Highlights of the year ended May 31, 2015:
- Annual return of 9.8%;
- Share value reaches $33.26, up $1.90 from January 2015 and $2.97 from July 2014;
- Comprehensive income of $992 million;
- Net assets grow to $11.1 billion;
- $640 million in development capital investments;
- Tax credits of 25% in effect for the 2015 tax year.1
MONTRÉAL, Sept. 26, 2015 /CNW Telbec/ - Gathered at the Annual General Meeting, the Fonds de solidarité FTQ's shareholders elected, for the first time, the majority of the members of the Board of Directors. As such, Lyne Bouchard, Gérard Coulombe and Jean-Claude Scraire join the Board as independent members who have no affiliation with the Fonds, the FTQ or its affiliated unions. The shareholders also heard from the Fonds' officers, who reported on the organization's exceptional results for the year ended May 31, 2015.
"The election by our shareholders of the majority of the Board members, including Lyne Bouchard, Gérard Coulombe and Jean-Claude Scraire, is the last big step in the implementation of a new governance at the Fonds de solidarité FTQ. With the presence of independent and FTQ members on our boards and committees, the Fonds is upholding its values and staying true to its mission. We've managed to reform our organization without changing what we stand for," said Fonds Chairman Robert Parizeau.
"The Fonds' core mission is to channel the savings of our shareholders to Québec SMEs. This past year, we invested $640 million in unsecured capital to help businesses realize their projects and in order to create jobs all across Québec. That's almost $100 million more than last year. We should therefore have no problem reaching our target of investing $1.6 billion by the end of 2017 to support Québec businesses, especially SMEs," added Fonds President and CEO Gaétan Morin.
"The Fonds de solidarité FTQ is a glowing example of what we can accomplish when we work together, and we can be proud of what we've achieved. The FTQ is pleased to continue helping the Fonds fulfill its mission of creating jobs, furthering Québec's economic development, educating workers on economic matters and help Quebecers prepare for retirement," said Daniel Boyer, First Vice-Chair of the Fonds Board and president of the FTQ.
For the fiscal year ended May 31, 2015, the Fonds de solidarité FTQ recorded comprehensive income of $992 million, and net assets reached $11.1 billion. The annual return is 9.8% and share price reached a new high of $33.26, up $1.90 from January 2015 and $2.97 from July 2014.
The 2015 Annual and Sustainability Report of the Fonds de solidarité FTQ can be viewed at http://www.fondsftq.com/2015-annual-report.
Composition of the Fonds de solidarité FTQ Board of Directors
Following the Annual General Meeting of Shareholders, the members of the Fonds de solidarité FTQ Board of Directors are as follows:
- Robert Parizeau, Chairman *
- Gaétan Morin, President and Chief Executive Officer
- Daniel Boyer, First Vice-Chair
- Pierre Maurice-Vachon, Second Vice-Chair *
- Serge Cadieux, Third Vice-Chair
- Christine Beaubien *
- Richard Belhumeur
- Lyne Bouchard *
- Louise Chabot
- Anouk Collet
- Michèle Colpron *
- Gérard Coulombe *
- Renaud Gagné
- Denis Labrèche *
- Lucie Levasseur
- Yves Ouellet
- Magali Picard
- Daniel Roy
- Jean-Claude Scraire *
* Members independent of the Fonds, the FTQ and its affiliated unions.
Compound annual shareholder return
The Fonds' compound annual shareholder return (not including tax credits) is 9.8% for 1 year, 7.7% for 3 years, 6.9% for 5 years and 4.0% for 10 years.
About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ helps drive our economy. With net assets of $11.1 billion as of May 31, 2015, the Fonds is a development capital fund that channels the savings of Quebecers into investments in all sectors of the economy to help create and maintain jobs and further Québec's development. The Fonds de solidarité FTQ is a partner, either directly or through its network members, in more than 2,550 companies. With 610 605 shareholder-savers, the Fonds helps create, maintain and protect more than 176,000 jobs. For more information, visit www.FondsFTQ.com.
Please read the prospectus before investing. Copies of the prospectus may be obtained on the Fonds' Website, from a local representative or at the offices of the Fonds de solidarité FTQ. The indicated rates of return are the historical annual compounded total returns including changes in share value and reinvestment of all dividends, if any, and do not take into account income taxes payable by any security holder that would reduce returns. Fonds de solidarité FTQ shares are not guaranteed, their value changes and past performance may not be repeated.
1 For Contributions made by February 29, 2016 (subject to confirmation from the Canada Revenue Agency), declared for the 2015 tax year. If declared for the 2016 tax year, the tax credit will be 20%, since the federal credit will decrease by 5%.
SOURCE Fonds de solidarité FTQ
For further information: Information for media representatives only: Patrick McQuilken, Senior Advisor, Media Relations and Communications, Fonds de solidarité FTQ, phone: 514 850-4835, Mobile: 514 703-5587, Email: email@example.com; For Fonds de solidarité FTQ shareholders: Shareholder Services, Fonds de solidarité FTQ, Montréal: 514 383-3663, Québec: 418 628-3663, Toll Free: 1 800 567-3663