Export Development Canada

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Export Development Canada (EDC) is Canada's export credit agency. It is a Crown corporation wholly owned by the Government of Canada, which provides financing and risk management services to Canadian exporters and investors in up to 200 markets worldwide, with 17 offices spread across all provinces in Canada, and permanent representations in 12 foreign market.[1]

EDC products and services include insurance, financing for Canadian companies and for their foreign customers, bonding solutions, as well as information on opportunities in international markets.[2][3][4]

In 2012, EDC facilitated $87.4 billion in exports, investment and domestic support in 187 markets.[5] Approximately 80 per cent of EDC's customers are small and medium-sized businesses.[6]

As a Crown corporation, EDC operates at arm's length from the federal government and funds it activities by charging fees for its services and interest on its loans, as well as issuing debt in capital markets. EDC operates according to a corporate plan that approved annually by the federal government

History[edit]

In response to the global credit crunch, in 2009 the Government of Canada broadened EDC's mandate and scope of activity for a two-year period to include support for domestic trade and domestic business opportunities. The period was extended to March 12, 2014.

Operations[edit]

As a Crown corporation, EDC operates at arm's length from the federal government and according to commercial principles. EDC's mandate is spelled out in the Export Development Act. The Corporation is financially self-sustaining. Its treasury and risk management strategies enable it to assist Canadian exporters without relying on tax dollars. EDC raises funds by charging fees for its services and interest on its loans, as well as issuing debt in capital markets.

EDC operates according to a Corporate Plan approved annually by the federal government, and its Operating Principles dictate that it conducts its business in a manner that is respectful of applicable international agreements to which Canada is a party; is consistent with its Corporate Social Responsibility (CSR) commitments; and ensures the sound financial management of its activities.[7]

EDC publishes a quarterly magazine for Canadian Exporters, ExportWise (Exportateurs avertis in French). An online version of ExportWise is also available.

Governance[edit]

EDC is governed by a Board of Directors composed of representatives primarily from the private sector. The Board's responsibility is to supervise the direction and management of EDC. The Board reports to Parliament through the Minister for International Trade. Board members are appointed by the Government of Canada.

EDC’s Board of Directors provides oversight for the Corporation’s overall Corporate Social Responsibility orientation. This program includes environmental, human rights and political risk assessments for each transaction being considered. Corporate Social Responsibility (CSR) is an operating principle at EDC and its program is one of the world’s most comprehensive CSR programs among Export Credit Agencies (ECA).[8]

Executive Team[edit]

As of April 2014

  • Benoit Daignault - President and CEO
  • Pierre Gignac - SVP and Chief Risk Officer, Enterprise Risk Management
  • Ken Kember - SVP Finance and Chief Financial Officer
  • Catherine Decarie - SVP, Human Resources and Communications
  • Derek Layne - SVP, Business Solutions and Innovations
  • Jim McArdle - SVP, Corporate Affairs and Secretary
  • Rajesh Sharma - SVP, Business Development
  • Clive Witter - SVP, Insurance

Board of Directors[edit]

As of May 2014[9]

  • Boivin, J.
  • Burghardt, J.
  • Chowaniec, A.
  • Clarke, H.
  • Hohol, L.
  • Khurana, V.
  • Lifson, E.
  • MacLeod, D.
  • Steiner, J.
  • Stefanson, J.
  • Thibault, D.
  • Warn-Schindel, K.

See also[edit]

References[edit]

  1. ^ "About us - Contact Us". Export Development Canada. Retrieved September 2, 2013. 
  2. ^ "Our solutions - Foreign Buyer Financing". Export Development Canada. 
  3. ^ "Bonding and Guarantees". Export Development Canada. Retrieved September 2, 2013. 
  4. ^ "Country Info". Export Development Canada. Retrieved September 2, 2013. 
  5. ^ "EDC 2012 Annual Report". 
  6. ^ "Benefits to Canada". 
  7. ^ "2013–2017 Corporate Plan Summary". 
  8. ^ "CSR Report 2011". 
  9. ^ http://www.edc.ca/EN/About-Us/Management-and-Governance/Pages/default.aspx

External links[edit]