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Royal Canadian Mint Corporate Plan 2021–2025

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Royal Canadian Mint Corporate Plan 2021–2025 EXECUTIVE SUMMARY AGILE, RESILIENT AND FUTURE-READY SUMMARY OF THE CORPORATE PLAN 2021-2025 AND 2021 CAPITAL BUDGET EXECUTIVE SUMMARY CONTENTS 1 Executive summary 4 Overview 9 Operating environment 19 Strategy and corporate objectives 25 Risk overview 27 Financial overview 28 Appendix 1: Corporate governance structure 32 Appendix 2: Summary of financial statements and budgets 38 Appendix 3: Borrowing plan 39 Appendix 4: Compliance with legislative and policy requirements 41 Appendix 5: Government priorities and direction 42 Appendix 6: Collective agreements 43 Appendix 7: Response to and impact of COVID-19 44 Acronyms and abbreviations DISCLAIMER – FORWARD LOOKING To the extent the Mint provides future-oriented STATEMENTS financial information or a financial outlook, such as This Summary of the Corporate Plan contains forward- future growth and financial performance, the Mint is looking statements that reflect management’s providing this information for the purpose of describing expectations regarding the Mint’s objectives, plans, its expectations. Therefore, readers are cautioned strategies, future growth, results of operations, that this information may not be appropriate for any performance and business prospects and opportunities. other purpose. Furthermore, future-oriented financial Forward-looking statements are typically identified information and financial outlooks, as with forward- by words or phrases such as “plans”, “anticipates”, looking information generally, are based on the “expects”, “believes”, “estimates”, “intends”, and other assumptions and subject to the risks. similar expressions. Readers are urged to consider these factors carefully These forward-looking statements are not facts, but when evaluating these forward-looking statements. only estimates regarding expected growth, results In light of these assumptions and risks, the events of operations, performance, business prospects and predicted in these forward-looking statements may not opportunities (assumptions). While management occur. The Mint cannot assure that projected results or considers these assumptions to be reasonable based events will be achieved. on available information, they may prove to be incorrect. These estimates of future results are subject Accordingly, readers are cautioned not to place undue to a number of risks, uncertainties and other factors reliance on the forward-looking statements. that could cause actual results to differ materially from what the Mint expects. These risks, uncertainties The forward-looking statements included in and other factors include, but are not limited to, Summary of the Corporate Plan are made only as of those risks and uncertainties set forth in the Risk September 22, 2020, and the Mint does not undertake Overview section. to publicly update these statements to reflect new information, future events or changes in circumstances or for any other reason after this date. ROYAL CANADIAN MINT | SUMMARY OF THE CORPORATE PLAN 2021–2025 OVERVIEW EXECUTIVE SUMMARY The Royal Canadian Mint is a Crown corporation $44 million per year during this planning period and to owned solely by the Government of Canada. It is pay an average annual dividend of $40 million to the required by the Royal Canadian Mint Act to mint coins Government of Canada through the execution of its in anticipation of profit and to carry out other related updated strategy. activities. The Mint aims to be an agile, resilient Crown corporation focused on the future and prepared to act CONTEXT: LONG-TERM STRATEGIC VISION on opportunities to create value for Canada. This corporate plan aligns with the Mint’s long-term strategic vision, which aims to realign the Corporation The Mint manages Canada’s circulation coin ecosystem, and unifies its historically siloed business lines and redistributing and recycling coins and supplementing operations as “One Mint” with two areas of focus: the national pool by producing and delivering new, circulation coinage and precious metals. secure, high-quality and cost-effective coins in support of trade and commerce in Canada. It also enables the competitiveness of Canada’s mining sector through its In line with its long-term strategic vision, the precious metals business and offers an integrated range Mint will realign itself in this planning period as of precious metals storage, manufacturing and security “One Mint” with two overarching businesses: services to financial institutions. circulation coinage and precious metals. 2020 has brought many unexpected challenges with the onset of COVID-19. During the first six months In realizing its strategic vision, the Mint will evolve its of the pandemic, the Mint prioritized the health and circulation business, augmenting its world-leading safety of its employees while also demonstrating domestic coin lifecycle management practices with agility in prioritizing activities to ensure there are no enhanced resiliency and data analysis, and developing coin shortages and to support Canada’s financial a scalable emergency response plan in the event and mining sectors as the country begins to enter of a major financial system or extended regional the recovery period. The Mint continues to be in solid disruption. It will seize the best available foreign financial condition and, even in this highly uncertain circulation opportunities, ensuring Canadian sovereign time, is on track to exceed its financial targets for 2020. coin-making knowledge and capacity is preserved. The latest market conditions and trends were key inputs The strategic vision also calls for the Mint to build for the Mint’s Board of Directors and management its precious metals capacity, focus its numismatic during the development of this 2021–25 corporate plan offerings, pursue operational efficiencies, create agility as well as the new long-term strategic vision. The Mint and continue to add value for Canada. expects to generate average profits before taxes of ROYAL CANADIAN MINT | SUMMARY OF THE CORPORATE PLAN 2021–2025 1 EXECUTIVE SUMMARY THE EXTERNAL ENVIRONMENT: The bullion business will likely be highly active over the MARKETS IN TRANSITION next five years, with strong, sustained global demand Canada’s economy is shifting away from the use of for gold and silver coins. On the numismatic side, the cash toward electronic payment technologies. The Mint competes for a share of discretionary customer COVID-19 pandemic accelerated this shift, prompting spend that could be affected by the economic impact a surge in online shopping and electronic payments. of COVID-19. The Mint will also continue to play an important role in celebrating and commemorating Despite declining usage in North America and other Canadian history, heritage, diversity and artistry regions, cash remains the main form of payment through its circulation and precious metal activities as worldwide. Overall global demand for circulation well as its unique medals business. coinage is expected to remain robust to 2025, meaning there continue to be opportunities for the Mint as a THE INTERNAL ENVIRONMENT: producer of coins and blanks for other countries. ENGAGEMENT, SAFETY AND INNOVATION The Mint is focused on creating a vibrant, people- The aftershocks of the pandemic—including an centric and proactive health and safety culture. Its expected global economic recession—will likely cause leaders model a safety-first, zero-injury mindset, investors to avoid electronic investments such as equity while employees participate actively in creating markets in favour of precious metals. Low interest rates an environment that values safety and wellbeing— and increased government deficits could drive demand including good mental health. The Mint has a well- and prices even higher. At the same time, the precious established reputation for research and development metals market is transforming with the growth of with a talented team and network of technology virtual investment offerings such as exchange-traded partners. It holds patents for key technologies, and receipts (ETRs). vigilantly manages and protects its intellectual property portfolio. In this planning period, the Mint THE MINT’S BUSINESSES: will also bring innovation to its business processes ADDING VALUE FOR CANADA and technology platforms, engaging in digital For the 2021–25 planning period, the Mint will focus its transformation for greater efficiency and operational circulation business on supporting Canada’s transition unity. to a cash-light society1 while ensuring that coins are always available when and where needed so that RISKS AND RESPONSES no Canadian is left behind. It will generate revenue Beyond the shift to a cash-light society, which the Mint through foreign circulation contracts—optimizing is well positioned to manage and support through its production capacity and ensuring that the expertise coin pool management and forecasting capabilities, and constant readiness to meet Canadian needs first the Corporation faces additional challenges that this are maintained. 2021–25 corporate plan intends to mitigate. 1 Cash-light refers to the continuous movement away from cash as a method of payment. 2 ROYAL CANADIAN MINT | SUMMARY OF THE CORPORATE PLAN 2021–2025 EXECUTIVE SUMMARY The Mint will continue its efforts to diversify its key Supporting its objectives is the Mint’s new People customer base. The Mint will review its businesses and Strategy—which will drive organizational engagement develop a customer-centric portfolio of products and and enablement and foster a culture of collaboration,
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