The decision of the Caisse de dépôt et placement du Québec not to support a shareholder proposal intended to maintain in Québec, the headquarters of SNC-Lavalin continued to respond on Monday.
The opposition parti québécois in particular, do not go dead hand to denounce what she sees as a blunder on the part of the new CEO of the institution, Charles Emond. “This is the first decision, and it is also the bad,” said the spokesperson in matters of finance, Martin Ouellet. “Headquarters, this is the very heart of economic activity. We want that major decisions are taken here in Quebec. We do not understand why the Caisse had voted against it,” he says.
The minister is mute
The minister of Finance, Eric Girard, for his part, refused our interview request. “We do not comment on the investments of the Caisse,” said the firm.
However, in march 2019, the government Legault had created an envelope of not less than $ 1 billion to ensure the maintenance of head offices in Québec. “When you have a home office, this is where the decisions are made. It is very important and we want to support it “, had then said the minister of Finance, Eric Girard.
Professor of management at HEC Montreal Louis Hebert considers for its part that the Fund has acted in a manner “strategic”, in the aim of maintaining the value of the stock of the company, rocked by the stock Exchange in recent years.
“The proposal is interesting, but it neglects the reality of the financial markets. We all have interests that SNC-Lavalin is worth the most possible. And such a clause would have undoubtedly forced its Stock market value, ” he says. He also recalls that at the time of increasing its stake in the company, the Fund had negotiated clauses in favour of maintaining a head office in Quebec until 2024.
The Quebec liberal Party has not responded to our request for an interview, yesterday, while the spokesperson of the training in terms of economy, Dominique Anglade, was declared head of the party.