News release Governance

CDPQ Becomes First Canadian Pension Fund to Adopt CFA Institute Asset Manager Code

Sustainable Investing Montréal,

CDPQ today announced its compliance with the CFA Institute Asset Manager Code™ (the Code), becoming the first Canadian pension fund to achieve this. The Asset Manager Code clearly outlines the ethical and professional responsibilities of firms that manage assets on behalf of clients. For investors, the code provides a benchmark of ethical conduct they should expect from asset managers. By adhering to the code, CDPQ is adopting a shared framework that allows clients to quickly identify organizations that follow a common foundation of ethical principles.

“As an institutional investor, CDPQ continuously improves its governance rules based on industry best practices. Integrity and responsibility are central to how we create value for our depositors and our communities,” said Maarika Paul, Executive Vice-President and Chief Financial and Operations Officer at CDPQ. “Adopting CFA Institute standards is another step in demonstrating CDPQ’s leadership on best governance practices.”  

The Asset Manager Code is grounded in the ethical principles of CFA Institute and the CFA Program, and requires that managers commit to the following professional standards:

To act in a professional and ethical manner at all times

  • To act for the benefit of clients
  • To act with independence and objectivity 
  • To act with skill, competence, and diligence
  • To communicate with clients in a timely and accurate manner
  • To uphold the rules governing capital markets

"It is at the core of our mission to advance ethics, professional standards of practice, and market integrity in the investment management industry,” said Karyn Vincent, Senior Head, Global Industry Standards, CFA Institute. “We applaud CDPQ for adopting the code, displaying a steadfast and tangible commitment to professional ethics, and putting investors as well as stakeholders first. This is in addition to CDPQ being compliant with the Global Investment Performance Standards (GIPS®) for more than 20 years—another sign of CDPQ’s commitment to following the highest industry standards.” 

More than 1,000 organizations worldwide claim compliance with the Code, including Ariel Investments, BlackRock, Janus Henderson Investors, J.P. Morgan Asset Management, Afore XXI Banorte, BBVA Asset Management Mexico, Credicorp Capital Asset Management, Itaú Unibanco Asset Management and Principal Afore. (View the full list.)


At CDPQ, we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public retirement and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at As at June 30, 2022, CDPQ’s net assets totalled CAD 391.6 billion. For more information, visit, follow us on Twitter or consult our Facebook or LinkedIn pages.

CDPQ is a registered trademark owned by Caisse de dépôt et placement du Québec and licensed for use by its subsidiaries.


CFA Institute is the global association of investment professionals that sets the standard for professional excellence and credentials. The organization is a champion of ethical behavior in investment markets and a respected source of knowledge in the global financial community. Our aim is to create an environment where investors’ interests come first, markets function at their best, and economies grow. There are more than 190,000 CFA® charterholders worldwide in more than 160 markets. CFA Institute has nine offices worldwide, and there are 160 local societies. For more information, visit or follow us on LinkedIn and Twitter at @CFAInstitute.

- 30 -

For more information