A Further $20 Million in 2010
MONTREAL, April 14 /CNW Telbec/ - Within the framework of its action plan to refocus and simplify its operations, and following the Québec government's budget, the Caisse de dépôt et placement du Québec has announced a series of measures aimed at reducing its operating expenses by more than $20 million in 2010, thus remaining a leader in its field.
"The measures announced today are part of continued improvements to our productivity and expense control, which began in 2009, along with our efforts to simplify and refocus the Caisse's operations on its core competencies. These measures confirm the Caisse's need to continually adjust to the demands of a changing financial environment, and meet the expectations of its depositors," declared Michael Sabia, President and Chief Executive Officer of the Caisse.
The $20-million reduction in the 2010 program to improve productivity and expense control is in addition to the reduction of more than $43 million, or close to 14%, that was achieved in 2009.
"Our guiding management principles at the Caisse - simplicity, rigour, performance and focus on the client - demand that we continue to be as high performing as possible in terms of administrative and operational expenses. This requires an ongoing attention to our operating expenses in order to keep them as low as possible, while ensuring that we maintain an adequate level of resources so that the Caisse can fulfill its mandate towards its clients, the depositors," added Mr. Sabia.
"Currently, the Caisse's level of expenses is already in line with best practices of large institutional investors," said Mr. Sabia.
All of the Caisse's sectors are expected to contribute. Each sector has already re-examined its 2010 budget and has adopted the required measures. The following areas are affected:
- Operating expenses for each sector
- External management fees
- Professional services
- IT projects
In addition, efforts to optimize contractual agreements with the Caisse's suppliers of goods and services are already under way.
The expense reduction program will be achieved without eliminating jobs at the Caisse.
"As we make progress and identify new ways of managing our operations, we are taking advantage of every opportunity to act in a way that will benefit our depositors," concluded Mr. Sabia.
ABOUT THE CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC
The Caisse de dépôt et placement du Québec is a financial institution that manages funds primarily for public and private pension and insurance plans. At December 31, 2009, it held $131.6 billion of net assets. As one of the leading institutional fund managers in Canada, the Caisse invests in the main financial markets as well as in private equity and real estate. For more information: www.lacaisse.com.
SOURCE Caisse de dépôt et placement du Québec
For further information: For further information: and source: Maxime Chagnon, Senior Director, Media Relations, (514) 847-5493