In size, the Crocus Fund was the fifth largest labour-sponsored fund in Canada in 1995 and is already among Manitoba's top institutional sources of venture financing.

Goals of the fund

The mandate of the Crocus Fund is characterized by several key investment and related objectives. These are:

1. long-term market returns on its portfolio for shareholders;
2. participation of average Manitoban individual investor (including MFL members) and institutional investors;
3. expanding equity financing options for small and medium-sized enterprises;
4. creation, maintenance and protection of jobs in the province and its communities;
5. concern for socially responsible performance in industry;
6. support for co-operative and productivity-enhancing workplace techniques;
7. promotion of worker participation and ownership in firms.

The final objective is something of a raison d' etre of the Crocus Fund. In fact, it has a statutory obligation to commit a majority of assets to investment activity that, directly or indirectly, enhances worker participation and ownership. This outcome, in turn, is expected to boost productivity in Manitoban enterprises and increasingly yield control of vital economic decisions to Manitobans. The fund utilizes various programs to achieve this, including its organizational effectiveness procedure (see below).

(ii) Decision-making structures

By holding special (Class L) shares, the MFL exercises sponsorship over the Crocus Fund. The Manitoba legislation also delineates MFL powers to guide the fund through majority representation on the five-member Board of Directors. Board seats are also guaranteed for others. For instance, one spot each is reserved for nomination by government and election by common shareholders. Two seats are also held for institutional investors once their stake in fund has reached a specific threshold.

As it develops, the fund is entitled to a maximum of nine directors. The MFL majority is sustained in all enlargements.