MONTREAL, Nov. 5, 2013 /CNW Telbec/ - Appearing before the National
Assembly's Public Finance Committee, the Fonds de solidarité FTQ's
chairman of the Board of Directors, Michel Arsenault, announced that in
keeping with the Fonds' continuous improvement process, its executive
committee, composed of a majority of external and independent members
who are not affiliated with either the Fonds or the FTQ, will recommend
the formation of a special committee on its governance at the Board's
next meeting. This committee will consult with external governance
experts and make recommendations to the Board.
The Fonds de solidarité FTQ has made major changes since its inception
in 1983. Three areas were particularly overhauled in 2009: governance,
ethics and reputational risk.
Since 2009, the special boards that authorize the Fonds' investments and
their counterparts at the Fonds immobilier have been composed of a
majority of independent members who are affiliated with neither the FTQ
nor the Fonds. No investment is authorized unless it is recommended by
one of these decision-making bodies, which hold a right of veto.
Therefore, any project that is not approved by these committees cannot
be submitted to the Board of Directors.
Oversight of the Code of Ethics and Professional Conduct applicable to
members of all the Fonds' bodies and committees, including the Board of
Directors and senior management, is assured by the Fonds' Audit
Committee, composed entirely of non-Board independent members.
Also since 2009, the Ethics Committee, which reports to the Audit
Committee, is responsible for applying ethical standards to the
employees and ensures that any employee who comes forward with a
whistle blowing situation or reveals an ethical issue is treated with
confidentiality and respect.
The Fonds has set up a management framework to ensure that any company
in which it is considering an investment conducts business with the
utmost integrity and in compliance with all relevant legislation.
The Fonds began paving the way for an integrated risk management
framework a few years ago, culminating in the adoption of the
Integrated Risk Management Policy by the Board in May 2012.
As it does for most large financial institutions, reputational risk now
plays a bigger role in the investment evaluation process.
About the Fonds de solidarité FTQ
Created in 1983, the Fonds de solidarité FTQ has been driving the Québec
economy for 30 years. With net assets of $9.3 billion as at May 31, 2013, 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 is a partner, either
directly or through its network members, in 2,395 companies. With
615,664 shareholders-savers, the Fonds helps create, maintain or
protect 170,915 jobs. For more information, visit www.FondsFTQ.com.
SOURCE: Fonds de solidarité FTQ
For further information:
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Fonds de solidarité FTQ
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