Canada Development Investment Corporation
| [[File:|frameless]] | |
| Agency overview | |
|---|---|
| Formed | 1982 |
| Jurisdiction | Government of Canada |
| Headquarters | Toronto |
| Minister responsible | |
| Agency executive |
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| Website | www |
The Canada Development Investment Corporation (CDIC) is a Canadian Crown corporation assigned with management of investments and corporate interests of the Crown, making purchases and sales of assets on behalf of the Queen-in-Council. Set up by the Canada Business Corporations Act in 1982, the company was intended to be a temporary entity, with further legislation in 1998 directing the corporation's dissolution. However, in 2007 it was announced that the CDIC would be continuing to operate.
Owned in whole by the Canadian monarch and managed by a board of directors, the company reports to the Parliament of Canada via the Minister of Finance, though changes in structure and purchases must be directed by the Governor General-in-Council. Amongst other holdings, as of 2008, the CDIC owned Canada Hibernia Holding Corporation (8.5% interest in the Hibernia oil field) and Canada Eldor Inc. (no operations). In 2009, the corporation also, through its subsidiary 7176384 Canada Inc., purchased 7.9% of General Motors.
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