Michael Sabia, the president and chief executive officer of the Caisse de dépôt et placement du Québec, has seen his mandate extended for two more years following a decision by the provincial government.
His current mandate is not set to expire until 2019 but the CDPQ announced Wednesday that it was renewed and the mandate is now set to continue until March 31, 2021.
The Quebec government approved the nomination to keep Sabia on as president and head of the largest investment vehicle for Quebec taxpayers. As of June 30, 2016, the net worth of the CDPQ was estimated at more than $254.9 billion.
If he remains in the position by the end of his mandate Sabia will have held it for longer than anyone since the CDPQ was created in the 1960s.
According to a release issued by the CDPQ, the extension of the mandate did not come with a raise. It also stated that several “important strategies” put in place by Sabia are ongoing and that its board of directors decided to renew his mandate so he can see them through. That includes the $5.5 billion light rail project the Caisse proposed last year as a transit system for Montreal. The electric train network would cover 67 kilometres and extend to suburbs north and south of Montreal island.
The board of directors’ decision was unanimous.
