| HISTORY/BIOGRAPHICAL SKETCH: | Dates of Founding and/or Dissolution:
The Alberta Opportunity Company was established in 1972 under the Alberta Opportunity Fund Act (S.A. 1972, c. 11). The company was merged with the Agriculture Financial Services Corporation on April 1, 2002, and the enabling legislation repealed by the Agriculture Financial Services Amendment Act (S.A. 2002, c.5).
Functional Responsibility:
The Alberta Opportunity Company provides financing for small businesses unable to acquire financing through conventional financial institutions. The Alberta Opportunity Company addresses the gap in the financial marketplace that exists for new and expanding entrepreneurial ventures.
The Legislative Assembly created a fund to be held and administered by the Alberta Opportunity Company to promote the development of resources and general growth and diversification of the province's economy. The company was mandated to give priority to enterprises that create employment opportunities; enterprises operated by Alberta residents; small-scale businesses; projects that create opportunities in small population centres and have high levels of community involvement; and projects that develop technology and enhance export and tourism potential. The company's mandate was to provide loans or guarantees of capital, business management counselling, and services to coordinate research, marketing, and manufacturing techniques.
Predecessor and Successor Bodies:
The Alberta Opportunity Company dates to the period when the provincial government began marketing commodities through the Alberta Marketing Act (S.A. 1939, c. 3). The Act established a board to promote the marketing of natural products. The Alberta Marketing Amendment Act, 1942 (S.A. 1942, c. 56) added marketing corporations to the board mandate. These corporations were the government's earliest effort to foster private manufacturing, in addition to marketing and distributing natural products.
The Alberta Commercial Services Act (S.A. 1964, c. 12) established the Alberta Commercial Corporation, a predecessor to the Alberta Opportunity Company. In 1972, the company's enabling legislation repealed the Alberta Commercial Services Act (R.S.A. 1970, c. 57), as well as the Alberta Industrial Corporation Act (R.S.A. 1955, c. 153). All the property, goods, assets, and liabilities of the Alberta Commercial Corporation and Alberta Industrial Corporation were transferred to the Alberta Opportunity Company.
Administrative Relationships:
The Lieutenant Governor in Council appointed the board of directors. At the time of its inception, the board reported to the Minister of Industry and Commerce. In 1975, the Alberta Opportunity Company was transferred to the jurisdiction of the Minister of Business Development; in 1979, to the Minister of Tourism and Small Business; in 1986, the Minister of Economic Development; in 1989, the Minister of Economic Development and Trade; in 1993, the Minister of Economic Development and Tourism; and in May 1999, under Order in Council 243/1999, the Minister of Agriculture, Food, and Rural Development.
Administrative Structure:
The board consisted of not less that five and not more than seven members appointed by the Lieutenant Governor in Council, who also designated the chair of the board and the managing director of the company. The board had direction and control over the conduct of the business and affairs of the company. The managing director was the chief executive officer of the company and was responsible for the daily administration and management of company business and affairs.
Names of the corporate bodies:
The Alberta Opportunity Company is also known by its acronym, A.O.C.
Names of Chief Officers:
Chairs of the Alberta Opportunity Company Board of Directors:
Norman Francis William Picard (1972-1973)
Robert W. Chapman (1973-1984)
R. Parker (1984-1986)
W. Paul Lefaivre (1986-1991)
Jack C. Donald (1991-1995)
R. Bell (1996-2000)
Michael C. Procter (Acting) (2000-2001)
Robert Arthur Splane (2002)
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