2004 Crown Investments Corporation of Saskatchewan Annual Report
2004 Crown Investments Corporation of Saskatchewan Annual Report
2004 Crown Investments Corporation of Saskatchewan Annual Report
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Strategic Direction and Performance <strong>Report</strong>ingLeadership and Financial PerspectiveCorporate StrategicObjectivePerformanceMeasurePerformanceTargetPerformanceResultPerformanceRatingL-1 Effective governanceand performancemanagement <strong>of</strong> <strong>Crown</strong>subsidiariesSubsidiary BalancedScorecard targets metGovernance rating bythe Conference Board<strong>of</strong> Canada> 8.0Top 25%6.5N/A review doneon a 2 year cycleBelow2005 targetL-2 Appropriate return to theGeneral Revenue FundDividends to theGeneral Revenue Fund$250 M$268M includes$80M specialdividendsExceedsShareholder cash flow(ROE)16%17.6%ExceedsL-3 Proactive leadership on<strong>Crown</strong> sector issuesExternal index measure> 6.7Not conductedin <strong>2004</strong> (indexunder review).NotMeasuredSignificant Accomplishments in <strong>2004</strong>CIC declared $268 million in dividends to the GRF in <strong>2004</strong>, including $80 million in special dividends in support <strong>of</strong> CAISand Centennial celebration funding. Looking forward, CIC will face challenges to meet GRF dividend targets and addresscapital needs within the <strong>Crown</strong> sector.Public Purpose PerspectiveCorporate StrategicObjectivePerformanceMeasurePerformanceTargetPerformanceResultPerformanceRatingP-1 The <strong>Crown</strong> sectorcontributes in thedelivery <strong>of</strong> public policy<strong>Annual</strong> Utility BundleCostLowest cost inCanadaCommitmentmet with UtilityBundle RebateProgramAchievedYouth and careeropportunities:Co-op ProgramGradworksSummer students>185 students100 interns>450 students170 students15 hired, 30posted for 2005289 studentsBelowBelowBelowP-2 CIC’s workforcereflects the diversity <strong>of</strong><strong>Saskatchewan</strong>Staff levels in diversitytarget groups> 27%28.6%AchievedNew hires in diversitytarget groups> 25%22.2%BelowP-3 Environmentalprotection andadvancement <strong>of</strong> theGreen AgendaComputer and <strong>of</strong>ficeequipment meetEnergy Star standardsSupport the GreenPower program> 80%Purchase10,000 kwper month100%10,000 kw permonthExceedsAchievedSignificant Accomplishments in <strong>2004</strong>CIC monitored the basic utility costs in other jurisdictions during <strong>2004</strong>. By November it became apparent that while<strong>Saskatchewan</strong> costs compared very favourably, the overall bundle cost for Manitoba would be lower unless action wastaken. CIC recommended each <strong>Saskatchewan</strong> household receive a rebate <strong>of</strong> $137 to position the <strong>Saskatchewan</strong> <strong>2004</strong>bundle as the lowest in Canada. This rebate was applied through the residential billing system through SaskTel. Rebateswere applied to residential energy and power accounts if the household did not have a basic residential telephone service.CIC continues to monitor the utility costs and will make recommendations on the 2005 bundle status as required.31 C I C
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