Caisse de dépôt et placement du Québec
| Caisse de dépôt et placement du Québec
|
|
|---|---|
 |
|
| legal form | Crown Corporation ( public company ) |
| founding | 1965 |
| Seat |
Québec Canada
|
| management | Michael Sabia |
| Number of employees | 864 |
| Branch | Institutional Investor |
| Website | www.cdpq.com |
The Caisse de dépôt et placement du Québec , abbreviated CDPQ , roughly translated into German deposit and investment fund Québec , is an institutional investor who manages the assets of several public and semi-private pension funds , social security , accident insurance and property insurance in the Canadian province of Québec . Founded in 1965 under the government of Jean Lesage , the company is Canada's second largest pension insurer according to the Canada Pension Plan . As of June 30, 2015, the CDPQ had net assets under management of 240.8 billion Canadian dollars , invested primarily in Canada but also in other regions of the world. As of December 2018, $ 309.5 billion was already under management. The CDPQ is headquartered in Québec in the Édifice Price and its main office in the Center CDP Capital in Montreal .
history
Foundation and growth
The Caisse de dépôt et placement du Québec was founded on July 15, 1965 by a resolution of the National Assembly of Québec - with the purpose of administering the assets of the public pension scheme of Québec, the Quebec Pension Plan . In the following years, the CDPQ was entrusted with the assets of other institutions listed below. The year in which the asset management was assumed is shown in brackets:
- Régime supplémentaire de rentes pour les employés de l'industrie de la construction du Québec (1970)
- Régime de retraite des employés du gouvernement et des organismes publics (1973)
- Régime de retraite du personnel d'encadrement (1973)
- Fund de la santé et de la sécurité du travail (1973)
- Fund d'assurance automobile du Québec (1987)
- Fund d'amortissement des régimes de retraite (1994)
Initially, the CDPQ focused on bonds before entering the Canadian stock market in 1967. In 1971 she put together her own investment portfolio that invested in companies in the Québec area. Since 1974 CDPQ has managed the largest Canadian equity portfolio in the country.
Between 1975 and 1984, the CDPQ adopted new investment guidelines that focus more on stocks and also invest in the real estate market. She bought her first office building in 1983 and bought shares for the first time on foreign stock exchanges. It made its first foreign unlisted investments in 1984.
In 1989 CDPQ acquired Ivanhoé Cambridge, the real estate division of the Steinberg's supermarket chain , which mainly owns shopping centers , and diversified its real estate portfolio with investments abroad. In 1986 total assets under management reached 28 billion Canadian dollars .
In 1996, the CDPQ real estate group became the largest property owner in the province of Québec and the second largest in Canada. In the following year, thanks to changes in the law, the proportion of shares in their investments increased from 40% to 70%. From 2003, the CDPQ received the best ratings for short and long-term commitments from the rating agencies Moody's Investors Service , Standard & Poors and DBRS
In 2005 and 2006 the CDPQ acquired its first major infrastructure investments through investments in foreign airports. The next year, together with partners, it bought the Legacy Hotels Real Estate Investment Trust (REIT), the owner of the renowned luxury hotel Château Frontenac in the city of Québec . In 2007, the CDPQ was ranked in the first quarter of Canada's major pension funds for the fourth consecutive year based on its results.
In 2008, the CDPQ lost $ 39.8 billion in the financial crisis and posted a negative 26% return on capital. This year is considered the worst in the CDPQ's 43-year history, beating 2002 when it posted a negative capital return of 9.4%. According to the 2008 annual report, no bonuses were paid out in the poor financial year . The CDPQ then went through a major restructuring. CEO Henri-Paul Rousseau took the lead and negotiated the conversion of the investments in secured money market paper (ABCP) into long-term bonds. Key players agreed to prevent the CDPQ from being forced into liquidation, which would otherwise have resulted in a loss of $ 20 billion. The resulting Accord de Montréal was considered a success and the loss of 2008 was almost completely repaid in the following years. In the wake of the financial crisis, the CDPQ implemented a number of measures to support long-term performance. In particular, it was about increasing efficiency, focusing on core competencies and strengthening risk management.
In July 2015, the CDPQ had 32 depositors and held a diversified portfolio of fixed-income securities, listed stocks, real estate investments and unlisted investments. The CDPQ is recognized as a leading institutional investor as a shareholder in more than 4,000 companies in Québec, Canada and around the world.
Chairperson
- 1966–1973: Claude Prieur
- 1973–1980: Marcel Cazavan
- 1980–1990: Jean Campeau
- 1990-1995: Jean-Claude Delorme and Guy Savard
- 1995-2002: Jean-Claude Scraire
- 2002–2008: Henri-Paul Rousseau
- 2008-2009: Richard Guay
- 2009-: Michael Sabia
Mandate and independence
In 2005, Article 4 of the CDPQ Statutes was amended to specify the mandate of the institution. The German translation is roughly as follows:
4.1. The mandate of the fund is to receive funds for investment as required by law and to manage them within the framework of the investment strategy determined by the depositor with a view to achieving an optimal return on capital, while at the same time contributing to the economic development of Québec.
In June 205 the Articles of Association were further amended to stipulate that the CDPQ can act with full independence in accordance with the Articles of Association .
organization
The Board of Directors of the Caisse de dépôt et placement du Québec can have up to 15 members, two thirds of whom must be independent. It is formed by its chairman, the president and CEO, the investor representative and the independent members. The Board of Directors is responsible for defining the main directions of the CDPQ and ensures that the CDPQ acts in accordance with the applicable legal and administrative regulations. The position of Chairman of the Board of Directors is separate from that of President and CEO.
The provincial government of Québec appoints the members of the board of directors after consulting the board of directors. The CDPQ board of directors has defined a profile of skills and experience for the independent board members.
The Executive Committee consists of the President and CEO, as well as senior executives from the various divisions of the CDPQ.
Subsidiaries
The Caisse de dépôt et placement du Québec has three subsidiaries: Ivanhoé Cambridge , Otéra Capital and CDPQ Infra .
Investments
Type
The CDPQ portfolio is divided into four main asset categories:
-
Fixed-income investments
- Bonds
- Government bonds
- short term investments
- long-term bonds
-
Inflation Sensitive Bonds
- property
- Infrastructure
- Real return bonds
-
shares
- Worldwide quality stocks
- Canadian stocks
- Emerging market stocks
- US stocks
- European, Australian and Far Eastern stocks
- unlisted investments
- other plants
Geographical breakdown
The table below shows the geographic breakdown of CDPQ's total portfolio based on the countries where the debtors' main business activities are located. In the case of real estate, the geographical location of the objects was used as a reference:
| region | 2014 | 2013 |
|---|---|---|
| Canada | 52.6% | 53.4% |
| United States | 21.8% | 21.1% |
| Europe | 14.1% | 14.0% |
| Emerging markets | 6.7% | 6.9% |
| other regions | 4.8% | 4.6% |
| total | 100% | 100% |
Main depositor
- Régime de retraite des employés du gouvernement et des organismes publics
- Régie des rentes du Québec
- Ministère des Finances, Government of Québec
- Commission de la santé et de la sécurité du travail
- Société de l'assurance automobile du Québec
Individual evidence
- ^ Source on Sovereign Wealth Funds, Pensions, Endowments, Superannuation Funds, Central Banks and Public Funds. (No longer available online.) In: Sovereign Wealth Fund Institute. Archived from the original on July 8, 2015 ; accessed on November 21, 2015 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ Update as at June 30, 2015 - Four-year annualized return of 10.2%, six-month return of 5.9%. (No longer available online.) In: Caisse de dépôt et placement du Québec | Global Investor | Hedge funds. Archived from the original on October 9, 2015 ; accessed on November 21, 2015 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ cdpq: Investments. December 31, 2018, accessed May 3, 2019 .
- ^ Politicians on both sides honor Jacques Parizeau at Montreal visitation. In: Montreal Gazette. Retrieved November 21, 2015 (American English).
- ↑ a b 50 years of history. (No longer available online.) In: Caisse de dépôt et placement du Québec | Global Investor | Hedge funds. Archived from the original on November 22, 2015 ; accessed on November 21, 2015 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ CDPQ (Ed.): Annual Report 2008 . 2008 ( PDF ). PDF ( Memento of the original from July 9, 2015 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ^ ABCP: Anatomy of a panic. In: The Globe and Mail. Retrieved November 21, 2015 .
- ↑ In papiers commerciaux payants! In: Le Devoir. Retrieved November 21, 2015 .
- ^ Pierre Fortin: Cinq ans après, le point sur l'annus horribilis de la Caisse de dépôt - L'actualité. In: L'actualité. Retrieved November 21, 2015 (fr-fr).
- ↑ An Act respecting the Caisse de dépôt et placement du Québec. Government of Québec, accessed November 21, 2015 .
- ^ Government of Québec (ed.): An Act to allow the Caisse de dépôt et placement du Québec to carry out infrastructure projects . 2015 ( Online [PDF]).
- ^ Profil d'expertise et d'expérience pour les membres indépendants du conseil d'administration de la caisse de dépôt et placement du Québec . ( cdpq.com [PDF]). PDF ( Memento of the original from July 8, 2015 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ Portfolio. (No longer available online.) In: Caisse de dépôt et placement du Québec | Global Investor | Hedge funds. Archived from the original on October 19, 2015 ; accessed on November 21, 2015 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
