Association québécoise des retraité(e)s des secteurs public et parapublic (AQRP)

Association québécoise des retraité(e)s des secteurs public et parapublic (AQRP)

25 févr. 2009 11h00 HE

/R E P E A T -- Caisse de dépôt et placement: Retired public servants demand a commission of inquiry/

MONTREAL, QUEBEC--(Marketwire - 20 feb. 2009) - The Association québécoise des retraité(e)s des secteurs public et parapublic (AQRP), Quebec's largest independent association representing retired public employees, is demanding an inquiry into the responsibility borne by the officers who set the investment policies that led to the Caisse de dépôt et placement du Québec's expected losses for 2008. The AQRP also insists that the commission's mandate include determining whether the Caisse's use of asset-backed commercial paper (ABCP) was consistent with investment policies approved by these officers.

"The Caisse de dépôt et placement's expected losses for 2008 will be of historic proportions. Along with other citizens of Quebec, retirees want to know where the responsibility for these losses lies. We believe that only a commission of inquiry can properly shed light on the situation," said Madelaine Michaud, President of the AQRP.

For public and parapublic pension plans, the law requires that retirement committees establish investment policies, which the Caisse must follow. According to the Caisse, it is the officers of these committees who bear responsibility for approving the level of risk it applies in managing their assets. Members of the retirement committees are drawn primarily from the government and union sectors.

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