The Fonds de solidarité FTQ has reported comprehensive income of CAD992 million and net assets of CAD11.1 billion for the year ended May 31, 2015.
The return for this period is 9.8 per cent and share value reached a record CAD33.26, an increase of CAD1.90 from January 2015 and CAD2.97 from July 2014. During the year, the Fonds committed CAD640 million in development capital to companies with an economic impact in Québec.
"These results attest to the Fonds' soundness and to the key role it plays in retirement planning, economic development and job creation. The Fonds has delivered on all fronts, for example, by bringing the ownership of Montreal Gateway Terminals and Atis Group back into Québec hands, backing the growth of SMEs such as Colo-D and Frima Studio, supporting the Québec government's Maritime Strategy and generating an excellent return for its shareholders," says Fonds de solidarité FTQ Chairman Robert Parizeau (pictured).
"During my regional tour last fall, I announced that the Fonds planned to invest CAD1.6 billion in unsecured risk capital over a three-year period. With development capital commitments of CAD640 million in 2014-2015, the Fonds is on track to meet this objective. However, in order to maintain this level of investments in the future, the federal government must reverse its decision on the tax credits granted to labour-sponsored fund shareholders," says Gaétan Morin, President and CEO of the Fonds de solidarité FTQ.
