Approach to CSR
EDC is expected to fulfill its mandate in a responsible manner that reflects the values of Canadians. This means taking into account the environmental and social impacts of the business that we support, as well as the expectations of our stakeholders: our customers, our employees, the Government of Canada, civil society, and the media. We continuously monitor these expectations and our CSR strategy reflects the wide range of initiatives that we have put in place to meet them.
Governing Legislation and Agreements
EDC’s mandate is spelled out in the Export Development Act. We are also subject to the Corruption of Foreign Public Officials Act, the Federal Accountability Act and the Public Servants Disclosure Protection Act.
Canada is a member state of the Organisation for Economic Co-operation and Development (OECD) and EDC, as a wholly owned arm of the Government is Canada, is bound by Canada’s commitments to the OECD, including the OECD Revised Council Recommendation on Common Approaches on the Environment and Officially Supported Export Credits (the “Common Approaches”), the OECD Council Recommendation on Bribery and Officially Supported Export Credits, and more.
We also adopted the Equator Principles in 2007, a financial industry benchmark for determining, assessing and managing social and environmental risk in project financing, and made the IFC Performance Standards our dominant standard for environmental and social project performance in developing countries.
To learn more, see our complete list of governing legislation, international agreements and memberships.
EDC is governed by a Board of Directors whose representatives are primarily from the private sector. The Board’s responsibility is to supervise the direction and management of EDC and oversee our strategic direction as outlined in our Corporate Plan. Board members are appointed by the Government of Canada and report to Parliament through the Minister of International Trade.
The Board of Directors provides oversight for the corporation’s overall CSR orientation. Executive accountability and operational responsibility for CSR commitments is outlined in this diagram.
The Board was engaged on various CSR issues throughout 2015, including the implementation of an independent third-party review of EDC’s anti-corruption practices and helping to determine the function and scope of the new Chief Compliance and Ethics Officer. Additionally, one of the Board members participates in CSR Advisory Council meetings.
More information about the Board of Directors’ role and involvement in CSR issues can be found in the Corporate Governance section of our 2015 Annual Report.
Our supplier community is a valuable resource to us in providing services to Canadian exporters. Our Procurement Policy is the foundation upon which we procure goods and services in support of our operational activities. We aim to provide fair and equitable treatment of all our suppliers. For example, the policy commits EDC to protecting the confidentiality of its suppliers’ trade secrets and pricing information, and offers access to a supplier complaint process should disputes arise. The Procurement Policy can be found here.