Proceedings of the Standing Senate Committee on
National Finance
Issue 6 - Minutes of Proceedings
OTTAWA, Tuesday, February 26, 2008
(15)
[English]
The Standing Senate Committee on National Finance met this day at 9:35 a.m., in room 9, Victoria Building, the chair, the Honourable Joseph A. Day, presiding.
Members of the committee present: The Honourable Senators Chaput, Day, Eggleton, P.C., Murray, P.C., Nancy Ruth, Ringuette and Tkachuk (7).
In attendance: Guy Beaumier and Jean Dupuis, Analysts, Parliamentary Information and Research Services, Library of Parliament.
Also in attendance: The official reporters of the Senate.
Pursuant to the order of reference adopted by the Senate on Wednesday, November 28, 2007, the committee continued its examination of Bill S-201, An Act to amend the Financial Administration Act and the Bank of Canada Act (quarterly financial reports)
WITNESSES:
Senate of Canada:
The Honourable Hugh Segal, sponsor of the bill.
Treasury Board of Canada Secretariat:
Rod Monette, Interim Comptroller General of Canada;
Bill Matthews, Senior Director, Public Accounts Policy and Reporting.
The chair made a statement.
It was agreed that the committee proceed to clause-by-clause consideration of Bill S-201, An Act to amend the Financial Administration Act and the Bank of Canada Act (quarterly financial reports).
It was agreed that the title stand postponed.
It was agreed that the preamble stand postponed.
The chair asked whether clause 1 shall carry.
The Honourable Senator Murray moved:
That Bill S-201 be amended, in clause 1, on page 2,
(a) by replacing lines 7 and 8 with the following:
``be prepared a quarterly financial report for'';
(b) by deleting lines 14 to 16;
(c) by relettering paragraphs 65.1(2)(b) to (e) as paragraphs 65.1(2)(a) to (d); and
(d) by replacing lines 32 to 37 with the following:
``(3) The appropriate Minister shall cause the report referred to in subsection (1)
(a) to be made available to the public within 60 days after the end of each three-month period referred to in that subsection; and
(b) to be laid before each House of Parliament at the first reasonable opportunity.''.
After debate, the question being put on the motion in amendment, it was adopted.
It was agreed that clause 1, as amended, carry.
The chair asked whether clause 2 shall carry.
The Honourable Senator Murray moved:
That Bill S-201 be amended, in clause 2, on page 3,
(a) by replacing lines 3 and 4 with the following:
``prepared, in respect of itself and its'';
(b) by deleting lines 12 to 14;
(c) by relettering paragraphs 131.1(2)(b) to (f) as paragraphs 131.1(2)(a) to (e); and
(d) by replacing lines 32 to 37 with the following:
``(3) The appropriate Minister shall cause the report referred to in subsection (1)
(a) to be made available to the public within 60 days after the end of each three-month period referred to in that subsection; and
(b) to be laid before each House of Parliament at the first reasonable opportunity.''.
The question being put on the motion in amendment, it was adopted.
It was agreed that clause 2, as amended, carry.
The chair asked whether clause 3 shall carry.
The Honourable Senator Murray moved:
That Bill S-201 be amended, in clause 3, on page 4,
(a) by replacing lines 2 and 3 with the following:
``Bank shall prepare a quarterly financial'';
(b) by deleting lines 11 to 13;
(c) by relettering paragraphs 29.1(2)(b) to (f) as paragraphs 29.1(2)(a) to (e); and
(d) by replacing lines 30 to 35 with the following:
``(3) The appropriate Minister shall cause the report referred to in subsection (1)
(a) to be made available to the public within 60 days after the end of each three-month period referred to in that subsection; and
(b) to be laid before each House of Parliament at the first reasonable opportunity.''
The question being put on the motion in amendment, it was adopted.
It was agreed that clause 3, as amended, carry.
It was agreed that clause 4 carry.
It was agreed that clause 5 carry.
The chair asked whether the preamble shall carry.
The Honourable Senator Ringuette moved:
That Bill S-201 be amended in the preamble, on page 1, by replacing lines 9 to 11 with the following:
``traded companies;''.
The question being put on the motion in amendment, it was adopted.
It was agreed that the preamble, as amended, carry, on division.
It was agreed that the title carry.
At 9:54 a.m, Mr. Monette and Mr. Matthews were invited to the table to answer questions.
After debate, it was agreed that the Bill, as amended, carry, on division.
It was agreed that the chair report the Bill, as amended, to the Senate.
At 10:00 a.m., the committee suspended.
At 10:03 a.m., pursuant to the order of reference adopted by the Senate on Thursday, February 14, 2008, the committee began its examination of the Supplementary Estimates (B), laid before Parliament for the fiscal year ending March 31, 2008.
WITNESSES:
Treasury Board of Canada Secretariat:
Alister Smith, Assistant Secretary, Expenditure Management Sector;
Brian Pagan, Executive Director, Expenditure and Estimates Division.
The chair made a statement.
Mr. Smith made a statement and, together with Mr. Pagan, answered questions.
At 11:30 a.m., the committee adjourned to the call of the chair.
ATTEST:
Lynn Gordon
Clerk of the Committee