Stages in the consideration of Bill 399
Chamber
quebec
Stage
Introduced
This Quebec bill would require the Caisse de dépôt et placement du Québec to invest in and report on socially and environmentally sustainable projects.
Key Changes
- Requires the CDPQ to make investments with sustainable social and environmental impacts
- Requires the CDPQ to publicly report on those sustainable investments
- Amends the Act respecting the Caisse de dépôt et placement du Québec to include these new obligations
- Adds an accountability mechanism by mandating transparency around ESG-type investing
Gotchas
- The bill is a private member's bill, meaning it was introduced by an opposition MNA (Haroun Bouazzi of Québec solidaire) and not by the governing party, which typically makes passage less likely.
- The bill does not specify how 'sustainable social and environmental impacts' would be defined or measured, which could create ambiguity in implementation.
- Requiring the CDPQ to prioritize social and environmental criteria could create tension with its existing mandate to maximize financial returns for depositors such as pension fund beneficiaries.
- The reporting requirement adds a transparency mechanism, but the bill does not appear to specify penalties or enforcement measures if the CDPQ fails to comply.
- The bill was reinstated in a new legislative session, suggesting it has not yet passed but continues to be pursued.
Who's Affected
- The Caisse de dépôt et placement du Québec (CDPQ) and its management
- Quebec pension fund depositors (e.g., retirees and workers whose pensions are managed by CDPQ)
- Companies and projects seeking investment from CDPQ
- Quebec taxpayers and the general public who benefit from CDPQ's returns
- Environmental and social advocacy groups
Vibes
0 responses
Gotchas
- The bill is a private member's bill, meaning it was introduced by an opposition MNA (Haroun Bouazzi of Québec solidaire) and not by the governing party, which typically makes passage less likely.
- The bill does not specify how 'sustainable social and environmental impacts' would be defined or measured, which could create ambiguity in implementation.
- Requiring the CDPQ to prioritize social and environmental criteria could create tension with its existing mandate to maximize financial returns for depositors such as pension fund beneficiaries.
- The reporting requirement adds a transparency mechanism, but the bill does not appear to specify penalties or enforcement measures if the CDPQ fails to comply.
- The bill was reinstated in a new legislative session, suggesting it has not yet passed but continues to be pursued.
Summary
Bill 399 is a private member's bill introduced in the Quebec National Assembly by MNA Haroun Bouazzi. It proposes changes to the law that governs the Caisse de dépôt et placement du Québec (CDPQ), which is Quebec's major public pension and investment fund manager. The bill would require the CDPQ to actively make investments that have positive and lasting social and environmental impacts, rather than focusing solely on financial returns. The bill also requires the CDPQ to publicly report on these sustainable investments, making its environmental and social performance more transparent to the public. This kind of requirement is sometimes called ESG (Environmental, Social, and Governance) investing. The bill was first introduced in April 2023 during the 43rd Legislature's 1st Session and was reinstated in the 2nd Session in October 2025, meaning it continued being considered despite a change in legislative session.
Automatically generated from bill text using Claude
Vibes
0 responses