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.
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.
Office of the Auditor General of New Brunswick’s Recommendations
March 2015Auditor General report released with 19 recommendations
May 2015Third party (Deloitte) to assist with ONB: identification of best practices, gap analysis, recommendations and review
August 2015Steering Committee formed
September 2015Chief Financial Officer hired
October 2016Third party (Deloitte) conducts fourth review of ONB Policies & Procedures and engaged to conduct implementation audit
October 2017Auditor General (AG) report released
October 2017Third party (Deloitte) conducts implementation audit based on AG report
December 2017Engaged third party (Symplicity) to assist with improvement of integration of policies and procedures
December 2017The Executive Committee of ONB’s board approved preliminary guidelines for disclosures: what ONB will disclose and when
February 2018Monitoring & Compliance Manager hired
March 2018Transparency & Accountability section on website
August 2018Published Fiscal 2017-2018 and Q1 Fiscal 2018-2019 client approved agreements and payment information
November 2018Created a comprehensive table on our website to easily identify signed agreement and payment reports. The updated table includes new reports: Fiscals 2015-16 & 2016-17 client signed agreements and payment information, Fiscal 2017-18 client payment information (Credit & Equity), Fiscal 2018-19 client signed agreements as of Q2. Also implemented a new visual to the website to identify Jobs commitments relative to target by fiscal and Actual Jobs Created relative to target by fiscal.
Information Access & Privacy
ONB protects client information and discloses information to the public through these reports:
- Senior Executive Expenses
- Jobs committed, actual jobs created, and 3-year cumulative ROI reports can all be found on the Our Results page
- Strategic Plan
In the table below, ONB proactively discloses the following investment reports:
- Signed Agreements: Financial investments that have been approved that quarter for disbursement to clients at a later date; when the project is underway or completed and conditions and/or targets are met.
- Payments: Payments that have been dispersed to clients that were approved and committed at an earlier date. Payments are dispersed when the client meets agreed-upon targets and conditions. Payments are up to the approved amount, but can be less than the approved amount should targets or conditions not be met.
Fiscal YearSigned AgreementsPayments to Clients:
Credit & EquityPayments to Clients:
* "Payments to Client" information is posted annually, 45 days after the year end audit is complete.
* "Signed Agreements" information is posted 45 days after quarter end.
19 - 21 2019
Delta Hotel, Fredericton
03 - 06 2019