Growth of the fund

As Figure 22 reveals, Working Opportunity has enjoyed exponential growth since 1991. Currently, the fund has an asset base of almost $83 million and total shareholders of 15,000 plus British Columbians.

Working Opportunity was the third largest labour-sponsored fund in Canada in 1995 and an established institutional player in British Columbia's venture capital market.

Goals of the fund

The mandate of Working Opportunity is characterized by some essential investment and related objectives. These are:

1. long-term market earnings on its investments for shareholders;
2. participation of average British Columbians, including BCFL members;
3. structural development and diversification of the provincial economy and local economies;
4. broadening equity capital availability for the small business sector;
5. creation of new, high value-added job opportunities for British Columbians;
6. concern for socially responsible performance in industry;
7. support for enhanced business-labour relations, including employee participation and ownership.

The latter aim is pursued by Working Opportunity at many levels. A key mechanism for preparing British Columbia workers and unions for the attendant new roles and responsibilties is the fund's program for economic and financial training. This currently emphasizes broad distribution of popular educational materials about how economic principles affect the lives of working people.

(ii) Decision-making structures

The provincial statute gives Working Opportunity sponsor status to the BCFL and six other unions controlling Working Enterprises. In practice, this yields each of the eight labour organizations a seat on the thirteen-member Board of Directors and majority nomination of two further members representing business and financial constituencies. In addition, a minimum of two directors are elected by the fund's common shareholders at an annual general meeting. Finally, the President and Chief Executive Officer of Working Opportunity is also an appointee.