Charles Emond's mandate as president and chief executive officer of Caisse de Depot et Placement du Quebec, Montreal, has been renewed by the board of directors for a five-year period, said a Feb. 7 release.
The renewal was effective on Feb. 6 and will conclude on Feb. 6, 2029.
This appointment was also approved by the government of Quebec under the organization's incorporating act.
Emond commenced his tenure as president and CEO on Feb. 1, 2020, when he replaced Michael Sabia.
"Over the past four years, under Charles Emond's leadership, CDPQ has delivered solid results in an atypical environment marked by unusual market conditions. In this context, and supported by his team, he introduced key strategic changes to the CDPQ portfolio to generate results that meet depositors' needs," said Jean St-Gelais, chairman of CDPQ's board of directors, in the release. "At the same time, CDPQ significantly grew its assets in Quebec and mobilized its teams around several structuring projects in real estate and infrastructure."
As of June 30, CDPQ's net assets totaled C$424 billion ($319.7 billion), up from C$333 billion as of June 30.
CDPQ delivered a net return of 4.2% for the first six months of 2023, slightly better than the 4.1% performance of its benchmark. For the five years ended June 30, the pension fund returned an annualized net 6%, above the benchmark's 5% figure.
"CDPQ will have to continue to navigate a complex context as it executes its mission in the coming years," St-Gelais said.
"We're facing tremendous challenges. The global environment has been volatile and uncertain since 2020 — and that will continue. To achieve our ambitious objectives and keep striving to serve our depositors better in these back-to-back extremes, we must continue to evolve as an organization," Emond said in the release.