Accountability

Government recognizes that economic development holds risks.
Many investments taken will be effective – but some will fail. In the past, however, the Island has seen too many costly failures that have thwarted our prosperity agenda and placed undue pressure on Island taxpayers. We can ill afford to continue this course. Therefore, this strategy establishes new checks and balances and strengthened measurement and reporting systems to promote better decisions, transparency – and better results.

A new governance approach will be established for the key Crown corporations under
the Ministry – the newly founded Innovation PEI, the Island Investments Development Inc. and the PEI Lending Agency. Private sector, arms length boards will be founded to draw on the business knowledge and experience of our citizens to provide the Minister and where appropriate, other ministers, with high quality, independent advice. To ensure accountability, progress will be measured against milestones – and a Value for Money function will be established to monitor, assess, and report on that progress. Over the five years, we will adapt the strategy to maximize our success.

As we move towards a future built on our strengths, Islanders deserve no less.