Paul Martin commentary
This is something we haven’t talked about in a few years: privatization.
The provincial government announced yesterday it was selling its interest in Information Services Corporation or ISC, the company we used to know as Land Titles. The company was purchased by the Quebec pension plan.
This is a transformation that was done in stages. It first started when Land Titles was converted to a commercial entity. It had a bit of a rocky start but local business figure Mark MacLeod, installed at the helm to right the ship, got on it a business-like footing and it began a growth journey.
The company was subsequently publicly-listed, giving the government a chance to convert some of its equity into cash although it remained the largest shareholder and installed something known as the Golden Share, an ultimate voting authority to keep the headquarters in the province.
Now, Quebec’s Caisse has purchased all the outstanding shares with a valuation of more than $1 billion but Saskatchewan’s retains the Golden Share meaning management and the headquarters will remain in Regina.
