Structure and Board of Directors
Board of directors

Our board consists of more than ten members, including the President and CEO of Investissement Québec (an ex-officio member). Our board members come from the industrial, financial and legal communities, the venture capital industry and the social economy sector.


JEAN ST-GELAIS, Chairman of the Board


Chairman of the Board
Investissement Québec
Chairman of the Board
La Capitale / SSQ Insurance

Jean St-Gelais is currently the Chairman of the Board of La Capitale/SSQ Insurance. That company, the head office of which is based in Quebec City, came into being from the merger of La Capitale Insurance and Financial Services and SSQ Insurance. It is the largest mutual insurance company in Canada and has 3.5 million members and clients.




Jean St-Gelais, a former civil servant with a Master of Arts degree in Economics from Queen's University, has held a number of strategic positions and managed a number of wide-reaching issues.


After his tenure at the Bank of Canada, Jean St-Gelais held various positions with the Quebec Ministry of Finance, from 1985 to 2001.


In 2001, the premier of Quebec appointed him to the position of Secretary General and Clerk of the Executive Council. In 2004, he was appointed President and Chief Executive Officer of the newly formed Autorité des marchés financiers (AMF). During his two terms as CEO of the AMF, Jean St-Gelais also served as the Canadian Securities Administrators chair.


In 2011, he left the AMF to set up and run the Quebec Revenue Agency, where tax evasion was among his top priorities.


Jean St-Gelais returned to the helm of Quebec’s public service in September 2012 as the province’s General Secretary and Clerk of the Executive Council. He retired from the public service in 2015 and, that same year, joined the Board of Directors of La Capitale. He became its President and Chief Executive Officer on May 2, 2016.


Jean St-Gelais is actively involved in philanthropic endeavours. His involvement includes being Chairman of the Board of the Fondation du Musée national des beaux-arts du Québec (art gallery of Quebec foundation). He is also Chairman of the Board of Investissement Québec and of Laval University.

GUY LEBLANC, President and Chief Executive Officer


President and Chief Executive Officer
Investissement Québec

An effective leader and strong communicator, Guy LeBlanc has a solid grasp of the Québec business environment. His career path bears witness to his commitment to growing businesses, and his know-how and experience in the field position him admirably to carry out Investissement Québec’s important mandate.




Guy LeBlanc was appointed President and CEO of Investissement Québec in April 2019.


A seasoned executive, he worked for PricewaterhouseCoopers (PwC) for over 35 years. As Managing Partner of the Transaction group in Canada from 2002 to 2006 and Managing Partner of the Montréal Office from 2006 to 2015, he oversaw a team of over 800 professionals and was responsible for adapting the firm’s strategy for the Québec market. An expert in finance, Guy LeBlanc specializes in business transactions (sales and purchases) and business financing.


He has a degree from HEC Montréal, an honorary degree from Université de Montréal and the ICD.D designation from the Institute of Corporate Directors; he is also a Fellow of the Ordre des comptables professionnels agréés du Québec (FCPA).


Reputed for his leadership abilities, Guy Leblanc has served on numerous boards of directors, including those of Canam Group, Goodfood Market Inc., The Lion Electric Co., Groupe Meloche, ATIS Group and Montréal International.

Anne Bourhis

Anne Bourhis 

Human Resources Management Professor, HEC Montréal
Independent Director

Anne Bourhis was appointed to the Board of Directors of Investissement Québec in October 2014.



Since 1999, Ms. Bourhis has worked as a professor specializing in recruitment and staff selection at the business school’s Department of Human Resources Management. Prior to that, she was a professor at Université Laval.


A sought-after speaker, Ms. Bourhis received the 2008 HEC Montréal prize for excellence in teaching. She is the author of two award-winning books, including the manual Recrutement et sélection du personnel (2007, 2012), which won the Ministre de l’Éducation, du Loisir et du Sport Award in 2008.


Ms. Bourhis holds a business degree from the EDHEC Business School in administration (organizational behaviour) from the University of Illinois at Urbana-Champaign in the United States. Since September 2017, she has been a member of the Héma-Québec Board of Directors.

Claudine Roy

Claudine Roy

President and CEO
Gestion immobilière Gaspé
Independent Director

Claudine Roy was appointed to the Board of Directors of Investissement Québec in February 2015.



Ms. Roy has been the President and CEO of Gestion immobilière Gaspé since 1990 and the owner of Auberge sous les arbres since 2014. She is also the founder and President of Traversées de la Gaspésie. Until 2015, she owned the Brise-Bise bistro in Gaspé, which she started in 1986.


Ms. Roy sits on the board of numerous corporations and organizations, including IQ FIER, Ressources Québec, Caisse populaire Desjardins Baie-de-Gaspé, the Association des restaurateurs du Québec and the Ordre national du Québec.


A business figure who is well known for her contributions to Québec society, she has served as President of the Corporation de développement des Fêtes de Gaspé and the driving force behind the growing international reputation of the Grande Traversée de la Gaspésie. She was awarded the TELUS Community Excellence Award in 2013 and the Award for Excellence in Tourism, one of the Grands prix du tourisme de la Gaspésie. A Chevalière de l'Ordre national du Québec, she is considered by her peers to be one of Québec’s 100 most influential women.


Ms. Roy holds a bachelor's degree in physical education from the University of Ottawa and a certificate in education from Université du Québec à Rimouski. She also holds corporate governance certification from the Collège des administrateurs de sociétés at Université Laval.

Photo of Daniel Gauvin

Daniel Gauvin

Corporate Director
Independent Director

Daniel Gauvin was appointed to the Board of Directors of Investissement Québec in July 2020.



As a member of the senior management of Desjardins Group from 1996 to 2017, Daniel Gauvin was an active member of the
Pan-Canadian Investors Committee that led to the restructuring of the commercial paper market, as well as piloted initiatives to implement the risk management function and obtain Basel II certification for the entire financial group.


Mr. Gauvin had previously held various senior management positions in the financial sector, including Vice-President, Capital Markets at BMO Nesbitt Burns, Vice-President, Finance and Business Expansion at Royal Trust and Vice Chairman at Bank of America.


Mr. Gauvin is a member of Investors Group’s independent review committee; he recently chaired the investment committee at La Capitale Civil Service Insurer and Investissement Québec’s advisory committee on loans and investments, and served on the boards of directors of Fiera Private Debt and the Montreal Institute of Structured Finance and Derivatives (IFSID).


Mr. Gauvin has an MBA, finance option, from Concordia University and a bachelor of commerce from McGill University. He holds the ICD.D professional designation granted by the Institute of Corporate Directors.

David Bahan

David Bahan

According to the Loi sur Investissement Québec, the Deputy Minister of the ministère de l’Économie et de l’Innovation is an official member of Investissement Québec’s board of directors since December 11, 2019



Mr. David Bahan is Deputy Minister of the Ministry of Economy and Innovation since October 19, 2018.


He began his career at the Quebec Institute of Statistics as an economist. He then joined the Department of Finance a decade or so ago. He has held various positions including Director General, Personal Policy and Director General, Economic Policy. He was appointed Assistant Deputy Minister in 2013.


Mr. Bahan is a graduate of the University of Montréal where he completed a master's degree in economics in 1999.

Photo of Éloïse Harvey

Éloïse Harvey

President, Mecfor Inc.


Éloïse Harvey was appointed to the Board of Directors of Investissement Québec in July 2020.



Éloïse Harvey joined Mecfor, one of the member companies of Groupe Ceger, in 1999. She held various technical and administrative positions until she was appointed to the position of Director, Business Development in 2001.


In 2003, Ms. Harvey became Mecfor’s Vice President, Sales and Marketing. From 2005 to 2010, she was responsible for Mecfor’s corporate development. Following her appointment as President in 2010, she was also given the position of Vice President, Corporate Development at Groupe Ceger, which had four companies, with 800 employees and consolidated sales of almost $200 million in 2014.


Since February 2018, Ms. Harvey has been focusing her efforts on the presidency of Mecfor following the purchase of 65% of its shares by Halifax investment firm SeaFort Capital.


Ms. Harvey has a double bachelor’s degree in mechanical engineering and management from McMaster University
(Hamilton, ON).

Louise Sanscartier

Louise Sanscartier

Governance Consultant and Corporate Director
Independent Director

Louise Sanscartier was appointed to the Board of Directors of Investissement Québec in January 2013.



Ms. Sanscartier, a governance consultant and corporate director, was a senior partner at management consulting firm Interis Consulting Inc. for seven years and then a partner with BDO Canada from 2013 to 2015. She has over 35 years of experience in the financial sector and has completed a variety of mandates abroad as a governance consultant. From 1984 to 2003, she was a member of the management team at Fonds de solidarité des travailleurs du Québec, where she held various positions including Vice-President, Corporate and Technological Development.


Ms. Sanscartier is a founding member of the Cercle des administrateurs de sociétés certifiés (2008) and has been a member of the Institute of Corporate Directors since 2005. She chairs the boards of directors of the Ordre des pharmaciens du Québec’s professional liability fund and Femmessor Québec. She is also a member of the FERIQUE Funds independent review committee and an instructor for a module of the Governance program of the Collège des administrateurs de sociétés.


Ms. Sanscartier has a post-MBA degree in strategic management and change management as well as a master’s degree in project management from Université du Québec à Montréal. She also holds corporate director certification from Université Laval’s Collège des administrateurs de sociétés.

Lynda Durand


President and Co-owner of
Productions O.S.T.A.R. Inc.
Independent Director

Lynda Durand was appointed to the Board of Directors of Investissement Québec in December 2017.



Since 1997, Ms. Durand has been President and Co-owner of O.S.T.A.R. Productions Inc., which produces television programs, series and documentaries as well as corporate videos.


Ms. Durand graduated in law from Université de Sherbrooke in 1983 and was Legal Attaché and Deputy Prothonotary at the Sherbrooke courthouse from 1984 to 1985. From 1986 to 1990, she practised law with the firm Cuerrier, Hébert, Durand, avocats. During the same period, she taught negotiation at the École du Barreau du Québec and Université de Sherbrooke.


From 1990 to 1997, Ms. Durand was Vice-President of Québec’s Commission de la santé et de la sécurité du travail, where she was responsible for four departments: Legal Services, Communications, Human Resources and Material Resources. During that period, she also chaired the diversion committee, whose work led to the creation of the Commission des lésions professionnelles, the appeals tribunal for occupational accidents. Since 2014, she has been a certified corporate director, having studied at Université Laval’s Collège des administrateurs de sociétés.

Madeleine Féquière

Madeleine Féquière 

Director and Corporate Credit Chief
Independent Director

Madeleine Féquière was appointed to the Board of Directors of Investissement Québec in October 2014.



With over 25 years of experience, Ms. Féquière is a specialist in risk management and operations associated with business credit, in improving credit conditions and in global trade. She has worked on several continents in various sectors of the economy.


Since 2008, she has been Director and Corporate Credit Chief for Domtar’s worldwide operations. Between 2000 and 2008, she was Senior Director, Global Credit, of AbitibiBowater Corp. She previously served as Assistant Vice-President, Global Credit, at Teleglobe Canada (1998–2000), International Credit Manager for Microsoft/Softimage (1996–1998), National Credit Manager for Invensys Canada (1993–1998) and Regional Credit Manager at Archer Daniels Midland (1985–1992).


Recognized for her leadership and ability to develop and manage complex international business strategies, Ms. Féquière serves on the boards of public, governmental and non-profit organizations. She is President of the board of École supérieure de ballet du Québec and also sits on the board of the Québec Culture Capital Fund.


Ms. Féquière holds a Mini-MBA from McGill Executive Institute, a certificate in finance and credit from HEC/CIC and a BA from Concordia University, and has completed the ICD-Rotman Directors Education program.

Photo of Marie-Soleil Tremblay

Marie-Soleil Tremblay

Full Professor, École Nationale d’Administration Publique (ÉNAP)
Independent Director

Marie-Soleil Tremblay was appointed to the Board of Directors of Investissement Québec in July 2020.



Marie-Soleil Tremblay is a leader at Effet A and a member of the boards of directors of the Québec Port Authority and the Festival d’été international de Québec, chairing both audit committees. She also serves on the board of directors of the École nationale d’administration publique.


Dr. Tremblay has a doctorate in business administration from Université Laval and has authored several textbooks and articles about auditing, corporate governance, control and financial management. She is a Fellow Chartered Professional Accountant and a full professor at the École nationale d’administration publique. She serves on several editorial boards and is associate editor of Journal of Public Budgeting, Accounting & Financial Management and Accounting and the Public Interest.

Monette Malewski

Monette Malewski  

President and Chief Executive Officer
M. Bacal Group
Independent Director

Monette Malewski was appointed to the Board of Directors of Investissement Québec in October 2014.



Ms. Malewski has been the owner, President and Chief Executive Officer of M Bacal Group since 1998. Recognized today as one of the industry’s top insurance advisors, she was named one of Canada’s 50 Women of Influence in the life insurance industry by the Insurance & Investment Journal.


Ms. Malewski has held the positions of Assistant Executive Director of YM-YWHA Montréal Jewish Community Centres (1989–1992), Executive Director of the Association of Jewish Day Schools
(1981–1989) and President of the Federation of Teachers of Jewish Schools of Montréal (1970–1981).


She recently went back to school and now proudly bears the Family Enterprise Advisor (FEA) title.


A businesswoman, activist and renowned philanthropist, she has received numerous awards and honours during her career, including the Queen Elizabeth II Diamond Jubilee Medal. In 2015, she was the recipient of the Association of Québec Women in Finance “Inspiration – Andrée Corriveau” Award. She also received an honorary degree from the Hebrew University of Jerusalem.


The President of the Board of Directors of IQ Immigrants Investisseurs since 2013, Ms. Malewski is Director of several other organizations, including Anges Québec Capital, the Canadian Friends of the Hebrew University of Jerusalem and Montréal Relève.

Nicolas Duvernois


Founder and President and Chief Executive Officer of Pur Vodka and Romeo’s Gin
Independent Director

Nicolas Duvernois was appointed to the Board of Directors of Investissement Québec in December 2017.




Mr. Duvernois founded Pur Vodka in 2006, two years after obtaining his bachelor’s degree in political science at Université de Montréal. His company produces the first ultra-premium vodka made in Québec and has earned worldwide acclaim. 


As a speaker, author and blogger—but first and foremost, an entrepreneur at heart—Mr. Duvernois is very involved with young entrepreneurs. In 2016, he cofounded Adopt Inc., an organization that gives a helping hand to the next generation of business leaders by pairing them with successful entrepreneurs. Since 2016, he has also served as spokesperson for the Association des clubs entrepreneurs étudiants du Québec (ACEE) and as a coach at the École d’Entrepreneurship de Beauce. In January 2017, he was appointed President of the Jeune Chambre de commerce de Montréal (JCCM).



Contact your expert

Jean-François Brochu

Director, Business Intelligence, Montréal

514 873-7297