Michael Sabia announces departure from CDPQ at the beginning of 2020

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Michael Sabia, President and Chief Executive Officer of the Caisse de dépôt et placement du Québec (CDPQ), announced today that after 11 years at the helm of the institution that manages the retirement savings of Quebecers, he will leave CDPQ at the beginning of February 2020. false false false Under Michael Sabia’s leadership, CDPQ was transformed after the 2008 financial crisis, refocusing on the long term and on the fundamental value drivers of the companies and projects in which it invests. CDPQ has produced solid and sustainable returns of 9,9% over 10 years for its depositors – nearly tripling its assets from $120.1 billion to $326.7 billion – the result of a strategy based on diversification and globalization of its activities. CDPQ has built a strategic local presence in key global markets and established industry-leading partnerships to invest in superior quality assets. With this approach, CDPQ has diversified sources of return to meet the needs of our depositors. As at December 31, 2009, 64% of CDPQ’s assets were invested in Canada. As at December 31, 2018, this proportion was reversed, with 64% of CDPQ’s assets, or $220 billion, now invested in global markets growth and benefiting from this growth. Mr. Sabia introduced a new vision for CDPQ’s investments in Québec by reconciling the two aspects of CDPQ’s mission – generating optimal returns and contributing to Québec’s economic development. CDPQ has achieved the highest level of investment in Québec’s private sector since its creation by supporting the growth and globalization of Québec companies, as well as creating innovative projects with significant economic impact such as the Réseau express métropolitain. CDPQ is the first pension fund manager in the world to design, build and operate a public transit system. In 2017, with the goal of positioning the institution for the coming economic transition, Mr. Sabia and his team created and launched an investment strategy to address climate change. The strategy sets out objectives for increasing low-carbon assets in the CDPQ portfolio and reducing its carbon intensity by 25%. This combination of objectives was a first in the industry. Earlier this year, CDPQ announced, with a coalition of major global investors, that its portfolio would be carbon-neutral by 2050. These concrete and forward-looking initiatives have led to recognition of CDPQ as a global leader on this important issue. false false false Building on his experience and interest in international affairs and in the evolution of the global economy – work that he began at CDPQ – Mr. Sabia has accepted an offer to lead the Munk School of Global Affairs and Public Policy at the University of Toronto following a global search process. “This appointment will allow me to continue working on issues that I think are particularly important in the current state of world affairs. In this new role, I’ll benefit from my presence in the rich cultures of two global cities, Montréal and Toronto,” said Mr. Sabia. He will take up his new role at the beginning of February 2020. Selection process CDPQ’s Board of Directors has started the selection process for the next President and Chief Executive Officer. As part of the process, the Board has retained the services of an international firm to support its review of candidates. false false false ABOUT CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at June 30, 2019, it held CA$326.7 billion in net assets. As one of Canada's leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure, real estate and private debt. For more information, visit cdpq.com, follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages.