Symposium: Portfolio Decarbonization - Issues and Challenges


Tuesday 12 Nov 2019
From 2:30PM To 6PM

Event organized in collaboration with

This symposium was sponsored by the Desjardins Centre for Business Finance Innovation (Concordia University), the Stephen A. Jarislowsky Chair in Corporate Governance (Concordia University) and the Financial and Organizational Information Chair (CIFO, ESG-UQAM).


Climate change, along with its socio-economic consequences, has implications for the construction of investment portfolios, particularly for institutional investors, whether they are managers or asset owners.

The purpose of this CIRANO Symposium was to discuss the conceptual and practical issues arising in portfolio management in this new environment, including corporate disclosure as well as measurement and analysis of the impact of greenhouse gases. We also discussed the asset allocation challenges facing institutional investors. The symposium adopted a practical orientation and concluded with a panel discussion of managers who took stock of the issue based on their experience.

Denis Cormier

Professor, Department of Accounting Sciences, ESG-UQAM

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Nathalie de Marcellis-Warin

A CIRANO Researcher and Fellow since 2003, Nathalie de Marcellis-Warin has been President and Chief Executive Officer of CIRANO since 2016, has been leading the Baromètre CIRANO project on risk perception in Quebec, which annually collects data on Quebecers' concerns on 47 social issues since 2011, is responsible of the CIRANO Pole on the Socio-economic Impacts of Digital Innovation and AI and Main Researcher of the theme Innovation and Digital Transformation. Nathalie de Marcellis-Warin is Full Professor in the Department of Mathematics and Industrial Engineering at Polytechnique Montréal. She is also a Visiting Scientist at Harvard T. Chan School of Public Health and an associate researcher at the Institute for Data Valorization (IVADO).

Holder of a Ph.D. in Management Science (in risks and insurance management) from École normale supérieure de Cachan, her research interests focus on risk management and decision-making in different risks and uncertainty contexts as well as public policies. Her research combines economic analysis, cost-benefit analysis, survey data analysis, and more recently massive unstructured data analysis.

In 2008 she created the RISQH network to raise awareness and share experiences on risks management, and patient safety and quality of care in health care facilities.

She participated in the creation of the Montreal Declaration for a Responsible Development of AI.

She is also co-PI of the "Monitoring and Surveys" function at the International Observatory on the Societal Impacts of AI and Digital Technology.

She has published numerous scientific articles, several books and more than 30 reports for government and other organizations. She has given more than a hundred conferences and is regularly solicited to speak in the media.

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Martin Latulippe

Director of Continuous Disclosure, Autorité des marchés financiers

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Michel Magnan

A CIRANO Researcher and Fellow since 2003, Main Researcher of the theme Governance and Financial Markets, Michel Magnan is Professor and the Stephen A. Jarislowsky Chair in Corporate Governance at the John Molson School of Business of Concordia University.

Holding a Ph.D. in Business Administration from the University of Washington, his research, teaching and professional interests encompass financial reporting, financial statement analysis, governance, executive compensation, ethics and the environment, and corporate disclosure.

His academic career spans over 30 years. He is the author or co-author of more than 100 papers that have been published in academic and professional journals and has presented his work at several conferences in America, Europe and Asia. He is currently Consulting Editor of Contemporary Accounting Research, Section Editor of the Canadian Journal of Administrative Sciences and Associate Chief Editor of Revue française de gouvernance d’entreprise. He is a member of the Canadian Accounting Standards Board.

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Bertrand Millot

Vice-President and Chief of Responsible Investing, Caisse de dépôt et placement du Québec
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Marie-Josée Privyk

ESG Advisor, FinComm Services
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Nicolas Richard

Nicolas Richard is Chief Operating Officer at Desjardins Global Asset Management. He started his career in 1995 with Citigroup, where he worked in portfolio management, research and financial strategy before becoming Managing Director at Morgan Stanley Smith Barney. Prior to his current leadership role, he headed Desjardins Global Asset Management’s Systematic  trategies and Asset Allocation activities.

Mr. Richard has a Master’s degree in Finance from the London Business School and a Bachelor’s degree in Actuarial Science and Mathematics from Université de Montréal.

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Mario Tremblay

Vice-President, Public and Corporate Affairs, Fonds de solidarité FTQ
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14:30 - 14:35
14:35 - 14:50
Decarbonization and Financial Markets
Michel Magnan, Denis Cormier
14:50 - 15:10
Portfolio Decarbonization – The Experience at the Caisse
Bertrand Millot
15:10 - 15:25
Corporate Disclosure – New Regulatory Context
Martin Latulippe
15:25 - 15:40
Portfolio Decarbonization – The Experience at Desjardins
Nicolas Richard
15:40 - 15:50
15:50 - 17:00
Panel Discussion
Michel Magnan, Martin Latulippe, Bertrand Millot, Nicolas Richard, Marie-Josée Privyk, Mario Tremblay
17:00 - 17:05
Closing Remarks
17:05 - 18:00


1130 Rue Sherbrooke Ouest, Montréal, QC H3A 2M8, Canada

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