We exercise
our influence
through the
actions we take.
1

What sets us apart

Once again this year, we stood out on the world stage through our leadership and expertise in sustainability.

We ranked at the top of the list of pension funds included in Global SWF’s 2023 GSR Scoreboard, considered an international benchmark, which assesses the governance, sustainability and resilience practices of 200 sovereign wealth and pension funds worldwide. This recognition reflects the quality of our teams’ work as well as the organization’s leadership on advancing sustainability issues in Québec and internationally.

Our Paris office was certified by Great Place to Work, a global benchmark that recognizes the best workplaces. Our London office received this recognition for a third consecutive year. CDPQ’s Singapore office ranked among the top 20 Best Places to Work in Asia Pacific according to Best Places to Work, while that of Ivanhoé Cambridge, our real estate arm, took first place among the top 4 Best Places to Work in Singapore. These distinctions demonstrate the strength of our organizational culture and the quality of our working environment.

CDPQ obtained the 2023 Terra Carta Seal from the Sustainable Markets Initiative (SMI). This honour is awarded to organizations that are actively contributing to create a climate and nature-positive future. We are the first Canadian pension fund to receive this seal, which attests to our efforts to achieve a net-zero portfolio by 2050.

CDPQ won the Direct Strategy and Transport awards at the IPE Real Assets & Infrastructure Global Investor Awards, which recognize the achievements of pension funds and other institutional infrastructure investors. We stood out for our commitment to generating stable, predictable long-term returns while addressing crucial societal challenges such as climate change and sustainable mobility.

Ivanhoé Cambridge won nine awards at the IPE Real Estate Global Awards 2023, including Global Real Estate Investor of the Year and, for the second consecutive year, the ESG Award, both of which were in the Platinum category, confirming the organization’s commitment and leadership in sustainable investing.

Ivanhoé Cambridge received the Climate Change Champion and the Diversity, Equity and Inclusion Awards at the ceremony for the Institutional Connect Awards 2023. This was the first edition of awards celebrating members of the Canadian institutional investment industry.
2

Our mobilization initiatives

CDPQ actively contributes to the evolution of sustainable finance. Through the strength of our tangible commitments, recognized leadership and multi-stakeholder partnerships, we propose sustainable solutions to accelerate the transition. We support multiple initiatives and participate in several working groups to advance the sector.

MOBILIZING PRIVATE CAPITAL TO ACCELERATE THE TRANSITION

Financing needs for the projects required for the transition are immense. Private capital must be mobilized to execute such projects since public actors cannot do it on their own. Institutional investors like CDPQ can spur innovative partnerships between diverse sources of capital to adopt solutions for sustainable growth.

This year we collaborated on several initiatives to advance this strategy, including:

  • The launch of a private capital mobilization consortium with the U.S. Treasury and the Investor Leadership Network (ILN), an initiative co-chaired by CDPQ, Natixis Investment Managers and Ninety One, to accelerate investment in sustainable infrastructure in emerging economies.
  • Creation of a new strategic partnership between the U.S. Trade and Development Agency (USTDA) and the ILN focused on developing a pipeline of commercially viable projects in emerging markets, an initiative co-chaired by CDPQ and Ninety One.
  • Adoption of a 2023–2025 work plan by the Global Investors for Sustainable Development (GISD) dedicated to advancing blended finance and removing the regulatory barriers that are impeding capital flows to sustainable investments, particularly in emerging economies. CDPQ co-chairs the Task Force on Scaling Capital Mobilization, whose objective will be to communicate private sector perspectives at COP29 in 2024.
  • Participation in discussions to advance decarbonization in the aviation sector alongside the SMI, and chairing SMI’s Blended Finance Task Force.
  • Launch of a call to action, under CDPQ’s leadership, to intensify the mobilization of private capital to fight climate change, supported by 10 organizations representing some of the largest institutions in the finance sector.
Mobilizing private capital

PROMOTING UNIFORM DISCLOSURE STANDARDS

Transparent corporate disclosure is a priority for investors like CDPQ. It enables us to make investment decisions based on uniform and comparable criteria. The ISSB, whose mandate is to establish financial reporting standards on sustainability, published its inaugural standards in June 2023. They will help consolidate existing disclosure frameworks, including SASB standards and the TCFD framework. We have demonstrated our support for these new standards through several initiatives:

  • Issuance of a joint statement alongside Canada’s 10 other leading pension plan investment managers in support of adopting these new disclosure standards. We also encourage our portfolio companies to adopt them.
  • At COP28, joining close to 400 other organizations associated with International Financial Reporting Standards (IFRS) to promote the use of the ISSB’s global climate change disclosure framework.
  • Joint signing, alongside 24 Québec financial institutions, of an open letter calling to go forward with widespread adoption of the ISSB standards as a global benchmark for sustainability reporting.
  • Organization of a round table with our Canadian peers to share best practices on integrating ISSB standards.
  • Active participation in various ISSB public consultations to help define their next priorities.
  • Participation in the Canadian Chapter of the CFO Leadership Network, which brings together organizations seeking to embed the management of environmental and social issues into business processes and strategies.
  • Speaking engagements at close to 10 public events to explain the new requirements and encourage their adoption.
Disclosure standards

SUPPORTING THE INTEGRATION OF DEI IN CORPORATE GOVERNANCE

We took part in a public consultation organized by the Canadian Securities Administrators (CSA), in collaboration with the Autorité des marchés financiers (AMF), concerning an amendment to the Regulation respecting Disclosure of Corporate Governance Practices. This project aims to tighten the framework for DEI disclosure practices, such as representation on the Board and in senior management for five designated groups: women, Indigenous peoples, visible minorities, persons with disabilities and members of the LGBTQIA2S+ community.

ADVISING ON SUSTAINABLE FINANCE

Our teams’ varied expertise is frequently called upon to support sustainable economic development. We participate in a number of local, provincial and federal advisory committees, including the steering committee of the Partenariat Climat Montréal, the advisory committee on climate change and the Sustainable Finance Action Council.

In addition, Charles Emond, our President and CEO, co-chairs the advisory committee of the Université de Montréal’s Michael D. Penner Institute on ESG. Launched in 2023, this multidisciplinary program supports in-depth research on environmental, social and governance issues.

Investi FUND

We supported Finance Montréal and Innocap in the creation of Investi Fund, an investment fund dedicated to ESG and sustainable finance in Québec, which aims to raise $1 billion in commitments over two years. Launched in May 2023, this initiative seeks to identify and grow the most innovative sustainable investment strategies and propel Québec-based asset management firms specializing in ESG and sustainable finance. The goal is to better equip these firms and encourage taking ESG factors into account throughout the Québec financial ecosystem.

Advisory role

AFFIRMING OUR CLIMATE LEADERSHIP

We take part in major climate leadership initiatives. This represents an opportunity for us to improve our own practices as well as those of our portfolio companies and the finance sector.

We continue to be involved in the United Nations-Convened Net-Zero Asset Owner Alliance (NZAOA). In 2023, Charles Emond was re-elected to the steering committee by his peers. Members of our teams also sit on various working groups. The NZAOA has published several documents that support the development of sustainable finance and investing. They address topics such as transparency and accountability in climate engagement, mobilizing private capital for the transition and decarbonizing portfolios. The NZAOA also published the third edition of its Target-Setting Protocol for climate targets based on the latest scientific advances. It also released its third report detailing members’ progress toward their targets of net zero by 2050.

In 2023, Mr. Emond also joined the steering committee of the Glasgow Financial Alliance for Net Zero (GFANZ), a group of over 675 of the world’s largest financial institutions committed to achieving net-zero portfolios. CDPQ also co-chaired the new working group on transition financing and the transition of the real economy. Its mandate is to support the work of the Industrial Transition Accelerator, which aims to develop decarbonization roadmaps for the highest-emitting industries, such as steel, cement, aviation and maritime shipping, by 2025.

Climate leadership

INTERNATIONAL OUTREACH

To promote sustainable investment best practices and build relationships with partners whose values are aligned with CDPQ’s, we attend the most important international meetings. We are involved in key conversations that foster taking action.

CDPQ took part in high-level meetings as part of the B20, an official forum organized on the sidelines of the G20 in New Delhi to promote dialogue between the business community and international leaders. We co-chaired the Task Force on Energy, Climate Change and Resource Efficiency. The task force published a series of recommendations, several of which were included and adopted in official G20 statements. They cover a sustainable and just transition, as well as access to private capital to finance decarbonization.

CDPQ took part in Climate Week NYC, an event that brought together members of the financial community, policymakers and civil society representatives from around the world. We were able to exchange views on climate change challenges and how to address them through disclosure frameworks and shared commitments. These discussions seek to foster the transition to a more sustainable economy.

CDPQ took part in COP28, which was held in Dubai and attended by over 85,000 people from government, the private sector and civil society. Our attendance at this international meeting helped us strengthen collaborations with peers and consolidate our leadership in advancing sustainable finance. We organized several meetings with our portfolio companies to discuss concrete solutions for accelerating the transition.

Our colleagues shared their expertise and promoted CDPQ’s leadership in the fight against climate change as part of around 30 public speaking events, and they participated in some 50 meetings with partners, businesses and government representatives from around the world.

International outreach
3

Our commitment to the community

Our role extends well beyond our investment activities. We also support the communities where we do business through direct actions. Our philanthropic activity is focused on four priority sectors:

  • Communities
  • Health
  • Fight against climate change
  • Academics

Over the past year, we supported close to 200 organizations. Here are just a few examples:

We support Numérique au féminin, which organizes events to promote the role of women in the digital industry. With our support, the movement creates opportunities in Québec City and Montréal to connect and engage the community through indicators that measure the place held by women in the industry.

In collaboration with the Institute for Governance of Private and Public Organizations (IGOPP), CDPQ created the Fonds Michel-Nadeau in 2023. Its objective is to support 5 to 10 Québec non-profit organizations (NPOs) each year to strengthen their governance capabilities with the help of IGOPP specialists.

We support the FAQDD to accelerate the adoption of sustainable development practices within CDPQ-supported NPOs in all regions of Québec. Since the beginning of the partnership, the FAQDD has formed four cohorts to match NPOs with specialists who can help them implement eco-responsible practices. To date, the program has supported 26 NPOs, including 5 in 2023.

We support Old Brewery Mission, an organization working with homeless people in Montréal. Kim Thomassin, our Executive Vice-President and Head of Québec, is Honorary Co-Chair of the organization’s major fundraising campaign. The funds collected directly help the organization meet the growing needs of vulnerable populations and expand its support services.
MARILOU LEMMENS (Ascot Corner, 1976)
ET RICHARD IBGHY (Montréal, 1964)
Les travailleurs, 2016
Photo: Richard-Max Tremblay

ART COLLECTION

Since 2003, CDPQ has been investing in art to enrich its diverse collection. The CDPQ collection currently comprises 383 works of art. Some 20 new acquisitions are made each year through the work of a committee that ensures the quality of the works and the inclusion of established and emerging Québec artists. It also ensures a fair representation of Québec society, in particular through diverse mediums, approaches and artists.

To celebrate the 20th anniversary of the collection, a selection of emblematic works was exhibited for a month on the Parquet of Édifice Jacques-Parizeau. Several hundred visitors took guided tours of the exhibition.

Initiatives and partnerships

CDPQ and its subsidiaries collaborate on several actions and are members of many groups that are advancing sustainable investing practices.

Name Mission Targeted region Sector
30% Club Organization that targets having 30% or more women and a greater presence of other underrepresented groups on the Boards of Directors and management teams of companies listed on the S&P/TSX Composite Index Canada S
Afrodescendant Leadership Alliance (ALA) Initiative that helps emerging Black leaders develop their networking and business leadership skills Québec S
Asia Investor Group on Climate Change (AIGCC) Group of Asian investors working to create awareness on climate change among financial players Asia E
Association of Quebec Women in Finance (AFFQ) Networking initiative dedicated to the professional advancement of women in finance Québec S
Responsible Investment Association (RIA) Association that contributes to the growth and development of responsible investment Canada ESG
Canadian Investor Statement on Diversity & Inclusion Statement by Canadian investors on diversity and inclusion Canada S
Cambridge Universal Ownership Initiative (CUOI) Coalition of investors dedicated to the rigorous study of targeted systemic risks, including biodiversity and antimicrobial resistance Global E
Canadian Coalition for Good Governance (CCGG) Coalition of Canadian investors that seeks to encourage corporate governance best practices Canada G
Carbon Disclosure Project (CDP) Initiative on environmental disclosure Global E
CDP Science-Based Targets Campaign Coalition that seeks to encourage companies to set targets for reducing greenhouse gas (GHG) emissions Global E
Carbon Risk Real Estate Monitor (CRREM) International methodology project to systematize the analysis of risks associated with the decarbonization of commercial real estate Global E
Catalyst Organization that helps create inclusive workplaces for women Global S
Ceres Organization promoting sustainable finance Global E
EDGE+ Certification Certification that measures DEI in the workplace Global S
CFO Leadership Network – Accounting for Sustainability (A4S) Initiative Group of chief financial officers from international organizations involved in sustainable finance Global ESG
Chambre de commerce LGBT du Québec Organization that represents and supports the LGBTQIA2S+ business community in order to foster success among its members and encourage their recognition in different socio-economic groups and by governments Québec S
Climate Action 100+ Campaign to raise awareness among large corporate GHG emitters Global E
Climate Bonds Initiative (CBI) Organization that develops standards and raises awareness on the importance of green bonds Global E
Collège des administrateurs de sociétés (CAS) Francophone institution dedicated to training Board members Québec G
Comité consultatif sur les changements climatiques Committee whose mission is to advise the Québec minister responsible for the fight against climate change on climate change adaptation and reducing GHG emissions Québec E
Commercial Real Estate Women (CREW) Network International network dedicated to promoting and supporting women in commercial real estate Global S
Sustainable Finance Action Council (SFAC) Federal government advisory committee on sustainable finance issues Canada ESG
Conseil patronal de l’environnement du Québec (CPEQ) Organization that represents the business sector on questions related to the environment and sustainable development Québec E
Écotech Québec Organization that maximizes opportunities to develop and deploy clean technologies Québec E
European Association for Investors in Non-Listed Real Estate Vehicles (INREV) Professional association for the non-listed real estate industry, dedicated to sharing ESG knowledge, practices and resources Europe ESG
Farm Animal Investment Risk and Return (FAIRR) Investor network working on ESG issues in the food sector Global ESG
Fédération des entreprises immobilières (FEI) Multi-stakeholder federation of France’s commercial real estate industry that seeks to advance sustainable development and develop the environmental taxonomy Europe E
Pride at Work in Canada Organization that empowers employers to build workplaces that celebrate all employees Canada S
Finance Montréal Organization dedicated to developing the financial sector Québec ESG
Statement by the Québec Financial Centre for Sustainable Finance Charter of commitments by stakeholders in the Québec financial sector, initiated by Finance Montréal, in favour of finance based on responsible principles Québec ESG
Financial Services Information Sharing and Analysis Center (FS-ISAC) Organization dedicated to advancing cybersecurity and resilience in the global financial system Global G
Focusing Capital on the Long Term (FCLTGlobal) Organization that conducts research and develops tools to encourage long-term investments Canada ESG
Glasgow Financial Alliance for Net Zero (GFANZ) Coalition of leading financial institutions that aims to accelerate the transition to a net-zero global economy by 2050 Global E
Global Investor Commission on Mining 2030 Collaborative investor-led initiative that seeks to define a vision for a socially and environmentally responsible mining sector by 2030 Global ESG
Global Investors for Sustainable Development (GISD) Alliance Organization committed to increasing long-term financing and investment in sustainable development in line with UN goals Global ESG
Global Real Estate Sustainability Benchmark (GRESB) Organization that assesses the ESG performance of real estate and infrastructure assets Global ESG
BlackNorth Initiative Initiative to end systemic racism against the Black community and visible minorities Canada S
United Nations Environment Programme – Finance Initiative (UNEP FI) UN program to catalyze action in the financial community on environmental issues Global E
Institute of Corporate Directors (ICD) Organization that encourages excellence on Boards of Directors to strengthen corporate governance Canada G
Michael D. Penner Institute on ESG Multidisciplinary program to support in-depth research on ESG issues Québec ESG
Institute for governance of private and public organizations (IGOPP) Research and training institute that aims to improve public and private organization governance Québec G
Institutional Investors Roundtable (IIR) Collaborative network of pension funds and sovereign wealth funds Global ESG
Institutional Limited Partners Association (ILPA) Group of international asset managers committed to working together to improve industry practices, particularly on ESG and DEI issues Global ESG
Diversity in Action Initiative Initiative aimed at advancing DEI in private equity Global S
ESG Data Convergence Initiative Initiative to foster convergence on ESG measures in private markets Global ESG
International Corporate Governance Network (ICGN) Group of investors that promotes sound governance principles Global G
Natural Capital Committee Committee focused on governance of the natural environment, ecology and biodiversity Global E
International Sustainability Standards Board (ISSB) – IFRS Foundation Organization that is developing a global framework and disclosure standards for ESG factors Global ESG
The A Effect Initiative that seeks to drive female ambition Québec S
Women in Governance Organization that supports women’s leadership and career advancement Canada S
The Prosperity Project Organization created to stop COVID-19 from setting back women Canada S
Les Cheffes de file CDPQ initiative to propel the growth of women-owned businesses Québec S
National Association of Industrial and Office Properties (NAIOP) Toronto Chapter Association representing professionals in the North American commercial real estate development industry dedicated to improving DEI in the industry Canada S
Nature Action 100 Collaborative initiative that supports investors in engaging companies in the fight against biodiversity loss Global E
Net-Zero Data Public Utility (NZDPU) Initiative to provide a trusted, central source of company-level climate data that is transparent and openly accessible to all Global E
Numérique au Féminin Initiative to promote gender diversity in digital professions Québec S
Observatoire de l’immobilier durable Association that aims to accelerate the ecological transition of the real estate sector in Europe and internationally Global ESG
Out Investors Organization that seeks to make the direct investment sector more welcoming to LGBTQIA2S+ people Global S
Montréal Climate Partnership Coalition of Montréal organizations committed to fighting climate change Québec E
Pension Real Estate Association (PREA) Association for institutional real estate investors dedicated to serving and educating its members about real estate investing Global S
Powering Past Coal Alliance (PPCA) Coalition of governments and businesses working to end the use of coal Global E
Principles for Responsible Investment (PRI) Organization responsible for the UN’s sustainable finance principles Global ESG
Financial sector statement on biodiversity for COP15 Commitment of international financial institutions to support biodiversity conservation and restoration through their investments Global E
PRI Advance Collaborative initiative for institutional investors seeking to advance human rights through sustainable finance Global S
Propulsion Québec A group committed to supporting Québec’s traditional transportation sector in its transition to decarbonization Québec E
Real Property Association of Canada (REALPAC) National association of the commercial real estate industry in Canada dedicated, among other things, to influencing its stakeholders on the importance of ESG factors Canada ESG
Rep Matters Organization dedicated to inspiring black entrepreneurs and serves as a bridge to the communities they serve Québec S
Investor Leadership Network (ILN) International coalition of investors involved in sustainable finance Global ESG
Joint Engagement Letter on Diversity Engagement by the members of the ILN toward DEI Global S
Réseau des femmes d’affaires du Québec (RFAQ) Organization that promotes the growth of women-owned businesses through coaching and mentoring to help them access new markets Québec S
Sustainability Accounting Standards Board (SASB) International standards for companies to disclose their sustainability information Global ESG
Say on Climate Initiative to promote consultative voting on corporate climate plans Global E
Science Based Targets initiative (SBTi) Initiative for private-sector climate action through the development of science-based GHG emission reduction targets Global E
Standards Board for Alternative Investments (SBAI) Organization to improve responsible practices, partnerships and knowledge on alternative investments Global ESG
Sustainable Markets Initiative (SMI) Coalition of financial players involved in the fight against climate change and in protecting biodiversity Global E
Terra Carta Initiative to provide companies with a roadmap to 2030 to build an ambitious and sustainable future Global E
Task Force on Climate-related Financial Disclosures (TCFD) Task force that supports companies in their climate change disclosure strategies Global E
Taskforce on Nature-related Financial Disclosures Forum (TNFD Forum) Consultative group collaborating on disclosure and management of nature-related risks Global E
Tobacco-Free Finance Pledge Coalition to encourage the financial community to withdraw from the tobacco industry Global ESG
UN-convened Net-Zero Asset Owner Alliance (NZAOA) Coalition of investors committed to a net-zero economy Global E
Urban Land Institute (ULI) Network of real estate and land use experts that study the built environment and its impact on communities Global G
WELL Equity Seal Seal that demonstrates the commitment to creating places where everyone feels welcome, seen and heard—our Montréal office, Édifice Jacques-Parizeau—received this seal in 2023 Global S