The Canada Development Investment Corporation is mandated to manage the Crown corporations and investments assigned to it and to privatize its holdings when appropriate. In January 1995, the government completed an assessment of the Corporation's future role. As a result, the Corporation's current mandate is to wind down its operations by divesting its remaining assets in an orderly fashion and to ready the Corporation for eventual dissolution.

The Board is composed of:

• a President appointed by GiC to hold office during pleasure for such term as the GiC considers appropriate; reappointment is possible;
• a Chairman appointed by GiC to hold office during pleasure for such term as the GiC considers appropriate; reappointment is possible;
• not more than eighteen directors appointed by the Minister with GiC approval, to hold office during pleasure for a term not to exceed four years as will ensure, as far as possible, the expiration in any one year of the terms of office of not more than one-half of the directors.

Where the office of a director becomes vacant during the term of the director appointed thereto, the Minister may, with the approval of the GiC, appoint a director for the remainder of the term. All directors are eligible for reappointment at expiry of term.

The majority of directors are not to be officers or employees of the Corporation or any of its affiliates.

If a director is not appointed to take office on the expiration of the term of an incumbent director, other than an officer-director, the incumbent director continues in office until a successor is appointed.

The Financial Administration Act requires that before an officer-director of a parent Crown corporation is appointed, the Minister shall consult the Board of Directors of the Corporation with respect to the appointment.

The auditor of a Crown Corporation shall be appointed annually by the Governor in Council, after the appropriate Minister has consulted the Board of Directors of the corporation, and may be removed at any time by the Governor in Council, after the appropriate Minister has consulted the Board.

The Auditor General of Canada shall be appointed by the Governor in Council as the auditor, or a joint auditor, of each Crown Corporation, unless the Auditor General waives the requirement of being so appointed.

An auditor of a Crown Corporation is eligible for reappointment on the expiration of the auditor’s appointment.

If an auditor of a Crown Corporation is not appointed to take office on the expiration of the appointment of an incumbent auditor, the incumbent auditor continues in office until a successor is appointed.

A person is disqualified from being appointed or re-appointed or continuing as an auditor of the corporation if that person is not independent of the corporation, any of its affiliates, or the directors or officers of the corporation or any of its affiliates. Expenses reimbursed in accordance with policies and procedures of the Corporation.