How CDIC Is Run
CDIC is a federal Crown corporation created by Parliament. We report to Parliament through the federal
Minister of Finance. We work at arm’s length from the government. CDIC was created to protect deposits held
in CDIC member banks, trust companies, loan companies and associations governed by the Cooperative Credit
Associations Act. Our work is governed by the Canada Deposit Insurance Corporation Act
(CDIC Act).
CDIC’s statutory objects and role as a Crown corporation
Statutory Objects
CDIC’s statutory objects, as set out in its legislation (CDIC Act), are to provide insurance against the loss of
part or all of deposits, and to promote and otherwise contribute to the stability of the financial system in
Canada. These objects are to be pursued for the benefit of persons having deposits with member institutions
and in such manner as will minimize the exposure of the Corporation to loss.
CDIC’s role as a Crown Corporation
Crown corporations play a vital role advancing government policy priorities and objectives in critical
industries throughout Canada especially when autonomy is a key requirement. Their structure and the financing
of Crown corporations allows “greater autonomy in the following two complementary ways:
- in terms of independence and credibility as non-partisan, non-political providers of services, such as
the promotion and development of cultural industries or the formulation and implementation of Canada’s
monetary policy; and,
- in terms of day-to-day operations (including the management of financial, human, and physical assets),
thereby enabling the organization to respond directly to customer demands in a business environment where
private sector companies would not be viable because of market size or the level of risk.”
How CDIC is governed
CDIC is governed by an 11-person Board of Directors made up of the Chairperson, five Directors from the
private sector who bring a wealth of practical experience, and five public sector Directors who provide
comprehensive knowledge of the financial, supervisory and regulatory environment. The public sector Directors
include the Governor of the Bank of Canada, the Deputy Minister of Finance, the Superintendent of Financial
Institutions, a Deputy Superintendent of Financial Institutions or an officer of OSFI (The Office of the
Superintendent of Financial Institutions), and the Commissioner of the Financial Consumer Agency of Canada.
Learn more about how CDIC is governed and our Board of Directors.
How CDIC is managed and organized
Day-to-day management of CDIC is done by its Corporate Officers. The President and Chief Executive Officer
(CEO) is the executive head of CDIC’s management. The President and CEO provides a link between the Board of
Directors and CDIC employees. Learn more about how CDIC is
managed and organized, including information about our Corporate Officers.
CDIC is organized into three divisions and one department, all reporting to the President and CEO. Click
here for an organization chart showing the relationship
between the divisions and the department and the activities each carries out. You can also read a description
of the role and responsibilities of each division and the
department.
Achieving excellence
CDIC is proud to be the recipient of two important awards that reflect our dedication to transparent
reporting, excellence and achievement.
- CDIC was selected as Deposit Insurance Organization of the Year for 2006 by the International Association
of Deposit Insurers (IADI). Learn more.
- CDIC received the 2005 Auditor General of Canada Award for Excellence in Annual Reporting by Crown
Corporations. CDIC won the award for the large Crown corporation category. Learn more.
- CICA Award for Excellence for Corporate Reporting – Large Federal Crown Corporation – Annual Report
2007
Disclosure, governance and sustainability are critical to business success and continuous improvement in
these areas is the focus of the Corporate Reporting Awards (CRA). Each year, leading companies’ best
practices in corporate reporting are showcased and serve to raise the bar in reporting for Corporate Canada.
CDIC received the 2007 Canadian Institute of Chartered Accountants Award for corporate reporting in the large
Crown Corporation category for its 2007 Annual Report and 2007-2008 Summary of the Corporate Plan.
