CAQ Does About Face and Puts the Cart Before the Horse

MONTREAL, Jan. 29, 2014 /CNW Telbec/ - On November 5, 2013, the Fonds de solidarité FTQ announced before the National Assembly's Public Finance Committee that it was taking the initiative to form a special governance committee. The Public Finance Committee, including members of François Legault's CAQ party, then asked the Fonds to complete and submit a revision of its governance rules to the Committee by March 31, 2014.

Today, the CAQ did an about face, announcing that a draft bill on the governance of the Fonds de solidarité FTQ would be tabled when the National Assembly reconvenes.

It is disappointing to see this surprising change of heart by the CAQ, which is essentially reversing a decision made by its own MNAs on the Public Finance Committee.

The Fonds de solidarité FTQ has consulted with all the parties at the National Assembly in order to find solutions to its governance issues.

"The work of the Fonds' special governance committee is progressing quickly," said the committee's chair, Pierre-Maurice Vachon, who is an external member and independent of both the Fonds and the FTQ. "We will be submitting our recommendations on how to change the Fonds' governance structure before the March 31st deadline. We have already had seven meetings and just yesterday met with outside experts, who shared their thoughts and recommendations with us."

About the Fonds de solidarité FTQ

The Fonds de solidarité FTQ helps drive our economy. With net assets of $9.7 billion as of November 30, 2013, the Fonds 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. Its investments, in all sectors of the economy, contribute to the creation and maintenance of businesses and development in Quebec. The Fonds is a partner, either directly or through its network members, in close to 2,400 companies. With its more than 615,000 owner-shareholders, it has helped, on its own or with other financial partners, to create, maintain and protect more than 170,000 jobs. For more information, visit www.FondsFTQ.com.

SOURCE: Fonds de solidarité FTQ

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