Question Period Note: Oversight of Export Development Canada and the Canada Account

What oversight is there of the EDC and its Canada Account?

• EDC is a Crown corporation with regular reporting requirements outlining its activities, performance, and strategic direction in alignment with Government priorities

• EDC is required to produce an annual report for both its Corporate Account activities and Canada Account transactions that are tabled in Parliament each Spring

• Since 2001, all Canada Account transactions have been disclosed publically, including information related to the parties involved, a value range, the country of transaction, and the date in which the deal was signed

• EDC has undergone extensive reviews in recent years, including those conducted by the Office of the Superintendent of Financial Institutions in 2014, the 2018 Office of the Auditor General Special Examination, and the 2018 Legislative Review of the Export Development Act

• EDC is playing a key role in the Government's economic response to the Covid-19 by providing emergency support to companies of all sizes in all sectors of the Canadian economy which is subject to appropriate oversight and due diligence.”

EDC is Canada's export credit agency with a mandate to support and develop, directly or indirectly, Canada's export trade. The day-to-day operations of EDC are at arm's length from the Government. EDC is governed by a Chair and Board of Directors responsible for implementing direction provided by the Minister of International Trade. EDC reports to Parliament through the Minister of International Trade, who also recommends approval of EDC's annual corporate plan to the Treasury Board, with the Minister of Finance also approving EDC's Borrowing Plan.

The Canada Account is used to support export transactions which EDC is unable to support on its Corporate Account due to a combination of risks. EDC administers these transactions on the same basis as its Corporate Account activities and provides a Canada Account report to the Minister for parliamentary tabling on an annual basis.

In 2018, in accordance with the Export Development Act, a decennial legislative review was launched. As part of the review, on June 20, 2019, a report was tabled in Parliament and may be considered by a parliamentary committee.

EDC has also undergone a Special Examination by the Office of the Auditor General of Canada in 2018, and a review conducted by the Office of the Superintendent of Financial Institutions in 2014.

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