Valuation Committee

The Fonds de solidarité FTQ created the Valuation Committee, which is composed of a majority of independent qualified valuators, in the second half of the 2008-2009 financial year. The Valuation Committee reports twice yearly on its review to the Audit Committee.


• Review the procedure for valuing private investments;
• Provide reasonable assurance that the procedure used for valuing the development capital portfolio complies with the procedure set out in the Regulation respecting development capital investment fund continuous disclosure.

* Independent members with no affiliation with either the Fonds de solidarité FTQ, the FTQ or its affiliated unions. 
    • Denis Labrèche *

      Denis Labrèche *


      Denis Labrèche has over 30 years’ experience in business valuation, financial disputes and M&As in various industries. As a partner at Ernst & Young from 1978 to 2011, he was involved in key mandates and transactions and was frequently called to give expert testimony. He was also tasked with many venture capital mandates for the Government of Québec, Caisse de dépôt et placement du Québec and Société générale de financement du Québec. He also acted as financial advisor to large organizations including Provigo, Métro, Rona, Bell Canada and the Canadian Red Cross.

      Very active throughout his career, Mr. Labrèche has given speeches, led countless seminars on business valuation and financing and written articles on the topic for the business magazine Commerce and the La Presse newspaper.

      Mr. Labrèche has served on the boards of the Canadian Institute of Chartered Business Valuators and of Réseau Capital.

      Denis Labrèche is a Chartered Business Valuator (CBV – 1984) and a Chartered Accountant who made the prestigious Honour Roll of the Chartered Accountants 1978 Uniform Exam (UFE).

    • Marc-André Girard *

      Marc-André Girard *

      Marc-André Girard is an experience corporate finance, accounting and business and valuation professional. He is currently a Partner of KPMG, in the Advisory, Restructuring and Turnaround service line.

      He began his career as Financial Analyst at ART Advanced Research Technologies before joining Raymond Chabot Grant Thornton, where he held various positions, including Senior Manager and Team Leader. Subsequently, he has been in charge of the valuation of privately-held investments at Fondaction CSN before moving on to KPMG.

      In addition to his professional responsibilities, he has been involved on the Board of Directors of the Corporation du Collège St-Sacrement and acted as Director and Treasurer for the CPE Le Vent dans les Voiles. He was also a marker for the Membership Qualification Examination of the Canadian Institute of Chartered Business Valuators for several years.

      Mr. Girard holds a Bachelor of Business Administration from UQAM and a Master of Finance from Université de Sherbrooke. He is a Chartered Professional Accountant and a member of the Ordre des CPA du Québec. He also holds the Chartered Business Valuator (CBV/EEE) designation conferred jointly by York University and the Canadian Institute of Chartered Business Valuators.
    • Pierre Maillé*

      Pierre Maillé*

      Pierre Maillé has over 35 years of experience in business valuation and financial analysis in various industries. He joined PwC in 1981 and after heading, as a partner, the Valuation, Modelling and Disputes group for the Québec region until 2016.  Now he serves as a consultant for the firm.
      During his career, Mr. Maillé has been involved in valuating businesses, analyzing investments and developing financing strategies in the context of start-up, restructuring, M&A and investment projects. He has also served as a financial expert for the quantification of damages in commercial litigation cases and gained a wealth of experience in the valuation of intangible assets, including technologies, patents, trademarks and intellectual property.

      Pierre Maillé is a member of the Canadian Institute of Chartered Business Valuators (CICBV). In 2009, he joined its Board of Directors and subsequently became a member of the Institute’s Executive Committee. He has also served as the Board’s Chair. In 2016, he was granted the designation of Fellow (FEEE) of the CICBV.  Mr. Maillé was also a member of the Advisory Forum Working Group of the International Valuation Standards Council from 2015 to 2017.

      He holds a Bachelor of Commerce from McGill University as well as a Master of Science in Administration from HEC Montréal.
    • Michel Nadeau *

      Michel Nadeau *

      Michel Nadeau has been executive director of the Institute for Governance of Private and Public Organizations (IGOPP) since 2004.

      After working at Le Devoir as an editorial writer and manager of the financial pages from 1974 to 1984, he held several senior management positions at Caisse de dépôt et placement du Québec over a period of nearly 20 years. While there, he helped draft the first investment policies for depositors and was responsible for overseeing the Caisse’s sizeable equity and bond portfolios. He also sat on all the organization’s private equity and real estate investment committees. In 2001, he was appointed president of CDP Capital, which held close to $100 billion in assets at the time. He was a member of the Committee of Corporate Governance of the Pension Investment Association of Canada for many years and still serves on the boards of various private companies and non-profit organizations.

      Michel Nadeau holds an MBA and a Bachelor of Political Science from Université Laval. He also took a course in portfolio management at the University of Toronto in 1977.