The provincial government said Monday it wants to put the deputy minister of finance on the board of directors of the Caisse de Depot.
At the same time, the provincial finance minister, Monique Jerome-Forget is denying rumours that the government wants to get rid of some of the vice-presidents at the Caisse de Depot.
Friday, La Presse reported that the Caisse will post a loss of $38 billion when they make public the numbers for the 2008 fiscal year. The government has not spoken publicly on the rumours of the loss.
Tough times at the Caisse
Appointing board members is not a simple process.
Currently, the organization that manages the investments of the provincial pension money is headed by acting president and CEO Fernand Perrault. He took over from former president and CEO Richard Guay in early January, who stepped down for "personal reasons," but stayed on as an advisor.
Perrault will be in the role for a six-month term ending in July when he is supposed to be replaced by a permanent president and CEO.
Process of choosing new CEO
The board of directors is responsible for choosing the new head of the Caisse. Once a candidate is chosen, it submits its choice to the government, who can then accept or deny the choice.
The last time the board selected a candidate, Jean-Guy Desjardins, the Liberal government denied the choice because he had ties to the ADQ.
Once the new chief is chosen, then he or she will decide who stays and who goes.
Wasting no time
Although much of the talk is still part of the rumour mill, it has not prevented people from lobbying for positions according to one government source.
Others are bolder, with at least one group for retired people putting out a press release to nominate a specific retiree to be placed on the Caisse's board.
