Statement made on 13 April 2010 by Senator Joseph Day
Hon. Joseph A. Day:
Honourable senators, today I would like to speak to you about the Canada Foundation for Innovation. Since its creation, the CFI has had a transformative impact on the research landscape in Canada, in its work with the provinces, the private sector and colleges and universities.
The CFI's mandate is to strengthen the capacity of Canadian universities, colleges, research hospitals, and research institutions to carry out world-class research and technology development that benefits Canadians.
Since its creation in 1997, the CFI has committed $5.27 billion in support of over 6,600 projects at 130 research institutions in 65 municipalities across Canada.
Under the Budget Implementation Act, 1997, the CFI received $3.65 billion, which together with accrued interest and subsequent appropriations, allowed the foundation to do its good work.
Following a recent performance evaluation and value-for-money audit of the Canada Foundation for Innovation by an independent international review panel, CFI has been declared the most successful research funding organization of its kind in the world. KPMG conducted the overall audit of CFI and an international panel of seven experts in global research and research funding reviewed the findings and produced an independent report. The audit looked at CFI's management practices and processes and whether they had been carried out with regard to economy, efficiency and effectiveness.
Honourable senators may recall that there was some unease expressed in some quarters during the creation of foundations in the 1990s. While an independent review panel carried out this audit, the Auditor General of Canada does have the authority to audit the CFI, powers which that office obtained with the passing of the Federal Accountability Act. The Auditor General has chosen not to audit the CFI, presumably because she has been satisfied with the audit results presented by the independent panel.
Honourable senators, some of the words used by the international panel to describe this Canadian foundation included "uncompromising commitment to excellence," "strong advantage for Canada" and "world best practice."
I would like to take this opportunity to congratulate the foundation and to wish it much success in the future.
Congratulations, Canada Foundation for Innovation.