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I am pleased to report that BDC has had another very successful year.
In 1995, Parliament identified gaps in the market's provision of services to small and medium-sized enterprises (SMEs). To support entrepreneurs hindered by these gaps, it passed the Business Development Bank of Canada Act.
BDC is the only financial institution in Canada that is exclusively dedicated to promoting entrepreneurship.
We directors are stewards. We ensure that BDC does what it was created to do. We are vigilant in ensuring that it does so, and that it does not step outside the boundaries of its mandate. We are accountable to Parliament through the Minister of Industry.
We oversee BDC to ensure that it delivers results in a way that is effective, ethical and efficient.
We:
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approve BDC's strategic direction, corporate plan and priorities; |
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ensure that BDC is identifying and managing its risks; |
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review and approve management's succession plan; |
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ensure the highest standards of corporate governance; |
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review BDC's internal controls and management information systems; |
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oversee communications and public disclosure; and |
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monitor BDC's pension plans, and establish its fund policies and practices. |
We seek assurance that BDC anticipates and meets the needs of Canada's SMEs – which, of course, are constantly changing. The most powerful force pushing SMEs to evolve is globalization.
Globalization is throwing up both challenges and opportunities, obliging SMEs to move up the value chain. This is why we were very pleased to endorse BDC's new Manufacturers Plus strategy. The strategy will provide tailored support to Canada's SME manufacturers, who are facing a range of challenges posed by globalization.
The past year also saw significant changes to BDC's senior management team. We Board members were actively involved with the CEO in that process. Our goal is to ensure BDC has the right people to give it continuous, high-quality management, now and in the future.
For more information on our decisions of the past year, please refer to page 83 of complete Annual Report  .
I join my colleagues in thanking Cedric Ritchie, who left our Board in January 2007 after six years as Chairman. We were fortunate to have enjoyed the privilege and pleasure of working with Cedric; we learned much under his guidance and wish him well. Thank you as well to Louis Duhamel for his three years of service on BDC's Board.
Finally, on behalf of my colleagues, I want to thank Parliament for the privilege of sitting on BDC's Board of Directors. Being part of BDC's contribution to Canadian society is an honour as well as a responsibility.
Terry B. Grieve
Interim Chairman
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