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
    The Executive Committee of ONB’s board approved preliminary guidelines for disclosures: what ONB will disclose and when
  • February 2018
    Monitoring & Compliance Manager hired
  • March 2018
    Transparency & Accountability section on website
  • August 2018
    Published Fiscal 2017-2018 and Q1 Fiscal 2018-2019 client approved agreements and payment information
  • November 2018
    Created 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:

In the table below, ONB proactively discloses the following investment reports:

  1. 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.
  2. 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.