April 16, 2024

Is it the position of the Caisse de dépôt et placement du Québec to offer and handle a public transport service, as is the case with the REM? NO, interval.

For that reason, I suggest to the administration of the Caisse to switch its REM to the ARTM (Regional Metropolitan Transport Authority), as supplied for within the contract concluded in 2018 with the Authorities of Quebec. Sure! The Caisse can promote its REM to the federal government in just a few years.

With the day-to-day administration of the REM and all of the technical glitches that lead to its share of glitches having to be resolved, we’re removed from the true mission of the fund, whose web property underneath administration quantity to $424 billion.

What is that this mandate of the fund? Enable me to recall Article 4.1 of the Regulation on the Caisse de dépôt etplacement du Québec. “The mission of the Caisse is to obtain quantities of deposits in accordance with the legislation and to handle them, looking for the optimum return on depositors’ capital in accordance with its funding coverage, whereas contributing to the financial growth of Quebec.”

So the basic mission of the fund is to develop the astronomical sum of $424 billion from Quebecers’ nest egg, gathered by the 48 public depositors. An important of those are the Régime des rentes, the RREGOP (Regime des rentes pension plan for the state). workers), the Ministry of Finance for the pension fund, the technology fund, the variety of municipal pension plans, and so forth.

THE REM RESALE CLAUSE

In keeping with the contract concluded with the Authorities of Quebec, the Caisse (by Projetco) is obliged to function all “antennas” of the REM for a interval of at the very least 5 (5) years from the date of full business operation of the REM. Nevertheless, the Caisse then has the choice of separating from REM. Sure, sure, to resell it.

Right here is the clause in query from the contract: “If Projetco (the Caisse) needs to cease working an antenna after the expiry of the 5 (5) yr interval talked about above, it should agree with the Authority (ARTM) the circumstances for upkeep or cessation of operation of the antenna in query, failing which the Minister [des Transports] can have the choice to accumulate both the property of the venture or the shares within the capital inventory of REM Inc. at truthful market worth.

I strongly consider that the Caisse ought to use this clause to resell all of its REM to the Authorities of Quebec, that’s, all of its antennas masking the Central Station, Brossard, West Island, the Airport, Deux-Montagnes and Anse-à- join l’Orme.

A bundle of worries

Because the starting of the journey, the REM has triggered an unbelievable variety of distractions for the Caisse’s administration, specifically value overruns, disagreeable building surprises, delays within the opening of the stations and the acquisition of controversial Indian trains on the expense of the Bombardier-made trains at La Pocatière, technical issues, noise , insufficient communication, and so forth.

And now winter is quick approaching. Because the REM’s first winter begins, it’s the unknown that awaits customers. The stress among the many many customers who’ve already change into victims of failures for the reason that first REM antenna from Brossard to the primary practice station within the metropolis middle was put into operation can solely improve.

On the a part of the REM management and the administration of the Caisse, we’ve got to be vigilant whereas retaining our fingers crossed that every part goes as easily as potential.

WASTE OF ENERGY

What a waste of power from the fund for a financially marginal venture within the fund’s web property. Though the REM venture value $8 billion, it in the end represents only one.9% of the Caisse’s web property.

With all the issues and worries dealing with the Caisse’s managers, the REM should undoubtedly take a variety of time.

The truth that the Caisse, as an investor, invests billions of {dollars} in infrastructure tasks will not be an issue. However not as a promoter who manages an infrastructure venture each day, as is the case with the REM. The Fund ought to go away this to the organizations specialised on this matter.

The fund focuses on investments. His major activity is to develop the cash entrusted to him. And she or he already has her arms full together with her hundreds of investments, a few of that are experiencing a “droop.”

This additionally applies to the multinational Alstom, whose major shareholder the fund grew to become after the sale of Bombardier Transport to Alstom. With this funding alone, the Caisse is at the moment in a gap of greater than $2 billion.

Essential truth to bear in mind throughout this time when REM failures are on the rise.

Who was awarded the contract to produce autos, methods and operation and upkeep providers for the REM? Alstom Transport Canada (Alstom subsidiary) and SNC-Lavalin (renamed AtkinsRéalis).

What an irony of destiny once we know that the Caisse is the primary shareholder of those two massive corporations answerable for managing their REM!