Canada Development Corporation

From Wikipedia, the free encyclopedia
Jump to: navigation, search

The Canada Development Corporation was a Canadian corporation, based in Toronto, created and partly owned by the federal government and charged with developing and maintaining Canadian-controlled companies in the private sector through a mixture of public and private investment. It was technically not a crown corporation as it was intended to generate a profit and was created with the intention that, eventually, the government would own no more than 10% of its holdings; it did not require approvals of the Governor-in-Council for its activities and did not report to parliament. Its objectives and capitalization, however, were set out by parliament and any changes to its objects decided upon by the Board of Directors had to be approved by parliament.[1][2]

The CDC was created as a result of Walter Gordon's Royal Commission on Canada's Economic Prospects, and the 1968 Watkins Report commissioned by Gordon, in an attempt to redress the problem of foreign ownership in the Canadian economy by stimulating the development of Canadian owned corporations, particularly in the field of natural resources and industry.[3]

Some 31,000 private shareholders invested in the corporation.[2]

Major investments owned by the CDC included holdings in petroleum, mines and petrochemicals[2] including Polymer Corporation, an asset transferred to it by the Canadian government.

In 1986 the Corporation was dismantled as part of the Mulroney government's program of privatization.[2]

References[edit]

  1. ^ Hampson, Anthony H., The Canada Development Corporation, address to the Empire Club of Canada, February 17, 1972
  2. ^ a b c d Canada Development Corporation, The Canadian Encyclopedia
  3. ^ Canada Development Corporation, Empire Club of Canada addresses, February 17, 1972

External links[edit]

  • "Marshall Crowe". Distinguished Canadians. CBC Television. 3 July 1972. Retrieved 2009-11-09.  1972 interview with then CDC president Marshall Crowe.