President's Report 2007

APRIL 2007

  • Husky Energy committed an additional half-a-million dollars to Memorial's Husky Energy Chair in Oil and Gas Research, which it established with a $2-million donation in 2003. Dr. John C.S. Lau, president and chief executive officer of Husky Energy, joined President Axel Meisen of Memorial University on April 24 to announce details of the additional support. In June 2003, Husky Energy donated $2 million to create an endowment to establish the Husky Energy Chair, the first endowed research chair at Memorial.
  • On April 4, Memorial economics professor Dr. Wade Locke made a presentation on the financial implications for Newfoundland and Labrador of the equalization options specified in the 2007 federal budget. His aim was to provide an objective assessment to facilitate informed public debate. He laid out the numbers under three different scenarios, noting that this was an inherently complicated exercise. He also explained in depth how equalization is calculated, how the Atlantic Accord functions, and the assumptions that went into his equations - assumptions he'd verified with federal and provincial finance officials. When the federal government informed Dr. Locke of a change in the legislation, Dr. Locke re-crunched the numbers, and came to a very different conclusion about the budget's implications for the provincial treasury.