Photo: Thierry du Bois Cosmos
“At the rate things are going, I am hopeful that our investment target will be reached,” said the “Duty” on Friday, the president and chief executive officer of the Fund FTQ, Gaétan Morin, on the sidelines of a conference in front of nearly 400 members of the Chamber of commerce of metropolitan Montreal.
The Fonds de solidarité FTQ has already invested two-thirds of the 500 million that it had planned to help defend the headquarters of the jewels of québécois and do not doubt that the rest will soon be spent, especially if the economic slowdown is expected to materialize.
The labour fund was committed in 2016 to spend $ 500 million in five years for the purchase of blocks of shares of québec-based firms listed on the stock Exchange are estimated to be vulnerable to offers of purchase hostile to the outside in order to constitute, alone or with others, of blocking minorities. Of this amount, a total of 329 million has already been invested in fifteen companies, which we prefer to mention it won’t snap a picture of the companies, threatened, a-t-on explained Friday to the Duty.
It has, however, indicated that these businesses are of the kind that appeared on the list of large québec companies most at risk compiled by the Institute for governance of private and public organizations (IGOPP) in 2016 and where appeared 16 names, including those of SNC-Lavalin, CAE, Metro, Dollarama and WSP Global.
“At the rate things are going, I am hopeful that our investment target will be reached,” said the Duty on Friday, the president and chief executive officer of the Fund FTQ, Gaétan Morin, on the sidelines of a conference in front of nearly 400 members of the Chamber of commerce of metropolitan Montreal. “In fact, if there is an economic slowdown or a stock market correction, we will be glad to still have 170 million to deploy because it is when everything collapses, it is necessary to buy [but also] that our businesses are likely to be most vulnerable. “
SNC-Lavalin too big
To be a ” flagship québec business “, it is not enough to be a large company known by all, according to him. “For me, a floret, it is a business that has a direct effect and significant indirect on the economy of Quebec. “This importance is measured in terms of jobs, of course, but also expertise in strategic sectors and innovation capacity in areas of the future.
He cited the example of the engineering firm SNC-Lavalin, with the difficulties she is currently experiencing, and their impact on the value of the action, and the growing risk of a hostile bid. He said immediately, however, that with a market capitalization in excess of $ 6 billion, the multinational corporation in quebec is proving to be much too big for the Fund FTQ could hope to have an influence by investing even a few tens of millions.
“We are aware that with 500 million, it does not have the means to resolve the problems of all the head offices of Québec,” said Gaétan Morin, that does not exclude the possibility that this envelope may one day be increased. “For SNC-Lavalin, the Caisse is fortunately well-positioned. It is a team work. “
With net assets of $ 14.8 billion as of November 30, the Fund QFL welcomed Friday to be on track to exceed its 2016 target to invest 3 billion in four years in the Quebec enterprise. This success is due in particular to investments (760 million), three times larger than expected in the poles of excellence in the aerospace, agri-food, forest products, and life sciences.
Strong of this result, the Fund announced in the same breath that it will invest 1 billion per year over the next three years.
The Fonds de solidarité FTQ has given this fall a plan of energy transition just excluding, in particular, any investment in the exploration and exploitation of hydrocarbons in Quebec and aimed at a reduction of at least 25 % of the carbon footprint of its investments in stocks by 2025. A reduction target should also be set for its investments in companies that are not listed on a stock Exchange and which constitute an even larger share of its portfolio.
This target will be announced in the coming months, ” assured Gaétan Morin. We board again for the time on the development of a reliable method of calculation of greenhouse gas emissions in québec SMES that takes into account their particularities, such as the fact that the energy comes a lot of hydro-electricity in Quebec. It is only once armed with this tool of measurement that we can set targets and help the companies to achieve them.
“As long as doing things right, we will make them as the world, said the boss of the Fund FTQ. Opens before us an incredible world in which we can advance our technologies, reduce our greenhouse gas emissions and make money with it. “