ABOUT CDIC

Overview

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 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 presently holds the following wholly owned subsidiaries for which it has responsibility: Canada Hibernia Holding Corporation, which owns an 8.5% interest in the Hibernia oilfield; Canada GEN Investment Corporation, which owns the business interests of the Crown in General Motors; 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.

In August 2009 the Minister of Finance requested CDIC to participate in the Government’s on-going review of corporate asset holdings.

In November 2010, CDIC’s Canada GEN subsidiary participated in the initial public offering (IPO) of General Motors stock, disposing of a portion of its holdings.

In July 2011, CDIC sold the entirety of its interests in Chrysler to Fiat S.p.A.

The Corporation reports to Parliament through the Minister of Finance.