October 3, 2003
Eight highly respected businesspeople will serve as the first board of directors for Investment Saskatchewan Inc., the new entity responsible for the government's investments in business.
The new entity, introduced by the Premier in early September, will be governed by the independent, arms-length board with full delegated authority to make decisions within the annually approved capital allocation, dividend policy and financial performance targets.
Crown Investments Corporation (CIC) Minister Maynard Sonntag announced the individual members of the Investment Saskatchewan board today. Maurice Delage, former President and Chief Executive Officer of Aventis Crop Science in North America will serve as Chair. Susan Milburn is Vice Chair, Donald W. Black CM, Gord G. Tallman, Robert T.F. Reid, Paul Martin, Raymond A. McKay and Anne Parker make up the balance of the Board.
"We believe that establishing an independent board - operating within the strategic direction provided by the government - is a step in the right direction to more effectively support economic growth in Saskatchewan," CIC Minister Maynard Sonntag said. "It will inject a fresh new perspective and at the same time, create a more focused decision-making process."
Members of the board have considerable investment experience and the demonstrated business expertise to prudently manage the $600 million portfolio of investments. Their basic mandate will be "to enhance Saskatchewan's long term economic growth and diversification through the provision of investment capital and financing to prudently manage portfolios of commercially viable investments." Investment guidelines, criteria and board member biographies are attached.
"The creation of Investment Saskatchewan offers a unique opportunity to define a strategic vision for investment and economic growth through a dedicated board, management team and organization, focused on optimizing the value of current investments of $600 million," Board Chair Maurice Delage said.
"The key to success for the new enterprise will be leveraging these significant assets to access private capital from Saskatchewan, Canada and around the world to support new investment necessary to achieve the province's goals for economic growth," Delage said.
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