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2004 Annual Report to Parliament - Crown Corporations and Other Corporate Interests of Canada
The President's Message
I am pleased to table the 2004 Annual Report to Parliament on Crown Corporations and Other Corporate Interests of Canada, in accordance with the provisions of the Financial Administration Act.
As public institutions, Crown Corporations play an important role in strengthening the economic, social and cultural fabric of Canada. Over the past year, they have continued to make a significant contribution to our society by creating jobs, increasing the value of their combined assets and decreasing their debt obligations. The key to public confidence in their integrity and their capacity to deliver their respective public policy mandates is the accurate disclosure of their activities in reports such as this one.
Important measures have been taken to enhance and strengthen the accountability regime for Crown Corporations. For example, earlier this year the Government announced an interim process for the appointment of Directors, Chairpersons, and Chief Executive Officers, pending completion of a comprehensive review of the governance and accountability framework under which Crown Corporations operate, launched in February 2004. No such review has been conducted in twenty years. It is timely, therefore, that this review be done, particularly in light of improvements to corporate governance, transparency and accountability that are being implemented in the private sector, in other jurisdictions in Canada and in other countries.
Far from following the pack, Canada's Crown Corporations should be leaders in the best practices for effective corporate governance, suited to the challenges of the modern era. Moreover, there is an important role for Parliamentarians to play in overseeing the activities of Crown Corporations. The government's report on governance and accountability, to be tabled in Parliament early in 2005, will be aimed at meeting these goals.
I am confident that the changes the government is putting in place will support the commitment made by the employees, management, and directors of our Crown Corporations to serve Canadians in a productive and cost-effective manner.
The paper version was signed by Reg Alcock
President of the Treasury Board and
Minister responsible for the Canadian Wheat Board
