Shareholders elect the majority of the directors at the AGM
Highlights of the financial year ended May 31, 2016:
- Shareholder annual return: 4.4%
- Share value: $34.73 (an increase of $1.14 over January 2016 and $1.47 over July 2015)
- Comprehensive income (profits): $498 million
- Net assets: $11.7 billion
- Development capital investments: $686 million
- Tax credits: 30% for the 2016 tax year
MONTRÉAL, Sept. 17, 2016 /CNW Telbec/ - Gathered at the Annual General Assembly, the shareholders of the Fonds de solidarité FTQ reviewed the past year, which turned out to be pivotal for the Fonds' future. Besides the reinstatement of the federal tax credit by the Trudeau government, the Fonds completed a strategic planning process that culminated in new orientations and investment priorities.
"The Fonds de solidarité FTQ now has everything at its disposal to continue delivering on its mission and intends more than ever to help workers save for retirement and increase their influence on Québec's economic development, as well as to help businesses prosper so they can create and maintain even more quality jobs," said Fonds chairman Robert Parizeau."
"Québec faces many challenges. In order to secure the province's economic future, the Fonds developed an action plan that will stimulate economic development and job creation in all the regions. Thanks in large part to the confidence of our shareholders and the governments of Québec and Canada, we will implement this action plan in a socially responsible manner that will benefit both current and future generations," said Gaétan Morin, President and Chief Executive Officer of the Fonds de solidarité FTQ.
"Year after year, the Fonds de solidarité FTQ continues to show just how important it is to the development of Québec society. And it does so while remaining true to those same union-inspired values that make the institution so special and relevant in terms of job and wealth creation. I would also like to thank our 2,000 local representatives, or LRs as we call them, who are instrumental to the Fonds' success and who played a key role in the reinstatement of the federal tax credit," added Daniel Boyer, First Vice-Chair of the Fonds Board and President of the FTQ.
Composition of the Board of Directors of the Fonds de solidarité FTQ
For the second consecutive year, the Fonds' shareholders elected the majority of the directors of the Fonds de solidarité FTQ. The members of the Board 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
- Denis Bolduc
- Louise Chabot
- Anouk Collet
- Michèle Colpron *
- Alain Croteau
- Renaud Gagné
- Denis Labrèche *
- Kateri Lefebvre
- Yves Ouellet
- Magali Picard
- Jean-Claude Scraire *
- Vacant position *
* Members independent of the Fonds and the FTQ and its affiliated unions
The process to fill the vacancy created by the death of Gérard Coulombe in August could not be completed in time for the AGM. Consequently, only six of the seven independent members could be elected this year. The Board will fill the vacancy in accordance with the Fonds' Bylaws.
Compound annual shareholder return
The Fonds' compound annual shareholder return (excluding the tax credits) is 4.4% for 1 year, 7.5% for 3 years, 6.0% for 5 years and 3.9% for 10 years.
About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ is a development capital fund that channels the savings of Quebecers into investments. As at May 31, 2016, the organization had $11.7 billion in net assets, and through its current portfolio of investments has helped create and maintain 187,414 jobs. The Fonds is partner in more than 2,600 companies and has 618,551 shareholder-savers. www.fondsftq.com
Please read the prospectus before purchasing shares of the Fonds de solidarité FTQ. 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 have reduced returns. The shares of the Fonds de solidarité FTQ are not guaranteed, their value changes and past performance may not be repeated.
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, Telephone: 514 850-4835, Mobile: 514 703-5587, Email: email@example.com