Two senior officers of the Caisse de dépôt et placement du Québec on Monday categorically denied allegations that a plan to replace a large portion of the members of the executive committee had been prepared or was in preparation.

“These allegations are unfounded,” stated Pierre Brunet, chairman, and Fernand Perreault, president and CEO.

“They are prejudicial to the people concerned and to the institution in that they create doubt about the legitimacy of its officers and may adversely affect its business relationships,” Brunet and Perreault added.

The pair also said that the Caisse was in possession of no document that, directly or indirectly, set out such a plan, and that if such a document existed, it did not come from the Caisse and had not been drawn up by it.

The allegations surfaced following a report Friday that alleged that assets under management at the Quebec pension fund fell by $38 billion during 2008.

IE