The board of directors of the Caisse de dépôt et placement du Québec has unanimously adopted a resolution reiterating its confidence in the senior management team, the Quebec pension giant said Tuesday.

“The board of directors unanimously and unequivocally reaffirms its confidence in the president and CEO, Fernand Perreault, and the senior management team of the Caisse,” the board stated.

At the same time, the board denied the media’s allegations that a plan to replace most of the Caisse’s senior officers was being prepared.

On Friday, a report in Montreal newspaper La Presse alleged that assets under management at the Quebec pension fund fell by $38 billion during 2008.

IE