The report by Rothschild & Co., the first comprehensive review of assets in the province’s history, has been received.
The report is a broad review of the business, operational, and financial condition of our assets to inform how government might optimize their potential for the full benefit of Newfoundlanders and Labradorians. There are no decisions made at this point and it is not directed at any one outcome.
As per the contract, Rothschild & Co.’s review process is now formally paused until government decides on next steps. The review of provincial assets by Rothschild & Co. is the first step of a potential three-phased approach. The independent advice received through this process provides an opportunity to gather information and evidence that will help inform next steps on how government might optimize assets for the benefit of all Newfoundlanders and Labradorians.
The contents of the report include a significant amount of commercially sensitive information. Consequently, it would be irresponsible for government to release the report. Commercially sensitive information can create value for third parties at the expense of Newfoundlanders and Labradorians. We would not want to harm the competitive or financial position of the province or diminish the potential value of this information by disclosing it to outside parties.
This 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.
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“For the first time in our history, a thorough review of assets on behalf of the people of the province has been undertaken. We will now take the time necessary to review the information and determine how to ensure the best outcome.”
Honourable Siobhan Coady
Deputy Premier and Minister of Finance
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News Release: Provincial Government Engages Outside Firm to Undertake Review of Provincial Assets
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Diana Quinton
Finance
709-729-2477
dianaquinton@gov.nl.ca