I imagine the Fonds de solidarité FTQ has demonstrated sound company governance by asserting the fund’s new share value three weeks earlier than its Board of Administrators approves the audited monetary statements that set the brand new fund FTQ share value.
The revised Fonds FTQ share value was introduced and commented on June 23 by CEO Janie C. Béïque, whereas the audited monetary statements setting that value had been authorized by the Board of Administrators on July 13.
The audit of the current consolidated monetary statements as of Could 31, 2023 was carried out by the auditing firms Deloitte and Raymond Chabot Grant Thornton and likewise signed on July 13.
12 months after 12 months, the FTQ Fund has at all times printed the revised value of its shares after the Board of Administrators authorized the monetary statements audited by unbiased auditors. The Fund’s share value is reviewed twice a 12 months based mostly on audited monetary reviews as at November thirtieth and Could thirty first of every monetary 12 months working from June 1st to Could thirty first of every 12 months.
I requested the FTQ fund, “What are the explanations that specify this disruption within the regular share value disclosure course of?”
Response from Fund FTQ spokesperson Frédérique Lavoie-Gamache: “As you talked about to your colleague, our monetary reviews are printed throughout the deadlines set by the AMF and consistent with our commitments. We won’t remark additional on the scenario.”
I replied, “I’m not speaking concerning the publication, I’m speaking concerning the formalization of the monetary statements.” So that you’re claiming that you just had the best to have your monetary statements formalized by the auditors and your board of administrators after the official publication of the share value? »
Response from Ms. Lavoie-Gamache: “Sure, I affirm that.”
Ah nice ! Pursuant to Article 8.3 What’s the value for the problem, redemption or buy of Shares by settlement? The Prospectus states: “This worth is set on the premise of the web property per share audited in accordance with the accounting and valuation ideas set out in Worldwide Monetary Reporting Requirements (IFRS). This worth is collectively audited by two unbiased accounting corporations.”
- Take heed to Sylvain Larocque’s enterprise program stay daily at 7:50 am QUB radio :
Uncommon
We agree that it’s nonetheless one thing particular to see the FTQ Fund announce the brand new official value of its share earlier than the safety in query is formally audited via the audited monetary statements!
Fund FTQ Spokesman Response: “The share worth is predicated on audited monetary assertion web property and the board accepted the audited share value simply previous to the June 23 announcement. On July thirteenth the complete audited monetary statements had been authorized. This included the complete scores, which weren’t required to calculate the audited worth of the inventory.”
Nonetheless, it appears logical to me that the share value can be authorized after approval of the audited monetary statements which decide the audited share value. NO ?
Why comply with this “logic”? As a result of:
- First, the Fonds de la FTQ has 765,000 shareholders who personal $18.4 billion in property.
- Two shareholders purchase shares and others exit the fund at every of the 2 value modifications per fiscal 12 months, at a price of tons of of thousands and thousands of {dollars} per fiscal 12 months.
- Thirdly, the share value of the FTQ fund is 30% of the worth of the FlexiFonds funding fund shares offered by the FTQ fund on the mutual fund market.
Affection, he, exemplary
As for the opposite main employee-sponsored fund, Fondaction, the ‘logical’ steps have been adopted to the letter.
The announcement of Fondaction’s modified share value was made on June 22, when the audited monetary statements as of Could 31 had been filed and beforehand authorized by the Board of Administrators.
The audit of those annual monetary statements by Deloitte was signed on June twenty first.