MONTREAL, May 19 /CNW Telbec/ - The financial statements of the Caisse de
dépôt et placement du Québec are accurate. The Caisse points out that its
investments are evaluated through a rigorous, audited process.
All financial statements are prepared according to Canada's generally
accepted accounting principles (GAAP). The Caisse's cumulative annual
financial statements and the annual statements for specialized portfolios and
depositors' funds are audited by the Auditor General of Quebec.
As well, when calculating returns, the Caisse complies with the Global
Investment Performance Standards established by the Investment Performance
Standards Policy Group and obtains a report from an independent auditor for
The Caisse has informed Quebec's Auditor General of allegations made in a
forthcoming book entitled La Caisse dans tous ses états, by Mario Pelletier.
In addition to suggesting to readers that the Caisse's results and
financial statements have been subject to accounting manipulation, the author
maintains that a number of assets, notably Vidéotron, were considerably
depreciated at the end of 2002 in order to improve results in subsequent
years. The Caisse would like to point out that in February 2006, the daily La
Presse published a retraction after making similar allegations.
Accuracy of financial statements
For the Caisse, the accuracy of financial statements is crucial and must
not leave any room for ambiguity. Alleging that the Caisse's financial
statements can be manipulated is not only false by is also likely to cause
serious damage to the institution's integrity, its processes and its
employees, and to the confidence of its partners and its counterparts on
For further information:
For further information: Maxime Chagnon, (514) 847-5493