Annual Meeting of Shareholders - A Profitable Year for Fonds de solidarité FTQ Shareholders and for all of Québec

MONTREAL, Sept. 24, 2011 /CNW Telbec/ - The Fonds de solidarité FTQ (the "Fonds") reported a good year at its 27th Annual Meeting of Shareholders. Michel Arsenault, Chairman of the Fonds de solidarité FTQ Board and President of the FTQ, opened the Meeting by expressing his satisfaction with the results presented in the Annual and Sustainable Development Report.

"Over $8 billion in net assets. A total of 583,235 owner-shareholders. Share value of $25.92. And an annual return of 8.8%.  The Fonds RRSP has never been more profitable for its shareholders and for Québec as a whole, because by investing in the Fonds, Quebecers are preparing for their retirement while building the Québec of the future," stated Michel Arsenault.

"During this last fiscal year, the Fonds invested $733 million to drive the local economy. Together with its network, the Fonds now has 2,129 partner companies, helping to create, maintain and  preserve close to 161,000 jobs in Québec," added Fonds President and CEO Yvon Bolduc.

"All of the Fonds' investments contribute to the growth and survival of local companies and help maintain, preserve and create jobs in Québec. Plus, our continual efforts over the last 28 years to encourage Quebecers to save and make them understand why it's important to do so have paid off because our shareholders have developed good savings habits that are key to their financial well-being, especially at retirement," continued Mr. Arsenault.

"The Fonds is a one-of-a-kind, innovative and mobilizing force. It's a solid organization with a significant socioeconomic impact. The Annual and Sustainable Development Report speaks volumes about the Fonds' important role and social, economic and environmental impact," continued Mr. Bolduc.

Just how big a role the Fonds plays in the Québec and Canadian economies was recently highlighted in the June 2011 edition of the Financial Post Magazine (FPM) for 2010. In the magazine's ranking of Canada's 500 biggest companies, the Fonds placed third in Canada and first in Québec in annual profit margins, and 30th among Canada's largest financial institutions, moving up 21 places since the previous year.

"We are extremely grateful to the Fonds' employees and local representatives for their work this past year. Without them, the Fonds' outstanding results, including the FPM ranking, would not have been possible," concluded Mr. Bolduc.

About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ and its network help drive our economy. With net assets of $8.2 billion as at May 31, 2011, the Fonds is a development capital investment fund that through its 16 regional funds and 87 local funds channels the savings of Quebecers into investments in all sectors of the economy to help create and maintain jobs and further Québec's economic growth. The Fonds is a partner, either directly or through its network members, in 2,129 companies. With its 583,235 owner-shareholders, it has helped, on its own or with other financial partners, to create, maintain and protect 160,789 jobs. For more information, visit www.fondsftq.com.

FINANCIAL HIGHLIGHTS

  As at May 31, 2011 As at May 31, 2010
Share price
$25.92 $23.84
Net assets
$8.2 billion $7.3 billion
Net earnings
$650 million $600 million
Return
8.8% 92%

SOURCE SOLIDARITY FUND QFL

For further information:

contact information below is for the exclusive use of reporters and other media representatives.  

Source : Patrick McQuilken
  Senior Advisor for Media Relations and Communications
  Fonds de solidarité FTQ
 
 
 
 
 
Phone:
Mobile:
Email:
Twitter :
Visit :
514 850-4835
514 703-5587
pmcquilken@fondsftq.com
@fondsFTQ
www.fondsftq.com/2011report

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SOLIDARITY FUND QFL

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