ANNOUNCEMENT 19 Sep 2012In September 2012, the government of Canada announced a change in private-sector financial support.
NUMBER OF INTERVENTIONS
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As reported in the Canadian press, the newly installed Parti Québécois-led government in Quebec pledged in the 2012 campaign to enact 'a major shift' in economic policy, and seeks to keep corporate headquarters in the province in the face of buyouts. Premier Pauline Marois said on September 19, 2012 that the role of Quebec's pension fund should be strengthened to keep corporate headquarters in the province. One aspect of this policy is to utilize the $165.7 billion in assets of the provincial pension fund manager (Caisse de dépôt et placement du Québec). Under existing law the fund has a dual mandate to obtain high returns for its depositors and to promote economic development. The aim of government is to emphasize the second mandate, which one columnist characterized as 'using depositor money to shield Quebec's corporate darlings from outside predators and invest in promising sectors of activity.' This reportedly includes a plan to create a $10-billion fund for Quebec-based investments, including investment in 25 strategic Quebec companies to give the pension fund a 'blocking minority' stake that would allow it to to help counter hostile takeovers.