Canada Development Investment Corporation

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

References

  1. ^ Canada Development Investment Corporation (2008), Annual Report 2008, Ottawa: Queen's Printer for Canada, p. 4, http://www.cdiccei.ca/english/pdf/CDIC_Annual_Report_2008%20_Eng.pdf, retrieved 21 April 2010 
  2. ^ a b c Canada Development Investment Corporation. "About CDIC > Overview". Queen's Printer for Canada. http://www.cdiccei.ca/english/about_overview.asp. 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, 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, retrieved 21 April 2010 
  6. ^ Elizabeth II (28 May 2009), Financial Administration Act, Ottawa: Queen's Printer for Canada, 2009-0815, 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, retrieved 21 April 2010