Amalgamation of Parc Downsview Park Inc. and Old Port of Montreal Corporation Inc.

TORONTO, Nov. 29, 2012 /CNW/ - Today, the Government of Canada, through the Minister responsible for the company, the Honourable Rona Ambrose, Minister of Public Works and Government Services Canada, entrusted Canada Lands Company with the mandate to amalgamate and strengthen operational effectiveness and accountability of two federal Crown corporations, namely Parc Downsview Park Inc., in Toronto, Ontario, and the Old Port of Montreal Corporation Inc., in Montréal, Québec.

"The Government of Canada has given our organization a clear mandate - to deliver a streamlined governance model and improved accountability.  We are definitely up to the challenge", stated Canada Lands Board of Directors Chairman Grant Walsh.

"We are honoured by the confidence entrusted to us by the government.  We will immediately begin our work to successfully deliver on today's decision", said Canada Lands President and CEO Mark Laroche.

What is changing?

Prior to this announcement, the two organizations were independent Crown corporation subsidiaries of parent company, Canada Lands Company Limited.   These entities will be fully integrated into Canada Lands. The Canada Lands Board of Directors will now have oversight authority over both entities.  The company will continue to report to the Parliament of Canada through the Minister of Public Works and Government Services Canada.

These changes will provide Canada Lands with overall operational responsibility and oversight, while allowing both entities to focus on their operations, communities, and stakeholders in a financially sustainable manner.

Canada Lands will work with both entities to facilitate a smooth transition. The company will immediately begin conducting a strategic review of operations and assets in order to establish a way forward.    Any changes implemented will aim to ensure the viability of both entities and provide a better return to taxpayers and the Government of Canada, now and into the future.

What are the objectives?

The objectives, as laid out by the minister are to leverage the expertise of Canada Lands in real estate development and property management, strengthen accountability, ensure continuity and the long-term financial viability of Downsview Park and Old Port of Montréal while offering the best possible returns to Canadians and the Government of Canada.

Why Canada Lands?

With its commercial, self-financing mandate, Canada Lands Company has experienced tremendous business success across Canada enabling it to consistently provide a positive return to its shareholder, the Government of Canada, by way of dividends and economic stimulation.  Canada Lands' extensive tourism and management expertise will benefit the long-term viability of both entities.

The company will have more to say once the operational review has been completed.  Canada Lands looks forward to working with Downsview Park and Old Port of Montreal as they embark on the next chapter of their evolution.

Link to the Minister's news release

SOURCE: Canada Lands Company