On September 13, 1973, Michel Nadeau was sitting at a daily desk The duty to start his professional career. Today, 48 years later, we asked him what his contribution was to the various stages of Quebec’s economic catch-up. With this article, he signs a final point.
Today, some 60 years after the outbreak of the Quiet Revolution, economic Quebec has arrived where it should be. “There were hiccups, but we succeeded. We have gained economic independence. The progress has been extraordinary, remarkable. Quebec’s economy has experienced a rapid acceleration that is unique in the world, and its company is one of the most dynamic in North America, ”marvels Michel Nadeau.
“We took our place, but above all we must not stop. The baby boomers have done a great job of catching up. They must now support young people to take their place. On this point, he says he is optimistic. “The next generation is here. “
Ten years at To have to, Twenty years at the Caisse de dépôt et placement, including one year as President of CDP Capital, then Managing Director of the Institute on the Governance of Private and Public Organizations (IGOPP), Michel Nadeau is a key player rank in the construction of Quebec inc. “I played a role, of course. We can speak of a modest contribution. I have responded at every step. “
To do this He had to make a 180 degree turn. Holder of an arts degree from F.-X. Garneau and a bachelor’s degree in political science from Laval University, Michel Nadeau felt rather animated by a humanist culture, his thoughts going the opposite of finance or management. Besides, he felt more an entrepreneurial instinct than a financial one. “I would normally have oriented myself towards a liberal function, not towards business, until a McGill professor tells me that Quebecers will only have the capacity to make good decisions about their future when they take their place in the economy. This is where I understood the importance of catching up in economics and finance. “
He thus obtained a Master of Business Administration (MBA) at Laval University. “I made it my duty to work for Quebec. “
Upon arrival at To have to, where he spent five years as an economic journalist and as many years as a financial columnist, the one who ranks in the family of nationalists defended the vision that Quebec is not just anything. It was also the days of the Stock Savings Plan and the Toronto mockery, read condescension from Bay Street. The journalist shone the spotlight on successful Quebec companies, wishing to see the stars of the business world emerge. “I created a business star system inspired by sporting and artistic circles, featuring the builders of Quebec as well as the greats of Quebec business and finance. “
An approach in continuity
This approach is part of the continuity under the action of the IGOPP, with its Mural of the great builders of the economy of Quebec. The initiative aims to remind future generations of the efforts of entrepreneurs who have built and will continue to build important and sustainable businesses for the Quebec economy, he recalls, insisting on the importance of knowing and recognizing the past. .
“We don’t realize where we were in 1959 and where we are today. Montreal is home to the head offices of some twenty major multinationals. You don’t see that in Copenhagen, Rotterdam or Amsterdam. Quebec has bet on Hydro-Quebec and its other government corporations, on the Caisse de dépôt, on its large companies, on large cooperatives, agricultural or financial, on its labor-sponsored funds, a model that only works Quebec… It has regained control over its raw materials. For their part, academic institutions have created a whole generation of managers. And we have led the battle for French in parallel. In short, a good time! “
Influence of the Caisse de dépôt
An era dominated by the influence of the Caisse de dépôt. Mr. Nadeau made his debut at the invitation of President Jean Campeau, at a time when the institution vibrated to the sound of the slogan “Let’s make Quebecers a people of owners”. “Jean Campeau was an extraordinary source of inspiration. He was endowed with a missionary culture. Michel Nadeau defended the double aspect of the Caisse’s mission, namely the performance and economic growth of Quebec, a double mandate forgotten under the presidency of the two predecessors, but which Jean Campeau took over. “When we negotiated a transaction, we had to seek the best possible return and, at the cost of extra effort, obtain spinoffs for the Quebec economy. “
“I had this obsession to add additional value for Quebec, to convince each employee to make an extra effort for economic spinoffs. He returned to this transaction involving the sale of Provigo to Loblaw, the Caisse having obtained a bonus price and a ten-year commitment to purchase a large proportion of Quebec products. The Loblaw boss “whined that it never happened, but too bad ».
Or that of Videotron. Ted Rogers had convinced Claude Chagnon. “Rogers called me to tell me to let go, but we said ‘no’. We had a right of first refusal, we exercised it. Rogers was discouraged as was Chagnon. Both lobbied [Bernard] Landry. We went to see Pierre Karl Péladeau and we made a deal. »
At the same time, the Caisse exerted the full weight of its shareholder presence, and that of the size of its management mandates or the volume of brokerage commissions, to obtain from its partnerships a contribution to the local economy and recourse to professionals. Quebecois. “The Scottish insurer Standard Life wanted to manage 300 million of the Fund. We did this in exchange for establishing the North American management center in Montreal, creating around 20 good management jobs here, ”he gives as an example.
He is also delighted that in tandem under the chairmanship of Jean-Claude Scraire, the Caisse has deployed offices abroad in order to strengthen the expertise and international knowledge of local specialists. “We wanted young Quebecers to develop and shine abroad. “
He left CDP Capital in 2002. A period of reflection ensued, which led him to contribute to the creation of IGOPP in 2005, influenced in this by the portfolio manager Stephen Jarislowsky, “a great man for the economy of the Quebec, ”emphasizes Michel Nadeau. The Institute became the only organization in North America to offer both research on listed companies and diagnostic advice to companies, SMEs, associations, institutions and organizations. His mandate focused on the heart of the relationship between management, boards of directors and stakeholders.
“Yvan Allaire was, along with Mihaela Firsirotu, the most prolific author on governance in Canada. I was in charge of the second part. We managed to solve over 350 problems with organizations that were paralyzed, helped solve problems that made people miserable. »Michel Nadeau left IGOPP in 2020.
Political sovereignty
Throughout this journey dedicated to working for Quebec, Michel Nadeau will not campaign for political sovereignty. He will, of course, sign an editorial in 1981 in which he admitted to thinking that the Yes could be the best solution for financial independence. But “I have never been openly a sovereignist. The important thing, for me, was that Quebeckers could make a choice by being financially independent. By having the means to be independent, Quebecers will be able to make an enlightened choice. “
Today, “it is no longer for me to decide. My children will make the choice of the society in which they want to live ”.
Serene in the face of illness
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