Growth of the fund

As Figure 16 show, the Fonds de solidarité has experienced strong and steady growth in size over twelve years, establishing a pace now common among labour-sponsored funds. At present, it has an asset base of approximately $1.3 billion and close to 240,000 shareholders in Québec.

Today, the Fonds de solidarité is, by far, the largest labour-sponsored fund. It is also, by far, the largest venture capital institution in both Québec and Canada.

Goals of the fund

The mandate of the Fonds de solidarité is characterized by some essential investment and related objectives. These are elucidated in the Québec statute establishing the fund as being:

1. creation, maintenance and protection of jobs in Québec, its regions, and its communities;
2. stimulation and development of small and medium-sized enterprises in all industries and sectors of the Québec economy;
3. participation of average working people, including FTQ members;
4. involvement of workers in investment and financing decisions, in part, through skills formation;

The latter objective is supported by considerable resources of the Fonds de solidarité. Indeed, the fund has developed through its Fondation d'education et de formation économique (initiated in June 1990) a unique program of training employees for new roles and responsibilities in investee firms. Popular economic education is also a feature of annual campaigns of shareholder recruitment among organized workers and other fund activities.

Pursuit of investment and related objectives is done in the context of achieving long-term market earnings for shareholders. The Fonds de solidarité also seeks to influence socially responsible performance in industry.