Saskatchewan Wheat Pool might soon be able to change its ownership
rules without government approval.
The provincial government was expected to fulfil on Dec. 17 the pool’s
request to amend the legislation under which it operates.
The standing committee on private members’ bills reviewed the
amendments Dec. 16, and heard from the company and some members opposed
to the idea.
Chair Doreen Hamilton said the committee approved a motion to move the
bill, without amendment, to the assembly for third reading.
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“This is enabling legislation,” she said. “Ninety percent of wheat pool
members themselves voted to have this occur.”
The Saskatchewan Wheat Pool Act was last amended in 1995 to allow the
co-operative to go public.
That legislation stated that no single shareholder could own more than
10 percent of the non-voting Class B shares. Without that stipulation,
the pool could attract more equity investors.
Hamilton said the committee was asked to take more time to approve the
request but a majority ruled that the bill could go ahead.
In asking the committee to waive the rules on filing deadlines,
sponsoring member Carolyn Jones said the pool needs the changes sooner
than the spring sitting.
“The pool feels that in this rapidly changing global situation that
they need some flexibility and ability to be able to move quickly on
business opportunities that may present themselves,” Jones told the
committee Dec. 11.
