Legislation Amended to Support Emera’s Growth
Government introduced two legislative amendments today, April 3, that deal with Emera Inc.
One change will remove the existing provision that restricts non-Canadians from owning more than 25 per cent of voting shares of Emera Inc. The other change will reinforce the commitment from Emera and Nova Scotia Power to maintain their head offices and principal executive officers in Nova Scotia.
“This government is committed to creating the conditions to support economic growth,” said Business Minister, Geoff MacLellan. “Nova Scotia-based businesses are competing with the world and we need to make sure the playing field is level to help them thrive here and around the globe.”
Emera is the only one of more than 100 North American, investor-owned utilities and power producers with restrictions on foreign ownership. The restrictions were included in the legislation that established Emera in 1998.
Emera made the request to government to amend the foreign ownership restriction as it limits its ability to grow. With that lifted, the company will have more funding flexibility, access to capital and greater opportunity for continued growth.
The legislation maintains the rule that no outside entity can hold or control more than 15 per cent of the company’s voting shares.
There are about 500 people who now work for Emera in Nova Scotia. In 2018, Emera spent about $311 million with more than 5,600 vendors from across the province.
The amendments will be made to the Nova Scotia Power Privatization Act and the Nova Scotia Power Reorganization Act.
The changes will have no impact on Nova Scotia Power ratepayers.
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The province is changing two elements in the legislation that deal with Emera Inc.
One change removes the restriction on foreign ownership of more than 25 per cent of voting shares.
The other change reinforces the company’s commitment to maintain its head office and leading executives in Nova Scotia.
Business Minister Geoff MacLellan says Nova Scotian businesses need to be on a level playing field to thrive globally.
There are more than a hundred investor-owned utilities and power producers in North America. Emera is the only one with restrictions on foreign ownership.
The legislation maintains the rule that no shareholder can control more than 15 per cent of Emera’s voting shares. The changes will have no impact on Nova Scotia Power ratepayers.
About 500 people work for Emera in Nova Scotia.