Inuvialuit Development Corporation (IDC) announced that arrangements have been concluded to transfer ownership of Canadian North and Weldco-Beales Manufacturing directly into IDC.
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Inuvialuit Development Corporation
At Inuvialuit Development Corporation (IDC), we are proud to be 100 per cent indigenous owned, our sole shareholder being Inuvialuit Regional Corporation. IDC is strategically positioned to serve industry in and around the Mackenzie Delta - Beaufort Sea region. We know the North, we know our business and we offer a fully integrated package of expertise, skills and resources to support industry ventures in the western Arctic. With decades of experience in the North, our key service companies provide the professional, customized and cost effective solutions you are looking for.
IDC is a diversified investment, venture capital and management holding company, wholly owned by IRC. IDC receives its mandate from the Inuvialuit Final Agreement (IFA), finalized in 1984. The IFA's economic tenets are full Inuvialuit participation in the northern Canadian economy and integration into Canadian society through development of an adequate level of economic self-reliance and a solid economic base. Incorporated in 1977, IDC has worked methodically to generate wealth, build a sustainable financial legacy and return secure and long-term benefits to our shareholder.
In support of our mandate, IDC has established the following goals:
- IDC will pursue investment diversification, taking advantage of attractive opportunities and managing risk in its portfolio. All business investments will adhere to criteria laid out in our business plan, generate sustainable profits, provide solid return on investment for our shareholder and contribute to beneficiary dividends.
- IDC will strive to add value to all its stakeholders by providing contacts with other companies, proven northern expertise and context and professional management oversight where required.
- IDC will monitor results throughout its portfolio, with a view to building capacity, ensuring accountability and enhancing profitability. This will be done by establishing and adhering to a set of clear performance expectations and metrics/scorecard for performance appraisal and reporting.
- IDC will continue to build meaningful Inuvialuit participation, both within the corporate office and throughout its subsidiaries and partners. Our northern and local expertise is a vital component of our unique value proposition.
In our daily activities, the IDC team is determined to maintain IDC’s reputation of integrity and excellence. In order to do that:
- We will ensure that our actions and decisions are open and supportive of the goals of the IFA.
- We will be cost effective in the utilization of all our resources and strive to increase shareholder value in the long-term.
- We will not simply ask for success from our partners, companies and staff, we will apply our expertise and resources to support it.
IDC is in the business of acquiring, growing, holding and/or selling businesses with the primary aim of building a portfolio that generates wealth. Our vision is to manage our portfolio in a manner that ensures sustainable growth in support of the growing number of Inuvialuit population. For the long-term:
- IDC aspires to become a diversified, leading edge investment and venture capital company.
- IDC will act as a steward and a protector of the purchasing power of the proceeds of the Inuvialuit Final Agreement.
- IDC will deploy resources in other parts of Canada and the world to identify and acquire advantageous investments.
- When primary investment objectives can be met, IDC invests in businesses which provide essential services to communities and/or create employment opportunities for shareholders.
In all our endeavours, partnerships and business relationships, IDC embraces the following values:
- Integrity - IDC is committed to acting with integrity in all aspects of what we do, ensuring our actions are aligned with our values. Integrity builds trust, and trust enables successful, long-term working relationships to flourish.
- Excellence - IDC recognizes the significance of the trust our shareholder has placed in us. In response, we strive to excel in every aspect of our business and approach every challenge with a determination to succeed.
- Results-Oriented Performance - IDC has a "Can Do" attitude. We model and promote a mind set of continuous improvement within our staff and across our investment portfolio. This increases our ability to remain competitive, to maximize efficiency and effectiveness, and to innovate.
- Accountability - IDC maintains a high level of accountability both in decision-making and in evaluating and acknowledging outcomes. We take responsibility for what we do.
- Respectful Behavior - We appreciate our diversity and believe that respect - for our colleagues, customers, partners, and all those with whom we interact - is an essential element of all positive and productive business relationships.
- Social Responsibility - We seek to contribute to our community in ways that reflect broadly held values, have meaningful impact, draw upon our unique strengths as a corporation, and, whenever possible, reinforce our business objectives.
- Stewardship - In achieving our revenues and profit, IDC will ensure that throughout our investment portfolio, the growth actions of today protect the assets of the Inuvialuit for future generations.
IDC promotes meaningful participation of Inuvialuit in the western Arctic, circumpolar and national economies by building and protecting a diversified asset base to generate sustainable financial returns. A builder of futures, IDC has been successful in attaining sustainable growth and a return on equity consistent with industry benchmarks. In achieving our revenues and profit, we ensure that throughout our group of companies, the growth actions of today protect the assets of Inuvialuit for future generations.