Remarks by: Jim Dinning
Chairperson of the Board
Mississauga - May 26, 2009

Bonjour et bienvenue à tous.

My name is Jim Dinning. I am the Chair of Export Development Canada. And I want to welcome you all and thank you for joining us for EDC’s 2009 Annual Public Meeting.|

I’d like to recognize a few people who are valuable partners to EDC.

First is Jayson Myers, and his team from the Canadian Manufacturer’s and Exporters.

Jayson, thank you very much for hosting EDC’s annual meeting within your conference.

Also present are a number of people from Canadian banks and insurance companies.

Our partnerships with you and your organizations have been vital to EDC’s success.

Each year, EDC measures how much business we undertake in partnership with private financial institutions as a measure of corporate performance. We’re proud of the 20% increase in partnership volume in 2008.  We think it’s good business and even more importantly, good for Canadian business. 

So I want to thank you for your ongoing collaborative efforts to support Canadian business through these tough times.

Over the next hour, we’ll brief you on EDC’s 2008 actions to provide financial tools to Canadian companies through a very tough year.

EDC’s President and CEO Eric Siegel will be up next to brief you on our 2009 activities.

Ken Kember, EDC’s incoming CFO will take us through EDC’s balance sheet and brief you on our financial capacity to do the extra work companies need now.

And Sherry Noble, our Senior VP for Business Solutions and Technology, will tell us how EDC has readied itself to focus on customers during this time of high demand.

Following the presentations there will be time for your questions. Those participating online can submit questions as well.

Like many of you and your businesses, 2008 was a very difficult year.
We all know the story and many of its characters — the sub-prime mortgages, greed, regulatory miscues.  There’s more than enough blame to go around, worldwide.

And today, we’re paying for it.  Constrained credit conditions in Canada, the U.S. and worldwide are pinching even the strong and innovative companies. 
Our private sector financial institution partners are constrained in the new business they can support.

All of these conditions drove a record 8,300 companies to do business with EDC last year….up 11 per cent over 2007. 

We also facilitated a record volume of business.  86 billion dollars in foreign sales and investments by Canadian companies.

We saw our activity spike in the fourth quarter as the credit crunch hit.  Our Accounts Receivable Insurance volume shot up 64 per cent in Q4 2008 as compared to Q4 2007.  That’s insurance against the risk of foreign buyers defaulting on payments to Canadian suppliers.

And the high demand continues: Accounts Receivable Insurance was up 70 per cent in the first quarter of 2009, from Q1 2008.

And there’s a glimmer of good news.

EDC’s emerging markets and foreign investment activity give hint of recovery. The foreign investments Canadian companies make, to build or link into, global supply chains are a critical component of emerging markets business.

We facilitated 22 billion dollars in sales and investments to emerging markets in 2008. Some 2,150 Canadian companies acquired EDC’s financial services in these growing markets.

This emerging market and investment activity is a good sign as it tells us that many Canadian companies are positioned to take advantage of opportunities in these high growth markets once the recovery comes.
And that’s a trend EDC is making every effort to support. 2008 brought extraordinary demand to EDC at the same time as its mandate was under formal review by the Government.

Every 10 years, the Export Development Act must undergo an external review, initiated by the Minister of International Trade.

The purpose is to ensure that EDC’s mandate continues to meet the needs of Canadian companies, and support the Government’s objectives.

A consultant’s report, one that largely endorsed EDC’s business model, was submitted to Parliament for review late last year.

Earlier in 2009, Eric Siegel testified at the Parliamentary committee overseeing the review of EDC.

Parliament is now in the process of drafting a report and recommendations to the Minister of International Trade.

While this important review continues, the credit crunch has significantly altered the environment.

Worldwide, central bankers and policy makers have been taking extraordinary measures to help keep business moving.In Canada, the Government has shown great confidence in EDC by asking us to play an important role in easing the credit crunch.

The Government introduced measures in Budget 2009, which include some of the changes EDC has been seeking in the legislative review.

In the Budget, the Government broadened EDC’s mandate and flexibility for a two-year period.

Now, the Corporation’s expertise and tools are helping more companies with their international deals and also supporting their domestic business in Canada.

EDC is ideally suited to this expanded role, and Eric will tell you more about what we are doing shortly.

Now I’ll admit I’m biased but frankly I believe EDC is a positive asset in the Canadian business community.  The growing demand for our products and services underscores that belief.

And when I see how much the corporation has changed and adapted in a short period, as EDC’s chair, I’m awfully proud.

Particularly with its new domestic powers, EDC has stretched its knowledge, skills and experience into uncharted territory just as many of you and your companies have done.

We also learn from you, our customers and partners as we go forward: what your companies need, how we can serve you and work with you better.
EDC has three core strengths that guide it.

First is our people. We have an exceptional Executive team of trade professionals lead by our CEO Eric Siegel who you’ll hear from in a minute. And they lead a talented team of men and women here in Canada and posts around the world.

EDC also benefits from a talented Board of Directors whose members bring a breadth of experience in international trade and risk management.

Our second core strength is our organization.  We’ve shown we can adapt quickly and deal with high volumes because we have the right structures, processes, and technology in place.

Our third core strength is our connection to you, our customers and partners – you are at the centre of everything we do.

We bring financial tools and expertise to the table. But our connections with customers and partners help us to ensure our tools deliver solutions that will help them succeed.

EDC’s business plan is built on these connections to our customers and partners.

The Corporation is focused on the right strategies, and backed by the right financial plan.

Because the planning is right for our core activities, EDC has been able to meet the growing demand, and adapt to new responsibilities to support domestic business.

Our strategic focus remains firm: to help companies succeed with EDC’s financial tools and expertise.

To tell you how EDC has been helping companies through the first five months of 2009, I am pleased to introduce Eric Siegel.