Transparency and Accountability

As the lead economic development agency for New Brunswick, Opportunities NB (ONB) takes its obligation to be transparent and accountable to New Brunswickers seriously.

ONB is continuing its work to fulfill the Office of the Auditor General of New Brunswick’s recommendations to ensure meaningful and effective policies and procedures are in place to protect public funds. ONB is also committed to improving access and proactive disclosure of how it manages and invests public funds.

ONB’s Annual Reports:

Fiscal 2016-2017

Fiscal 2015-2016

Office of the Auditor General of New Brunswick’s Recommendations

  • Timing
    Action
  • March 2015
    Auditor General report released with 19 recommendations
  • May 2015
    Third party (Deloitte) to assist with ONB: identification of best practices, gap analysis, recommendations and review
  • August 2015
    Steering Committee formed
  • September 2015
    Chief Financial Officer hired
  • October 2016
    Third party (Deloitte) conducts fourth review of ONB Policies & Procedures and engaged to conduct implementation audit
  • October 2017
    Auditor General (AG) report released
  • October 2017
    Third party (Deloitte) conducts implementation audit based on AG report
  • December 2017
    Engaged third party (Symplicity) to assist with improvement of integration of policies and procedures
  • December 2017
    Board approved ONB Disclosure Policy: what ONB will disclose and when
  • February 2018
    Monitoring & Compliance Manager hired
  • March 2018
    Transparency & Accountability section on website

ONB Disclosure Policy

In December 2017, ONB Board of Directors approved a policy that establishes what ONB will disclose publicly and when:

  • ONB does not publish payment information in annual report
  • ONB will publish LGIC approvals and payment information on its website on a quarterly basis starting end of Fiscal F2017-2018.
  • Approval and payment information be disclosed with the following information
    • Company name
    • Type of investment
    • $ Amount of investment
    • Date