Mr. Chairman, I am pleased to present Bill 28, An Act to Amend the Workers' Compensation Act, No. 2. The bill proposes to give the Workers' Compensation Board the ability to purchase or construct real property. The Workers' Compensation Act does not permit this at present. Without the ability to acquire and dispose of real property, WCB must lease space for its operational requirements and is unable to take advantage of opportunities that might arise from ownership of property.

The bill before you requires the Workers' Compensation Board to seek the approval of the Commissioner in Executive Council to purchase real property that has a value exceeding $100,000; to construct or alter a building where the estimated value of the construction or alteration exceeds $100,000; or sell, lease or otherwise dispose of any of its real property that has a value exceeding $100,000.

This provides Cabinet with the ability to ensure that the Workers' Compensation Board is acting in the best interests of its stakeholders and in protecting the accident fund. Six of the nine Workers' Compensation Boards which have the authority to purchase and dispose of real property require approval from their jurisdiction's Lieutenant Governor in Council for property transactions or for property transactions above a certain value.

In closing, I look forward to hearing any comments and questions from the committee. Thank you, Mr. Chairman.