The Provincial Government is engaging Rothschild & Co. to undertake a thorough review of provincial assets. They will provide the province with an independent, strategic review of all assets and consideration of potential opportunities. This will inform how government might optimize assets for the benefit of all Newfoundlanders and Labradorians.
The Honourable Siobhan Coady, Deputy Premier and Minister of Finance, will be available to media today (Tuesday, December 14) at 12:00 p.m. in front of the House of Assembly to discuss the work of Rothschild & Co. The availability will be livestreamed on Facebook.
The review of assets is the first step of a potential three phased approach. While this will be a broad review, there are no decisions made at this point and it is not directed at any one outcome.
In phase one, Rothschild & Co. is undertaking a three-month review of the province’s asset portfolio to assess how to best maximize its potential, including a specific focus on the province’s oil and gas holdings, the Newfoundland and Labrador Liquor Corporation, provincial registries and Marble Mountain.
The independent advice received through this process will provide valuable insights into potential revenue streams and will inform future government decisions. If the Provincial Government decides to proceed with options presented in the review of the province’s asset portfolio, phase two of preparing the relevant asset for change would commence. If appropriate, a future third phase involves implementing the change of the relevant asset.
The review of provincial assets is one of several transformational activities underway to modernize the Provincial Government, as well as its Crown corporations and organizations, to improve the delivery of services for the benefit of all Newfoundlanders and Labradorians.
Quotes
“Through these important actions, our government is advancing an ambitious, thoughtful plan that will socially and economically strengthen Newfoundland and Labrador. We know that change is needed, and will continue to carefully consider the information received through this review process as we further advance our work to build a brighter, more stable, more sustainable future for all Newfoundlanders and Labradorians.”
Honourable Andrew Furey
Premier of Newfoundland and Labrador
“We are charting a new course to economic recovery, growth and opportunity. This review is one of a series of actions we are taking to transform government and take meaningful steps towards a stronger, more viable future.”
Honourable Siobhan Coady
Deputy Premier and Minister of Finance
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Media Contacts
Meghan McCabe
Office of the Premier
709-729-3960
meghanmccabe@gov.nl.ca
Diana Quinton
Finance
709-729-2477
dianaquinton@gov.nl.ca