Government of Saskatchewan ministries, Crown corporations and organizations are working to minimize the impacts of the postal service disruption.
Les ministères, les sociétés d’État et les organismes du gouvernement de la Saskatchewan travaillent à réduire au minimum les répercussions de l’interruption des services postaux.
Google Translate Disclaimer
A number of pages on the Government of Saskatchewan's website have been professionally translated in French. These translations are identified by a yellow box in the right or left rail that resembles the link below. The home page for French-language content on this site can be found at:
Where an official translation is not available, Google™ Translate can be used. Google™ Translate is a free online language translation service that can translate text and web pages into different languages. Translations are made available to increase access to Government of Saskatchewan content for populations whose first language is not English.
Software-based translations do not approach the fluency of a native speaker or possess the skill of a professional translator. The translation should not be considered exact, and may include incorrect or offensive language. The Government of Saskatchewan does not warrant the accuracy, reliability or timeliness of any information translated by this system. Some files or items cannot be translated, including graphs, photos and other file formats such as portable document formats (PDFs).
Any person or entities that rely on information obtained from the system does so at his or her own risk. Government of Saskatchewan is not responsible for any damage or issues that may possibly result from using translated website content. If you have any questions about Google™ Translate, please visit: Google™ Translate FAQs.
Released on December 3, 2008
The Government of Saskatchewan today introduced legislation that will give it the power to amend, modify or cancel the Investment Management Agreement that currently exists between Investment Saskatchewan and Victoria Park Capital (VPC).
"Our government has consistently stated that it is not in favour of this contract which was established by the previous government," Minister responsible for Investment Saskatchewan Lyle Stewart said. "The contract requires the investment of taxpayers' money in mature equity placement, and we have determined it is not in the public's best interest that we continue with the arrangement."
Stewart expressed regret that the government needed to take the unusual measure of introducing legislation. The Government has been attempting to negotiate a settlement with VPC that would enable it to withdraw from the commitment to provide investment capital of $25 million in each of 2009 and 2010 and $30 million in 2011. Under the agreement the Government would need to commit to the 2009 provision by the end of this fiscal year. Since a satisfactory conclusion could not be reached within an acceptable time period, the legislation is required to secure government's intent
The proposal to VPC was to accept specific terms offered for a revised contract that would not involve any new investment commitment. Commitments previously made but not disbursed would be honoured. VPC could continue to manage existing assets owned by Investment Saskatchewan while also ensuring stronger management oversight by Investment Saskatchewan. The decision to legislate does not reflect dissatisfaction with the investment manager's performance but is rather a fundamental public policy disagreement with the intent of the contract.
The Investment Management Agreement was established in 2006 and committed the province to make $150 million available to VPC over a five year period. The contract provides full authority to VPC to make and divest investments within the scope of a broadly defined mandate. VPC also manages legacy assets owned by Investment Saskatchewan.
The Bill will be introduced on December 4, 2008.
-30-
For more information, contact:
Leanne Persicke
Executive Council
Regina
Phone: 306-787-1321
Email: leanne.persicke@gov.sk.ca
We need your feedback to improve saskatchewan.ca. Help us improve
