CDPQ Makes Money Available for Impacted Coronavirus Quebec Companies
Posted on 04/06/2020
To help battle the economic fallout from the novel coronavirus pandemic, Caisse de dépôt et placement du Québec (CDPQ) established a C$ 4 billion envelope to support Québec companies temporarily impacted by COVID-19.
According to the press release, “The funds will be used to address the specific liquidity needs of companies, whether or not in CDPQ’s portfolio, that meet certain criteria, including having been profitable before the COVID-19 crisis, having a promising growth outlook in their sector and seeking financing of over $5 million. Eligible companies will be able to use these investments to weather this turbulent period until the economy recovers and support and advance their recovery plans once the crisis is over.
In addition, as it does every day with its portfolio companies, CDPQ will continue to deploy the financial and operational expertise of its teams to help the selected companies in developing innovative and structuring financial solutions. These solutions could include various financial instruments based on companies’ needs in the current conditions.”
The release adds, “Companies that wish to request financing are invited to fill out the form at www.cdpq.com/en/form-covid-19. After CDPQ receives the form, companies will quickly be contacted by telephone to obtain further information and assess the request.”
In addition, the variable compensation to CDPQ executives for 2019, which takes into account the results of the last five years and forms part of their total compensation, as is standard in the financial industry, will be postponed until the third quarter of 2020. This measure also applies to CDPQ’s subsidiaries’ executives. Furthermore, members of the Executive Committee have decided to postpone and co-invest the maximum variable compensation possible for a period of three years, i.e. until 2022, as of January 1, 2020.
Keywords: Caisse de depot et placement du Quebec.
