Responsibilities of the Board of Directors
CDIC affairs are administered by the Board of Directors. The Board has all the powers required to do
so under the CDIC Act.
The Board has a Board Charter. This Charter reflects the
Board’s determination that CDIC should follow current standards on matters of governance specific to Crown
corporations and recognized best practices identified in various other relevant sources. The Board Charter
records the Board of Directors’ understanding of their governance responsibilities and the various means by
which they will endeavour to ensure that these responsibilities are fulfilled.
The Directors of the Board have the obligation to act in the best interests of the Corporation and to
exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable
circumstances, pursuant to the provisions of the Financial Administration Act.
When a vacancy on the Board of Directors is imminent, the CDIC Board provides a Director’s Profile and gap
analysis to the Minister of Finance concerning the Board composition, which highlights some of the factors
that the Minister may wish to consider, including:
- an appropriate mix of skill, knowledge and experience, including in the areas of accounting or financial
management, banking, law (particularly in bankruptcy and insolvency, company restructuring), risk management,
consumer issues relating to financial institutions, corporate governance and communications
- personal qualities of integrity, financial literacy and good judgment
- a capacity to attend and actively participate in Board and Committee meetings
- diversity of gender, linguistics, ethnic background and regional representation
