Return to note 1 Uvalic, Milica, “Workers’ financial participation in the European Community”, Economic and Industrial Democracy, Vol. 14, 1993
Return to note 2 See Mathews, John, “The democratization of capital”, Economic and Industrial Democracy, Vol. 10, 1989
Return to note 3 One Canadian economist who addressed this issue is David Slater in The Contribution of Investment and Savings to Productivity and Economic Growth in Canada, Investment Canada, 1992
Return to note 4 This point is made by Ove Langeland in “Employees on the capital market”, Economic and Industrial Democracy, Vol. 14, 1993, pages 223-225
Return to note 5 For further elaboration, see Fournier, Louis, Solidarité, inc.: Un nouveau syndicalisme createur d'emplois, editions Québec/Amérique, 1991, and Comeau, Yvan and Benoît Lévesque, "Workers' financial participation in the property of enterprises in Québec", Economic and Industrial Democracy, Vol. 14, 1993
Return to note 6 House of Commons, Standing Committee on Industry, Taking Care of Small Business, October, 1994, page 53
Return to note 7 Laberge, Louis, “Une idée-force en héritage”, Rapport du président du conseil d’administration, Rapport annuel 1993, Fonds de solidarité des travailleurs du Québec (FTQ), inc., 1994
Return to note 8 Government of New Brunswick, An Act respecting Workers Investment Fund, Inc., 1994
Return to note 9 House of Commons, Standing Committee on Industry, Taking Care of Small Business, October, 1994
Return to note 10 This matter has been reported widely in the media, including Goff, Kristin, “A hot trend: labour- sponsored venture capital funds”, The Citizen, November 14, 1994
Return to note 11 Mary Macdonald’s most comprehensive description of the Canadian venture capital market appears in the ACVCC’s Venture Capital in Canada: A Guide and Sources, 1992
Return to note 12 References to the market share of labour-sponsored funds in this context mean total capital under management. This concept is distinct from capital available for investment purposes, according to Macdonald and Associates. Not all resources held by the funds are necessarily available for disbursement.
Return to note 13 The phrase “relatively stable” is used advisedly. The stability of equity pools declines with increased variability of capital supply. Where the shareholding policy of a specific fund is short there may be less stability (commensurate with rapid share redemptions). Increasingly, new labour-sponsored funds are being introduced with shorter-term policies (e.g., Ontario).
Return to note 14 Association of Canadian Venture Capital Companies (ACVCC), Venture Capital in Canada: Annual Statistical Review and Directory, prepared by Mary Macdonald and Associates, 1994
Return to note 15 The CLMPC’s The Role and Performance of Labour-sponsored Investment Funds in Canada: Some Preliminary Findings reported that (i) this investor type’s share of the total number of venture investments in 1993 was 14 percent and (ii) its contribution to the dollar value of these was 35 percent. These statistics were revised downwards following corrections pertaining to the timing of certain transactions of the Fonds de solidarité, etc. The new estimates provided in this paper are believed by the author, and by Macdonald and Associates, to be a more accurate depiction of 1993.
Return to note 16 Macdonald and Associates estimate that roughly one-third of increased venture investment in 1994, over 1993, was due to labour-sponsored funds.
Return to note 17 For a history, see ACVCC, Venture Capital in Canada: A Guide and Sources, 1992
Return to note 18 Life Imaging Systems, Inc., Media Release, April 15, 1995
Return to note 19 For further discussion, see House of Commons, Minutes of Proceedings and Evidence of the Standing Committee on Industry, a review of access by small and medium-sized businesses to traditional and new sources of financing, Issues No. 7 and 18, April 12 and May 10, respectively, 1994; see also Op. Cit, 1994
Return to note 20 CLMPC/Canadian Chamber of Commerce, Canadian Business Speaks Out on Access to Capital, March, 1995
Return to note 21 Jackson, Ted and François Lamontagne (CSTIER), Adding Value: The Economic and Social Impacts of Labour-sponsored Venture Capital Corporations on their Investee Firms, CLMPC, 1995
Return to note 22 Fonds de solidarité des travailleurs du Québec (FTQ) (FSTQ), unpublished data, 1995
Return to note 23 Working Opportunity Fund, Ltd. and Working Ventures Canadian Fund, Inc., unpublished data, 1994
Return to note 24 ACVCC, Venture Capital in Canada: Annual Statistical Review and Directory, June, 1995
Return to note 25 Porter, Michael