cDicCeI.ca
About cDicCeI.ca
The Corporation was established in 1982 under the Canada Business Corporations Act, to manage investments assigned to it and to privatize its holdings when appropriate. Following legislation in 1998, until recently, CDIC’s mandate was to wind down its operations by divesting its remaining assets in an orderly fashion and ready the Corporation for eventual windup.
In November 2007, the Minister of Finance informed CDIC that “going forward, the operations of the CDIC should reflect a future focussed on the ongoing management of its current holdings in a commercial manner, providing assistance to the government in new directions suited to CDIC’s capabilities, while maintaining the capacity to divest CDIC’s existing holdings, and any other government interests assigned to it for divestiture, upon the direction of the Minister of Finance”.
CDIC is a holding company that had two subsidiaries in 2008, Canada Hibernia Holding Corporation which owns an 8.5% interest in the Hibernia oilfield and Canada Eldor Inc. which has no operations, but has responsibility for servicing liabilities, chiefly arising from an agreement of purchase and sale with Cameco Inc. entered into in 1988.
The Corporation reports to Parliament through the Minister of Finance, and is managed by its Board of Directors who provide advice to the Minister as required.
