Ed Clark, president and CEO, TD Bank Financial Group has been tapped to lead a review of several of Ontario’s key provincial government assets, Hydro One, Ontario Power Generation (OPG), and the Liquor Control Board of Ontario (LCBO).
The Ontario government said Friday it has appointed a council to recommend ways to improve the efficiency and optimize the full value of Hydro One, OOPG, and the LCBO, to generate better returns and revenues. It will prioritize owning, rather than selling, the assets, and maximizing their value.
Clark will chair the council, which also includes financial industry veterans, David Denison, former president and CEO of the Canada Pension Plan Investment Board; and, Janet Ecker, former provincial Finance minister, and president and CEO of the Toronto Financial Services Alliance. The council also includes Ellis Jacob, president and CEO of Cineplex Entertainment; and, former cabinet minister, Frances Lankin.
As part of its review, the council will consider various options to maximize the value of these entities, including more efficient governance, growth strategies, corporate reorganization, mergers and acquisitions, and public-private partnerships. It will report to the premier by the end of 2014.
“We are looking to maximize the value of our crown corporations owned by the people of Ontario. The Council will look to sweat the income statements so we can reinvest in public infrastructure projects that will create jobs and grow the economy,” said Finance minister, Charles Sousa.