Canada Lands Company Welcomes Auditor General's Report on Old Port of Montréal Corporation

MONTREAL, April 30, 2013 /CNW/ - Today Canada Lands Company made available to the public the Auditor General of Canada's Special Examination report pertaining to the operations of the Old Port of Montréal Corporation (OPMC).  Under law, all federal Crown corporations must undergo a special examination at least every 10 years.  The report also responds to the Government's request in May 2012 that the Auditor General look into, and report on certain practices and expenses of OPMC.

Canada Lands Company is pleased to note from the report that OPMC has sound systems and practices in place on which it can build while it addresses areas for improvement that are in line with prudent financial best practices.

"This report, in addition to the information gathering we have completed to date, will enable us to establish an effective long-term strategy for the Old Port", said Robert Howald, acting President and CEO of Canada Lands Company.

Prior to the tabling of this report, Canada Lands Company began implementing many of the oversight recommendations mentioned, such as more stringent expense review, authorization and documentation processes.

"This report confirms that Canada Lands is heading in the right direction with its management practices at the Old Port and we will continue to show strong leadership as we move forward", added Howald.

The company will continue to study the report and implement the Auditor General's suggestions as appropriate.

The report can be viewed on its website at clcl.ca.

Canada Lands Company is a self-financing federal Crown corporation, whose sole shareholder is the Government of Canada.  Its role is to optimize the economic and community value obtained from former government properties. It is also a demonstrated leader in tourism management with its operation of the CN Tower in Toronto.

The Old Port of Montréal participates actively in Montréal's economic development by offering high-quality cultural, tourism and recreational products, as well as managing the Montréal Science Centre. The Old Port of Montréal is owned and operated by Canada Lands Company, a self-financing Crown corporation that optimizes the financial and community value obtained from former government properties.

SOURCE: Canada Lands Company