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2000 Annual Report to Parliament on Crown Corporations and Other Corporate Interests of Canada
The President's message
It is with pleasure that I table the 2000 Annual Report to Parliament on Crown Corporations and Other Corporate Interests of Canada, in accordance with the provisions of the Financial Administration Act.
This report is a unique source of information for parliamentarians and for Canadians on the Government of Canada's corporate holdings. It provides comprehensive information on the activities of all Crown corporations and their wholly owned subsidiaries, as well as the other corporate interests of Canada. Information on the performance of a number of Crown corporations is also highlighted in the report.
In keeping with the government's commitment to serve Canadians better, a number of important initiatives were undertaken during 1999-2000 that changed the governance structure or established a new Crown corporation. The Cape Breton Growth Fund Corporation was incorporated on August 25, 2000, as a wholly owned subsidiary of the Enterprise Cape Breton Corporation, a federal Crown corporation with a mandate for economic development on Cape Breton Island and in the Mulgrave area.
In addition, legislation to transform the Canadian Tourism Commission from a Special Operating Agency into a Crown corporation was given Royal Assent on October 20, 2000. This will provide the Commission with more flexibility and freedom to achieve its goal of partnering with the tourism industry, the federal government and other governments in order to sustain a vibrant and profitable national tourism industry. On December 18, 2000, an Order in Council fixed January 2, 2001 as the day upon which the Commission begins operations as a Crown corporation.
Crown corporations continue to make significant contributions to our society. They will
continue to do so, I believe, as they maintain the quality of services they provide to Canadians
and, indeed, as they make them even better.
Lucienne Robillard
President of the Treasury Board
December 2000
Introduction
The 2000 Annual Report to Parliament on Crown Corporations and Other Corporate Interests of Canada is prepared in response to sections 151 and 152 of the Financial Administration Act, which require that the President of the Treasury Board table annually the following documents in Parliament:
- a consolidated report on the businesses and activities of all parent Crown corporations, including information on all Crown corporations and other corporate interests of Canada; and
- a report indicating when annual reports and corporate plan and budget summaries were to be laid before each House (for the period ending on July 31), and when they were actually laid before that House.
This report comprises the following chapters:
- Overview highlights new developments with regard to Crown corporations and presents examples of corporations that reported on their governance activities during the year under review. It also provides consolidated financial and employment information by ministerial portfolio.
- Crown Corporations' Corporate Holdings presents a listing of parent Crown corporations and their subsidiaries, legal partnerships and associates as of August 31, 2000.
- Other Corporate Interests of Canada provides information about the various joint and mixed enterprises, international organizations and shared-governance corporations in which the Government of Canada has a stake.
- List of Crown Corporations and Other Corporate Interests of Canada is a compilation of all the organizations that have been referred to in this report, including parent Crown corporations and their subsidiaries, legal partnerships and associates, joint and mixed enterprises, international organizations and shared-governance corporations in which the Government of Canada has an interest. The list is presented both by ministerial portfolio and alphabetically.
- Tabling of Reports in Parliament presents a record of annual reports and summaries of the corporate plans and budgets tabled in Parliament by the responsible ministers.
- Corporate Abstracts provides information on the mandate and corporate profile of each parent Crown corporation. It may also present selected information on performance during the year under review. Principal financial information is shown in the summary exhibits at the end of the Overview chapter.
Although not included as part of this report, a compilation of the audited financial statements of the parent Crown corporations included in this annual report is available upon request.
Overview
With the creation of the Public Sector Pension Investment Board, the number of parent Crown corporations stands at 41 as compared to 40 in the previous year1. In addition, two wholly owned subsidiaries have been directed to report as parent Crown corporations for the purposes of the Financial Administration Act2.
Every parent Crown corporation is a legally distinct entity wholly owned by the Crown and managed by a board of directors. The enabling legislation for each parent Crown corporation, whether by a special Act of Parliament or by articles of incorporation under the Canada Business Corporations Act, sets out the corporation's mandate, powers and objectives.
The current portfolio is highly diversified, with corporations operating in many sectors of the Canadian economy. The corporations vary in size and in their demands on the government for financial assistance. Each has its own unique public policy purpose.
Exhibit 1 presents the parent Crown corporations grouped according to the portfolio of the minister through whom they are accountable to Parliament.
Exhibit 1: Parent Crown Corporations Grouped by Ministerial
Portfolio
(as of their financial year-ends prior to July 31, 2000)
Structural Changes During the Year in Review
Crown Corporations
The Public Sector Pension Investment Board (the "Investment Board"), established pursuant to the Public Sector Pension Investment Board Act, commenced operations on April 1, 2000. Exempt from Part X of the Financial Administration Act (FAA), the Investment Board's mandate is to invest in financial markets the contributions for the Canadian Forces, Public Service and Royal Canadian Mounted Police pension plans. The Investment Board's chairperson and directors were appointed on April 7, 2000, and the President and Chief Executive Officer was appointed on September 11, 2000.
In October 1999 the Minister of Industry re-introduced legislation (Bill C-5) to establish the Canadian Tourism Commission (CTC) as a Crown corporation subject to Part X of the FAA. The intent of the legislation was to provide the CTC, then a Special Operating Agency, with more flexibility and freedom to enter into partnership with the tourism industry, the federal government and other governments. The goal was to promote a vibrant and profitable national tourism industry. Bill C-5 received Royal Assent on October 20, 2000. On December 18, 2000, an Order in Council fixed January 2, 2001 as the day upon which Bill C-5 would come into force.
The Cape Breton Growth Fund Corporation (CBGF) was incorporated on August 25, 2000, as a wholly owned subsidiary of the Enterprise Cape Breton Corporation (ECBC), a federal Crown corporation with a mandate for economic development on Cape Breton Island and in the Mulgrave area in Nova Scotia. CBGF is vested with the same broad economic mandate and powers as ECBC. Although CBGF was established as a wholly owned subsidiary, it has been deemed to be a parent Crown corporation for the purposes of Part X of the FAA. CBGF will be required to report separately to Parliament through its own corporate plan and budget summaries, and annual report.
During the year, the Canada Ports Corporation (CPC) continued to implement certain parts of the Canada Marine Act (CMA). The CMA, which had received Royal Assent on June 11, 1998, also provided for the dissolution of the CPC. Consequently the Governor in Council on October 18, 2000 gave the authority to dissolve the CPC as of November 1, 2000. Upon dissolution of the CPC, Ridley Terminals Inc., its wholly owned subsidiary, became a parent Crown corporation.
On April 23, 2000, the Minister of Finance approved a recommendation of the board of directors of Petro-Canada Limited to dissolve the Corporation in accordance with the Petro-Canada Public Participation Act during fiscal 2000. An Order in Council is required to enable final dissolution of the Corporation.
Shared-governance Corporations
Airports continued to be transferred to Canadian Airport Authorities, which were created under the National Airports Policy unveiled by the government in 1994. Canadian Airport Authorities are not-for-profit organizations that will operate airports of national importance under long-term leases with the federal government.
Privatization
In January 2000 the government announced that the assets of the Cape Breton Development Corporation (Devco) would be privatized in an effort to maintain coal-mining operations on Cape Breton Island on a commercially viable basis. Bill C-11, which gives authority to Devco to sell its assets and take the necessary steps to close out its affairs, received Royal Assent on June 29, 2000. Assets for sale include the Prince and Phalen collieries, the Donkin mine site, a coal pier and railway, a coal preparation plant and related mine infrastructure.
Mandate Reviews and Follow-up
On May 18, 2000, the Minister for International Trade announced the Government of Canada's response to the recommendations made by the House of Commons Standing Committee on Foreign Affairs and International Trade on the operations and mandate of the Export Development Corporation.
On August 1, 2000, the government announced that the Auditor General of Canada will conduct an audit of the Export Development Corporation's Environmental Review Framework and submit the findings to Parliament by spring 2001.
Corporate Governance
In 1996, the President of the Treasury Board and the Minister of Finance issued Guidelines for Corporate Governance in Crown Corporations and Other Public Enterprises. The guidelines recommend that Crown corporations report annually on their corporate governance policies and practices in relation to the guidelines.
Crown corporations have responded to the guidelines and are reporting on their governance activities in their annual reports. In addition, the Treasury Board of Canada Secretariat in November 1999 sponsored two round-table discussions on corporate governance--one involving chairpersons of Crown corporations and the other the chief executive officers (CEOs). The purpose of the round-table discussions was to take stock of new developments, share lessons learned and review the existing guidelines on corporate governance in Crown corporations.
The discussions indicated that Crown corporations were at various stages of development in their corporate governance practices. Whereas some were far advanced in implementing governance practices, others were just planning to address governance issues.
Approaches to Governance
In reporting on their governance structures, many Crown corporations indicated that they had looked not only to the Finance/Treasury Board Guidelines for Corporate Governance in Crown Corporations and Other Public Enterprises, but also to other documents for guidance on corporate governance. The annual reports described various aspects of corporate governance, including approaches to governance; assessment and renewal of the board of directors; education of directors; compensation of directors; conflict of interest; board and management relations; evaluation of the CEO's performance; communication with stakeholders; and succession planning.
The Canada Pension Plan Investment Board reported that it adheres to 5 of the 6 principles of pension plan governance developed by a joint task force of the Association of Canadian Pension Management, Pension Investment Association of Canada and the Office of the Superintendent of Financial Institutions. This is in addition to complying with 13 of the 14 governance guidelines of the Toronto Stock Exchange for public companies that are relevant to its mandate.
The Canada Deposit Insurance Corporation reported that its board of directors had commenced a review of its governance practices. The review is scheduled for completion during the 2000-01 fiscal year.
The Canada Mortgage and Housing Corporation reported that it completed a review of its corporate governance structure relating to financial risk management in order to strengthen the structure put into place by the board of directors and senior management to protect the financial integrity of the Corporation.
The Canada Post Corporation reported that a governance structure was established for its new pension plan responsibilities consistent with the terms of Bill C-78, the public sector pension reform bill, which became law on September 14, 1999.
Corporations that also reported on their corporate governance structures included the Business Development Bank of Canada, Canada Lands Company Limited, Canadian Commercial Corporation, Defence Construction (1951) Limited, Enterprise Cape Breton Corporation, Export Development Corporation, the International Development Research Centre, Marine Atlantic Inc., the National Museum of Science and Technology Corporation, the Royal Canadian Mint and the Standards Council of Canada.
Several corporations also reported on the number of board and committee meetings that were held during the year.
Assessment and Renewal of the Board
A number of corporations reported on activities that they had undertaken to evaluate the board of directors, to develop skills profiles for their board members and to renew their boards. Atomic Energy of Canada Limited reported that activities of the Corporation for the past year included a board evaluation with a view to ascertaining members' views about the functioning of the board, its effectiveness, its independence and relationship with management, and the means by which processes could be improved.
The Bank of Canada reported that its board assisted management in reviewing the Bank of Canada Act to identify amendments that would address the changing financial environment and other issues affecting the Bank. In addition, the board assesses its own performance annually.
At the Export Development Corporation, the board created and approved a skills profile for directors and outlined qualities and experiences to help identify potential board members. The board also asked each director to provide an assessment of his or her skills and experience in order to create a board inventory so that, when vacancies arise, gaps could be filled.
The Farm Credit Corporation's board of directors approved profiles for the chairperson and directors that set out the desired qualifications, experience, duties and responsibilities for these positions. These profiles will serve as a frame of reference for the selection of future candidates.
The National Arts Centre Corporation reported that the process of managing its board succession has been clarified with the Minister of Canadian Heritage. When a vacancy is anticipated, the board will submit names of prospective qualified candidates to the Minister for discussion and final approval by the Minister, in accordance with the National Arts Centre Act.
Education of Directors
Crown corporations have put in place various forms of training and education programs for their board members. In some corporations, orientation sessions are offered internally whereby senior management brief new board members. In others, board members are urged to attend training sessions for directors of Crowns corporations organized by third parties.
Parc Downsview Park, a wholly owned subsidiary of the Canada Lands Company Limited, held a governance course for its directors and is currently reviewing its policies and procedures.
The Export Development Corporation provided information sessions on credit-risk management practices and corporate governance practices.
At the Farm Credit Corporation, members of the board receive a detailed orientation briefing upon appointment. They participate in development activities, including attendance at educational seminars and periodic in-service governance sessions with experts on governance. During the review period, directors attended seminars and brought back information and best practices to the Corporate Governance Committee for discussion and implementation.
The Business Development Bank of Canada reported that its board of directors discussed best practices on corporate governance. As well, the directors participated in a full-day workshop with senior management to identify priority governance issues for the next fiscal year and to develop an action plan.
Other corporations which reported on training activities and/or workshops for their board members included: the Atomic Energy of Canada Limited, Canada Post Corporation, Enterprise Cape Breton Corporation and the National Arts Centre Corporation.
Board Compensation
The National Arts Centre Corporation reported that the board of directors is undertaking a review of its own compensation practices and their adequacy to attract highly qualified individuals and to compensate current board members for the time required as a result of the more active and intensive commitment that is envisaged.
The National Capital Commission reported that it has established a Compensation Review Committee which reviews remuneration and benefits granted to full-time Governor-in-Council appointees.
Conflict of Interest
The Canadian Broadcasting Corporation reported that, while its board of directors does not control the appointment process for its members, it ensures that all necessary information is communicated to the federal government's ethics counsellor to determine if the conditions set by the Broadcasting Act have been met. Furthermore, the board scrutinized its internal rules for conflict of interest to ensure that appropriate measures are taken for the board to function independently from management.
The Canada Pension Plan Investment Board indicated that, at the end of every fiscal year, each of its directors is required to submit a revised résumé highlighting any changes to relationships that may give rise to a conflict of interest. The directors must notify the chairperson before accepting a directorship or any position of authority in an entity that might benefit from, or be in conflict with, the Investment Board. Directors are therefore required to make timely disclosures of any investment transactions (and not just material transactions) between the Investment Board and entities in which they have a material interest. Also, conflict-of-interest guidelines that impose strict rules with regard to the disclosure of material inside information and personal trading were extended to employees in April 2000.
The Export Development Corporation reported that new directors were asked to sign a statement of compliance with the Corporation's code of conduct. Also, each board member was asked to update his or her declaration of conflict of interest.
The Farm Credit Corporation reported that its directors disclose any interest in any material contract with the Corporation, or refrain from voting in any matter related to it.
Board and Management Relations
The Bank of Canada reported that its board of directors established a corporate governance committee composed of four external directors who sit on the executive committee that is chaired by the Lead Director.
The Export Development Corporation reported that, while recognizing the need for its board of directors to work closely with management, the Corporation had undertaken several initiatives to maintain the independence of the board. For example, in-camera sessions were held at each meeting of the board and at some meetings of board committees; three of the seven committees were comprised entirely of outside, independent directors; a Pension Committee was established; and mandates for the Audit and Human Resources committees were revised to include additional responsibilities. In terms of clarifying responsibilities, the Corporation's new Credit Risk Policy Manual clearly articulates delegations of authority to management, including comprehensive reporting procedures to the board.
The National Capital Commission (NCC) reported that its board of directors has always maintained a close connection with management of the Commission. On April 7, 2000, the NCC announced that it had commissioned a governance study to help define its relationships with the municipalities on both sides of the Ottawa River, as municipal and regional reform comes into effect in early 2001. The results of the study were released by the NCC on December 8, 2000.
Evaluating the CEO's Performance
Many of the Crown corporations indicated that their board of directors conducts a review of their CEO's performance annually. During its first meeting in 2000, the board of the Bank of Canada, with management, assessed how well the Bank's business objectives for 1999 had been met. Furthermore, the board reviewed the performances of the Governor and the Senior Deputy Governor and contributed to the reviews of the deputy governors.
At the Export Development Corporation, the board approved its President's 1999 statement of objectives, in which responsibilities were clearly defined and which provided a standard against which to measure his performance.
Communication with Stakeholders
Acknowledging the importance of enhancing communications with the various stakeholders, the Export Development Corporation (EDC) reported that it has created a new identity for the Corporation, in anticipation of a proposed amendment to EDC's enabling legislation to change its name. It also encouraged and supported the creation of an Education and Youth Employment Strategy to promote international business knowledge and trade-related career opportunities to students across Canada.
The Canada Deposit Insurance Corporation reported that the Corporation has identified a variety of strategic approaches to increasing public awareness of deposit insurance and will rely on periodic surveys to measure their effectiveness. During the year in review, the Corporation's toll-free information service received over 14,000 calls, fielding inquiries about specific financial institutions, the impact of the Year 2000 transition on deposits, and raising the limit on insurable deposits.
The Canada Pension Plan Investment Board reported that its directors and management enthusiastically carry out their responsibility to give an account of the Board's actions to Canadians. It does so by way of a transparent investment policy, a detailed annual report that is publicly available, quarterly financial reports, public meetings at least once every two years in each participating province, and through speeches, discussions and media interviews.
The Canadian Museum of Nature Corporation reported that it has created a Community and Government Relations Committee that is responsible for increasing the public's awareness of the Museum, its services and its contributions, and for guiding and supporting its efforts to generate revenue.
The National Arts Centre Corporation reported that the Corporation would foster and encourage better communication, both between management and trustees and between trustees and the public. The Corporation's annual report is being substantially redesigned to provide more information to the shareholder, the Government of Canada, and to the public stakeholders.
Succession Planning
Recognizing the need to ensure that skilled management will be available for the ongoing and longer-term fulfillment of their mandates, several Crown corporations have begun putting in place succession plans for their senior management. The Export Development Corporation reported that the Corporation's board of directors oversaw the development and implementation of a leadership development program for its managers, the identification of critical management positions in the Corporation, and the preliminary assessment of current talent against future requirements.
The Bank of Canada, the Business Development Bank of Canada, Defence Construction (1951) Limited and the International Development Research Centre reported that they continue to work on their succession planning for senior management.
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Excellence in Reporting
The Auditor General of Canada's Award for Excellence in Annual Reporting by Crown Corporations was launched in 1994. Although the initiative was originally intended as a five-year program, it has since been extended for an additional five years. The main purpose of these annual awards is to promote improved disclosure of information on corporate performance by recognizing Crown corporations that do an outstanding job in this respect.
The Farm Credit Corporation and the National Capital Commission were the 1999 winners of the award. Other nominees for the award were the Canada Deposit Insurance Corporation, Canadian Commercial Corporation, Export Development Corporation and Defence Construction (1951) Limited.
Measuring Performance
Selected information on performance is presented in many of the corporate abstracts included in this report. Sources for this information include the corporation's most recently tabled annual report, as well as the summary of the corporate plan approved for the year under review.
Overall Crown Corporation Performance
The Financial Administration Act requires that the current report include employment and financial data, including aggregate borrowings of parent Crown corporations.
Accordingly this section of the Overview provides a summary of overall performance by Crown corporations, including the following data:
- employment;
- assets;
- budgetary appropriations; and
- debt obligations.
At the end of this section, two exhibits provide a summary view of all Crown corporations:
- Exhibit 8 shows each corporation's employment and financial position; and
- Exhibit 9 provides information about each corporation's operating results and financing.
Exhibits 8 and 9 are also structured according to the portfolio grouping shown in Exhibit 1. Note that information provided in this section excludes financial data for:
- the Bank of Canada, because of the unique nature of its operations; and
- the Freshwater Fish Marketing Corporation, since its 1999-2000 annual report had not been tabled in Parliament as of October 6, 2000.
In order to present information on a comparative basis, financial data for previous years were adjusted to exclude data for the above Crown corporations. Available employment data for these corporations are included, however. Specific information about individual Crown corporations may be found in the Corporate Abstracts chapter of this report, as well as in the respective annual reports of the Crown corporations.
A glossary of the financial and employment terms used in this report is provided at the end of this section.
To ensure the greatest possible accuracy, the exhibits presented in this report, as well as all calculations, are based on a computer database of actual figures. Results of the calculations are rounded for ease of presentation.
Where Crown corporations have re-stated financial data for previous years, readers should be aware that the data in this report reflect only those changes that correct errors from previous years. Amendments have been made by some corporations as a result of changes in their accounting policies that have been applied retroactively to financial statements from previous years. This report, and the database of financial information on which it is based, do not reflect these amendments.
For Crown corporations with fiscal years ending on or after July 31, 2000, this report shows their financial data for the fiscal year ending in 1999. Accordingly, for the Canadian Dairy Commission and the National Arts Centre Corporation, this report covers the period ending July 31, 1999 and August 31, 1999 respectively. All of the other corporations' data are for their respective 1999 or 1999-2000 fiscal years.
Employment
The overall downward trend in the number of full-time Crown corporation employees continued, but at a slower rate than in previous years. In 1999-2000, the total number of employees was 70,395, which represents a reduction of 628 employees from the previous year. This 0.9-per-cent decrease compares to a 1.4-per-cent decrease between the previous two years.
While a number of Crown corporations reported an increase in the level of employment, this was more than offset by the following largest decreases: 647 in total at the seven local port corporations converted into Canada port authorities, 504 at The Canadian Wheat Board, which was converted into a shared-governance corporation, and 323 at the Cape Breton Development Corporation.
Exhibit 2 shows the downward trend over the last five years.
Exhibit 2: Employment in Crown Corporations, 1995-96 to 1999-2000
Assets
After a three-year increasing trend, total assets for Crown corporations amounted to $65.9 billion in 1999-2000, decreasing by $1.9 billion over the previous year. This 2.3-per-cent decrease occurred mainly as a result of the conversion of the seven local port corporations and The Canadian Wheat Board into shared-governance corporations.
While significant increases over the previous year were reported by the Export Development Corporation (EDC) and the Canada Pension Plan Investment Board, these increases were more than offset by the decreases mentioned above.
Five Crown corporations accounted for 86 per cent of the total assets: the Canada Mortgage and Housing Corporation (CMHC), EDC, the Farm Credit Corporation, the Business Development Bank of Canada and the Canada Post Corporation.
Exhibit 3 demonstrates the fluctuations in the value of Crown corporations' assets over the last five years.
Exhibit 3: Total Assets for Crown Corporations, 1995-96 to 1999-2000
Budgetary Appropriations
Government funding of Crown corporations, in terms of budgetary appropriations for capital and operating purposes, increased by 4.3 per cent from $3,821 million in 1998-99 to $3,983 million in 1999-2000.
The largest increases in appropriation levels were reported by the Canada Mortgage and Housing Corporation (CMHC), the Cape Breton Development Corporation (Devco), Atomic Energy of Canada Limited (AECL) and VIA Rail Canada Inc. (VIA Rail). Marine Atlantic Inc. and the Canadian Dairy Commission reported the largest decreases in appropriation levels. The latter decreases offset a third of the increases at CMHC, Devco, AECL and VIA Rail.
Total budgetary appropriations for the five-year period from 1995-96 to 1999-2000 are shown in Exhibit 4.
Exhibit 4: Total Budgetary Appropriations, 1995-96 to 1999-2000
Of the 24 Crown corporations that received appropriations in 1999-2000, six accounted for 84.2 per cent of the total funding from Canada. These were the Canada Mortgage and Housing Corporation (CMHC), the Canadian Broadcasting Corporation, VIA Rail Canada Inc., Atomic Energy of Canada Limited, the Canada Council and the Canadian Dairy Commission. For CMHC, which was the largest recipient, about 96 per cent of the appropriations flow to households-in-need under long-term subsidy commitments.
Exhibit 5 provides a summary view of the 1999-2000 recipients of budgetary appropriations.
Exhibit 5: Recipients of 1999-2000 Budgetary Appropriations
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Canada Mortgage and Housing Corporation (CMHC)
Canadian Broadcasting Corporation (CBC) VIA Rail Canada Inc. (VIA Rail) Atomic Energy of Canada Limited (AECL) Canada Council (CanCouncil) Canadian Dairy Commission (CdnDairyComm) |
Debt Obligations
Total debt obligations, consisting of debts payable to Canada and to the private sector, decreased by 8 per cent, to $45.3 billion in 1999-2000 from $49.2 billion in the previous year. Crown corporations continued to replace borrowings from Canada with borrowings from private lenders. Exhibit 6 shows the debt payable to Canada, the debt incurred in private markets as well as the total debt obligations over the last five years.
Exhibit 6: Total Debt Obligations of Crown Corporations, 1995-96 to 1999-2000
The four largest debtors in 1999-2000 were the Canada Mortgage and Housing Corporation (CMHC), the Export Development Corporation (EDC), the Farm Credit Corporation (FCC) and the Business Development Bank of Canada (BDC). These same Crown corporations, along with The Canadian Wheat Board, were the five largest debtors last year.
Exhibit 7 presents the respective debt loads of the four largest debtors in 1999-2000 compared to 1995-96.
Exhibit 7: Comparison of Largest Debtors in 1999-2000 with 1995-96
Glossary of Financial and Employment Terms Used in This Report
All financial data are extracted from the Crown corporations' audited financial statements for the recent fiscal year. Certain values are adjusted to apply consistently the definitions that follow. Items are listed in the order in which they appear in the summary exhibits.
Total assets represents all assets reported by the corporation in its audited financial statements.
Equity represents the equity of Canada. For some corporations, the excess of assets over liabilities is not deemed to be equity of Canada because of the nature of their operations (e.g. marketing boards).
Employment represents the number of full-time employees obtained from sources such as an annual report, financial statements or a corporate plan, and are as at the fiscal year-end of the Crown corporation. The figure includes the full-time staff, and others employed outside of Canada by the parent corporation and its wholly owned subsidiaries. The exceptions are data for the Canada Development Investment Corporation, which relate to the parent corporation only, and data for the four pilotage authorities, which include contract pilots. Employment data for the Canada Ports Corporation include the divisional ports.
Net income represents after-tax income, where applicable, and any extraordinary items. It includes parliamentary appropriations where the corporation has included these in the computation of net income. In some cases, net income is the "excess of parliamentary appropriations over cost of operations" or "excess of proceeds over expenditures." A negative net income (i.e. a net loss) is shown in parentheses.
Borrowings from the private sector include short- and long-term borrowings, capital leases and any other debt-like instruments. For the marketing corporations (Canadian Dairy Commission and Freshwater Fish Marketing Corporation), loans may include payments accruing to dairy producers and fishers.
Borrowings from Canada include short- and long-term borrowings, advances from the Government of Canada for working capital or other purposes, and other debt-like instruments.
Budgetary appropriations refers to parliamentary funding for capital and operating purposes. The amounts exclude grants and contributions paid to Crown corporations where they qualify as members of a general class of recipients. Budgetary appropriations increase the expenditures of Canada and thus have a direct impact on the amount of the government's surplus or deficit.
Dividends represents those declared by the corporation during its fiscal year. This figure includes cash recoveries by Canada (where applicable) and other types of payments or contributions made to Canada (excluding repayments of debt-like instruments). Dividends may be paid by the corporation to the Government of Canada before or after the corporation's year-end.
Exhibit 8: Employment and
Financial Position Grouped by Ministerial Portfolio
(as of year-ends before July 31, 2000; $ million)
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Corporation by Ministerial Portfolio |
Financial Position |
||||
|
Total Assets |
Current Liabilities |
Long-term Liabilities |
Equity1 |
Employment |
|
| Canadian Dairy Commission |
119.9 |
55.2 |
64.7 |
0.0 |
70 |
| Farm Credit Corporation |
6,570.7 |
2,518.0 |
3,425.5 |
627.2 |
900 |
| Total Agriculture and Agri-Food |
6,690.6 |
2,573.1 |
3,490.3 |
970 |
|
| Canada Council |
307.1 |
24.8 |
7.6 |
203.0 |
164 |
| Canadian Broadcasting Corporation |
1,463.8 |
283.8 |
1,223.3 |
(43.3) |
7,071 |
| Canadian Film Development Corporation |
44.1 |
7.3 |
4.4 |
32.3 |
140 |
| Canadian Museum of Civilization Corporation |
39.5 |
8.1 |
17.5 |
13.9 |
437 |
| Canadian Museum of Nature |
43.5 |
3.8 |
39.5 |
(0.0) |
154 |
| Canadian Race Relations Foundation |
27.4 |
0.5 |
0.0 |
26.8 |
8 |
| National Arts Centre Corporation |
19.9 |
11.0 |
8.5 |
0.4 |
231 |
| National Capital Commission |
481.2 |
21.0 |
21.2 |
439.0 |
411 |
| National Gallery of Canada |
20.3 |
3.6 |
14.3 |
2.2 |
241 |
| National Museum of Science and Technology Corporation |
12.7 |
1.9 |
10.4 |
0.5 |
230 |
| Total Canadian Heritage |
2,459.5 |
365.9 |
1,346.7 |
9,087 |
|
| Bank of Canada2 |
43,063.3 |
40,142.6 |
0.0 |
30.0 |
1,269 |
| Canada Deposit Insurance Corporation |
649.5 |
5.9 |
460.0 |
183.6 |
86 |
| Canada Development Investment Corporation |
105.1 |
10.7 |
0.0 |
94.5 |
0 |
| Canada Pension Plan Investment Board |
2,394.9 |
3.1 |
0.0 |
0.0 |
5 |
| Petro-Canada Limited |
354.0 |
21.0 |
329.0 |
4.0 |
0 |
| Total Finance |
3,503.5 |
40.6 |
789.0 |
1,360 |
|
| Freshwater Fish Marketing Corporation3 |
-- |
-- |
-- |
-- |
|
| Total Fisheries and Oceans |
-- |
-- |
-- |
-- |
|
| International Development Research Centre |
55.0 |
39.9 |
13.2 |
1.8 |
368 |
| Total Foreign Affairs |
55.0 |
39.9 |
13.2 |
368 |
|
| Business Development Bank of Canada |
5,644.2 |
2,251.5 |
2,608.8 |
783.8 |
1,147 |
| Enterprise Cape Breton Corporation |
8.9 |
4.1 |
0.5 |
4.3 |
37 |
| Standards Council of Canada |
3.8 |
1.6 |
0.6 |
1.6 |
67 |
| Total Industry |
5,656.8 |
2,257.2 |
2,609.9 |
1,251 |
|
| Canadian Commercial Corporation |
356.4 |
327.0 |
6.1 |
23.4 |
85 |
| Export Development Corporation |
19,423.0 |
6,886.0 |
10,739.0 |
1,798.0 |
772 |
| Total International Trade |
19,779.4 |
7,213.0 |
10,745.1 |
857 |
|
| Atomic Energy of Canada Limited |
896.1 |
289.3 |
534.6 |
72.2 |
3,423 |
| Cape Breton Development Corporation |
90.2 |
79.0 |
495.1 |
(483.9) |
1,312 |
| Total Natural Resources |
986.3 |
368.3 |
1,029.7 |
4,735 |
|
| Canada Lands Company Limited |
400.7 |
69.6 |
118.8 |
212.2 |
106 |
| Canada Mortgage and Housing Corporation |
1,943 |
||||
| Insurance and Guarantee Funds |
4,125.0 |
53.0 |
3,564.0 |
508.0 |
|
| Corporate Account |
17,921.0 |
4,714.0 |
13,171.0 |
36.0 |
|
| Minister's Account |
0.0 |
0.0 |
0.0 |
0.0 |
|
| Canada Post Corporation |
3,095.0 |
1,144.0 |
895.0 |
1,056.0 |
44,149 |
| Defence Construction (1951) Limited |
8.3 |
3.0 |
2.1 |
3.2 |
255 |
| Old Port of Montreal Corporation Inc.4 |
20.7 |
14.2 |
6.6 |
0.0 |
102 |
| Queens Quay West Land Corporation |
8.7 |
7.2 |
45.8 |
(44.3) |
0 |
| Royal Canadian Mint |
180.6 |
44.2 |
45.4 |
91.0 |
745 |
| Total Public Works and Government Services |
25,760.0 |
6,049.2 |
17,848.8 |
47,300 |
|
| Atlantic Pilotage Authority |
5.6 |
0.9 |
0.9 |
3.8 |
74 |
| Canada Ports Corporation |
144.9 |
12.8 |
105.4 |
26.8 |
102 |
| Federal Bridge Corporation Limited, The |
56.2 |
5.0 |
1.3 |
49.9 |
91 |
| Great Lakes Pilotage Authority |
14.2 |
5.1 |
2.5 |
6.6 |
86 |
| Laurentian Pilotage Authority |
9.8 |
7.7 |
3.6 |
(1.5) |
230 |
| Marine Atlantic Inc. |
204.9 |
24.4 |
196.2 |
(15.7) |
809 |
| Pacific Pilotage Authority |
8.7 |
3.5 |
0.8 |
4.3 |
166 |
| VIA Rail Canada Inc. |
613.4 |
92.0 |
548.8 |
(27.3) |
2,909 |
| Total Transport |
1,057.7 |
151.4 |
859.4 |
4,467 |
|
| Grand Total |
65,948.8 |
19,058.7 |
38,732.0 |
70,395 |
|
 |
1. This column is not totaled because the information is not reported in a consistent manner.
2. Financial data for the Bank of Canada are provided for information, but are not included in the totals due to the unique nature of its operations.
3. Financial data are excluded for the Freshwater Fish Marketing Corporation since its 1999-2000 annual report had not been tabled in Parliament as of October 6, 2000.
4. The Old Port of Montreal Corporation Inc., a wholly owned subsidiary of the Canada Lands Company Limited, has been directed to report as a parent Crown corporation
n/a means not available.
Exhibit 9: Operating Results and Financing Grouped by
Ministerial Portfolio
(as of year-ends before July 31, 2000; $ million)
|
Financing |
||||||
|
Corporation by Ministerial Portfolio |
Changes to Net Borrowings |
Budgetary Appropriations |
||||
|
Net Income1 |
Private Sector |
Canada |
Dividends |
|||
| Canadian Dairy Commission |
6.2 |
(10.0) |
(17.5) |
115.4 |
0.0 |
|
| Farm Credit Corporation |
38.4 |
648.1 |
(236.7) |
0.0 |
3.0 |
|
| Total Agriculture and Agri-Food |
638.2 |
(254.2) |
115.4 |
3.0 |
||
| Canada Council |
15.6 |
0.0 |
0.0 |
116.6 |
0.0 |
|
| Canadian Broadcasting Corporation |
28.3 |
(4.0) |
0.0 |
884.2 |
0.0 |
|
| Canadian Film Development Corporation |
(135.6) |
0.0 |
0.0 |
78.9 |
0.0 |
|
| Canadian Museum of Civilization Corporation |
(43.2) |
0.0 |
0.0 |
47.3 |
0.0 |
|
| Canadian Museum of Nature |
(21.6) |
(2.1) |
0.0 |
21.7 |
0.0 |
|
| Canadian Race Relations Foundation |
0.2 |
0.0 |
0.0 |
0.0 |
0.0 |
|
| National Arts Centre Corporation |
(20.8) |
0.0 |
0.0 |
22.9 |
0.0 |
|
| National Capital Commission |
(11.1) |
0.0 |
0.0 |
107.4 |
0.0 |
|
| National Gallery of Canada |
(35.1) |
0.0 |
0.0 |
33.4 |
0.0 |
|
| National Museum of Science and Technology Corporation |
(20.2) |
0.0 |
0.0 |
20.0 |
0.0 |
|
| Total Canadian Heritage |
(6.1) |
0.0 |
1,332.3 |
0.0 |
||
| Bank of Canada2 |
1,766.1 |
1,481.1 |
0.0 |
0.0 |
1,766.1 |
|
| Canada Deposit Insurance Corporation |
156.7 |
0.0 |
0.0 |
0.0 |
0.0 |
|
| Canada Development Investment Corporation |
(0.9) |
0.0 |
0.0 |
0.0 |
0.0 |
|
| Canada Pension Plan Investment Board |
460.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
| Petro-Canada Limited |
(1.0) |
(128.0) |
0.0 |
0.0 |
0.0 |
|
| Total Finance |
(128.0) |
0.0 |
0.0 |
0.0 |
||
| Freshwater Fish Marketing Corporation3 |
-- |
-- |
-- |
-- |
-- |
|
| Total Fisheries and Oceans |
-- |
-- |
-- |
-- |
||
| International Development Research Centre |
(2.6) |
0.0 |
0.0 |
89.9 |
0.0 |
|
| Total Foreign Affairs |
0.0 |
0.0 |
89.9 |
0.0 |
||
| Business Development Bank of Canada |
101.1 |
357.2 |
0.0 |
0.0 |
8.9 |
|
| Enterprise Cape Breton Corporation |
(8.1) |
(0.0) |
0.0 |
8.6 |
0.0 |
|
| Standards Council of Canada |
0.0 |
0.0 |
0.0 |
5.3 |
0.0 |
|
| Total Industry |
357.2 |
0.0 |
13.9 |
8.9 |
||
| Canadian Commercial Corporation |
0.2 |
0.0 |
0.0 |
17.5 |
0.0 |
|
| Export Development Corporation |
118.0 |
3,694.0 |
0.0 |
0.0 |
0.0 |
|
| Total International Trade |
3,694.0 |
0.0 |
17.5 |
0.0 |
||
| Atomic Energy of Canada Limited |
43.3 |
0.0 |
(1.3) |
137.8 |
0.0 |
|
| Cape Breton Development Corporation |
(72.0) |
0.0 |
0.0 |
78.0 |
0.0 |
|
| Total Natural Resources |
0.0 |
(1.3) |
215.8 |
0.0 |
||
| Canada Lands Company Limited |
15.1 |
(61.1) |
(6.8) |
0.0 |
26.7 |
|
| Canada Mortgage and Housing Corporation | ||||||
| Insurance and Guarantee Funds |
321.0 |
(684.0) |
0.0 |
0.0 |
0.0 |
|
| Corporate Account |
(5.0) |
407.0 |
(282.0) |
0.0 |
0.0 |
|
| Minister's Account |
0.0 |
0.0 |
0.0 |
1,900.0 |
0.0 |
|
| Canada Post Corporation |
75.0 |
(17.0) |
0.0 |
22.2 |
12.0 |
|
| Defence Construction (1951) Limited |
0.9 |
0.0 |
0.0 |
0.0 |
0.0 |
|
| Old Port of Montreal Corporation Inc.4 |
(25.6) |
0.0 |
0.0 |
24.3 |
0.0 |
|
| Queens Quay West Land Corporation |
2.0 |
0.0 |
0.0 |
3.0 |
0.0 |
|
| Royal Canadian Mint |
21.7 |
0.7 |
0.0 |
0.0 |
0.0 |
|
| Total Public Works and Government Services |
(354.4) |
(288.8) |
1,949.5 |
38.7 |
||
| Atlantic Pilotage Authority |
1.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
| Canada Ports Corporation |
9.8 |
(100.0) |
(0.2) |
0.0 |
1.0 |
|
| Federal Bridge Corporation Limited, The |
(0.4) |
0.0 |
0.0 |
25.4 |
0.0 |
|
| Great Lakes Pilotage Authority |
(0.4) |
0.0 |
0.0 |
0.0 |
0.0 |
|
| Laurentian Pilotage Authority |
0.5 |
(0.9) |
0.0 |
0.0 |
0.0 |
|
| Marine Atlantic Inc. |
7.3 |
0.0 |
0.0 |
23.3 |
0.0 |
|
| Pacific Pilotage Authority |
0.3 |
0.0 |
0.0 |
0.0 |
0.0 |
|
| VIA Rail Canada Inc. |
(9.9) |
0.0 |
0.0 |
200.0 |
0.0 |
|
| Total Transport |
(100.9) |
(0.2) |
248.7 |
1.0 |
||
| Grand Total |
4,099.9 |
(544.4) |
3,983.2 |
51.6 |
||
1. This column is not totaled because the information is not reported in a consistent manner.
2. Financial data for the Bank of Canada are provided for information, but are not included in the totals due to the unique nature of its operations.
3. Financial data are excluded for the Freshwater Fish Marketing Corporation since its 1999-2000 annual report had not been tabled in Parliament as of October 6, 2000.
4. The Old Port of Montreal Corporation Inc., a wholly owned subsidiary of the Canada Lands Company Limited, has been directed to report as a parent Crown corporation.
Footnotes:
1. The Public Sector Pension Investment Board, established pursuant to the Public Sector Pension Investment Board Act, commenced operations on April 1, 2000 and its first report will be issued after its fiscal year ends on March 31, 2001.
2. The Old Port of Montreal Corporation Inc. (in 1987) and the Cape Breton Growth Fund Corporation (on August 25, 2000).
