Remarks by: Jim Dinning
Chairperson of the Board
Ottawa - September 14, 2011 

I’m delighted that you could all join us today for EDC’s fifth Annual Public Meeting.  This is the first time we’re holding it at EDC’s headquarters.  Ironically, it’s also the last time—in this particular office tower.

As I speak, the remaining EDC employees on the floors above us are packing to move to the new rented offices –just a block away.  It’s one of the greenest and most modern new buildings in Ottawa.  It also consolidates EDC’s Ottawa staff in one spot. We look forward to hosting you there in the future. 

Before I introduce our agenda, I’d like to welcome the members of the Board who are with us this afternoon.

Along with our speakers this morning, we also have the rest of  EDC’s senior executives here:  Susanne Laperle, Sherry Noble, Benoit Daignault, Pierre Gignac, Jim McArdle and Rajesh Sharma.  Welcome.

You will soon hear from Stephen Poloz on how EDC has been helping Canadian companies do more business abroad…in the toughest markets…and in such turbulent times.  Steve too has had a challenging and productive time, during his eight months at the helm of EDC.

Let me take a moment to say how pleased the Board is with the direction that EDC is taking under Steve’s leadership.  The Board placed our utter confidence in Steve when we recommended him to the Government, last year, to become EDC’s 10th President and CEO.

In addition to the 2010 highlights, Steve will give you a sense of EDC’s evolving direction. 

Then, Ken Kember will review EDC’s strong financial performance.  He’ll also touch on how we sustain it to help Canadians capitalize on new trade opportunities year-after-year.

And our new Chief Corporate Social Responsibility Advisor, Signi Schneider, will talk about EDC’s CSR priorities.

But first, I would like to put EDC’s results in the context of our mandate and the Board’s role in preserving it.  In essence, EDC is here to help Canadians develop and capitalize on global trade opportunities. We’re an integral part of the Government of Canada’s International Trade portfolio.

We all know what a turbulent economic environment EDC had to work against in 2010.  The Board made sure that EDC had the right governance and strategy in place to help Canadian business get out of rough spots and grow internationally.

This strategy basically hinged on three dimensions in 2010.  Developing  greater trade expertise and partnerships.  Deploying new financial solutions.  And Delivering more practical value to customers than ever before. 

And EDC delivered. For example, we established three new representations in key emerging markets.  From Panama City, EDC covers Central America and the Caribbean. Istanbul is the hub for building ties in Turkey, the Caucasus and Eastern Mediterranean. And from Dusseldorf, Germany, we help clients do business with European supply chains in emerging markets. 

All in all, EDC now has 40 on-the-ground staff in 16 international locations.  We are better plugged in than ever to many of the world’s leading foreign companies.  And they are often keen on buying Canadian goods and services, or working with Canadian partners.  You sometimes just have to add a catalyst like EDC to help the two sides mix better.

The Government of Canada too appreciates how EDC representatives complement the work of their trade commissioners in major foreign markets.  In 2010, Parliament gave EDC the authority to establish its own offices abroad, when appropriate, following the recommendations of their Legislative Review of EDC.  Up till now, our foreign representations have been housed in Canada’s embassies and consulates—and that arrangement will still continue for the most part.

Another reflection of EDC’s strategy is our growing lending and insurance activities in partnership with public and private-sector banks and insurers in 2010—70 per cent more than the previous year. 

This included collaboration on domestic business, as part of Canada’s ongoing Economic Action Plan.  By combining EDC and our partners’ resources, there’s more credit to go around…to Canadian firms who can then invest or export more. That’s exactly what our customers say they need in these tough times.

That’s also what the “D” in EDC is all about—developing new trade and new wealth for Canada.

The success of EDC’s strategy can be measured through our 8,200-plus customers and the growing value of their business, using EDC’s services.  In 2010, this value started returning to the record levels we saw just prior to the recession—and setting a new record in emerging markets. I’ll leave it to Steve and Ken to elaborate.

There is no time to rest on our laurels. Once again, the global economy is confronting exceptional turbulence. Our Board looks forward to engaging in discussions with management on EDC’s evolving strategic direction.

I know that our Board members from across Canada will continue to add insightful regional perspectives and expertise to EDC’s governance and strategy.

Since 2010, our Board has been more deeply engaged than ever in strategic planning, holding an annual strategy session separate from Board business.  This lets us really explore the tough issues exporters are facing today and help inform EDC’s Corporate Plan.  We plan to continue on this path. 

Most of all, we are confident in EDC’s talented executive team and workforce —together we are determined to build on Canada’s recovery and growth.

Thank you, merci beaucoup…
Please welcome Stephen Poloz.