The province has launched InBC Investment Corp.
Photo by Hannah Scott
InBC open for business, investments to support clean, inclusive growth
Published 2:10 PDT, Wed October 5, 2022
Last Updated: 12:26 PST, Mon November 7, 2022
InBC Investment Corp (InBC), the province's newest Crown corporation, is open for business and has launched its investment policy statement to guide decision-making to support a stronger, more resilient economy for British Columbians.
Developed through the StrongerBC Economic Plan, the province is providing InBC with $500 million to invest in venture capital funds and growing companies that demonstrate a measurable impact in driving climate action, innovating for the future, advancing reconciliation, and elevating inclusive communities in B.C.
"Fostering innovative ideas and solutions is crucial to growing our economy, and creating more sustainable, inclusive, and quality jobs and opportunities for British Columbians," said Ravi Kahlon, Minister of Jobs, Economic Recovery, and Innovation. "InBC investments are about optimizing not just financial returns, but also generating social, economic, and environmental returns for generations to come."
With its investment policy statement launched, InBC expects to start investing in venture capital funds this fall and in businesses by spring 2023.
"We are a strategic investment fund that focuses on valuing people, planet, and profit as part of our decision-making process and long-term impact," said Jill Earthy, chief executive officer of InBC. "Our purpose is to catalyze a more sustainable and inclusive future for B.C. through investment in innovation of both traditional and emerging sectors."
InBC's investment policy statement will guide its investment decisions and priorities. It outlines policies, values, and the corporation's triple-bottom-line mandate to support people, profit, and the planet. InBC investments will be a patient, long-term source of capital to better support B.C. companies, create good jobs, and develop inclusive, innovative technologies, products, and services.
With this innovative strategy, InBC will influence positive systemic change by incorporating diversity, equity, and inclusion, as well as environmental, social, and governance values into every investment decision.
Legislation was passed in May 2021 to establish InBC as a provincial Crown corporation. Since then, InBC has appointed a chief executive officer, chief financial officer, chief investment officer, a nine-member board of directors, and a growing team of business professionals as they worked toward the creation of an investment policy statement.
While decisions are independent of government, InBC is subject to the same accountability and regulatory requirements as any other Crown corporation in B.C. Every five years, an independent third party will conduct an external review of InBC's investment performance.
The creation of InBC is part of the StrongerBC Economic Plan, which moves B.C. forward by tackling the challenges of today while growing an economy that works for everyone.
Groups interested in engaging with InBC can learn more and apply online: inbcinvestment.ca.