Investissement Québec posted a negative return of 4.8% during its last fiscal year, in a context of economic uncertainty and volatility on the stock markets.
The financial arm of the Quebec government recorded a loss of $224 million during the 2022-2023 fiscal year, which ended on March 31. This information appears in its annual report, published on Tuesday.
Over five years, a period that the institution considers more appropriate to assess its performance, the company obtains an average annual return of 6.3%.
Boss’s compensation
Information contained in the annual report, unveiled on Tuesday, has already been released in recent weeks, including the remuneration of the institution’s top executives.
In a parliamentary committee in May, Investissement Québec (IQ) revealed that the compensation of its president and chief executive, Guy LeBlanc, crossed the $1 million mark in 2022.
It touched 1.1 million, which represents an increase of 19% compared to the same period last year.
The remuneration of senior executives of large state corporations, such as IQ, had been strongly criticized by opposition parties in Quebec.
At the end of May, IQ also released the results for the international part of its mission. It accompanied $6 billion in new foreign direct investment, compared to $4.6 billion in the same period last year. This figure is three times higher than in 2018-2019.
Investissement Québec estimates that its support generated the equivalent of $3.1 billion in exports for Québec companies, again for the fiscal year ended March 31. This estimate was 1.95 billion for the previous fiscal year.