"The last thing Trudeau and his gang want is an independent board of directors that might get other ideas." 

That's not what is planned, that's not what the article stated. 

[ the legislation indicates the board will need cabinet approval for decisions such as loan guarantees.]

I take it you understand what guaranteeing a loan entails and the full assumption of risk when doing so? I'd be very concerned if the InfraBank didn't have conditions placed on it considering taxpayer money will be underwriting full risk in some instances. On other decisions, where the taxpayer isn't assuming full risk, the board will be free to act on best investment practice, which of course would be based on reports and analyses.