Québec companies supported as they integrated sustainability into their business strategies
Shareholder engagement with
portfolio companies
resolutions voted on at
shareholder meetings held by our portfolio companies
Our governance rules and bodies
La Caisse’s activities are governed by various laws, regulations and policies. We apply strict rules of governance. This enables us to achieve our investment objectives rigorously, efficiently and transparently.
La Caisse’s main governance bodies are:
- The Board of Directors and its committees
- The Executive Committee, composed of the President and Chief Executive Officer and senior executives from various business units
La Caisse’s Annual Report sets out its organizational structure as at December 31, 2025.
Our governance rules are regularly updated. They align with best practices and are adjusted to reflect organizational changes. In 2025, La Caisse optimized governance and reviewed processes to enhance efficiency and support performance. This enables our fast-growing organization to remain agile while maintaining our rigorous standards.
La Caisse also sets clear expectations for employees and Board members through a series of rules set out in the Codes of Ethics. Each year, La Caisse personnel and directors confirm their commitment to their respective Codes by signing an annual declaration. They are also required to watch videos that raise awareness on ethical issues and are trained in best practices through roleplay simulation.
Sustainability integrated at every stage
At La Caisse, we use our Sustainable Investing Policy to guide our decisions and integrate sustainability into portfolio management. This approach applies both before and after the investment is made.
Pre-investment
We invest in companies and sectors that comply with Canadian laws, international conventions, and financial prohibitions imposed by Canada. Our approach to sector exclusion is also aimed at avoiding investments in economic activities deemed unsustainable over the long term for society or the environment.
When an opportunity meets our criteria, it goes through the investment process in accordance with the related frameworks (Figure 10).
A rigorous process for reviewing and approving investments
Post-investment
We monitor our portfolio using specialized tools and strict analytical processes. They help us identify, anticipate and manage the sustainability challenges that our portfolio companies may face.
If an issue arises, we launch an escalation procedure. Depending on the type of asset and the situation, a multidisciplinary analysis group is mobilized, combining specialists in that specific asset class, sustainable investing and risk management. They assess the situation and formulate a recommendation to support decision-making. Where necessary, we get the company involved in implementing corrective measures.
Our levers of
intervention with our
portfolio companies
We help our portfolio companies advance their sustainability practices. We have three levers of influence to support their adoption of best practices:
- Dialogue and engagement
- Strategic support
- Shareholder voting
Dialogue and engagement
La Caisse regularly engages with portfolio companies and external managers. This enables us to better understand their business opportunities and challenges. During these private discussions, we share our expectations regarding governance, risk management and the integration of sustainability factors into their business plans. This direct dialogue, based on trust, helps us build strong ties with our partners.
To increase our leverage with multinationals, where our influence may be more limited due to the size of our holdings, we collaborate with EOS at Federated Hermes, a globally recognized service provider in shareholder engagement. Its specialists work with companies on behalf of a number of shareholders, maximizing the impact of their initiatives and promoting our sustainability convictions. In 2025, discussions on topics such as artificial intelligence and human rights were held with 451 companies in which we hold an interest.
Strategic support
Complementing our engagement approach, our teams work with selected portfolio companies to help them seize opportunities for sustainability protection and value creation, whatever their level of maturity. Several topics are covered: sustainability strategy, climate maturity and targets, disclosure, Board composition, business risk management and executive compensation. Our sustainable investing specialists work closely with the investment teams to support our portfolio companies.
In 2025, we continued to strengthen the operating model for integrating sustainability factors into portfolio management, particularly in Québec.
As part of our Sustainable Development Action Plan 2023–2028, we are committed to supporting the growth of companies owned by women. In 2025, La Caisse enriched its personalized offering to Les Cheffes de file, which now brings together 155 female entrepreneurs. New cohorts were launched during the year, and the program addressed themes such as financial strategy and market expansion. A trade mission to Paris was also organized.
In Québec, we provided support to 12 companies seeking to optimize the integration of sustainability issues into their business strategies.
The various topics targeted by shareholder proposals on which we were called upon to vote
Shareholder voting
As an active investor, we exercise our voting rights at shareholder meetings.
We activate this key lever of influence according to our Policy Governing the Exercise of Voting Rights of Public Companies. It enables us to demonstrate our sustainable investing convictions. Wherever we do business, we ensure to continue satisfying existing legal and regulatory requirements. We also keep a close eye on market trends and the practices of our peers.
The Sustainability team leads this process. It encourages dialogue with and support for our portfolio companies, and leverages shareholder voting. This approach enables us to have discussions with companies before and during the annual meeting period.
In 2025, we voted on:
resolutions, including shareholder proposals and management proposals, on several topics at
shareholder meetings held by our portfolio companies
Voting: Our preferred leverage
We use our shareholder voting rights to pair our sustainability principles with the creation of long-term value for our depositors. In the absence of extenuating circumstances, we may vote against the appointment of directors if the Board of a public company does not have an ambitious climate plan.
We follow guidelines to orient our positions, but remain pragmatic. Similarly, we do not support all shareholder proposals, particularly if they are too strict or not suited to the company’s realities, as this could compromise genuine progress.
After each shareholder meeting, we publish our votes on our website.
See next section – AppendicesIn 2025, in line with our climate strategy, La Caisse opposed the reappointment of directors at 35 companies due to their inaction on climate.
See next section – Appendices