Peter MacKinnon to lead heritage revenue initiative

Premier Brad Wall announced the Saskatchewan Heritage Initiative Oct. 16 in his state-of-the-province address in Saskatoon. It is part of the Saskatchewan Party government's plan for growth and is designed to create a lasting legacy once the province's debt has been fully retired.

The initiative builds on examples in other jurisdictions around the world including Alberta's Heritage Savings Fund, the Alaska Permanent Fund and a fund set up in Norway in 1990 with that country's petroleum revenues. In that case, all investments are made outside Norway and the government is limited to spending no more than four per cent of the fund's annual return. According to the government's growth plan document, it is now the world's largest sovereign wealth fund.