Finance Committee on April 16th, 2026

[Jean-Denis Garon, Bloc, Mirabel, QC]

Thank you, Madam Chair.

Mr. Leduc, earlier in the conversation, you said that as a large institutional investor, you have investment opportunities that ordinary people do not have, particularly in infrastructure. Maybe the Prime Minister has them, but I certainly don't, with my pocketbook.

You also said that you didn't have a particular interest in the Alto project. You told us that, generally speaking, you tend to want to invest in infrastructure projects that are already built, rather than those that are still just on paper, especially since the Alto project could cost up to $225 billion—not $90 billion—because the revenues were seriously overestimated.

Can you confirm for me today that, in the CPP's recent history, you have never taken the risk of investing in a project that was in its early stages, and that you have always invested solely in projects that were completed or nearing completion?

[Michel Leduc]

We have previously taken the risk of investing in a project that was in development. I remember a project being developed in London called Victoria Circle. It was not built yet, but we had a partner with a lot of experience who shared the construction risks with us.

For us, it's a matter of who will assume the risks related to construction. We are investors, not a construction company. Therefore, if we can be satisfied that the risk is being taken by the—

[Jean-Denis Garon, Bloc, Mirabel, QC]

I will interrupt you there.

That means that, in a case like the Alto project, where sufficient financial details aren't available yet—similar to the case in Quebec City with the REM and the Caisse de dépôt et placement du Québec—you would need a guarantee on passenger-kilometre revenue or a guaranteed minimum rate of return to ultimately say that investing taxpayer money in the project was worthwhile, that the taxpayer would take the risk, and that you would go ahead and invest.

Is that a good way of putting it?

[Michel Leduc]

In general, yes.

[Jean-Denis Garon, Bloc, Mirabel, QC]

That would mean that, in this project, for there to be investors, the taxpayer has to take the risk.

[Michel Leduc]

Yes.

[Jean-Denis Garon, Bloc, Mirabel, QC]

Thank you very much, Mr. Leduc.

I can assure you that we will say it over and over again.

Thank you.

[Michel Leduc]

You are welcome.

[The Chair, Liberal, Karina Gould]

Thank you, Mr. Garon.

I'd like, on behalf of the committee, to thank Mr. Leduc for coming and spending two hours with us. I think you answered a lot of our questions and we really appreciate your time.

Before I let committee members go, however, I just wanted to mention that we've received a request from the Committee on Economic and Monetary Affairs of the European Parliament. They are going to be coming to Canada on a fact-finding mission, and they requested an informal discussion with us in the morning of Tuesday, May 26. The objective of the meeting would be to discuss the ongoing co-operation and priorities between the EU and Canada, notably when it comes to co-operation in the financial sector. If it is the will of the committee, we'll schedule an informal dialogue. It's not a mandatory meeting, but I would hope that committee members would be interested and willing to engage in that conversation. Unless there are any objections, we will move forward with that.

If it is the will of the committee, shall we adjourn?

[Some hon. members]

Agreed.

[The Chair, Liberal, Karina Gould]

We are adjourned.