A new $2 billion growth fund created to advance Canada’s green transition will be allowed to buy, sell and swap shares in other companies without public scrutiny, says a regulatory notice issued by the federal Department of Finance on Dec. 21.
The Canada Growth Fund (CGF) will be exempted from section 91 of the Financial Administration Act, said the notice, titled “Regulatory Impact Analysis Statement.” The Act requires Crown agencies to seek approval from the Governor In Council (GIC) before acquiring or selling shares in other corporations.
“CGF will need to act swiftly and partner with fast-paced private-sector entities,” wrote the finance department, as first reported by Blacklock’s Reporter. “Delays to obtain GIC approvals for the constitution of new affiliates is likely to lead to many lost opportunities.”…