N.S. Business Inc. Chairman, Regulations Approved

ECONOMIC DEVELOPMENT--N.S. Business Inc. Chairman, Regulations Approved

Tom Stanfield, president of Stanfield's Limited, has been named chairman of the board of directors for Nova Scotia Business Inc. His appointment is effective immediately.

Mr. Stanfield will lead the private-sector board of the Crown corporation, which was established in April to pursue economic development opportunities for the province. The corporation will work in tandem with government's economic development portfolio -

• Nova Scotia Economic Development.

"We are pleased that Mr. Stanfield has accepted the position of chairperson for the NSBI board. His experience as a businessman and his work on the NSBI board over the past six months have proven to be very valuable to the organization and to government," said Economic Development Minister Gordon Balser.

Mr. Stanfield was among the 12 business leaders from across the province named to NSBI's board in March. He replaces Dan Potter, who resigned this past summer.

"I look forward to working with Stephen Lund, president and CEO, and the board in this capacity," said Mr. Stanfield. "This is an exciting time for NSBI as we move forward to promote further economic growth in Nova Scotia."

Mr. Stanfield's term as chairman will end in March 2003.

In addition to the appointment of Mr. Stanfield as chairman, cabinet has also approved regulations governing financial assistance for the corporation.

"All elements associated with the operations of NSBI are now approved," said Mr. Balser. "The regulations we've put in place enable us to capitalize on the business acumen of the private- sector board within a strong accountability framework."

The new Crown corporation has taken over many of the lines of business previously carried out by government staff at Economic Development. These front-line business development functions include: business retention and expansion, investment attraction, trade development and business financing.

Economic Development is now focused on public policy development and industrial benefits.

Its mandate includes working to improve the business climate in the province to allow all Nova Scotians to prosper.