Canada Development Investment Corporation

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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 Canadian monarch 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[edit]

References[edit]

  1. ^ Canada Development Investment Corporation (2008), Annual Report 2008 (PDF), Ottawa: Queen's Printer for Canada, p. 4, retrieved 21 April 2010 
  2. ^ a b c Canada Development Investment Corporation. "About CDIC > Overview". Queen's Printer for Canada. Retrieved 21 April 2010. 
  3. ^ CDIC 2008, p. 13
  4. ^ CDIC 2008, p. 3
  5. ^ Elizabeth II (28 May 2009), Financial Administration Act, Ottawa: Queen's Printer for Canada, 2009-0813, retrieved 21 April 2010 
  6. ^ Elizabeth II (28 May 2009), Financial Administration Act, Ottawa: Queen's Printer for Canada, 2009-0815, retrieved 21 April 2010