Yeah, thanks, Madam Chair. I think the other thing that changed, as I recall, was the regulations under the -- the Heritage Fund Act would change to allow for a slightly more, small "L", liberal investment regime -- or criteria, because the fund was actually losing money against inflation, if you can believe that or not. And that was when rates were pretty low. But yeah, look, I was involved in making submissions around this when it was first set up ten years ago or more -- 12 years ago I think, and people at that time wanted some kind of public governance of it, some investment criteria, some accountability, and that's not what we got. So that's just a heads up to the Minister, that I expect that those will be main themes coming out of the -- into the ten-year review to try to get some greater accountability and oversight of these funds as they grow, as small as they are, you know, we're I guess up to, what, $48 million after about 300 million -- 300 billion, I think, where dollars worth of diamonds have left the Northwest Territories. So it's not a great return or not a great nest egg to leave our future generations. But the ten year review's coming up quick. Thanks, Madam Chair. That's all I got.
Kevin O'Reilly on Committee Motion 201-19(2): Tabled Document 561-19(2): Main Estimates 2022-2023 - Industry, Tourism and Investment - Deferral of Department, Carried
In the Legislative Assembly on March 10th, 2022. See this statement in context.
Committee Motion 201-19(2): Tabled Document 561-19(2): Main Estimates 2022-2023 - Industry, Tourism and Investment - Deferral of Department, Carried
Consideration In Committee Of The Whole Of Bills And Other Matters
March 10th, 2022
Page 3979
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