· Bill / Legislative Oversight Change · enacted
Bill 32 — ATB Financial Act: Removal of Legislative Oversight and Expanded Ministerial Authority
Amends the ATB Financial Act by removing the requirement for a legislative debate on the Act's repeal every five years and expanding the Minister's authority to designate related parties.
What changed
- Repeals Section 35 of the ATB Financial Act, which mandated a legislative motion for a debate on the Act's repeal at least once every five years.
- Adds new regulation-making authority for the Minister to prescribe persons as 'related parties' of ATB Financial and its subsidiaries (Section 4(3)(ii) adding (k.2)).
Why it matters
- Removes a statutory mechanism for regular legislative review and debate on the continued existence of ATB Financial's governing legislation, potentially reducing accountability.
- Expands the Minister's power to define 'related parties' through regulation, which could influence governance and oversight of ATB Financial's operations and subsidiaries.
Other governance concerns
- Reduced legislative oversight
- Expanded ministerial discretion
Primary sources (1)
- Primary sourceGovernment documentBill 32 – Financial Statutes Amendment Act, 2024 (No. 2) (Alberta Legislative Assembly)