REGINA – Amendments have finally been introduced this week to the Information Services Corporation Act, with the province saying the changes will add protections to the "Golden Share" portion of that Act.
Those added protections to the Golden Share are to ensure both the head office, and jobs, remain in Saskatchewan. It will also secure board appointments for the province of Saskatchewan, and will lift the ownership cap on shares, which the government says will facilitate the growth and evolution of Information Services Corporation.
The province also says the data will by legislation be guaranteed in law to remain domiciled in the province. The Master Services Agreement is also being legislated as part of the Golden Share as well. The Master Services Agreement regulates and controls land titles fees in the province and in 2023 had been extended by a 30 year term. The province states this will continue to apply, regardless of any potential change to the ownership structure of ISC.
Soeaking to reporters at the Legislature following introduction of the bill, Minister for Crown Investments Corporation Jeremy Harrison said they had been clear that the "interests of the province will be completely protected first and foremost."
"We are making sure we are keeping our commitments with regard to strengthening all of the commitments in the ISC Act and that is what we just introduced in the Assembly.
Right now ISC is undertaking a Strategic Review to "explore options to further maximize shareholder value and opportunities for the potential growth of ISC," according to the province's news release. The government has publicly stated its support for the strategic review and states that while the amendments are expected to pass, the Act will not be proclaimed until after that process has concluded.
Harrison reiterated that they have not gotten a recommendation from the Board with respect to the strategic review. He also confirmed there would be a guaranteed minimum of two board appointments from Saskatchewan in the legislation "regardless of what that recommendation is."
The opposition New Democrats had raised concerns about the potential changes to the ISC Act earlier this week. On Wednesday they made clear they remain concerned that the change to the ISC Act "clearly is going to lead to the privatization of ISC," according to critic Aleana Young.
"What is clear is that this will allow that 15 per cent cap on ownership to be removed," said Young. "Right now that Golden Share protects 29 per cent of ownership to Saskatchewan, which is the largest shareholder. By removing that 15 per cent cap, Saskatchewan and Saskatchewan people are going to go from being the majority shareholder to a minority shareholder. They will lose control, they will lose power and ultimately this will lead to the ownership of ISC by another group that is not the people of Saskatchewan."
