2004 Crown Investments Corporation of Saskatchewan Annual Report

Corporate ProfileCIC is the financially self-sufficient holdingcompany for 11 subsidiary commercial Crowncorporations and one major investment, NewGradeEnergy Inc. Summary information on theseholdings begins on page 10. Detailed informationis in the Management’s Discussion and Analysissection starting on page 50.Saskatchewan’s earliest Crown corporationswere formed even before the province joinedConfederation in 1905. These corporations wereestablished because residents felt governmentshould provide certain essential services that wereeither not offered by private companies, or notavailable to all residents on a fair and equitablebasis. The four guiding principles were that theservices provided by these government-ownedcorporations should be:mmmmuniversal, or available to everyone;reliable;of high quality; andoffered at a reasonable cost.These principles still hold today, as we prepare tocelebrate Saskatchewan’s Centennial in 2005. Thepriority of our Crowns is to serve Saskatchewanpeople first. The Crowns must also balance publicpolicy objectives with commercial and financialobjectives. They are expected to contribute tothe economy and to provide a good return oninvestment to their shareholders, the people ofSaskatchewan.The Government Finance Office (GFO) wasestablished in 1947 to act as a holding companyfor many of Saskatchewan’s Crown corporationsand to be a mechanism for developing broadpolicy control, directing investment, and routingdividends into the government’s consolidated fund.In 1978, the GFO was renamed Crown InvestmentsCorporation of Saskatchewan. The CrownCorporations Act, 1993, is the current governinglegislation.CIC’s VisionCIC provides strategic focus to the Crowncorporation sector. CIC is financially selfsufficientand is a leader in facilitatingeconomic growth.CIC’s MissionWe are the Province of Saskatchewan’sholding company that:mmprovides strategic direction forsubsidiary Crown corporationsthrough effective governance andperformance management; andenhances Saskatchewan’s long-termeconomic growth and diversificationthrough Crown corporations.CIC’s ValuesCIC is committed to:mmmmmmusing honesty, integrity andprofessionalism in dealing with allstakeholders;demonstrating leadership andinnovation;communicating openly andeffectively;taking full responsibility for ouractions;creating a work environment thatis attractive to highly skilled andknowledgeable people who workeffectively together; andbeing a model employer bydeveloping our employees’knowledge and skills.C I C4