2005 Annual Report – "Thriving" - Royal Canadian Mint

Progressive and accountable
Selective plating is a slow and
labour-intensive process of
electrolysis. When a coin is
dipped into the gold solution,
unmasked portions attract the
metal to their surface.
Working collaboratively with its two unions, the Public Service Alliance of Canada and the
Amalgamated Transit Union, in 2005 the Mint signed new three-year collective bargaining
agreements that incorporate a benefit unique among Crown corporations: profit sharing
for unionized employees.
The Mint maintained impressive momentum with its lean enterprise program, continuing
to refine its operational systems. Another 44 improvement projects were initiated across
the four business lines to eliminate waste and deliver optimal value to customers. As a
result, the Mint realized efficiency gains of $305,000, improved workflows and achieved
tighter alignment. The Mint also began modernization of its ERP system. This effort will
drive business intelligence down through the organization, allowing the Mint to enhance
customer relations and access major cost savings. The Mint also completed implementation
of the product lifecycle management (PLM) system developed in 2004.
In keeping with Canada’s Financial Administration Act requiring Crown corporations to
undergo a Special Examination every five years, the Mint participated in a review by the
Office of the Auditor General that assessed governance, financial, management-control
and information systems. The examination report concluded that the Mint had systems
and practices that provided reasonable assurance that the Corporation’s operations are
carried out effectively, that its resources were managed efficiently and economically, and
that its assets were properly safeguarded and controlled on behalf of Canadians. The Mint
is actively addressing the 11 recommendations proposed in the examination report.
The Gold Maple Leaf coin embodies the passion
for purity that is the hallmark of the Royal Canadian
Mint. This is reflected in the “9999” symbol struck
on every one of the Mint's 24-karat gold coins,
which are instantly recognized and traded
throughout the world.
As part of its 2006 corporate planning
process, the Mint is increasing its training commitment
from 3 percent of payroll to a remarkable
4 percent—far above the Canadian
manufacturing average of 2.54 percent.
The 2005 $300 Gold Standard
Time Coin is a fine specimen
of laser etching technology,
which oxidizes a coin’s
surface at a prescribed rate
to produce an array of colours
in minute proportions.
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