Management and Governance
We adhere to the guidelines and regulations concerning the management and governance of Crown corporations set by the Treasury Board Secretariat of the Government of Canada. We report to Parliament through the Minister of International Trade and are subject to audits by the Auditor General.
Our mandate is spelled out in the Export Development Act. Under the Financial Administration Act, we are required to submit an annual Corporate Plan, which sets our performance measures and objectives, an Annual Report, which reports on our performance against these objectives, and an operating budget.
We are subject to a Legislative Review by the Government of Canada every 10 years to ensure that our mandate and the Export Development Act meet the evolving needs of Canada’s exporters and investors. Our last Legislative Review ended in 2009.
Board of Directors
EDC is governed by a Board of Directors whose representatives are primarily from the private sector. The Board's responsibility is to supervise the direction and management of EDC and oversee our strategic direction as outlined in our Corporate Plan. Board members are appointed by the Government of Canada, and report to Parliament through the Minister for International Trade.
Mr. Warn-Schindel was appointed Chairman of EDC’s Board of Directors in June, 2013. An investment management executive with extensive experience in global capital markets, he is Group Head and Managing Director of OPTrust Private Markets Group. Prior to joining OPTrust in 2004, he held senior positions with Macquarie Bank Limited, an Australian investment bank, and RBC Capital Markets, the wholesale investment banking arm of the Royal Bank of Canada.
Norman M. Betts
Fredericton, New Brunswick
First appointed to EDC's Board of Directors in 2007, Dr. Betts was reappointed for a second term in February 2010. Dr. Betts has an extensive record of public service. As the MLA for Southwest Miramichi, he served the people of New Brunswick as Minister of Finance from 1999 to 2001 and Minister of Business New Brunswick from 2001 to 2003. Dr. Betts is currently an associate professor with the Faculty of Business Administration at the University of New Brunswick and sits on several other boards of directors including New Brunswick Power Holdings, Tembec Inc., and the Nature Conservancy for the Atlantic region. He holds a PhD in Management from Queen's School of Business and is a Chartered Accountant.
Quebec City, Quebec
Mr. Boivin was appointed to EDC's Board of Directors in March 2009 and reappointed for a second term in October 2012. A lawyer with Levis, Quebec's ksa, avocats, S.E.N.C.R.L., Mr. Boivin specializes in mergers and acquisitions, sales and financing, as well as bankruptcy and insolvency. He has also served as an instructor at the École du Barreau du Québec. Mr. Boivin is a member of the Barreau du Québec, the Canadian Bar Association and INSOL International. In addition to his law practice, Mr. Boivin is active in his community and serves on boards of organizations that support education and health services.
Mr. Burghardt was first appointed to EDC's Board of Directors in June 2008. He was reappointed for a second term in February 2012. He has worked in the agricultural industry for more than 25 years, including 13 years as President and Chief Executive Officer of Prince Rupert Grain Ltd. and as Chair of the Northwest Corridor Development Corporation. A leading advocate for his region, Mr. Burghardt has served as an industry adviser to both federal and provincial governments on issues such as transportation, economic development and investment.
Dr. Chowaniec was first appointed to EDC's Board of Directors in April 2008. He was reappointed for a second term in December 2011. Currently CEO of Amiga2 Corporation and Chair of the board of Startup Canada; he has held executive positions at Acadia University, Bell Northern Research, Nortel Networks, Commodore International and Calmos Systems. After serving as both President and Vice-President of Newbridge Networks, Dr. Chowaniec was the founding CEO of Tundra Semiconductor Corporation in 1995. From 2006 to 2008, he was Chair of the Ontario Premier's Research and Innovation Council. He has been widely recognized for his leadership, business excellence and innovation, and was named Business Person of the Year by the Ottawa Chamber of Commerce in 1999.
Herbert M. Clarke
St. John's, Newfoundland
Mr. Clarke was appointed to EDC's Board of Directors in 2009, and reappointed for a second term in October 2012. He has substantial private- and public-sector experience in areas of public policy and industry-government relationships, particularly relating to shipbuilding, marine construction, fish and fish products, and energy. Mr. Clarke is president of HMC Associates Ltd., a private consulting and investment firm. Previously, he served as Newfoundland and Labrador's Clerk of the Executive Council and Secretary to Cabinet, the most senior position in the province's public service. Mr. Clarke has been a member of the Canada Newfoundland Offshore Petroleum Board, founding Chairman of the Fisheries Resource Conservation Council, and Public Review Commissioner for a major offshore oil and gas project.
Linda M. O. Hohol
Ms. Hohol was appointed to EDC's Board of Directors in 2007 and was reappointed for a second term in February 2011. With significant experience in the financial sector and expertise in venture capital financing and wealth management, Ms. Hohol was President of the TSX Venture Exchange from 2002 to 2007, after a long career with CIBC, which included a position as Executive Vice-President of Wealth Management. She is a Director of several non-profit and private-sector corporations, including EllisDon Construction and United Way of Calgary, and has been recognized as one of the 100 Most Powerful Women in Canada.
Mr. Khurana was appointed to EDC’s Board of Directors in April 2013. He is the founder and CEO of Prudential Consulting, a Toronto-based IT-enabled service provider, and has interests in other Asia-centric businesses. Prior to becoming an entrepreneur, Mr. Khurana worked with Toronto Dominion Bank in Commercial Credit. He has served on the board of numerous multinational companies and non-profit organizations and is currently a board member of the Asia Pacific Foundation of Canada (APFC), Canada Post Foundation, and Advisory Board of the Indo Canada Chamber of Commerce. He is also a member of the Canada India CEO Forum. Mr. Khurana is an Engineering graduate from India and holds a Masters in Business Administration from St. Mary's University in Halifax.
Elliot Lifson was appointed to EDC’s Board of Directors in March 2012. Mr. Lifson is President of the Canadian Apparel Federation. He is Vice-Chairman of Peerless Clothing Inc. In addition to his duties with the Federation, he is a member of the Board of the Apparel Manufacturing Institute of Quebec, Director of the Fondation De La Mode De Montreal and Director of Manufacturers and Exporters of Quebec. He is also a Director of the Apparel Human Resource Council. As well, Mr. Lifson is Past Chairman of the Board of the Montreal Board of Trade and he currently sits on the Board in an advisory capacity. Mr. Lifson is also the Division Chair for the apparel sector of the Ministère du Développement Économique, Innovation et Exportation. Mr. Lifson sits on the Board of many charitable institutions and currently serves as Professor at the Desautels Faculty of Management at McGill University. Mr. Lifson was recently nominated to the Quebec Government Committee, Export Québec. He is a graduate in Law from the Université de Montréal and a member of the Quebec Bar. He received his MBA from the Ivey School of Business, University of Western Ontario.
Donald A. MacLeod
Dartmouth, Nova Scotia
Mr. MacLeod was first appointed to EDC's Board of Directors in 2008 and was reappointed in December 2011. Currently serving as Vice-President and General Manager for J. Ray McDermott Canada, Ltd. Mr. MacLeod has held senior management positions within McDermott and its predecessor organizations since 1989. He has extensive involvement in commercial transactions in Canada and internationally within the shipping and offshore oil and gas sector. Mr. MacLeod is Chair of the Shipowners' Mutual Protection and Indemnity Association (Luxembourg), and holds positions on several of its affiliates and management committees. He is a member of the Nova Scotia Barristers' Society, the Canadian Bar Association and the Canadian Maritime Law Association.
Mr. Steiner was appointed to EDC's Board of Directors in December 2010. Before establishing New Franchise Media in 2010, Mr. Steiner served approximately seven years as President and Chief Executive Officer of the Toronto Economic Development Corporation (TEDCO), and three years as a board member of the Alcohol and Gaming Commission of Ontario. Mr. Steiner currently serves as Chair of the Governance Committee on the Board of Directors of the Ontario Centres of Excellence Inc., which oversees government investment in the commercialization of university R&D through industry-academic collaboration and venture capital finance. He is an active member of the Young Presidents' Organization (YPO) Toronto Chapter and the Institute of Corporate Directors with an ICD.D designation.
Ms. Thibault was appointed to EDC's Board of Directors in January 2010. A Director at the Bank of Nova Scotia since 2005, Ms. Thibault is responsible for Credit Lease Scotia and the Immigrant Investor Program in the Quebec region. Her 20-year career in the financial industry has included positions at HSBC Bank, the Bank of Montreal, Bombardier Capital Ltd., AT&T Capital Canada Inc., and Pitney Bowes Leasing.
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Executive Management Team
In addition to overseeing day-to-day operations, the Executive Management Team plans and executes the business strategy as outlined in the Corporate Plan.
Executive Management Team
Effective June 3, 2013, Pierre Gignac was appointed by EDC’s Board of Directors to serve as Acting President until a permanent President and CEO is chosen, a process which is expected to take approximately six months.
Mr. Gignac was appointed Senior Vice-President and Chief Risk Officer, Enterprise Risk Management in January 2012, after serving as Senior Vice-President, Insurance since January 2004. Mr. Gignac joined EDC in April 1999 as Director, Claims and Insurance Accounting and later moved to Vice-President, Insurance and Loans Services and then Vice-President, Short-term Credit and Risk Assessment. Prior to joining EDC, Mr. Gignac held senior posts during his 14-year career at Metropolitan Life Insurance Company. Mr. Gignac is a Fellow of the Society of Actuaries, Fellow of the Canadian Institute of Actuaries, and a Chartered Financial Analyst. He is a graduate of Columbia University's Senior Executive Program and from Laval University in Quebec City.
Senior Vice-President, Financing Products
Benoit Daignault was appointed as Senior Vice-President, Financing Products in January 2012, after serving as Senior Vice-President, Business Development since he joined EDC in 2004. He currently leads EDC's various lending practices including Commercial Finance, Corporate and Asset based lending, Project Finance, as well as the Equity Investment program. Previously, Mr. Daignault spent more than 10 years with General Electric Capital, where he held increasingly senior positions in both Canada and the U.S. Mr. Daignault has a Baccalaureat in Business Administration from l'École des Hautes Études Commerciales in Montreal and is a CFA charterholder. He completed the Proteus program of London Business School and the Senior Executive Program of Columbia University.
Senior Vice-President, Human Resources and Communications
Catherine Decarie was appointed Senior Vice-President, Human Resources and Communications in August 2013, a role to which she brings deep Human Resources experience, a multi-disciplinary approach and a passion for innovation. She is responsible for the development of EDC’s people strategy to attract, engage and develop the talented employees who deliver on EDC’s vision and business objectives, in support of Canadian trade. After earning her BA from Mount Allison University, Catherine pursued an LL.B. from Queen’s University and was called to the Ontario Bar in 1996. She articled with McCarthy Tetrault and has held numerous legal and human resources positions within the Toronto head office of a national retailer. She has served at EDC since 2001, rising to the position of Vice-President, Organizational & Employee Development before taking on her current role as a member of the Executive team. Catherine is a member of the Law Society of Upper Canada and sits on the Board of the Boys and Girls Club of Ottawa.
Senior Vice-President, Finance, and Chief Financial Officer
Ken Kember was appointed Senior Vice-President, Finance, and Chief Financial Officer in 2009. Mr. Kember leads the Finance organization which includes Treasury, Corporate Finance & Control, Loans Services and Corporate Services. Mr. Kember has held various positions of increasing responsibility in the Finance Group, and served as Vice-President and Corporate Controller for five years before taking on his current role. Prior to joining EDC in 1995, he was a senior manager in the Accounting and Audit Group of PricewaterhouseCoopers in Ottawa. Mr. Kember holds a B.A. and a Master of Accounting degree from the University of Waterloo, and is a Chartered Accountant and Certified Management Accountant. He also serves on the board of the National Capital Region Chapter of Financial Executives International.
Senior Vice-President, Business Solutions and Innovation Group
Derek Layne was appointed Senior Vice-President, of the newly created Business Solutions and Innovation Group in December 2011. In this capacity Mr. Layne is responsible for managing the technology platforms, information systems, as well as the centres of expertise for business intelligence, process and program support which enable EDC’s operations. Mr. Layne previously held various management positions within EDC’s lending practice and served as EDC’s Chief Risk Officer for the past four years, before assuming his current role. He has over 19 years of experience in underwriting international financing. Prior to joining EDC in 1992, Mr. Layne worked for an engineering firm.
Senior Vice-President, Corporate Affairs & Secretary
Jim McArdle was appointed as Senior Vice-President, Corporate Affairs & Secretary in January 2012, after serving as Senior Vice-President, Legal Services and Secretary since 2006. Mr. McArdle is responsible for Planning and External Relations, Corporate Social Responsibility, Economics, Enterprise Portfolio Management and is Secretary to the Board. Mr. McArdle joined EDC as a Legal Counsel in 1993 and became Senior Legal Counsel in 1994. He was appointed General Counsel and Senior Assistant Secretary in July 2002. Prior to joining EDC, he was a member of a national Toronto law firm for 10 years and is a graduate of Columbia University's Senior Executive Program.
Senior Vice-President, Business Development
Rajesh Sharma was appointed as Senior Vice-President, Business Development in January 2012, after serving as Senior Vice-President, Financing Products Group since 2011. Mr. Sharma leads the business strategy of the corporation through sector teams specialized in the major global supply chains. He is also responsible for the network of EDC’s offices and representations in Canada and overseas. Since joining EDC in 1995, Mr. Sharma has overseen various product lines including its Project and Structured Finance, Corporate Lending and Political Risk Insurance operations. Prior to joining EDC, Mr. Sharma spent four years with Ontario Hydro. Mr. Sharma has an MBA from the University of Windsor in Canada, and an MPhil. in Economics and MA Honours in Economics, from Panjab University in India.
Senior Vice-President, Insurance
Clive Witter was appointed as Senior Vice-President, Insurance in May 2012. Mr. Witter has 30 years experience in finance and insurance, most of it in senior leadership positions. Originally from the United Kingdom, Mr. Witter has also worked in Canada, Ireland, Belgium, and Hong Kong. Prior to joining EDC, he worked for PWC and then AVIVA Composite Insurance Group, one of the world’s largest insurance companies. His most recent position was as Chief Operating Officer, Continental Europe for Willis International, General Insurance Brokers, based in London. A Chartered Accountant, Mr. Witter is a graduate of University College of Swansea, Wales. He also sits on the Board of Directors of the Receivables Insurance Association of Canada.
Audit Committee of the Board of Directors
The Audit Committee is composed of directors independent of EDC management. This Committee assists the Board in fulfilling its responsibilities related to financial matters, business ethics, environmental review and our Compliance Officer program. The Committee regularly meets independently with representatives of the Office of the Auditor General and EDC's internal auditors. The Terms of Reference for the Audit Committee of the Board of Directors outline the Committee's composition, purpose, areas of responsibility and related work and are reviewed on an annual basis.
Values and Ethics Code for the Public Sector
EDC employees are required to abide by the public-sector-wide Values and Ethics Code. Monica Ryan, EDC’s Compliance Officer, has been designated as the contact person for members of the public who may have reason to believe an EDC employee is not complying with the new public sector code. More information
Corporate Social Responsibility Advisory Council
As part of our effort to continually improve our social responsibility practices, we created a Corporate Social Responsibility Advisory Council to provide advice and guidance on our CSR practices. For more information see Corporate Social Responsibility.
Detailed information on our 2012 performance measures and highlights.