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.


Update to come

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.

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.

Geneviève Morin

Geneviève Morin

Chief Executive Officer
Anges Québec Capital

Geneviève Morin was appointed to the Board of Directors of Investissement Québec in October 2014.



Named President and CEO of Anges Québec Capital in February 2019, Geneviève Morin previously held the post of Chief Investment Officer of Fondaction, the CSN’s development fund for cooperation and employment, from 2011 to 2019. She had been with the organization since its creation, first as Administration and Finance Coordinator and then as Chief Financial and Corporate Development Officer.


Before joining Fondaction in 1996, she held various positions with Desjardins Group, including Senior Credit Advisor, Senior Development Advisor and Management Training Officer. She also sits on the Board of Directors of Filaction, the Canadian Venture Capital Association and Réseau Capital, where she served as Co-President from 2010 to 2012.


Ms. Morin has an MBA in Finance from HEC Montréal and a bachelor’s degree in Economics from Concordia University. She has also completed training as a securities dealer.

Jean Landry

Jean Landry

Independent Director

Jean Landry was appointed to the Board of Directors of Investissement Québec in March 2015.





From 1981 to 2004, Mr. Landry held several management posts at Desjardins General Insurance and served as President of Desjardins Trust. He began his career as an auditor with large accounting firms and later went on to teach at HEC Montréal, the Insurance Institute of Canada and Université Laval.


Mr. Landry worked as a consultant to the Association des courtiers et agents immobiliers du Québec from 2006 to 2010. He has also served on several boards of directors. He now sits on the board of the Ordre des pharmaciens du Québec and the Fonds
d’assurance-responsabilité professionnelle of the Chambre des notaires du Québec.


A member of the Ordre des comptables professionnels agréés du Québec (CPA, CA), Mr. Landry is a graduate of Harvard Business School’s Advanced Management Program and received his master’s degree in commercial sciences from Université de Sherbrooke. He also holds certification in corporate governance from the Collège des administrateurs de sociétés at Université Laval.

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.

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.

MONIQUE F. LEROUX, Independent Director


Independent Director

Monique F. Leroux serves as independent director of Investissement Québec after having chaired its Board of Directors from April 2016 to January 2020. She also chaired the Québec government’s Advisory Council on Economy and Innovation. She is also a member of the Canada-United States Council for Advancement of Women Entrepreneurs and Business Leaders and the co-chair of the B7 Summit in Canada.





Ms. Leroux is a Fellow of the Institute of Corporate Directors (F.ICD) and an independent director of Bell (BCE), Couche-Tard (ATD), Michelin (ML) and S&P Global (SPGI). She also acts as Strategic Advisor at Fiera Capital, Deputy Chairman (Canada) of the Trilateral Commission and member of the Board of Directors of Lallemand, a privately owned company with a presence in more than 40 countries. She will be inducted into the Canadian Business Hall of Fame in 2018.


She served as Chair of the Board, President and Chief Executive Officer of Desjardins Group, the leading cooperative financial group in Canada, from March 2008 to April 2016. Under her leadership, Desjardins significantly grew its Canadian activities while ranking among the five strongest financial institutions in the world, according to Bloomberg. Prior to taking on this important role, Ms. Leroux served as Chief Financial Officer of Desjardins Group, Senior Vice-President at RBC, Chief Operating Officer at Quebecor Inc., and Partner at Ernst and Young (EY) in Canada.


From 2015 to 2017, Ms. Leroux was also President of the International
Co-operative Alliance (ICA), a global organization representing over 2.5 million enterprises and generating over $3,000 billion in revenue in more than 100 countries.


Ms. Leroux was Co-Chair of the B20 SME Cross-thematic Group (2017) and chaired the High Level Contact Group of the European Association of
Co-operative Banks (EACB). She also represented the Canadian business group at the B7 Summit in Berlin, and took part in the G7 Forum for Dialogue with Women as well as the G20 Leaders’ Summit in Germany.


Ms. Leroux has received a number of honours, including being named a Member of the Order of Canada, an Officer of the Ordre national du Québec and a Chevalier of the Légion d’Honneur (France). She is also a recipient of the Woodrow Wilson Award (United States) and a Lifetime Achievement Award from the Ordre des comptables professionnels agréés du Québec, as well as a Fellow of the same order. In addition, she holds honorary doctorates from eight Canadian universities. She was recently made an “honorary citizen” of the city of Lévis in recognition of her exceptional economic and societal contribution.


Ms. Leroux lends her time to a host of not-for-profit organizations and is particularly dedicated to education and youth. She is a member of the Board of Directors and Executive Committee of the Governor General of Canada’s Rideau Hall Foundation and was president of the 2013 Canada Games (in Sherbrooke).

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

Richard Deschênes

Project Manager, Development of International Subsidiaries, Montréal

514 873-4664