Being a Good Corporate Citizen
As a Crown corporation owned by the Government of Canada, EDC has a responsibility to be an exemplary corporate citizen – one that conducts business with integrity and transparency, creates jobs, supports an enriching work environment, and invests in local communities.
Ethics and Transparency
EDC is accountable to many stakeholders, including the Government of Canada and Canadian citizens. We owe it to them – as well as our customers, co-workers and business partners – to operate ethically and as transparently as possible, both to maintain their trust and confidence and to ensure our continued business success.
EDC employees are bound by the Code of Business Ethics and the Code of Conduct (the Codes). All employees sign an annual statement confirming their compliance with the Codes.
Our Disclosure Policy guides the release of information on individual financing transactions, EDC’s aggregate business volumes, and transactions with the potential to cause significant adverse environmental and social impacts. Disclosure channels include corporate reports and our corporate website. We use these channels to notify the public when we are considering Category A projects and provide access to information on their environmental and social impact assessments, and to disclose signed Category A projects and summaries of their environmental and social impacts. Our challenge is to provide sufficient details to satisfy media and civil society interest, while protecting customer confidential and/or competitive information.
EDC established a new Compliance & Ethics group and appointed a Chief Compliance and Ethics Officer in 2015. The group’s mandate is to apply an objective and independent lens in establishing and/or improving EDC’s various compliance and ethics programs. It is led by a Chief Compliance and Ethics Officer who has an independent reporting line to a committee of the Board of Directors. The new group plays a role in six areas: compliance risk management, financial crimes, ethics, complaints, privacy and access to information, and insider threat. The Chief Compliance & Ethics Officer is also the contact person for members of the public who have reason to believe that a public servant or EDC employee has not acted in accordance with our Code of Conduct.
We conducted a quarterly campaign to raise awareness of the requirements of the Code of Conduct among EDC employees.
25 CSR-related stakeholder inquiries were received in 2015. While most requested details about specific transactions, four related to potential human rights violations and four to potential corruption issues. In these instances, we provide an explanation of our position and due diligence processes for supporting the companies in question. We also conduct our own investigation on the matter. If a customer we support later faces allegations, investigations, charges or convictions, it may represent a breach of the company’s contractual obligations to EDC and we take action accordingly.
The CSR team provided guidance to underwriters and business development staff on a standard approach to disclosing information about transactions as a means of reducing variability in descriptions and making it easier for stakeholders to compare information and understand how loan proceeds will be used.
See Reporting on Transactions on our corporate website for aggregate quarterly reporting, individual transaction reporting, and environmental and social reporting. For a review summary of a specific project, enter the name of the project in the Search field on the corporate website.
Total Number of Transactions
Disclosures on Transactions2015 2014
Where We’re Going
We plan to review opportunities to improve transparency.
We recognize that we disclose a considerable amount of information via our website but it is not easy for stakeholders to find. We are working on consolidating information to address this issue.