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.
    • Renata Eva  Milczarek*

      Renata Eva Milczarek*

      Renata Eva Milczarek is a business valuation expert who has been providing business valuation and forensic accounting services at Mareval S.E.N.C.R.L., a firm she co-founded in 2014.  She has more than 30 years of international experience in auditing, accounting, finance and investment, including financial analysis and private placement for a variety of companies.

      She has held key positions in various firms such as KPMG (Bermuda office), Raymond Chabot Grant Thornton (Montréal office), Russell Investment Group, based in Paris, and Caisse de dépôt et placement du Québec, at their Paris and Warsaw offices.

      She currently sits on the Board of Directors of the Canadian Institute of Chartered Business Valuators and has been a member of the advisory board of numerous investment funds and the supervisory board of a Hungarian pension fund manager. Ms. Milczarek was in charge of opening the Warsaw office of Caisse de dépôt et placement du Québec and developing a network of contacts throughout the region in cooperation with Québec companies interested in pursuing business opportunities in Central Europe.  She has been a speaker at various conferences in Europe and North America on valuation, forensic accounting and private placement.

      Ms. Milczarek holds a Bachelor of Commerce from Concordia University and a Graduate Diploma in Accounting from McGill University, where she was a lecturer. She is a member of the Ordre des comptables professionnels agréés (CPA, CA, CFF, CF).