The Canada Development Investment Corporation (CDEV; french: Corporation de développement des investissements du Canada) is a Canadian

Crown corporation A state-owned enterprise (SOE) is a government entity which is established or nationalised by the ''national government'' or ''provincial government'' by an executive order or an act of legislation in order to earn profit for the government ...

responsible for managing investments and corporate interests held by the

Government of Canada The government of Canada (french: gouvernement du Canada) is the body responsible for the federal administration of Canada. A constitutional monarchy, the Crown is the corporation sole, assuming distinct roles: the executive, as the ''Crown-i ...

, including making purchases and sales of assets on behalf of the

Queen-in-Council The King-in-Council or the Queen-in-Council, depending on the gender of the reigning monarch, is a constitutional term in a number of states. In a general sense, it would mean the monarch exercising executive authority, usually in the form of ap ...

. CDEV was incorporated under the Canada Business Corporations Act in 1982 and was initially intended to be a temporary entity, with legislation passed in 1998 directing the corporation's mandate to be focussed solely on orderly dissolution and divestment of its holdings. However, the Government of Canada announced in 2007 that CDEV would continue operations. Owned in full by the Crown and managed by a

Toronto Toronto ( ; or ) is the capital city of the Canadian province of Ontario. With a recorded population of 2,794,356 in 2021, it is the most populous city in Canada and the fourth most populous city in North America. The city is the anch ...

-based board of directors, CDEV is accountable to the

Parliament of Canada The Parliament of Canada (french: Parlement du Canada) is the federal legislature of Canada, seated at Parliament Hill in Ottawa, and is composed of three parts: the King, the Senate, and the House of Commons. By constitutional convention, ...

through the

Minister of Finance A finance minister is an executive or cabinet position in charge of one or more of government finances, economic policy and financial regulation. A finance minister's portfolio has a large variety of names around the world, such as "treasury", ...

. Any changes in corporate structure or purchases of new assets must be directed by the

Holdings

, CDEV's current holdings consist of four subsidiary companies: Canada Hibernia Holding Corporation (manages the Government of Canada's 8.5% interest in the

Hibernia oil field Hibernia is an oil field in the North Atlantic Ocean, approximately east-southeast of St. John's, Newfoundland, Canada, in 80 m of water.Hurley, T.J., Kreisa, R.D., Taylor, G.G., and Yates, W.R.L., 1992, The Reservoir Geology and Geophysics of ...

), Canada Eldor Inc. (manages remaining obligations of Eldorado Resources), Canada TMP Finance Limited (holding company for purchase and financing of Trans Mountain pipeline; 100% owner of Trans Mountain Corporation which manages the pipeline), and Canada Enterprise Emergency Funding Corporation (administers the Large Employer Emergency Financing Facility, a federal COVID-19 financial aid program for large Canadian businesses). In 2009, the corporation also, through its subsidiary 7176384 Canada Inc., purchased 7.9% of

General Motors The General Motors Company (GM) is an American Multinational corporation, multinational Automotive industry, automotive manufacturing company headquartered in Detroit, Michigan, United States. It is the largest automaker in the United States and ...

Notes

References

External links

* 1982 establishments in Canada Federal departments and agencies of Canada Development Investment Corporation Organizations established in 1982 Investment companies of Canada {{Canada-gov-stub

Holdings

See also

Notes

References

External links