CDPQ saddened by the passing of Michel Nadeau

The employees of Caisse de dépôt et placement du Québec (CDPQ) were saddened to learn of the passing of Michel Nadeau, who worked for the organization for 18 years.

"On behalf of all CDPQ employees, I would like to highlight Michel Nadeau's major contribution to the history of this important organization where we have the privilege to serve for the benefit of Quebecers," said Charles Emond, President and Chief Executive Officer. “His commitment took many forms – whether through his many years of service at CDPQ, work as the head of the Institute for Governance of Private and Public Organizations or his active involvement as an expert in conversations on finance, business, and sound governance. Today, Québec has lost a respected and eloquent voice. Our thoughts go out to Mr. Nadeau's family and friends, and we offer our sincere condolences," added Mr. Emond.

Mr. Nadeau's career at CDPQ

Mr. Nadeau joined CDPQ in 1984 as Executive Vice-President, Planning and Depositors’ Affairs. During his 18 years of service, he held different positions in senior management, first under Jean Campeau, then under the duo of Jean-Claude Delorme and Guy Savard and lastly as Jean-Claude Scraire's right-hand man. In 1995, he was appointed Assistant General Manager in addition to leading the Core Portfolios team. In 2001, he became President of CDP Capital, which included asset management activities and the World Markets subsidiaries, Private Placements and Real Estate Group; in short, everything related to external management, operations and investments, treasury and strategic investments.

The period from 1984 to 2002 saw a major increase in CDPQ's net assets, which grew from $20bn to $78bn, with an increase of investments in international markets. Other notable events include the legislative amendment allowing CDPQ to invest up to 70% of its portfolio in equities, as well as the growth in real estate investments.

Mr. Nadeau was involved in numerous large-scale transactions, including Québecor's acquisition of Vidéotron the largest ever transaction at the time—and the sale of Provigo to Loblaws—where he successfully raised the bar and forced the company to use local suppliers. He was also involved in CDPQ's first steps in growing the organization's global presence at the turn of the century, with the opening of several international offices. He left CDPQ Capital in September 2002.

After his time at CDPQ, Mr. Nadeau took on various roles as advisor, Board member and journalism professor. In 2005, he cofounded with Yvan Allaire the Institute for Governance of Private and Public Organizations (IGPPO), where he served as Executive Director until 2020. During his mission, one theme remained dear to him: strengthening governance and ethics practices within the financial industry.

A man of great wisdom

With a degree in political science and an MBA from Université Laval, Mr. Nadeau began his career as a journalist in the business section of Le Devoir in 1973, where he was promoted to columnist. This seasoned communicator expertly wielded words and was proficient at simplifying the most complex concepts. As such, he was a regular in the media, who sought his point of view on the economy, finance and governance. His enlightened view, historic perspective and critical mind helped enrich the public conversation.

Over half a century, Michel Nadeau witnessed profound societal changes. More than a clear-eyed observer, he was an active participant, contributing in his own way to building Québec Inc., whose many successes made him proud. Whether in Le Devoir, where he never missed an opportunity to showcase Québec companies, or at the IGPPO, where he served as godfather of governance, he always had Québec’s best interests at heart.