Table of Contents
- Corporate Asset Management Review / Divestitures
- Asset Management
- Internal Services
- Classes of Personal Information
Introduction to Info Source
Info Source: Sources of Federal Government and Employee Information provides information about the functions, programs, activities and related information holdings of government institutions subject to the Access to Information Act and the Privacy Act. It provides individuals and employees of the government (current and former) with relevant information to access personal information about themselves held by government institutions subject to the Privacy Act and to exercise their rights under the Privacy Act.
The Access to Information Act and the Privacy Act assign overall responsibility to the President of Treasury Board (as the designated Minister) for the government-wide administration of the legislation.
Canada Development Investment Corporation (“CDEV”) is a Crown Corporation named in Part II of Schedule III of the Financial Administration Act. CDEV reports to Parliament through the Minister of Finance, and is managed by its Board of Directors who provide advice to the Minister as required. CDEV is not subject to the provisions of the Income Tax Act.
The Corporation was established in 1982 under the Canada Business Corporations Act, to manage Crown Corporations and investments assigned to it and to privatize its holdings when appropriate.
Canada Development Investment Corporation no longer uses the acronym ‘CDIC’ and will henceforth be abbreviated as ‘CDEV’. Some historic documents and text may still refer to ‘CDIC’.
In November 2007, the Minister of Finance wrote the Chairman and indicated that the operations of CDEV should reflect a future focused on the ongoing management of its current holdings in a commercial manner; providing assistance to the government in new directions suited to CDEV’s capabilities; while maintaining the capacity to divest CDEV’s existing holdings, and any other government interests assigned to it for divestiture, upon the direction of the Minister of Finance.
CDEV is a holding company that presently has the following wholly-owned subsidiaries for which it has responsibility:
- Canada Eldor Inc. (“CEI”) 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.
- Canada GEN Investment Corporation (“GEN”) which owns the business interests of the Crown in General Motors Company (“GM”), and
- Canada Hibernia Holding Corporation (“CHHC”) which owns an 8.5% interest in the original Hibernia project and interests in other Hibernia-related developments.
In August 2009 the Minister of Finance requested CDEV to participate in the Government’s on-going review of corporate asset holdings. The Corporate Asset Management Review (CAMR) process is continuing and we will maintain the management capability to provide service to assist the Minister in whatever role he deems fit.
In July 2011, CDEV sold the entirety of its interest in Chrysler to Fiat S.p.A.
In late 2012 it was announced that CDEV will act as the government’s agent in the sale of Ridley Terminals Inc. (“RTI”), a federal Crown corporation located in British Columbia. In mid-2013 it was announced that CDEV would act as the government’s agent to sell a portion of the Dominion Coal Blocks (“DCB”) in British Columbia.
Institutional Functions, Programs and Activities
CORPORATE ASSET MANAGEMENT REVIEW / DIVESTITURES
We continue to undertake responsibility for those components of CAMR assigned to us by the Department of Finance. The actions we undertake include identifying suitable consulting firms given project mandates, developing statements of work and requests for proposals for projects, evaluating RFP proposals, hiring consultants, and managing the review project. We remain staffed to undertake these roles and we also hire contractors with specific skills and experience to augment our capabilities.
For the current or any future mandate to act as agent in the sale of a corporate asset of the Government, we identify and hire required financial and other advisors to evaluate the asset, provide advice to the Government on the possibilities and requirements to undertake a sale, manage a sales process as required, and help facilitate the execution of a potential sale.
Description: Assets sold on behalf of the Crown by CDEV since inception include Canadair Limited; The de Havilland Aircraft of Canada, Limited; Teleglobe Canada; Fishery Products International Limited; Canada Development Corporation; Nordion International Inc; Varity Corporation; Telesat Canada; Cameco Corporation; Co-enerco Resources Ltd; Ginn Publishing Canada Inc; Theratronics International Limited; Canada CH Investment Corporation.
Document Types: Records include annual reports; agreements; corporate plans and summaries; environmental audits; correspondence; financial records; legal documents; minutes of meetings.
Record Number: CDEVDIV 300
CDEV has historically been used as a means of ensuring that the Government’s interests that are assigned to it have been managed with a commercial focus. To date, we have managed and sold some fifteen companies for the Government with total proceeds exceeding $3 billion. We continue to manage Canada’s interest in the Hibernia oil field, the preferred and common shares in General Motors and liabilities of Canada Eldor Inc.
CDEV is managed by a staff based in Toronto, headed by the Executive Vice-President, who work closely with consultants, legal counsel, the Board and management of its subsidiaries to ensure the effective functioning of the Corporation and all subsidiaries. CHHC has separate management based in Calgary. In order to manage the investments in GM, additional expert advisory consultants have been hired.
Canada Eldor Inc.
In 2012, CEI completed a settlement with Cameco Corporation with respect to previous historic waste obligations. CEI continues to pay for costs relating to the decommissioning of a former mine site and for retiree benefits of certain former employees.
Canada GEN Investment Corporation
On September 10, 2013 Canada GEN sold 30 million common shares of General Motors (a Delaware U.S.A. corporation) that it held. GEN holds approximately 7% of the outstanding common shares of GM and US $422 million of GM Cumulative Series A Preferred Shares. GEN’s management and Board of Directors oversee the management of this investment. We retain expert advisors to assist us in analysing the investment, evaluating relevant market conditions, and to address any other issues required to maintain our ability to monetize this investment.
Canada Hibernia Holding Corporation
Our holding in the Hibernia oil field, managed by our subsidiary the Canada Hibernia Holding Corporation (CHHC) will continue to be available for sale should the Government wish to divest of this asset. In the meantime we will participate actively in endeavouring to maximize the return on this asset.
Internal Services are groups of related activities and resources that are administered to support the needs of programs and other corporate obligations of an organization. These groups are: Management and Oversight Services; Communications Services; Legal Services; Human Resources Management Services; Financial Management Services; Information Management Services; Information Technology Services; Real Property Services; Materiel Services; Acquisition Services; and Travel and Other Administrative Services. Internal Services include only those activities and resources that apply across an organization and not to those provided specifically to a program.
Acquisition Services involve activities undertaken to acquire a good or service to fulfil a properly completed request (including a complete and accurate definition of requirements and certification that funds are available) until entering into or amending a contract.
Financial Management Services involve activities undertaken to ensure the prudent use of public resources, including planning, budgeting, accounting, reporting, control and oversight, analysis, decision support and advice, and financial systems.
HUMAN RESOURCES MANAGEMENT
Human Resources Management Services involve activities undertaken for determining strategic direction, allocating resources among services and processes, as well as activities relating to analyzing exposure to risk and determining appropriate countermeasures. They ensure that the service operations and programs of the federal government comply with applicable laws, regulations, policies, and/or plans.
- Compensation and Benefits
- Performance Management Reviews
- Recruitment and Staffing
Information Management Services involve activities undertaken to achieve efficient and effective information management to support program and service delivery; foster informed decision making; facilitate accountability, transparency, and collaboration; and preserve and ensure access to information and records for the benefit of present and future generations.
Information Technology Services involve activities undertaken to achieve efficient and effective use of information technology to support government priorities and program delivery, to increase productivity, and to enhance services to the public.
Legal Services involve activities undertaken to enable government departments and agencies to pursue policy, program and service delivery priorities and objectives within a legally sound framework.
MANAGEMENT AND OVERSIGHT SERVICES
Management and Oversight Services involve activities undertaken for determining strategic direction, and allocating resources among services and processes, as well as those activities related to analyzing exposure to risk and determining appropriate countermeasures. They ensure that the service operations and programs of the federal government comply with applicable laws, regulations, policies, and/or plans.
TRAVEL AND OTHER ADMINISTRATIVE SERVICES
Travel and Other Administrative Services include Government of Canada (GC) travel services, as well as those other internal services that do not smoothly fit with any of the internal services categories.
- Access to Information and Privacy
- Administrative Services
- Boards, Committees and Councils
Classes of Personal Information
In the course of conducting the activities of the Corporation, personal information may be accumulated which is not contained in the specific information banks described in this entry. This information exists in a fragmented form throughout the subject files of the Corporation. This information is stored as part of the general subject files. This form of information is retrievable only if specifics are provided concerning the subject matter, the related activity, as well as the date at which the information was received by the Corporation and to whom it was addressed.
The personal information contained in the subject files is retained for the same period of time as the related subject information and disposed of according to the appropriate record schedules.
- Canada Development Investment Corporation – Access to Information Act Administrative Policy and Procedures
Please see the Introduction to this publication for information on access procedures under the provisions of the Access to Information Act and the Privacy Act.
Please note: Each request made to the Canada Development Investment Corporation under the Access to Information Act, must be accompanied by an application fee of $5.00, cheque or money order made payable to the Canada Development Investment Corporation.
For additional information about the programs and activities of the Canada Development Investment Corporation, please contact:
Access to Information and Privacy Coordinator
1240 Bay Street Suite 302
Toronto, Ontario M5R 2A7
Direct Line: 416-966-0650
In accordance with the Access to Information Act and the Privacy Act, an area on the premises of this institution has been designated as a public reading room. The address is:
Canada Development Investment Corporation
1240 Bay Street Suite 302
Toronto, Ontario M5R 2A7