EDC is subject to a Legislative Review by the Government of Canada every 10 years to ensure that its mandate and the Export Development Act meet the evolving needs of Canada’s exporters and investors. The 2018 review is now underway.
Detailed information containing the terms of reference for the legislative review is available on www.edc2018.ca.
Our own submission to the Legislative Review, entitled Evolving with the Changing Needs of Exporters, provides a look back at EDC’s evolution since the last review and how we are preparing for the future of trade.
Evolving with the Changing Needs of Exporters
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.
Official annual report of Board activities
In addition to overseeing day-to-day operations, the Executive Management Team plans and executes the business strategy as outlined in the Corporate Plan.
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 disclosure of wrongdoing 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.
EDC employees are required to abide by the Values and Ethics Code for the Public Sector. EDC’s senior officer of internal disclosure has been designated as the contact for members of the public who may have reason to believe an EDC employee is not complying with the public sector code.
As part of our effort to continually improve our social responsibility practices, we created a Corporate Sustainability and Responsibility Advisory Council to provide advice and guidance on our CSR practices.
The Minister of International Trade Diversification provides a Statement of Priorities and Accountabilities to the EDC Board Chair annually.