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The Foundation unveils the first-ever annual report from its investment committee, marking a decisive step in the management of the endowment funds transferred to it by INRS in May 2024. This document lays the foundations for sound, sustainable financial governance that supports INRS's scientific and social mission.
The Foundation has become the trustee of endowment funds worth over $10 million in order to optimize their use and strengthen their long-term impact. These funds will play a key role in supporting the student and scientific community: they support research work focusing on environmental issues, energy transitions, biodiversity, and the impacts of human activity, among other topics. This is a key element in the growth of INRS.
To this end, the Foundation has implemented rigorous governance:
- adoption of an Investment Policy inspired by Canadian academic best practices;
- creation of an Investment Committee, comprising external members with expertise in institutional investments, members of the Board of Directors, and observers from the INRS community;
- retaining portfolio managers selected by INRS, subject to their compliance with the new policy;
- systematically integrating ESG (environmental, social, governance) criteria into portfolio managers' mandates.
This framework ensures informed, transparent, and rigorous decision-making, while optimizing the philanthropic purpose of the funds.
A first fiscal year marked by transition and performance
The transfer of assets to the Foundation's accounts took place between June and July 2024, followed by the first quarterly meetings of the Investment Committee and the publication of a page dedicated to responsible investment.
Despite financial market volatility and the one-time effects of the transfer, the portfolio generated a return of 6.5% for the fiscal year ended April 30, 2025, which was very close to the annual target of 7.0%.
More importantly, these results made it possible to contribute $364,500 to scholarships and research projects. This very first assessment demonstrates the endowment funds' ability to sustainably support the INRS community's major contributions to sectors that are strategic for Quebec's development.
A clear vision for the next five years
The Investment Committee has adopted a resolutely forward-looking vision:
- to increase the real value of the funds (after inflation);
- further diversify investments, particularly in fixed income;
- develop an evaluation grid for portfolio managers;
- continue to promote transparency through the annual publication of reports and methodologies.
This approach is part of a firm commitment to accountability, financial prudence, and the trust placed in us by the Foundation's donors and partners.
Essential collaboration
In her opening remarks, Caroline Montminy, CFA, Chair of the Investment Committee, highlighted the involvement of numerous stakeholders: donors, the INRS financial team, the Foundation's management, external managers, and Committee members. Together, they contribute to “growing an endowment that will support the INRS's essential scientific and social mission for future generations.” The Foundation extends its warmest thanks to them.
The following are the members of the Investment Committee for the fiscal year ending April 30, 2025:
Voting members
- Caroline Montminy, Vice President, Burgundy Asset Management, Member of the Foundation's Board of Directors and Chair of the Investment Committee
- Olivier Joyal, Executive Vice President, Client Program and ESG Leader, and Quebec Executive, WSP Canada, Member of the Foundation's Board of Directors
- Anne Quintal, Retired Institutional Portfolio Manager, ESG Investment Expert, External Member
- Mathieu A. St-Jean, Vice President, Private Markets, Bimcor, External Member
- Martine Vanasse, Managing Director and Chief Compliance Officer, PSP Investments, Director and Vice Chair of the Foundation's Board of Directors
Observer members of the INRS Foundation
- Elise Comtois, Executive Director
- Mylany David, Chair of the Board of Directors
- Anne-Pascale Richardson, Administrator, Treasurer, and Chair of the Audit and Finance Committee
Observer members of the INRS community
- Michel Fortin, representing the administration
- Jean-Charles Grégoire, representing the faculty
- Mohamed Imoussaïne, representing the student community
Check out the 2024-2025 Investment Committee report to learn about our responsible investment framework, decisions, actions, and results from this first formative year.