Canada Development Investment Corporation: Difference between revisions
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The '''Canada Development Investment Corporation''' (CDIC) is a [[Canada|Canadian]] [[Crown corporations of Canada|Crown corporation]] assigned with management of investments and corporate interests of [[The Crown (Commonwealth realms)|the Crown]],<small><ref>{{Citation| last=Canada Development Investment Corporation | title=Annual Report 2008| place=Ottawa| publisher=Queen's Printer for Canada| year=2008| page=4| url=http://www.cdiccei.ca/english/pdf/CDIC_Annual_Report_2008%20_Eng.pdf| accessdate=21 April 2010| ref=CITEREF_CDIC_2008}}</ref></small> making purchases and sales of assets on behalf of the [[Queen-in-Council]]. Set up by the Canada Business Corporations Act in 1982, the company was intended to be a temporary entity, with further legislation in 1998 directing the corporation's dissolution. However, in 2007 it was announced that the CDIC would be continuing to operate.<small><ref name=CDIC>{{cite web| url=http://www.cdiccei.ca/english/about_overview.asp| last=Canada Development Investment Corporation| title=About CDIC > Overview| publisher=Queen's Printer for Canada| accessdate=21 April 2010}}</ref></small> |
The '''Canada Development Investment Corporation''' (CDIC) is a [[Canada|Canadian]] [[Crown corporations of Canada|Crown corporation]] assigned with management of investments and corporate interests of [[The Crown (Commonwealth realms)|the Crown]],<small><ref>{{Citation| last=Canada Development Investment Corporation | title=Annual Report 2008| place=Ottawa| publisher=Queen's Printer for Canada| year=2008| page=4| url=http://www.cdiccei.ca/english/pdf/CDIC_Annual_Report_2008%20_Eng.pdf| accessdate=21 April 2010| ref=CITEREF_CDIC_2008}}</ref></small> making purchases and sales of assets on behalf of the [[Queen-in-Council]]. Set up by the Canada Business Corporations Act in 1982, the company was intended to be a temporary entity, with further legislation in 1998 directing the corporation's dissolution. However, in 2007 it was announced that the CDIC would be continuing to operate.<small><ref name=CDIC>{{cite web| url=http://www.cdiccei.ca/english/about_overview.asp| last=Canada Development Investment Corporation| title=About CDIC > Overview| publisher=Queen's Printer for Canada| accessdate=21 April 2010}}</ref></small> |
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Owned in whole by the [[ |
Owned in whole by the [[Government of Canada]] and managed by a board of directors,<small><ref>{{Harvnb| CDIC| 2008| p=13}}</ref></small> the company reports to the [[Parliament of Canada]] via the [[Minister of Finance (Canada)|Minister of Finance]],<small><ref name=CDIC /></small> though changes in structure and purchases must be directed by the [[Governor General of Canada|Governor General]]-in-[[Queen's Privy Council for Canada|Council]].<small><ref>{{Harvnb| CDIC| 2008| p=3}}</ref></small> Amongst other holdings, as of 2008, the CDIC owned Canada Hibernia Holding Corporation (8.5% interest in the [[Hibernia oil field]]) and Canada Eldor Inc. (no operations).<small><ref name=CDIC /></small> In 2009, the corporation also, through its subsidiary 7176384 Canada Inc.,<small><ref>{{Citation| last=Elizabeth II| author-link=Elizabeth II| title=Financial Administration Act | place=Ottawa| publisher=Queen's Printer for Canada| date=28 May 2009| url=http://www.pco-bcp.gc.ca/OIC-DDC.asp?lang=eng&Page=secretariats&txtOICID=&txtFromDate=2009-01-01&txtToDate=2010-01-01&txtPrecis=%22General+Motors+Corporation%22&txtDepartment=&txtAct=&txtChapterNo=&txtChapterYear=&txtBillNo=&rdoComingIntoForce=&DoSearch=Search+%2F+List&viewattach=20642| id=2009-0813| accessdate=21 April 2010}}</ref></small> purchased 7.9% of [[General Motors]].<small><ref>{{Citation| last=Elizabeth II| author-link=Elizabeth II| title=Financial Administration Act| place=Ottawa| publisher=Queen's Printer for Canada| date=28 May 2009| url=http://www.pco-bcp.gc.ca/OIC-DDC.asp?lang=eng&Page=secretariats&txtOICID=2009-1040&txtFromDate=&txtToDate=&txtPrecis=&txtDepartment=&txtAct=&txtChapterNo=&txtChapterYear=&txtBillNo=&rdoComingIntoForce=&DoSearch=Search+%2F+List&pg=46&viewattach=20644| id=2009-0815| accessdate=21 April 2010}}</ref></small> |
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==See also== |
==See also== |
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Revision as of 23:46, 11 May 2010
The Canada Development Investment Corporation (CDIC) is a Canadian Crown corporation assigned with management of investments and corporate interests of the Crown,[1] making purchases and sales of assets on behalf of the Queen-in-Council. Set up by the Canada Business Corporations Act in 1982, the company was intended to be a temporary entity, with further legislation in 1998 directing the corporation's dissolution. However, in 2007 it was announced that the CDIC would be continuing to operate.[2]
Owned in whole by the Government of Canada and managed by a board of directors,[3] the company reports to the Parliament of Canada via the Minister of Finance,[2] though changes in structure and purchases must be directed by the Governor General-in-Council.[4] Amongst other holdings, as of 2008, the CDIC owned Canada Hibernia Holding Corporation (8.5% interest in the Hibernia oil field) and Canada Eldor Inc. (no operations).[2] In 2009, the corporation also, through its subsidiary 7176384 Canada Inc.,[5] purchased 7.9% of General Motors.[6]
See also
References
- ^ Canada Development Investment Corporation (2008), Annual Report 2008 (PDF), Ottawa: Queen's Printer for Canada, p. 4, retrieved 21 April 2010
- ^ a b c Canada Development Investment Corporation. "About CDIC > Overview". Queen's Printer for Canada. Retrieved 21 April 2010.
- ^ CDIC 2008, p. 13
- ^ CDIC 2008, p. 3
- ^ Elizabeth II (28 May 2009), Financial Administration Act, Ottawa: Queen's Printer for Canada, 2009-0813, retrieved 21 April 2010
- ^ Elizabeth II (28 May 2009), Financial Administration Act, Ottawa: Queen's Printer for Canada, 2009-0815, retrieved 21 April 2010
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