Canadian Union of Public Employees - Submission for the 5-year statutory review of the

This was not surprising given that those involved in designing the final version of the Bank were none other than McKinsey and BlackRock, the world’s largest investment firm.11 A cash-grab for the rich BlackRock controls an estimated 5% of the shares in 97.5% of the top 500 publicly traded companies in the US, allowing it to profit extensively from a bank that subsidizes private profit for compani. [...] Ehren Cory, the CEO of the CIB, is a member of the board of directors of the Canadian Council for Public Private Partnerships (CCPPP).31 The board of this organization, which exists to “shape the future of Canada’s infrastructure and services” through “public-private partnerships,”32 (privatization by another name33) is made up of senior public servants (including Deputy Ministers) and private sec. [...] The enabling statute of the Bank requires the designated Minister to review the provisions and operation of the legislation every five years beginning on the day on which the Act comes into force.37 The review, therefore, ought to have commenced on June 22, 2022, with a report from the Minister due to parliament in June 2023. [...] To the best of our knowledge, the only public announcement for the review was one tweet issued by Infrastructure Canada’s twitter account on March 13.40 We recommend that future statutory reviews and consultations for the CIB adhere to the following principles: • Public terms of reference that include the evaluation of the CIB’s current mandate, governance, and guiding policy framework. [...] • A transparent framework for the review of the Bank’s mandate and performance, such as the one developed for the OECD by the Jean-Luc Pepin Research Chair at the University of Ottawa.