Canada Development Investment Corporation
Encyclopedia
The Canada Development Investment Corporation (CDIC) is a Canadian
Crown corporation
assigned with management of investments and corporate interests of the Crown, 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.
Owned in whole by the Canadian monarch and managed by a board of directors, the company reports to the Parliament of Canada
via the Minister of Finance
, though changes in structure and purchases must be directed by the Governor General
-in-Council
. 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). In 2009, the corporation also, through its subsidiary 7176384 Canada Inc., purchased 7.9% of General Motors
.
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
Crown corporation
Crown corporations of Canada
Canadian Crown corporations are enterprises owned by the federal government of Canada , one of Canada's provincial governments or one of the territorial governments. Crown corporations have a long standing presence in the country and have been instrumental in the formation of the state...
assigned with management of investments and corporate interests of the Crown, making purchases and sales of assets on behalf of the Queen-in-Council
Queen-in-Council
The Queen-in-Council is, in each of the Commonwealth realms, the technical term of constitutional law that refers to the exercise of executive authority, denoting the monarch acting by and with the advice and consent of his or her privy council or executive council The Queen-in-Council (during...
. 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.
Owned in whole by the Canadian monarch and managed by a board of directors, the company reports to the Parliament of Canada
Parliament of Canada
The Parliament of Canada is the federal legislative branch of Canada, seated at Parliament Hill in the national capital, Ottawa. Formally, the body consists of the Canadian monarch—represented by her governor general—the Senate, and the House of Commons, each element having its own officers and...
via the Minister of Finance
Minister of Finance (Canada)
The Minister of Finance is the Minister of the Crown in the Canadian Cabinet who is responsible each year for presenting the federal government's budget...
, though changes in structure and purchases must be directed by the Governor General
Governor General of Canada
The Governor General of Canada is the federal viceregal representative of the Canadian monarch, Queen Elizabeth II...
-in-Council
Queen's Privy Council for Canada
The Queen's Privy Council for Canada ), sometimes called Her Majesty's Privy Council for Canada or simply the Privy Council, is the full group of personal consultants to the monarch of Canada on state and constitutional affairs, though responsible government requires the sovereign or her viceroy,...
. 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). In 2009, the corporation also, through its subsidiary 7176384 Canada Inc., purchased 7.9% of General Motors
General Motors
General Motors Company , commonly known as GM, formerly incorporated as General Motors Corporation, is an American multinational automotive corporation headquartered in Detroit, Michigan and the world's second-largest automaker in 2010...
.