Paul MacNeill
Eastern Graphic
The Provincial Nominee Program is the story of the day. Serious questions are being raised about the program and its credibility. Serious questions are being raised about whether the program was manipulated to benefit friends of government.
The questions raised are valid. They demand full and transparent answers, be that from the Auditor General of PEI or potentially the legal system. Those questions are one side of the Nominee Program.
Island Press Ltd., our family company that owns The Graphic, represents the other. We recently applied for the program. That may surprise some. My initial reaction was to reject the notion after we were approached by our accounting firm, Grant Thornton. But I discussed the idea further with my sister and business partner. In several conversations with Grant Thornton we discussed the pros and cons, because I was aware of questions being raised about other nominee programs elsewhere.
Only after those discussions and further research did we agree to apply. Our application was accepted by government. Once accepted Grant Thornton began working with agents – Island companies who recruit potential investors to PEI – to find appropriate investors. As of yet, Island Press Ltd. has not received one cent.
As a media ogranization, which publishes everything from newspapers to phonebooks, we have always stayed away from government loan or grant programs. Ultimately our decision to apply was based on one primary principle – not one cent of government money is involved. This is not a loan or grant program. This program centres around private individuals investing in private companies for a set period of time.
So why would we apply?
Simple. It’s a competitive environment in a tightening economy. I walk a professional tightrope. As a publisher I strive to provide you with the best, most accurate news I can. As a businessman I am responsible to my staff, suppliers, bankers and community to operate as sound a business as possible. In all endeavours we strive to operate in the most ethical way possible.
Ultimately I was convinced this program afforded an opportunity to improve our papers, thus improving the product delivered to you.
I’m proud of our business. We’ve been kicking around since 1963. We’ve got a staff that is the envy of the industry. We hold a unique spot in the lives of our readers. It’s a relationship we respect and it’s why I’m writing this today. You deserve to know.
There are literally hundreds of credible, respected Island businesses that have benefitted from this program. They have used the proceeds to invest in their company and products. It’s what we intend to do. But unlike those other businesses, I have a forum to explain the details. Investors benefit from eventually winning entrance to Canada.
Few will argue that the Nominee Program has not been successful in creating and sustaining significant jobs across the whole of Prince Edward Island. The questions raised pertain to the back end of the program. Were rules manipulated by the provincial government? Were friends of government rewarded? I want to know the answer to these questions as much as you. Our reporters will continue do their jobs, unobstructed.
The Public Accounts Committee may examine the issue. Don’t expect much. The political roles are simply reversed from the Polar Foods file, a similar political hot potato. Then the Liberals demanded the committee conduct a complete investigation; the governing Tories stonewalled. Now it’s the governing Liberals stonewalling, while the Tories have suddenly developed a case of public accountability.
In all likelihood, the Auditor General is best positioned to fully investigate any and all questions pertaining to the Nominee Program. His office should have a free hand to look at each and every document it deems appropriate. Nothing should be hidden.
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