(OTTAWA) – August 10, 2009 – Export Development Canada (
EDC
) today welcomed the positive results of a special examination by the Office of the Auditor General of Canada (
OAG
), in which the OAG commended
EDC
for having “the key elements of a good governance framework” and “a sound corporate planning process that provides clear direction for its activities.”
“We are pleased that the OAG is satisfied with EDC's governance practices, strategic planning process, and our ability to address credit and market risk,” said Eric Siegel, EDC's President and CEO. “EDC's sound management practices play an important part in ensuring that Canadian companies can access the financing and risk management services they need to compete internationally.”
Under Canada's Financial Administration Act (FAA), all federal Crown corporations are subject to a special examination, which is a performance audit of all their systems and practices, at least once every 10 years.
The 2009 Special Examination Report also “found no significant deficiencies in the corporation's systems and practices. They were maintained, during the period covered by our examination, in a way that provided the Corporation with reasonable assurance that its assets were safeguarded and controlled, its resources were managed economically and efficiently, and its operations were carried out effectively.”
The report also noted that operations and resources supporting EDC's core business, from its human resources management to corporate social responsibility commitments, had no significant deficiencies. In addition, the report provided recommendations for ongoing improvement in these and other areas, such as further refining performance measures in EDC's strategic planning and information technology (IT) management.
EDC agreed with all the report's recommendations and will continue to review its performance measures, operational risks and IT resources, and adapt them as needed.
The complete 2009 Special Examination Report on EDC is available at: http://www.edc.ca/english/social_9494.htm
EDC is Canada's export credit agency, offering innovative commercial solutions to help Canadian exporters and investors expand their international business. EDC's knowledge and partnerships are used by more than 8,300 Canadian companies and their global customers in up to 200 markets worldwide each year. EDC is financially self-sustaining, a recognized leader in financial reporting and economic analysis, and has been recognized as one of Canada's Top 100 Employers for eight consecutive years.
-30-
Media contact:
Phil Taylor
Export Development Canada
Tel: (613) 598-2904
Blackberry: ptaylor@edc.ca
