summary reflected a corporate plan developed largely on the basis of the status quo at the time it was prepared, as there was still some uncertainty as to the proclamation date for the Canada Marine Act.
For example, the Plan included the annual operations of the ports of Saguenay, Sept-Îles, and Trois-Rivières. These ports, however, became Canada Port Authorities pursuant to the Canada Marine Act on May 1, 1999, and they now report on their annual financial statements separately. As a result, financial and operating results for CPC are not directly comparable to forecasts or to previous years.
Most of CPC's activities during the year under review were directed at assisting in the implementation of certain provisions of the Canada Marine Act.
Federal Bridge Corporation Limited, The
Appropriate MinisterThe Honourable David Collenette, P.C., M.P. President and Chief Executive OfficerMichel Fournier Head OfficeSuite 1210 |
AuditorAuditor General of Canada Incorporation and Status1998 under the Canada Business Corporations Act; Schedule III, Part I of the Financial Administration Act; an agent of Her Majesty. MandateTo provide users with safe and effective infrastructures at its two wholly owned subsidiaries, Jacques Cartier and Champlain Bridges Incorporated and The Seaway International Bridge Corporation Ltd., as well as the Canadian facilities of the Thousand Islands Bridge. |
Corporate Profile
The Federal Bridge Corporation Limited (FBCL) was established on October 2, 1998, following the passage of the Canada Marine Act. Its original mandate was to replace The St. Lawrence Seaway Authority (SLSA) as the corporate body responsible for managing certain non-navigational assets. The civil structures transferred to The Federal Bridge Corporation Limited from SLSA are those of its former subsidiaries - The Jacques Cartier and Champlain Bridges Incorporated (JCCB) and The Seaway International Bridge Corporation, Ltd. - and include the Jacques-Cartier Bridge, the Champlain Bridge, The Seaway International Bridge and a section of the Bonaventure Autoroute.
The Southern Extension of the Mercier Bridge and the Melocheville Tunnel had been transferred from SLSA to JCCB in 1998. In 1999, the Champlain Bridge Ice Control Structure was transferred from Fisheries and Oceans Canada to JCCB.
Performance Information
The summary of the first Corporate Plan of FBCL, which was approved for 1999-2000 only, noted that the Corporation will manage the federal structures for which it is responsible in an efficient and effective manner, including ensuring that they are safe, properly maintained, and their useful life maximized. In addition, FBCL indicated that it would focus on overall cost reductions and the standardization of management policies and practices of these structures. The summary financial plans for FBCL excluded the results of its wholly owned subsidiary, JCCB, which were presented separately.
The FBCL's Annual Report for 1999-2000 noted the following among the Corporation's achievements during the year:
- FBCL has been implementing a new variable message signs program since June 1999 to provide motorists with useful traffic and road safety information.
- An application to launch a request for proposals for a three-year turnkey project to replace the deck of the Jacques Cartier Bridge was approved by the Treasury Board.
- The direct transfer of the Champlain Bridge Ice Control Structure was secured.
- A feasibility study for a public monorail transit system via the Champlain Bridge Ice Control Structure was commissioned, in co-operation with Montreal's Agence métropolitaine de Transport.
- Discussions were held, and will continue, with the leadership of the Mohawk Council of Akwesasne in an effort to arrive at a mutually acceptable solution regarding the collection of tolls on The Seaway International Bridge.
- A short- to medium-term study was commissioned to determine whether the two most heavily travelled bridges in Canada (Jacques Cartier Bridge and Champlain Bridge) would be able to accommodate forecasted traffic volumes.
Selected information is provided in the table below.
|
1999-2000 Forecast |
Consolidated Results |
|||
|
FBCL |
JCCB |
1999-2000 |
1998-99* |
|
| Revenues ($ thousand) |
3,144 |
850 |
6,760 |
2,713 |
| Maintenance expenses ($ thousand) |
1,345 |
23,406 |
21,825 |
7,346 |
| Net income (loss) before government financing ($ thousand) |
665 |
(30,614) |
(25,641) |
(9,399) |
*For the period from October 1, 1998 to March 31, 1999.
Great Lakes Pilotage Authority
Appropriate MinisterThe Honourable David Collenette, P.C., M.P. ChairpersonBrian C. Ducharme Chief Executive OfficerRobert F. Lemire Head Office2nd Floor |
AuditorAuditor General of Canada Incorporation and Status1972 by the Pilotage Act (R.S.C. 1985, c. P-14); incorporated under the Canada Corporations Act in May 1972 as a subsidiary of The St. Lawrence Seaway Authority; deemed to be a parent corporation within the meaning of the Financial Administration Act and listed in Schedule III, Part I of that Act; became a parent corporation on October 1, 1998 pursuant to the Canada Marine Act; not an agent of Her Majesty. MandateTo operate, maintain and administer a safe and efficient pilotage service in all Canadian waters in Ontario and Manitoba, as well as in Quebec south of the northern entrance to the St. Lambert Lock. |
Corporate Profile
In addition to providing pilotage services, the Great Lakes Pilotage Authority, with the approval of the Governor in Council, makes regulations that prescribe the compulsory pilotage areas; the ships or classes of ships that are subject to compulsory pilotage; when compulsory pilotage may be waived; the tariff rates for pilotage; and the classes of licences and classes of pilotage certificates that may be issued.
The Authority co-ordinates its operations with a number of other organizations such as the St. Lawrence Seaway Management Corporation and the United States Seaway Development Corporation which operate the lock facilities and maintain a traffic control system within the region. Other organizations involved are the Canadian Coast Guard, which provides aids to navigation, and the United States Coast Guard, which is responsible for United States pilotage matters in international waters.
Performance Information
The Great Lakes Pilotage Authority stated, in its Summary of the Corporate Plan for 1999 to 2003, that it interpreted its mandate of safety and efficiency to include not only its own financial self-sufficiency but also their application and cost impact on the effectiveness of the Seaway system and to vessel delays.
In addition, the Authority had decided that the excess of surpluses generated in the period from 1995 to 1998, after setting aside a sufficient amount for funding of termination benefits and future operating losses, would be addressed with a moderate tariff reduction starting in 1999.
In its 1999 Annual Report, the Authority reported that with regard to providing safe, economic and reliable pilotage service, it had:
- Invested in the training of pilots and introduced new working rules;
- Negotiated and put into place in the Pilots' collective agreements a no-strike, no-lockout provision to settle disputes, thus eliminating any chance of work stoppage;
- Negotiated a three-year collective agreement for all of its pilots yielding annual wage increases of 3 per cent for each of the three years; and
- Implemented a tariff reduction of 5 per cent for all Canadian pilotage sectors for 1999 and noted that this tariff reduction will be maintained in 2000.
To maintain self-sufficiency in its operations, the Authority:
- Completed its restructuring of the administration that began in 1994, with the overall effect of reducing 2.5 full-time-equivalent positions and saving $195,000 a year; and
- Continues to contract out pilot boat services for the Welland Canal.
Selected performance indicators are shown in the table below.
|
1999 Forecast |
1999 Actual |
1998 Actual |
|
| Net income ($ thousand) |
10 |
(353.1) |
1,701.4 |
| Number of assignments |
7,200 |
8,108 |
9,085 |
| Accident-free assignments (%) |
99.5 |
99.7 |
99.7 |
| Average cost of performing an assignment ($) |
1,794* |
1,871 |
1,711 |
Source: Great LakesPilotage Authority,1998 Annual Report.
Laurentian Pilotage Authority
Appropriate MinisterThe Honourable David Collenette, P.C., M.P. Chairperson and Chief Executive OfficerJean-Claude Michaud Head Office6th Floor |
AuditorAuditor General of Canada Incorporation and Status1972 by the Pilotage Act (R.S.C. 1985, c. P-14); Schedule III, Part I of the Financial Administration Act; not an agent of Her Majesty. MandateTo operate, maintain and administer a safe and efficient pilotage service in the St. Lawrence River between Les Escoumins and the north end of the St. Lambert Lock, in the Saguenay River and in Chaleur Bay north of Cap d'Espoir. |
Corporate Profile
The Laurentian Pilotage Authority serves three mandatory pilotage districts: one for the Port of Montreal, another for the navigable waters between Montreal and Quebec City, and a third for the navigable waters between Quebec City and Les Escoumins including the Saguenay River. The Authority owns and operates a pilot station at Les Escoumins with pilot boats capable of carrying pilots year round. The pilot boat services at Quebec City, Trois-Rivières, Sorel, Lanoraie and Montreal are served by private companies under contract to the Authority.
In addition to providing pilotage services, the Authority with the approval of the Governor in Council makes regulations that prescribe the compulsory pilotage areas; the ships or classes of ships that are subject to compulsory pilotage; when compulsory pilotage may be waived; the tariff rates for pilotage; and the classes of licences and classes of pilotage certificates that may be issued.
Performance Information
The main components of the strategic direction of the Laurentian Pilotage Authority (LPA), as noted in its Summary of the Corporate Plan for 1999 to 2003, were financial self-sufficiency; the maximization of the effectiveness of the pilotage system by being sensitive to clients' needs; modernizing the existing process for issuing pilotage
certificates; periodically reviewing existing compulsory pilotage zones and the mechanism for designating zones; and providing mechanisms for the resolution of disputes.
In its 1999 Annual Report, the Authority reported on its accomplishments in the following areas: For example, with regard to financial self-sufficiency, the Authority reported on its revenue increases, effective cost-management, and upgrading of its administrative and operating methods. It noted that the Montreal Region and its office had received ISO 9002 certification for its quality system for pilot assignments and billing service. To maximize the effectiveness of the pilotage system, the Authority noted that the percentage of assignments without incident was higher than the previous year, and that it was upgrading its assignment and billing computer systems, conferring with users about the quality and efficiency of the Authority's services and information, and changing pilots' operating rules to improve service.
With regard to the present system for issuing pilotage certificates, the Authority filed amendments for updating its regulations on pilotage licences and certificates, and continued its work to update the program of study, as well as serving on the committee revising the pilotage program and implementing recommendations in the study commissioned by Transport Canada and the Canadian Shipowners Association.
Selected performance indicators are shown in the table below.
|
1999 Forecast |
1999 Actual |
1998 Actual |
|
| Net Income ($ thousand) |
144 |
475.7 |
463.5 |
| Number of assignments |
21,654 |
22,018 |
|
| Number of incidents* |
22 |
29 |
|
| Incident-free assignments (%) |
99.9 |
99.87 |
*Compilation of all maritime incident reports with or without damage.
Marine Atlantic Inc.
Appropriate MinisterThe Honourable David Collenette, P.C., M.P. ChairpersonSidney J. Hynes President and Chief Executive Officer(Vacant post) Head OfficeSuite 802 |
AuditorAuditor General of Canada Incorporation and Status1979 by the Canada Business Corporations Act; status and ownership changed as of December 31, 1986, pursuant to the Marine Atlantic Inc. Acquisition Authorization Act (S.C. 1986, c. 36); Schedule III, Part I of the Financial Administration Act; not an agent of Her Majesty. MandateTo provide a safe, environmentally sound and quality ferry service between Newfoundland and the mainland of Canada on behalf of the federal government. |
Corporate Profile
Marine Atlantic Inc. has provided continuous ferry services between Newfoundland and Nova Scotia for over 100 years. In addition to the constitutionally guaranteed ferry link between North Sydney, Nova Scotia and Port aux Basques, Newfoundland, Marine Atlantic continues to operate a seasonal alternative service between Argentia, Newfoundland and North Sydney.
The federal government through operating contracts with Transport Canada financially supports the Corporation's operations.
Marine Atlantic continues to have a strong economic presence in the region; it is a carrier of Atlantic Canada's commerce and plays an important role in Newfoundland's tourism industry.
Performance Information
In the Summary of its 1999 to 2003 Corporate Plan, Marine Atlantic Inc. noted that, in its transition to a smaller company, the Corporation would not lose sight of the critical importance of safety in its operations.
The Corporation also indicated that there was a risk that its maintenance costs could be higher than planned due to rigorous regulatory requirements and the fact that its three-vessel fleet was getting older. Concerns were expressed as to whether the three-vessel deployment and the high frequency of at-capacity sailings over the busy summer season were appropriate. The Corporation noted that a study was under way to determine the costs and benefits of resolving the issue.
Marine Atlantic Inc.'s 1999 Annual Report documented the following:
- Unprecedented traffic volumes strengthened the financial results in 1999, and the Corporation recorded its lowest ever subsidy requirement.
- Based on a thorough examination of the Newfoundland transportation environment and traffic forecasts, the Corporation received authorization in December to commence negotiations for acquisition of a third passenger ferry, capable of meeting the anticipated demand in 2000 and beyond. Subsequently, Marine Atlantic advised that a third passenger vehicle ferry was chartered for the summer of 2000, and it will be replaced by a vessel that has been purchased for delivery in the spring of 2001.
- A professional survey on consumer feedback showed that more than two thirds of customers were generally satisfied with their Marine Atlantic experience. The corporation's employees received a particularly high rating.
- In June, the Corporation was chosen by the Canadian Transportation Agency as the venue for launching its Code of Practice on Ferry Accessibility.
Selected performance indicators are shown in the table below.
|
Gulf Service Traffic |
1999 Actual |
1998 Actual |
| Passengers |
477,761 |
444,425 |
| Passenger vehicles |
149,732 |
138,850 |
| Commercial vehicles and 40-foot-equivalent containers |
76,905 |
71,311 |
Pacific Pilotage Authority
Appropriate MinisterThe Honourable David Collenette, P.C., M.P. ChairpersonMaurice Fellis Chief Executive OfficerDennis B. McLennan Head Office1000-1130 West Pender Street |
AuditorAuditor General of Canada Incorporation and Status1972 pursuant to the Pilotage Act (R.S.C. 1985, c. P-14); Schedule III, Part I of the Financial Administration Act; not an agent of Her Majesty. MandateTo establish, operate, maintain and administer a safe, reliable and efficient pilotage service in the coastal waters of British Columbia including the Fraser River. |
Corporate Profile
The Pacific Pilotage Authority provides pilotage services within a commercially oriented framework directed towards maintaining financial self-sufficiency through tariffs. Coastal pilotage services are provided by the British Columbia Coast Pilots Ltd., under an agreement for services. Pilot services on the Fraser River are provided by employee pilots.
In addition to providing pilotage services, the Authority with the approval of the Governor in Council makes regulations that prescribe the compulsory pilotage areas; the ships or classes of ships that are subject to compulsory pilotage; when compulsory pilotage may be waived; the tariff rates for pilotage; and the classes of licences and classes of pilotage certificates that may be issued.
Performance Information
The Pacific Pilotage Authority's corporate objectives, as stated in its Summary of the Corporate Plan for 1999 to 2003, were as follows:
- to provide safe, reliable and efficient marine pilotage and related services in the coastal waters of British Columbia including the Fraser River;
- to provide the services within a commercially oriented framework directed toward maintaining financial self-sufficiency through tariffs which are fair and reasonable;
- to promote the effective utilization of the Authority's facilities, equipment and expertise through the productive application of these resources in the interest of safe navigation; and
- to be responsive to the Government's environmental, social and economic policies.
In its 1999 Annual Report, the Authority noted its commitment to follow through and implement initiatives contained in the Canadian Transportation Agency's review of outstanding pilotage issues. As a result of a significant increase in the volume of business, due to a strong cruise industry and the introduction of new direct container lines, the Authority was able to achieve a financial surplus of $325,000 in the year under review.
Selected performance indicators are shown in the table below.
|
1999 Forecast |
1999 Actual |
1998 Actual |
|
| Net income ($ thousand) |
30 |
325 |
385 |
| Number of coastal assignments |
12,430 |
12,590 |
12,232 |
| Number of Fraser River assignments |
850 |
1,186 |
1,035 |
| Incident-free assignments (%) |
n/a* |
99.891 |
99.857 |
* The Authority does not forecast incidents.
VIA Rail Canada Inc.
Appropriate MinisterThe Honourable David Collenette, P.C., M.P. ChairpersonMarc LeFrançois Acting President and Chief Executive OfficerMarc LeFrançois Head Office6th Floor |
AuditorRaymond Chabot Grant Thornton Incorporation and Status1977 under the Canada Business Corporations Act; Schedule III, Part I of the Financial Administration Act; not an agent of Her Majesty. MandateTo manage and provide a safe and efficient passenger rail service. |
Corporate Profile
VIA Rail Canada Inc. is Canada's national passenger rail company. Since its creation in 1977, the Corporation has operated passenger trains on a cross-Canada network stretching from the Atlantic Ocean to the Pacific Ocean and from the Great Lakes to Hudson Bay. VIA Rail operates more than 460 trains weekly on 14, 000 kilometres of track, connecting over 450 communities across the country.
In January 1999, the Minister of Transport asked the House of Commons Standing Committee on Transport (SCOT) to review the passenger rail system and examine creative ways to revitalize VIA Rail. Following extensive stakeholder and public consultation, SCOT tabled its report entitled The Renaissance of Passenger Rail in Canada in the House of Commons on June 11, 1999. On October 21, 1999, the Minister of Transport announced that Transport Canada and VIA Rail will work together to prepare a strategic long-term business plan that will outline VIA's route network, levels of service, funding requirements and proposals for equipment renewal.
On April 12, 2000, the Minister of Transport announced a new funding package to revitalize VIA Rail. Under the new funding package, the Government of Canada has set aside $401.9 million in new funding for major investments at VIA Rail over the next five years.
The Minister of Transport also asked VIA Rail to prepare a five-year corporate plan that details how the new funding will be spent. Transport Canada and VIA Rail will also initiate the commercialization of certain remote and regional passenger rail services. This initiative will fulfil the government's commitment to "pilot test" the concept of franchising before the end of the year 2000.
Performance Information
Since a Corporate Plan Summary for VIA Rail covering the period from 1999 to 2003 had not been tabled in Parliament as of the closing date for inclusion of the information in the President of the Treasury Board's annual report, the information noted below only reflects that included in the Corporation's 1999 Annual Report.
Achievements noted in the Annual Report included an increase of $20.4 million in revenue over the previous year. The Corporation also reported that the transition to the year 2000 was smooth; and that VIA Rail's Equipment Maintenance department is continuing work towards ISO 9002 certification, which is expected to be achieved during the year 2000. The Corporation is also applying for ISO 14001 certification for all environmental management activities within Equipment Maintenance.
Selected performance indicators are shown in the table below.
|
Key Operating Statistics |
1999 Actual |
1998 Actual |
1997 Actual |
| Total passengers carried (thousands) |
3,757 |
3,646 |
3,765 |
| Total passenger miles (millions) |
931 |
856 |
884 |
| Average passenger load factor (%) |
59 |
56 |
58 |
| On-time performance (%) |
84 |
81 |
84 |
| Government operating funding per passenger mile (cents) |
18.3 |
20.8 |
24.0 |
| Revenue/cash operating expenses ratio (%) |
56.7 |
52.3 |
49.3 |
Treasury Board
Public Sector Pension Investment Board
Appropriate MinisterThe Honourable Lucienne Robillard, P.C., M.P. ChairpersonWilliam R. C. Blundell Chief Executive OfficerAdel Sarwat Head OfficeTo be determined Montreal OfficeSuite 2821 |
AuditorDeloitte & Touche Incorporation and Status1999 pursuant to the Public Sector Pension Investment Board Act (S.C. 1999, c. 34); exempt from Part X of the Financial Administration Act; not an agent of Her Majesty. MandateTo manage the amounts that are transferred to the Investment Board pursuant to sections of the Canadian Forces Superannuation Act, the Public Service Superannuation Act and the Royal Canadian Mounted Police Superannuation Act in the best interests of the contributors and beneficiaries under those Acts. |
Corporate Profile
The Public Sector Pension Investment Board was established pursuant to the Public Sector Pension Investment Board Act to invest in financial markets the funds transferred to it, after April 1, 2000, by the Government of Canada for the Canadian Forces, federal Public Service and Royal Canadian Mounted Police pension plans.
The amounts are to be invested with a view to achieving a maximum rate of return, without undue risk of loss, having regard to the funding, policies and requirements of the pension plans established under the Canadian Forces Superannuation Act, the Public Service Superannuation Act and the Royal Canadian Mounted Police Superannuation Act, and the ability of those plans to meet their financial obligations.
Performance Information
The Investment Board commenced operations on April 1, 2000. It is required to report to Parliament annually on the results of its investment decisions. In its first year of operations, the Board is expected to invest approximately $3 billion in new pension contributions.
