Released on November 15, 2006
Crown Investments Corporation of Saskatchewan (CIC) and its subsidiary Crown corporations have developed and implemented a new public reporting policy regarding financial losses.CIC will now report on a quarterly basis to the Legislature's Crown and Central Agencies Committee all losses of more than $500 attributed to employees and other individuals who are subject to corporate policies with respect to conduct. The Crowns will also report all losses of more than $200 to police.
The first report on Crown losses, which was also tabled with the Committee last night, includes information for the first, second and third quarters of 2006.
"The loss of public money and property is an issue which the Crowns take very seriously," CIC Minister Maynard Sonntag said. "The Crowns have well-established systems of financial and other controls to mitigate the risk of, and detect, fraud or illegal activities. The new reporting policy will strengthen these systems."
The new public reporting policy brings the Crown sector in line with Executive Government, which has also committed to report financial losses to the Legislature on a quarterly basis.
"In making this commitment, our government builds upon other recent improvements to Crown corporation accountability," Sonntag said. "These improvements include issuing public quarterly financial reports; tabling the Crowns' annual reports on different days, rather than on the same day; and providing enhanced payee disclosure reports to the Crown and Central Agencies Committee."
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For More Information, Contact:
| Karen Schmidt Crown Investments Corporation Regina Phone: 306-787-5889 Email: kschmidt@cicorp.sk.ca |