(October 10, 2013) — The current president and CEO of La Caisse de dépôt et placement du Québec has been confirmed in the post for another five years.
Michael Sabia will retain the role on the same salary and benefits as before, a statement from La Caisse has advised.
“Michael Sabia more than met the considerable challenges of his first mandate,” said Robert Tessier, chair of the board of la Caisse. “He put la Caisse back on track after the 2008 financial crisis, and repositioned our investment strategy to better navigate a changing world economy. He achieved all of that while delivering excellent financial results, investing in Québec and throughout the world, and leading a substantial renewal of the organization itself.”
This “exceptional performance” led the board to recommend unanimously the renewal of Sabia’s mandate as president and CEO.
In a statement, Sabia thanked the board for their confidence and said although the fund had built solid foundations for the future, there was still work to do.
“Our next big challenge is to ensure la Caisse is, and is seen to be, among the world’s finest institutional investors. This will require time, rigour and relentless commitment. Our goal remains the same: to better serve our depositors and all Quebeckers,” he said.
At the end of last year, the fund had assets of $175.2 billion, making it one of the largest pension funds in Canada.
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