Earlier today the provincial government announced the
composition of the panel members who will undertake a review of the
Alberta Royalty Regime. In addition to Dave Mowat, president and
CEO of ATB Financial, who was appointed Chair in June, the panel
will consist of:
Peter Terzakian, Energy Economist with ARC Financial Corp;
Annette Trimbee, former Deputy Minister of Treasury Board and
Leona Hanson, Mayor of Beaverlodge, Alberta.
In addition to naming the panel members, Minister McCuaig-Boyd
also expanded on the Panel's timing and mandate. The Minister
confirmed the existing royalty regime will remain in place until
December 2016 and any changes will not take effect until 2017. The
Minister also confirmed her government expects the Panel's
report by the end of 2015.
Panel Chair Dave Mowat elaborated on the Panel's approach
which will involve both public and expert consultation. The Panel
will consult with Albertans in person and through the Alberta
Royalty Review website. Public consultation will start
immediately and last until November. Concurrently, the Panel will
seek expert input and will work closely with the
Climate Change Panel, announced earlier this summer, to
coordinate common data.
This is not the first time the government has sought to review
the provincial Royalty Regime. In 2007 Premier Ed Stelmach carried
out a similar review which resulted in increases that were
ultimately rescinded in 2009.
For the time being the industry should seek to be actively
engaged in the public consultation process to ensure its views are
accurately represented to the panel. McLennan Ross will continue to
monitor and report on developments.
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