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
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- ↑ 2.0 2.1 2.2 Lua error in package.lua at line 80: module 'strict' not found.
- ↑ CDIC 2008, p. 13
- ↑ CDIC 2008, p. 3
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