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Premier's Statement on Remarks by the Chair of the Advisory Council on Government Assets

News Release

Premier's Statement on Remarks by the Chair of the Advisory Council on Government Assets

Office of the Premier

"In April, we appointed the Advisory Council on Government Assets to provide balanced and transparent recommendations as we take action to maximize the value of key provincial assets, generate a better return and invest in the new transit and transportation infrastructure that people need. 

In a speech earlier today, Ed Clark, Chair of the Advisory Council, laid out the council's initial findings. I would like to thank Mr. Clark and the members of the council for their ongoing work on this important initiative.

We asked the council to find ways to improve customer service, increase efficiencies and unlock the full value of Hydro One, Ontario Power Generation (OPG) and the Liquor Control Board of Ontario (LCBO), which includes other aspects of Ontario's alcohol retail landscape.

These assets are important to the people of Ontario. They help fund core services such as health care and education, and must continue to do so for decades to come. Demanding the most of public assets helps ensure their sustainability and leads to savings for customers.

With this in mind, we asked the council for recommendations that maximize value while providing a benefit to customers and retaining the government's long-term ownership of these assets' core components.

I am pleased that today's initial findings are in line with these goals, and have asked the council to build on its work by entering phase two. As the council members move forward, they will broaden their commitment to a collaborative and transparent process and deepen the relationships they have established with all parties. This will bring the council closer to its goal of reaching agreement among all those who will feel the impact of asset restructuring.

I look forward to receiving a summary of the council's initial findings in its interim report, and to releasing this report prior to our government's Fall Economic Statement. I want people to see the interim report as an invitation to join in this important dialogue and contribute to the council's final report. The council will issue its final report by spring 2015 so we can take action in our 2015-16 Budget.

Our review of key government assets goes to the fiscally responsible core of our four-pillar economic plan to build Ontario up. By making smart business decisions that maximize the value of assets, we are ensuring that every public dollar is at work for the people of Ontario. Additional revenues from provincial assets will help us build new infrastructure, roads and transit, a pillar of our economic plan."

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