Committee to review the role and mission of the SGF and other public-sector venture capital corporations is soliciting the opinion of interested parties
Québec City, September 5, 2003 - At its first meeting on August 14, 2003, the Committee set up to examine the mandate and role of the Société générale de financement (SGF), Investissement Québec (IQ) and Innovatech decided to invite all interested parties to make their views and recommendations known by September 30, 2003. The views and recommendations must be concise and no longer than two to three pages. They should be e-mailed to Marc Leduc, Secretary, at , reference: SGF and other VC corporations-Recommendations.
“We would like interested parties to express their views, but we must also respect our timetable. We are therefore asking for concise presentations. Upon review of the submissions, parties may be selected to present their views to the Committee”, noted Pierre Brunet, the Committee chairman.
The Committee will issue an interim report to Michel Audet, Minister of the Department of Economic and Regional Development, on October 31, 2003 and a final report on November 30, 2003. Recommendations will be made concerning the following issues:
- assess the value of the portfolios and draw up a financial strategy to maximize return;
- determine the type of investment strategy likely to offer the best return outlook for the amounts invested by the Québec government while contributing to economic development;
- establish the framework to ensure that the activities of SGF, IQ and Innovatech are not a substitute for private sector activity, but rather complement it;
- recommend changes to ensure that the venture capital corporations provide greater support to regional projects;
- recommend changes to eliminate duplication in the role assumed by public-sector venture capital corporations and improve synergies with all other economic players, more specifically government departments and agencies;
- recommend the organizational changes required to ensure more transparent governance and greater accountability;
- suggest various possible options for capitalizing the public-sector venture capital corporations, notably SGF and Innovatech, including the possibility of mixed financing.
More information on the Committee can be obtained in the press release issued on July 10, 2003 in the list of press releases on the Department of Economic and Regional Development’s web site: www.mder.gouv.qc.ca.
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Department of Economic and Regional Development