Caisse Head of Communications collects fantastic salary; Nothing done to
restore public or retirees' confidence

QUEBEC CITY, June 17 /CNW Telbec/ - In light of the full-blown crisis of confidence in Quebec today regarding the Caisse de dépôt et placement du Québec, the Association québécoise des retraité(e)s des secteurs public et parapublic (AQRP) expressed its profound indignation upon learning that the new Executive Vice-President, Public Affairs at the Caisse will be paid an incredible salary of $355,000 yearly, plus bonuses and other benefits.

"The Caisse has gone off course in its attempts to reassure its retiree clients, by hiring in the teeth of this storm any communications gurus - whatever their level of expertise - who are being paid out of their depositors' funds. For less than one-tenth of Denis Couture's salary, the Caisse could re-establish this confidence by appointing someone who represents retirees' interests to its Board of Directors. Major institutions such as OMERS, the Régie des rentes du Québec and CARRA are already doing this. If the Caisse de dépôt et placement wants to earn back Quebecers' confidence, it should look at what other retirement funds are doing best from a governance standpoint," declared Roch Perreault, AQRP Vice-President.

A scientific poll carried out among Quebecers, on behalf of the AQRP, by Montreal-based L'Observateur revealed the following:

    
    - Only one-third of Quebecers (32%) trust the Caisse de dépôt et
      placement
    - A majority of Quebecers (53%) would be ready to place their savings
      with a fund manager other than the Caisse
    - An overwhelming proportion of Quebecers (86%) support the appointment
      of a retirees' representative to the Caisse Board of Directors
    

Approximately 55% of the $131 billion in net assets under Caisse management is derived from public-sector pension plans.

The AQRP is the largest association operating independently of any union ties that represents all Quebec government retirees. Of Quebec's retiree population, more than 247,000 were employed in the public and broader public sectors.

For further information: Cédric Lavoie, [phone]; Mathieu Santerre, [phone]; Source: AQRP