Montréal, October 2, 2010 – The 26th Annual General Meeting of Shareholders of the Fonds de solidarité FTQ (“Fonds”) revolved around the theme of sustainable development, with the Fonds unveiling its first annual report structured according to the Global Reporting Initiative (GRI) framework, the international reference for reporting.
Fonds chairman and FTQ president Michel Arsenault began the Meeting by reminding those present of the key role the Fonds plays in Québec as a socially responsible organization. This first sustainable development report (available at
www.fondsftq.com/2010report) measures the Fonds’ performance and impact not only on the environmental level but from social and economic perspectives as well. Steven Guilbault, co-founder and assistant general coordinator of Équiterre, commended the Fonds for this initiative and highlighted its partnership in
Maison du développement durable, a green building being erected in Montréal that will be Platinum LEED certified and house various community organizations and NGOs.
“Whether it’s by conducting social audits of its partner companies or training workers on economic matters, the Fonds’ mission is at the heart of what is today a socially responsible organization. Designed to make people aware of the need to save for retirement, the Fonds’ RRSP has introduced many Quebecers to RRSPs as a way of saving. Indeed, the Fonds’ RRSP compares favourably with other savings products because when you include the 30% tax credits, a Fonds shareholder who has invested the same amount each year through payroll deduction earned a compounded annual return of 7.8% over 10 years. As for the governments, the tax cost is actually an investment because studies have shown that it is recouped within three years on average.
1 We are extremely proud of the fact that since its inception, the Fonds has been playing a structuring social and economic role in Québec,” said Mr. Arsenault.
A good year Reviewing this last year’s financial results, Fonds president and chief executive officer Yvon Bolduc said he was satisfied with the organization’s performance. “We invested $501 million in our partner companies to help them strengthen their Québec operations or continue their job-creating growth. Such was the case for, among others, Stella Jones, GLV, Premier Tech, Scierie Dion & Fils and Fortress Paper. The Fonds and its network were therefore able to help create, maintain or preserve 150,133 Québec jobs this past year. In 2009 alone, the operating expenses of our partner companies generated added value of $8.6 billion in the Québec economy,”
1 stated Mr. Bolduc.
“As for our owner-shareholders, whose number reached a new high of 577,511 this year, we want to give them a reasonable return, taking into account, of course, our mission and the current economic and financial context. As a result of record net earnings of $600 million, they earned a 9.5% return this past fiscal year and saw their share value go up by $2.06 since July 2009, to $23.84. I’d like to commend our local representatives for promoting the Fonds’ RRSP in their workplace and congratulate all our teams. Thanks to them, the Fonds is solidly on track with its mission to further the growth of the Québec economy and to create and maintain jobs,” concluded Mr. Bolduc.
Carbon neutral Annual Meeting This is the fourth year the Fonds is attempting to reduce the greenhouse gas (GHG) emissions generated by the means of transportation used to travel to the Annual Meeting. To this end, participants were once again encouraged to use public transit, BIXI bikes or carpools, which incidentally, rose 16% last year. After the Meeting, the Fonds will calculate the GHG emissions and pay Planetair a certain amount per tonne of emissions, which the non-profit will invest in renewable energy or energy efficiency projects.
Highlights
 |
Fiscal Year Ended
May 31, 2010 |
Fiscal Year Ended
May 31, 2009 |
| Net assets (in $ millions) |
7,294 |
6,375 |
| Revenues (in $ millions) |
222 |
239 |
| Net earnings (net loss) (in $ millions) |
600 |
(919) |
| Fund Return |
9.2% |
(12.6%) |
| Net assets per share (in $) |
23.84 |
21.78 |
| Change in share value |
9.5% |
(13.1%) |
1 Portraits des investissements du Fonds de solidarité FTQ et analyse de leur impact économique, SECOR and Regional Data Corporation, July 2010.
About the Global Reporting Initiative The
Global Reporting Initiative (GRI) is an international organization that has pioneered the development of a sustainability reporting framework for application worldwide and that is currently used by nearly 4,000 companies and NGOs to report on their economic, environmental and social performance. The idea was conceived in 1997 by the Coalition pour les économies environnementalement responsables (CERES), in collaboration with the United Nations Environment Programme (UNEP). For more information, visit
www.globalreporting.org.
About the Fonds de solidarité FTQ The Fonds de solidarité FTQ helps drive our economy.
With net assets of $7.3 billion as at May 31, 2010, the Fund 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. The Fund is a partner, either directly or through its network members, in 2,052 companies. With its 577,511 owner-shareholders, it has helped, on its own or with other financial partners, to create, maintain and protect 150,133 jobs. For more information, visit
www.fondsftq.com.
- 30 –
Note: The telephone numbers provided below are for the exclusive use of journalists and other media representatives. Source:
Josée LagacéSenior Advisor, Press Relations and Communications
Fonds de solidarité FTQ
Telephone: 514 850-4835
Mobile : 514 707-5180
e.mail : jlagace@fondsftq.com