Bill C-245: An Act to amend the Canada Infrastructure Bank Act

2017, c. 20, s. 403 Canada Infrastructure Bank Act 1 Section 6 of the Canada Infrastructure Bank Act is replaced by the following: Purpose of Bank 6 The purpose of the Bank is to invest in infrastructure projects in Canada or partly in Canada that are in the public interest by, for example, supporting conditions that foster climate change mitigation or adaptation , or by contributing to the sustainability of infrastructure in Canada. 2 (1) Paragraphs 7(1)(b) and (c) of the Act are replaced by the following: (b) invest in infrastructure projects, including by means of innovative financial tools; (c) receive unsolicited proposals for infrastructure projects; (2) Paragraph 7(1)(e) of the Act is replaced by the following: (e) act as a centre of expertise on infrastructure projects; 3 Section 7 is amended by adding the following after subsection (1): Priority (1.1) In carrying out the functions set out in subsection (1), the Bank must give priority to: (a) investments from public institutions, all levels of governments and Northern and Indigenous communities; (b) infrastructure projects that propose measures aimed at mitigating or adapting to climate change; and (c) infrastructure projects that are not harmful to the environment. 4 Section 8 of the Act is amended by adding the following after subsection (1): Membership (1.1) The membership of the Board must include at least (a) one person recommended by an Indigenous organization that represents the interests of First Nations; (b) one person recommended by an Indigenous organization that represents the interests of the Inuit; and (c) one person recommended by an Indigenous organization that represents the interests of the Métis. 5 The Act is amended by adding the following after section 27: Special Report 27.1 (1) The Bank must annually submit a report to the designated Minister on the investments and infrastructure projects to which priority was given under subsection 7(1.1). Tabling in Parliament (2) The designated Minister must table the report before each House of Parliament on any of the first 15 days on which that House is sitting after the designated Minister receives it. 6 Subsection 28(1) of the Act is replaced by the following: Privileged information 28 (1) Subject to subsection (2), all information obtained by the Bank, by any of the Bank’s subsidiaries or by any of the subsidiaries of the Bank’s wholly-owned subsidiaries in relation to the proponents of infrastructure projects is privileged and a director, officer, employee, or agent or mandatary of, or adviser or consultant to, the Bank, any of its subsidiaries, or any of the subsidiaries of its wholly-owned subsidiaries must not knowingly communicate, disclose or make available the information, or permit it to be communicated, disclosed or made available.