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With the intention of protecting provincial jobs and keeping the Information Services Corporation’s head office in Regina, the Government of Saskatchewan is introducing legislation to amend the Information Services Corporation Act.
The amendments, according to a release from the province, will strengthen the government’s “Golden Share” to ensure “head office and jobs remain in Saskatchewan.”
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The amendments will also “secure board appointments and lift the ownership cap on shares to facilitate the growth and evolution of Information Services Corporation (ISC).”
This move comes after ISC’s announcement last year that it would undertake a strategic review to consider options “to further maximize shareholder value and opportunity for the potential growth of ISC.”
The government, ISC’s largest shareholder, publicly supported the review and consideration of its outcomes, “subject to provisions that would protect the province’s best interests and Saskatchewan jobs.”
According to Crown Investments Corporation Minister Jeremy Harrison, quoted in the province’s release, “The Golden Share protects local jobs and secures the head office right here in Regina, regardless of any evolution or ownership change in the company, whether that’s today or decades from now.
“These amendments would help enable any outcome resulting from the review, while protecting both the services and the economic activity benefits that are realized locally from this innovative Saskatchewan company.”
ISC was made public in 2012, a decision made by the goverment, which retained about 30 per cent ownership interest through company shares.
According to the province, the legislation is expected to pass during this legislative session, though the Act will not be proclaimed until ISC has concluded its review and final decisions are made.
“ISC will continue to be the exclusive manager and operator of the Saskatchewan Land Registry, the Saskatchewan Personal Property Registry, Land Surveys Directory and the Saskatchewan Corporate Registry,” according to the province.
Regardless of any potential changes to the ownership structure of ISC as a result of its review, the province said the Master Services Agreement — responsible for regulating and controlling land titles fees since 2013 and which was just extended for a 30-year term in 2023 — will continue to apply.
