Export Development Canada

Export Development Canada
Crown Corporation, Financial Services
Industry Financial Services, Credit Insurance
Founded Ottawa, Ontario, Canada, 1944
Key people
 Benoit Daignault (President and CEO)
Total assets $41,516 Million (F2013)[1]
Number of employees
 1,200 (F2013)
Website EDC

Export Development Canada (EDC; French: Exportation et développement Canada) is Canada's export credit agency and a State-owned enterprise wholly owned by the Government of Canada. Its mandate is to support and develop trade between Canada and other countries and Canada's competitiveness in the international market-place.[2] EDC products and services include trade credit insurance, export financing for Canadian companies and for their foreign customers, bonding solutions, international market expertise, as well as information on opportunities in international markets.[3][4][5]

EDC was founded in 1944. Its corporate headquarters is located in Ottawa and has 17 regional offices across Canada and permanent representations in 12 foreign markets.[6][7]

History

In 1944, the Export Credits Insurance Act was proclaimed. Export Credit Insurance Corporation (ECIC) was created following WWII to help stimulate the Canadian economy, create jobs and help Canadian exporters. The Export Development Act proclaimed on October 1, 1969, repealed Part 1 of the Export Credits Insurance Act and established the Export Development Corporation (EDC) as successor to all property, rights, and obligations.[8] In 2001, EDC changed its name from Export Development Corporation to Export Development Canada[9]

Operations

EDC operates at arm's length from the federal government and according to commercial principles. EDC's mandate is spelled out in the Export Development Act. In response to the global credit crunch, in 2009 the Government of Canada broadened EDC's mandate and scope of activity for a two-year period to include support for domestic trade and domestic business opportunities. The period was extended to March 12, 2014.[10]

The Corporation is financially self-sustaining. EDC raises funds by charging fees for its services and interest on its loans, as well as issuing debt in capital markets.

EDC operates according to a Corporate Plan approved annually by the federal government, and its Operating Principles dictate that it conducts its business in a manner that is respectful of applicable international agreements to which Canada is a party; is consistent with its Corporate Social Responsibility (CSR) commitments; and ensures the sound financial management of its activities.[11]

EDC publishes an online magazine for Canadian Exporters, ExportWise (Exportateurs avertis in French).

In 2011, EDC and BDC (Business Development Bank of Canada) announced the signing of a new protocol to coordinate collaborative efforts between the two Crown corporations to better benefit Canadian businesses.[12]

In addition to the Ottawa headquarters, EDC operates from 18 regional offices in Toronto, Vancouver, Montreal, Calgary, Halifax, etc., as well as representation abroad including China, Brazil, Germany, South Africa, Singapore, United States, and more.

Executive team

As of August 2016

Services

EDC provides trade credit insurance and export financial services, bonding products and small business solutions to Canadian exporters and investors and their international buyers. EDC also supports Canadian direct investment abroad and investment into Canada. Much of its business is done in partnership with other financial institutions and through collaboration with the government of Canada. EDC’s business solutions can help companies who want to:[13]

Governance

EDC is governed by a Board of Directors composed of representatives primarily from the private sector. The Board's responsibility is to supervise the direction and management of EDC. The Board reports to Parliament through the Minister for International Trade. Board members are appointed by the Government of Canada.[14]

EDC's Board of Directors provides oversight for the Corporation's overall Corporate Social Responsibility orientation. This program includes environmental, human rights and political risk assessments for each transaction being considered.

Board of Directors

As of August 2016[14]

Corporate social responsibility

Corporate social responsibility is an operating principle at EDC,[15] as demonstrated through the continuing partnership with CARE Canada.[16] as well as various awards and recognitions given to the company (See Awards and recognitions section).

Youth Education Program[17] – International Business Scholarships: EDC awards up to 30 scholarships annually, 25 of which go to undergraduate university or college students interested in pursuing a career or furthering their studies in international business, with up to 5 additional scholarships for students in programs which combine business with environmental or sustainability studies. An EDC scholarship is worth a $4,000 cash award.

Events by EDC

EDC participates in many events, both their own hosted and partnered events, including conferences, webinars, matchmaking sessions, and roundtable discussions.

Notable EDC events include:

Lets Talk Exports: Each spring, EDC’s Vice-President and Chief Economist travels across Canada to share his view on the global economy.[18]

Global Export Forecast: EDC’s Vice-President & Chief Economist provides attendees an insightful look at what Canadian exporters and investors may expect for the upcoming year. The Global Export Forecast is produced twice per year in April and October.[19]

Awards and recognitions

EDC was recognized as Best Global Export Credit Agency by Trade Finance at its 2016 Annual Trade Finance and Global Awards ceremony held in London UK, March 16, 2016.

EDC received the Chartered Professional Accountants of Canada's 2015 Award of Excellence in Financial Reporting – Federal Crown (Large).

EDC has also been identified as the seventh top sustainability performer in Canada, according to the 2014 publication of Future 40 Responsible Corporate Leaders by Corporate Knights.[20]

In January 2013, the head office for EDC located in downtown Ottawa was granted LEED for Core and Shell (CS) Gold certification by the Canadian Green Building Council[21] . Also in 2013, EDC has won two Gold Quill Awards from the International Association of Business Communicators (IABC) for its 2012 Employee Conference and for Link Magazine, its internal employee magazine.[22]

EDC's productions have also garnered much recognition.

In 2014:

For the MarCom Awards (Arlington, Texas)

Gold Award (Film/Video)

Platinum Award (Film/Video)

For the Telly Awards (New York, New York)

Bronze Award - (Editing)

Bronze Award - (Cinematography)

Silver Award - (Cinematography)

In 2013:

For the Telly Awards (New York, New York)

Bronze Award - (Cinematography)

Bronze Award - (Film Editing)

Silver Award - (Film Editing)

For the Communicator Awards (New York, New York)

Award Of Excellence - Gold (Cinematography)

Award Of Excellence - Gold (Film Editing)

References

  1. ↑ "2013 Annual Report". Export Development Canada.
  2. ↑ "Export Development Act" (PDF). The Minister of Justice.
  3. ↑ "Our solutions - Foreign Buyer Financing". Export Development Canada.
  4. ↑ "Bonding and Guarantees". Export Development Canada.
  5. ↑ "Country Info". Export Development Canada.
  6. ↑ "About Us". Export Development Canada.
  7. ↑ "Contact Us". Export Development Canada.
  8. ↑ "Export Development Act" (PDF). The Minister of Justice.
  9. ↑ "BILL C-31: AN ACT TO AMEND THE EXPORT DEVELOPMENT ACT AND TO MAKE CONSEQUENTIAL AMENDMENTS TO OTHER ACTS". Parliament of Canada.
  10. ↑ "Government Tables Response to Export Development Canada Legislative Review". Government of Canada.
  11. ↑ "2013–2017 Corporate Plan Summary" (PDF). Export Development Canada.
  12. ↑ "EDC and BDC bolster relationship to better support Canadian companies". Business Development Bank of Canada.
  13. ↑ "Our solutions". Export Development Canada.
  14. 1 2 "Management and Governance". Export Development Canada.
  15. ↑ "Corporate Social Responsibility". Export Development Canada.
  16. ↑ "EDC renews partnership with CARE after five successful years". CARE Canada.
  17. ↑ "Youth Education Program". Export Development Canada.
  18. ↑ "Let's Talk Exports Cross Canada Tour". Export Development Canada.
  19. ↑ "Global Export Forecast". Export Development Canada.
  20. ↑ "2014 Future 40" (PDF). Corporate Knights.
  21. ↑ "Export Development Canada Headquarters Granted Leed® for Core and Shell Gold Certification".
  22. ↑ "IABC Award Winners". International Association of Business Communicators.

External links

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