Just a bit of follow up here, to start closing the loop, regarding my multiple written outbursts regarding the institutionalised Pension Fund Manager’s $47 Billion dollar losses during the 2008-2009 crisis. This is Canada’s largest Investment and Public Pension holder (Caisse de dépôt et placement du Québec), just to remind my readers, and thus I would like to point out the assault from the independent Association for Quebec Retirees (AQRP acronymn in FR), who have amassed the fifteen thousand signatures back in April 2010 required for a true public inquiry. Their demands were ignored, but appreciatively, they have continued to release communiqué after communiqué demanding representation within the Provincial Retirement money institution itself:
§ http://www.aqrp.qc.ca/nouvelles/caisse-de-depot-et-placement-du-quebec-un-forum-des-deposants-a-l-abri-des-regardsy-61 (The Forum Where Everything Is Hidden From The Public, and the Actual end-Clients are Ignored, Despite the Announcement Of A New Forum To Meet With Institutions That Place Money Under The Caisse’s Management)
§ http://www.aqrp.qc.ca/nouvelles/l-aqrp-reclame-un-retraite-au-conseil-d-administration-64 (The Retirees Want Active Involvement And A Seat On The Board Of Directors, Since Quebeckers Have Almost No Confidence In This Organisation)
§ http://www.aqrp.qc.ca/nouvelles/l-aqrp-reclame-un-retraite-au-conseil-d-administration-64&Itemid=46 (Retirees Demand a Seat On The Board Of Directors with 86% of polled Quebeckers in agreement)
§ http://www.aqrp.qc.ca/nouvelles/la-caisse-garde-secretes-les-conclusions-d-un-rapport-interne-66 (Commenting on keeping reports secret from the public - AQRP upset about the Reports hidden from both McKinsey & PricewaterhouseCoopers in 2008) Still no mention of Intellabase’s, nor KPMG’s yet!?
§ http://www.aqrp.qc.ca/nouvelles/rien-pour-ramener-la-confiance-de-la-population-et-des-retraites-68 (Not Much To Invoke Public Confidence)
And the Caisse’s single deflection from the Retirees Association, when they question for the third time why they have every right to question as investors in this public institution:
http://www.lacaisse.com/fr/nouvelles-medias/communiques/communique_100825 (en français)
http://www.lacaisse.com/en/nouvelles-medias/communiques/communique_100825 (in English)
“The Caisse is a public institution, so we understand the importance of providing first-rate reporting of our activities. We also recognize that certain individuals and organizations wish to comment on our performance. However, we deplore AQRP’s unfounded allegations, which are clearly aimed at undermining the credibility of the Caisse, its employees and its Board of Directors,” said Denis Couture, Executive Vice-President, Public Affairs.
Furthermore, the retiree association reiterates that it is not up to the Caisse to decide what is important to omit in Financial reports (like, HIDDEN BONUSES, PERHAPS! boniscachés !), unless their intention is to circumvent Bill C-198 (Canadian SOX law):
La Caisse a par ailleurs signifié par écrit à l’AQRP que « Les omissions dont vous faites mention ne constituent pas des faits importants qui doivent être divulgués dans le cadre d’un exercice semestriel et ne portent aucun préjudice à quiconque ». L’AQRP estime au contraire que ces faits sont importants et devraient être dévoilés.
I applaud the Association québécoise des retraité(e)s des secteurs public et parapublic (AQRP) for the insistence on accountability, and clear reporting of how public money is being managed. It is obvious from the Caisse’s lofty attitude that they act as if they answer to nobody and while insisting that they follow best practices in the industry – something I have seen first hand they most certainly do not do, hence I recommend the CDPQ be renamed the Caisse de défauts (the Caisse of Faults, as described by Michael Sabia before he took the helm in the Spring of 2009).