Montréal, February 27, 2014 – The Fonds de solidarité FTQ confirmed today that Robert Parizeau has joined its Board. Mr. Parizeau was appointed by the General Council of the FTQ, in accordance with section 4 of the Act to establish the Fonds de solidarité des travailleurs du Québec (F.T.Q.). The FTQ is therefore giving Mr. Parizeau a seat that was occupied by an FTQ-affiliated person.
In May, Mr. Parizeau will assume the chairmanship of the Board, a position he will hold until September 2015, after which he will remain a member of the Board.
While waiting for the necessary amendments to the law concerning its governance, the Board this morning created a special committee to follow the implementation of the major reforms to the Fonds’ governance in the coming months. This committee will be chaired by Mr. Parizeau, who will be joined by Messrs. Daniel Boyer, Serge Cadieux, Pierre-Maurice Vachon, Denis Labrèche, as well as Ms. Christine Beaubien.
The Board also created this morning a selection committee for the next Fonds President and CEO, as the Fonds has announced that the employment contract of the Fonds’ current President and CEO, Mr. Yvon Bolduc, will come to an end on March 31st. Messrs. Parizeau and Boyer will co-chair this committee. They will be supported by Mr. Serge Cadieux and Ms. Michèle Colpron, members of the Board, as well as by Mr. Raymond Bachand, strategic advisor at Norton Rose Fulbright.
Starting April 1st, and until such time as a new CEO has been chosen, the duties will be taken over temporarily by the members of the Fonds’ executive committee, namely Messrs. Danny LeBraceur, Denis Leclerc, Gaétan Morin, Mario Tremblay and Michel Pontbriand. During that time, Mr. Pontbriand will be in charge of coordinating the committee.
Mr. Parizeau’s appointment is one of several major changes being made by the Fonds as part of its governance reform, announced on February 6. The Board and all its committees (including those that authorize investments) will be chaired by an individual who is independent of both the Fonds, the FTQ and FTQ affiliates.
As well, the Board of Directors will be restructured as to reduce the number of FTQ-appointed members from 10 to 7. In this way, the FTQ will no longer appoint the majority of members to the Board of Directors. This change will require an amendment to the Fonds’ constituting Act.
For more information concerning the reforms to the Fonds’ governance, please go to http://www.fondsftq.com/new-governance.
About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ helps drive our economy. With net assets of $9.7 billion as of November 30, 2013, the Fonds is a development capital investment fund that channels the savings of Quebecers into investments in all sectors of the economy to help further Québec's economic growth. Its investments, in all sectors of the economy, contribute to the creation and maintenance of businesses and development in Quebec. The Fonds is a partner, either directly or through its network members, in close to 2,400 companies. With its more than 615,000 owner-shareholders, it has helped, on its own or with other financial partners, to create, maintain and protect more than 170,000 jobs. For more information, visit www.FondsFTQ.com.
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