1% by 2008? Thanks a bunch, Mike Murphy

Check this out. Liberal MLA Michael Murphy is proposing:

An Act to Amend the New Brunswick Investment Management Corporation Act

Which states:

17(6) By March 31, 2008, and thereafter, the Corporation shall make investments in the Province resulting in holding and managing at least 1% of total cumulative investment
funds falling under this Act, in accordance with the investment policies of the Corporation.

Golly gee. They want to invest 1% of our public servants’ pensions in our province.

Ain’t that nice of them.


How about 50%?

I’ll tell you what you already know. The investment managers over at the Investment Management Corporation don’t believe in the potential of the New Brunswick economy any more than their leaders.

I know, I know. They’ll talk about the lack of publicly traded firms here. They’ll talk about the high risk associated with investing in NB’s SMEs. They’ll talk about the need for them to be prudent with the retirement funds of public servants.

But if our guys won’t invest here for these reasons is it realistic that we can convince other companies to invest here?

Maybe I’m totally misreading this. Maybe I am interpreting this wrong.

Please advise.

Otherwise I think I’m going to ‘Ralph’ and I don’t mean Goodale.