Agencies, Boards and Commissions

The following entities are considered to be within the purview of the Minister of Finance:

Note: all links below are PDFs and will open in a new window.

Atlantic Lottery Corporation

  • The Atlantic Lottery Corporation (ALC) provides safe and responsible products for those Atlantic Canadians who choose to participate in lottery games.  It is owned by the four Atlantic provincial governments and is governed by a Board of Directors, with each province appointing up to three Directors, for a maximum of 12 members.

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Newfoundland and Labrador Government Sinking Fund – Board of Trustees

  • The Newfoundland and Labrador Government Sinking Fund was created pursuant to the Financial Administration Act to consolidate and administer sinking funds established for the repayment of the Province’s debenture debt. The Board of Trustees of the Newfoundland and Labrador Consolidated Sinking Funds manages and controls the day to day operation of these sinking funds. Further information is available in the following annual reports and activity plans:
Annual Reports Activity Plans

Newfoundland and Labrador Government Sinking Fund – Board of Trustees Archive

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Newfoundland and Labrador Industrial Development Corporation

The Newfoundland and Labrador Industrial Development Corporation (NIDC) was established in 1967 to provide long-term financing to industrial and resource based projects. This is primarily achieved by entering into commercial investments or other financial arrangements. In recent years however the NIDC has been relatively inactive because most investment activity has been undertaken either directly by the Province or through other Crown Corporations. Further information is available in the following annual reports and activity plans:

Annual Reports Activity Plans

Newfoundland and Labrador Industrial Development Corporation Archive

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Newfoundland and Labrador Liquor Corporation

The Newfoundland and Labrador Liquor Corporation (NLC) is an independent crown agency of Government governed by a Board of Directors appointed by the Lieutenant-Governor in Council.  It is responsible for the importation, sale and distribution of beverage alcohol in Newfoundland and Labrador, as well as overseeing the sale and distribution of non-medical cannabis.

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Newfoundland and Labrador Municipal Financing Corporation

The Newfoundland and Labrador Municipal Financing Corporation (NLMFC) was established in 1964 to consolidate the long-term borrowing of municipalities and reinvest the proceeds in municipal projects. In 2005-06, Government decided it would no longer finance its portion of municipal capital projects but would fund it directly through annual budgetary allocations. Consequently, the NLMFC discontinued its capital markets borrowing program and the wind up of the NLMFC began. The Bill to Repeal the Municipal Financing Corporation Act was introduced into the House of Assembly and received Royal Assent on December 4, 2024. The Municipal Financing Corporation Repeal Act came into force on December 31, 2024, and the final annual report was tabled in September 2025.

Annual Reports Activity Plans

Newfoundland and Labrador Municipal Financing Corporation Archive

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Newfoundland Government Fund Limited – Board of Directors

The Board of Directors of the Newfoundland Government Fund Limited (NGFL) is responsible for overseeing the investment activities of the NGFL, which is a Government-administered venture capital fund established under the authority of the Immigration Act (Canada). Its purpose is to raise funds from immigrant investors in order to provide loan and equity capital to establish, expand, or revitalize businesses or commercial ventures in the Province, particularly where there are opportunities to partner with private sector companies for the provision of services and facilities traditionally provided by the public sector. For immigrant investors, in addition to earning a nominal return on their capital, their investment in NGFL helped satisfy a portion of the visa requirements under Canada’s Immigrant Investors Program. Further information is available in the following annual reports and activity plans:

Newfoundland Government Fund Limited – Board of Directors Archive

 

Newfoundland and Labrador Future Fund – Board of Trustees

The Newfoundland and Labrador Future Fund was established in 2023. We are investing revenue from one-time sources and non-renewable resources to help us pay down our debt as it matures and to lower the cost of borrowing.

The Future Fund is managed by the Department of Finance, with a Board of Trustees to provide oversight.

The Board of Trustees consist of six members as follows:

  • David Drover, CPA, CA, Deputy Minister of Finance (chairperson);
  • Corey Tucker, CPA CA, Assistant Deputy Minister of Treasury Management and Budgeting;
  • Brendan Hanlon, CPA, MBA, Comptroller General of Finance;
  • Thomas Nemec, CPA, CA, MBA, Director of Treasury Management;
  • Dr. Susan Squires, Ph.D., Assistant Deputy Minister of Climate Change, (three-year term; public service employee appointment based on expertise in environmental matters); and,
  • Ken Martin, MBA, External Trustee (three-year term; appointment based on the recommendation of the Public Service Commission).

Annual Reports for the Newfoundland and Labrador Future Fund can be found here.

 

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