Thank you, Mr. Speaker. Mr. Speaker, subsection 100 of the Financial Administration Act requires the Workers' Compensation Board to prepare an annual report of its operations for the Minister responsible to approve and bring to this House. I rise today to table the Annual Report of the NWT Workers' Compensation Board for the period January 1 to December 31, 1997.
At the same time, Mr. Speaker, the WCB worked hard in 1997 to balance its responsibilities for accident prevention and safety enforcement:
Safety Education Programs were revised and delivered to workers and employers across the NWT. Safety seminars and examinations were provided at all NWT mine sites. Regular inspections were conducted at all NWT mines and major work sites. The Mine Occupational Health and Safety Legislation Committee produced a very comprehensive and virtually unanimous report. Events were organized to mark both the North American Occupational Safety and Health Week and the Annual Mine Rescue Competition.
Mr. Speaker, the numbers shown in this Annual Report reflects the success of the WCB's many programs and initiatives. Perhaps the most significant influence on the financial health of this organization has been the success of the WCB's investment portfolio. This, again, is no accident. In 1995 and 1996, the WCB made significant changes to its investment policies and assets mix model. A more aggressive and better balanced investment strategy has resulted in three successive years of solid investment performance. Despite high expectations and ambitious targets, the WCB's investment managers met their objectives in 1997 with another exceptional year in the equity markets. The WCB's investment success, low interest rates and liabilities below actuarial projections, combined to create a $20 million operating surplus in 1997.
The NWT Workers' Compensation Board took advantage of this financial position and once again moved to protect its accident fund for the future. The catastrophe reserve, set aside to provide for unforeseen workplace disasters, was doubled and now totals almost $10 million. The WCB created a special reserve of $4.5 million to cover the one-time impact of events which are beyond the board's control. Finally, Mr. Speaker, $10.5 million was added to the WCB's operating reserve to safeguard employer assessment rates during the periods of increased claims of low revenue. Through it all, Mr. Speaker, the commitment of the NWT Workers' Compensation Board remains to its stakeholders. Since 1996, the WCB has consistently reflected its financial success by decreasing employer assessment rates and increasing benefits to injured workers.
--Applause