Forestry Innovation Investment (FII) was established in April 2002, as the investment mechanism for the BC Ministry of Forest’s Forest Investment Account investments in forest sector research, international marketing of BC forest products and practices, and forest sector product development activities.
The Forest Investment Account is based on a Vote of the Legislature, authorizing
the Minister of Forests to spend funds on an array of programs ($146 Million in
2002/03), administered largely by the private sector. Funding falls largely
into two key areas, Forest Investment Account Land Based Programs (administered
by PricewaterhouseCoopers), and Forestry Innovation Investment Programs
(administered by Forintek Canada Corp.).
Identified through a competitive proposal process, Forintek Canada Corp. has
been selected as the Administrator for the Forest Innovation Investment Program.
Under contract to the Ministry of Forests, Forintek has established a new
operating division in its Vancouver facility, which will oversee and manage the
FII is managed by a core group of program staff. The Executive Director
oversees the operations of all FII Programs, and is supported by a Director of
International Marketing and Product Development Programs, and a Director of
The Forest Investment Council (FIC) serves as the guidance body
overseeing all operations of the Forest Investment Account
(FIA). The FIC does not have formal or statutory decision
making authority over FIA programming, but reviews and makes
recommendations on all FIA programs. Specific to the Forestry
Innovation Investment (FII) Program, the FIC will review and
endorse program strategies for the International Marketing and
Product Development and International Marketing programs, and
will review project selection and funding recommendations.
The International Marketing and Product Development Advisory
Board serves a program strategy and project adjudication role.
The Board will provide guidance and make recommendations on
program strategy and program funding, which will be communicated
to FIC and approved by the Deputy Minister of Forests.
Forestry Innovation Investment will initiate annual contractual
funding arrangements with Proponents, to support cost shared
projects designed to achieve FII program objectives. FII will
act as a funding mechanism and investment monitoring agent, with
Project Proponents managing the delivery of project activities.