Henri-Paul Rousseau has ssued a statement in response to coners raised about conflict of interest. “Two days ago, the Quebec government appointed me Chairman and Chief Executive Officer of the Caisse de dépôt et placement,” he says. “I am honoured by this sign of confidence and intend to carry out my new duties with enthusiasm and determination.”

One of his mandates, says Rousseau, is to review the Caisse’s rules of governance. “The very mention of governance raises, among other things, the issue of conflict of interest. One of my first activities will be to examine this issue. Obviously, if I am to do so, my first duty is to ensure that I, myself, am not in a conflict-of-interest position. Various mechanisms exist for guaranteeing my independence and the absence of a conflict of interest. First, while at the Bank, I have undertaken not to take part in discussions, meetings or decisions of any type that involve the Caisse de dépôt et placement.”

“When such decisions have to be made, it will be the Bank’s Chairman of Board who will make them,” says Rosseau. “Second, before assuming my position at the Caisse, I will ensure that a mechanism is implemented to shield me not only from a conflict of interest but from even the appearance of such a conflict. Whether it be a trust or another model, various approaches exist that will guarantee this objective is attained.”

Because it has only two days since his appointment, says Rosseau, a definitive approach has yet to be determined. “However, my intention is that everything will be in place by the time I take up my new position. Some media outlets have drawn attention to my investments in Laurentian Bank. However, the issue is bigger than that, as the Caisse has interests in several institutions. That is also true for me, as over the years I have built a portfolio that includes shares of other companies as well as the Bank. I must therefore implement a mechanism that will shield me from any conflict of interest regarding not only my investments in Laurentian Bank but all my investments.”

“The mechanism will be made public once it has been set up and in any case before I assume my new position on September 1,” he says.