June 28, 2018 – Ottawa, Ontario – Global Affairs Canada
The Honourable François-Philippe Champagne, Minister of International Trade, today announced the appointment of the new board of directors for Export Development Canada (EDC) and the launch of the 2018 legislative review of the Export Development Act.
As a commercial and financially self-sustaining Crown corporation, EDC is governed by a board of directors whose members serve for terms of up to four years, providing oversight and guidance to EDC. The EDC board appointments are the result of an open, transparent and merit-based Governor-in-Council selection process developed to attract high-quality candidates while reflecting gender parity and Canada’s diversity. The new EDC board also achieves gender parity with six women and six men (the current CEO is ex-officio).
The Export Development Act (the Act) requires that the Minister of International Trade, in consultation with the Minister of Finance undertake a legislative review of the Act every 10 years. Among other things, the review examines different aspects of EDC’s role, functions and governance and assesses whether the Crown corporation is providing the right services to Canadian exporters.
The review will be structured on a thematic basis and look at EDC’s complementary role with the domestic private sector, its ability to meet evolving Canadian business needs in a changing global context, and its adherence to the highest corporate social responsibility standards. The review will also include an evaluation of Canada’s trade financing system. The review process will involve in-person consultations with the Canadian public, and interested parties will also have the opportunity to submit their views through a website. The Minister will table a report of the legislative review in Parliament in spring 2019.
“EDC’s new board of directors and the legislative review will be invaluable in assessing EDC’s performance and identifying opportunities to refine its services so that Canadian businesses can achieve even greater success abroad. I also take this opportunity to thank the outgoing EDC board members for their service and enduring contributions.”
– François-Philippe Champagne, Minister of International Trade
- EDC helps Canadian companies grow and succeed in their international business ventures by providing financing, insurance, bonding, trade knowledge and matchmaking connections to help Canadian companies sell and invest abroad. EDC can also provide financial solutions to foreign buyers to facilitate and grow purchases from Canadian companies.
- In 2017, EDC provided services to more than 9,000 Canadian businesses, supporting small and medium-sized enterprises and commercial customers through more than 5,500 transactions and facilitating over $103 billion in business.
- EDC is a revenue-generator for Canadians and was responsible for returning $969 million to taxpayers last year.
- EDC also oversees Canada’s new development finance institution, FinDev Canada.