The game of musical chairs continues at the Caisse de depot et placement du Québec (CDPQ): Member of the Management Committee and Head of Economic Analysis, former Liberal Minister Martin Coiteux is preparing for his scheduled exit next month. Meanwhile, another CEO — the Director of Investment Compliance — has packed up.
This brings the number of decision-making positions to five where changes have occurred or are expected to occur. On January 14th Journalism Reported that the position of Head of Equity Markets, Helen Beck, has been eliminated and that Claude Bergeron, Senior Vice President and Chief Risk Officer, is expected to retire in 2023.
“It’s part of the normal course of things for changes to happen from time to time at the senior management level,” said CDPQ spokeswoman Kate Moonfitt. It also gives us the opportunity to think about ways to develop our organization to better meet our business needs. »
less than four years
Mr. Coiteux was appointed in 2019 as Chief Economist, and took the lead the following year by taking charge of the economic analysis and overall strategy of Quebec Wool Socks. The ex-politician and his team advise the various sectors of the institution on investment. He is also a member of the Investment Risk Committee.
At the end of 2022, a turbulent year marked by significant declines in the markets, the main interested party announced its colours. The CDPQ asserts that the main interested party would like to “take a break and devote themselves to their family”.
said the lady.I moonfit.
Journalism He was unable to reach Mr Coiteux, who will be celebrating his 61st birthdayH His birthday is on February 5th. His former colleague Carlos Letão, finance minister in Philippe Couillard’s liberal government, suspected a change in the mood.
Mr Leitão said, in a telephone interview: “We met earlier this year and I knew there was a movement Journalism. I didn’t have any other details. he [M. Coiteux] You won’t take a break forever. He’s still young. »
Until his departure at the end of the 2018 provincial elections, Mr Coiteux was Chairman of the Treasury Board from 2014 to 2016 before being appointed Minister of Public Security and Minister of Municipal Affairs.
The other departure concerns Sylvain Laurent, chief compliance and investment manager for more than 21 years. Caisse left for a “specialist, compliance and risk management” position at Fondaction, which had net assets of $3.25 billion as of November 30. By comparison, the CDPQ was 392 billion by the end of June.
before the update
There is change in the air inside the director of public and semi-public insurance and pension plans, which usually report their annual results in mid-February. Performance is likely to be negative given the challenges in equity markets and the economy in 2022.
IGOPP Director General François Duffin acknowledges that there are “many senior executives” affected by the changes to the CDPQ. Carefully, the specialist believes there are some hypotheses at the origin of the recent departures in the box.
“There have really been changes in the last couple of years,” says Mr. Dauphine. It may be a follow-up to what has already been done. We are also in the process of ending a turbulent year. Perhaps there was resentment in some ways. »
millimeter. Coiteux and Bergeron are members of the Investment Risk Committee of CDPQ. On Monday, the foundation did not reveal the full composition of its team in this regard. In terms of due diligence, two investments by Caisse raise many questions in 2022: an investment of about 200 million in the Celsius network has already been written off. This crypto bank has been sheltering from its creditors since last July in the wake of a liquidity crisis caused by the decline of cryptocurrencies such as Bitcoin.
In addition, the collapse of Indian renewable energy producer Azure Power Global due to wrongdoing and misconduct on the part of some employees has cost CDPQ hundreds of millions since last spring.
with Andre Dubuque, Journalism
- – 7.9%
- CDPQ revenue for the first six months of 2022. This is a loss on paper of 33.6 billion.
Source: Caisse de pot et place du Québec
- – 10.5%
- The fund’s benchmark is at 1Verse Term 2022.
Source: Caisse de pot et place du Québec
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