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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 help Canada's competitiveness in the international marketplace.[3] EDC products and services include trade credit insurance, export financing for Canadian companies and for their foreign customers, bonding solutions[buzzword], international market expertise, as well as information on opportunities in international markets.[4][5][6]

Export Development Canada
Crown corporation
IndustryBanking, financial services, credit insurance
FoundedOttawa, Ontario, Canada, 1944
HeadquartersOttawa, Ontario, Canada
Key people
Mairead Lavery (President and CEO)[1]
Total assets$60.4B (F2018)[2]
Number of employees
1,556 (F2018)
Website[1]

EDC was founded in 1944. Its corporate headquarters is located in Ottawa, and it has 17 regional offices across Canada and permanent representations in 12 foreign markets.[7][8]

HistoryEdit

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 The Export Development Act proclaimed on October 1, 1969, repealed Part 1 of the Export Credits Insurance Act and established the Export Development Corporation (EDC) as successor to all property, rights, and obligations.[9] In 2001, EDC changed its name from Export Development Corporation to Export Development Canada[10]

OperationsEdit

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.[11]

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 Sustainability Responsibility (CSR) commitments; and ensures the sound financial management of its activities.[12]

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.[13]

In addition to the Ottawa headquarters, EDC operates from 21 regional offices in Toronto, Kitchener, London, Mississauga, Windsor, Vancouver, Calgary, Edmonton, Regina, Saskatoon, Winnipeg, Montreal, Sherbrooke, Brossard, Drummondville, Quebec, Saint-Laurent, Halifax, Moncton, St. John's, Charlottetown; as well as representation abroad including Mexico, Peru, China, India, Chile, Colombia, Brazil, Germany, South Africa, Singapore, Australia, United States, and more.

Executive teamEdit

As of April 2019

  • Mairead Lavery - President and CEO
  • Carl Burlock - SVP and Global Head, Financing and International Growth Capital
  • Al Hamdani - SVP and Chief Risk Officer, Enterprise Risk Management
  • Stephanie Butt Thibodeau - SVP, Human Resources
  • Ken Kember - SVP, Finance and Technology and Chief Financial Officer
  • Catherine Decarie - SVP, Corporate Affairs and Secretary
  • Derek Layne - SVP, Strategy and Innovation
  • Lorraine Audsley - Acting SVP and Chief Credit Officer, Global Risk Management
  • Mike Neals - Acting SVP, Business Development
  • Clive Witter - SVP, Insurance and Working Capital Solutions

ServicesEdit

EDC provides trade credit insurance and export financial services, bonding products and small business solutions[buzzword] 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[buzzword] can help companies who want to:[14]

  • Grow their business internationally
  • Get financing
  • Protect against risk
  • Free up working capital
  • Invest in foreign markets
  • Access trade knowledge and tools

GovernanceEdit

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.[15]

Board of DirectorsEdit

As of April 2019[15]

  • Irman, M. (Chair)
  • Boivin, P.
  • Culbert, H.
  • Gordon, L.
  • Gupta, K.
  • Lifson, E.
  • MacWilliam, K.
  • Matuszewski, P.
  • McLeese, R.
  • Stairs Krishnappa, A.
  • Thibault, D.
  • Yuers, K.

Corporate Sustainability and ResponsibilityEdit

Corporate Sustainability and Responsibility is an operating principle at EDC,[16] as demonstrated through the continuing partnership with CARE Canada.[17] as well as various awards and recognitions given to the company (See Awards and recognitions section).

Youth Education Program[18] – 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 EDCEdit

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

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.[19]

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.[20]

ReferencesEdit

  1. ^ "Management and Governance".
  2. ^ "EDC 2018 Annual Report" (PDF).
  3. ^ "Export Development Act" (PDF). The Minister of Justice.
  4. ^ "Our solutions - Foreign Buyer Financing". Export Development Canada.
  5. ^ "Bonding and Guarantees". Export Development Canada.
  6. ^ "Country Info". Export Development Canada.
  7. ^ "About Us". Export Development Canada.
  8. ^ "Contact Us". Export Development Canada.
  9. ^ "Export Development Act" (PDF). The Minister of Justice.
  10. ^ "BILL C-31: AN ACT TO AMEND THE EXPORT DEVELOPMENT ACT AND TO MAKE CONSEQUENTIAL AMENDMENTS TO OTHER ACTS". Parliament of Canada.
  11. ^ "Government Tables Response to Export Development Canada Legislative Review". Government of Canada.
  12. ^ "2013–2017 Corporate Plan Summary" (PDF). Export Development Canada.
  13. ^ "EDC and BDC bolster relationship to better support Canadian companies". Business Development Bank of Canada.
  14. ^ "Our solutions". Export Development Canada.
  15. ^ a b "Management and Governance". Export Development Canada.
  16. ^ "Corporate Social Responsibility". Export Development Canada.
  17. ^ "EDC renews partnership with CARE after five successful years". CARE Canada.
  18. ^ "Youth Education Program". Export Development Canada.
  19. ^ "Let's Talk Exports Cross Canada Tour". Export Development Canada.
  20. ^ "Global Export Forecast". Export Development Canada.