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À chaque mois, nous abordons un thème différent avec un mot de la direction ainsi que de courtes vignettes portant sur les fonds, les philanthropes et les organismes qui forment la communauté de la FGM en se mettant à l’écoute et au service de la communauté du Grand Montréal.
Each year, as part of the Foundation’s Annual General Meeting, the Board of Directors and each of its Committees table their reports. Here they are :
Over the past year, the Board of Directors held ten meetings, reviewing many matters related to the implementation of the Foundation’s 2022–2026 Strategic Plan. Most notably, the Board:
Two long-standing members left the Board in 2025. They are Suzanne Gouin, who had chaired the Governance and Human Resources Committee since joining it in 2015, and Diane Tsonos, who had been a Board member since 2015, as well as a member of the Community Engagement Committee since 2001 and later its chair. I extend my warmest thanks to them both for their outstanding work over the years.
The year was marked by our celebration of the Foundation’s 25th anniversary and other key events:
Finally, the Board of Directors initiated a recruitment process to fill the position of President and CEO, following the departure of Karel Mayrand, who had headed up FGM for five years. We appointed Marie‑Andrée Farmer, Director of Strategic Initiatives and Community Partnerships, as Interim President and CEO. Throughout this transition period, she ensured the continuity of our operations with diligence and kindness. We extend our deep gratitude to her for her dedicated service.
We formed a selection committee, made up of four Board members: Karen Macdonald (Chair), Frédéric Lavoie (Vice-Chair), Anick Morin (Chair of the Governance Committee), and Élise Proulx. The committee retained the services of Boyden, a leadership advisory firm, to assist with the process. After a public recruitment process and over 15 meetings, the Foundation hired our new President and CEO, Luc Rabouin, who will assume the role on January 19, 2026.
I would like to express my deep gratitude to the current members of the Board, external committee members, fund creators, our outgoing and interim CEOs, as well as the entire FGM staff and all of the Foundation’s members. Your dedication is essential: it is thanks to all of you that the Foundation can fulfill its mission. Long live the Foundation of Greater Montréal!
Karen Macdonald
Chair of the Board of Directors, FGM
Retired journalist and organizations administrator
Over the past year, members of FGM’s Community Engagement Committee have continued to support the team in implementing the Strategic Distribution Framework, as well as the values and principles that underpin it, across all aspects of the Foundation’s work.
The committee, notably through a subcommittee involving Richenda Grazette and Pilar Hernandez Romero, thus guided the development of the 2026–2027 edition of FGM’s Collective Fund for Social Equity. For the very first time, and with the support of the consulting firm Saltwater, members co-created the main areas of support for this new version of the Fund during a day-long ideation session. We reflected on the issues most affecting historically marginalized populations in Greater Montreal, with a view to combating social inequalities and reaffirming the values of justice, equity, diversity, and inclusion that characterize the Foundation’s work. The new Collective Fund for Social Equity launched in early 2026.
Regarding the Collective Fund for Climate and Ecological Transition, the committee approved financial support for the 16 selected initiatives, totaling $800,000 over two years. I would like to highlight the involvement of Marc Nisbet and Manda Razafimahefa on the subcommittee that oversaw this edition of the Fund. As a reminder, this initiative aims to support the most relevant responses to the environmental and social challenges of our time — responses that are created by and with the people and communities most affected by those challenges. Also in line with FGM’s commitments towards ecological transition, we renewed our support for the Montreal Climate Partnership, and participated in a workshop designed to strengthen collaboration and complementarity between institutions and social movements working to address climate change.
The committee also approved the Foundation’s community engagement budget and the financial support granted through the Women’s Impact Montréal Collective Fund, and contributed to identifying other major projects supported by the FGM, namely the defense of environmental rights and support for independent local media.
I will close by thanking all members of the committee and the Foundation’s community engagement team for their involvement throughout the year. As the newly appointed chair, I could not have asked for a better team around me. In particular, I want to highlight the invaluable contributions of two outgoing members, Malvina Klag and Corinne Charette, our newest member Claudine Gagnon, and Grace Laing Hogg, whose participation on both the community engagement and philanthropic development committees helped foster better alignment between these two key bodies within FGM.
I also want to express the committee’s gratitude to Native Montreal, which warmly welcomed one of our meetings and allowed us to visit their family health clinic — a wonderful example of what our community can accomplish on the long and winding road to reconciliation.
Pascal Grenier, Committee Chair
Board Member, FGM
Chief Executive Officer, Sillons
In 2025, FGM’s philanthropic development committee met six times. During these meetings, members provided guidance and support for the development team’s work, particularly in connection with the celebrations marking the Foundation’s 25th anniversary. These celebrations gave rise to several significant events through which the contributions of our donors and fund creators were highlighted and celebrated.
Committee members followed with great interest the lecture delivered by former FGM President and CEO Karel Mayrand before the Chamber of Commerce of Metropolitan Montreal in April, as well as the Foundation’s anniversary evening in October. Members also reviewed the outcomes of these events, along with those of the awareness campaign “You donate, we make money“.
The committee also examined the project to implement a new CRM system, which is of particular importance to the Foundation’s philanthropic development team. The strategic direction of the FGM’s Ambassador Network was likewise the subject of in-depth reflection throughout the year.
I take this opportunity to warmly thank the current members of the Network for their trust and commitment to the Foundation: Francine Veilleux, Marie Paule Marelli, Mokhtar Amami, Michael Novak, Michel Jacques, Pierre Chamberland, Pierre Sheridan, Sophie Labrecque, Ruben Antoine, Gabriel Jean-Simon, Diane Izzy-Gosselin, and Lise Bourcier.
I also note that two Board members created their own funds at FGM this year: Karen Macdonald and Raff Paquin. Congratulations on your generosity and your commitment to the Greater Montreal community!
Furthermore, the committee was able to deepen its collaboration with the community engagement committee through the participation of one of its members, Grace Laing Hogg. I thank her for this important liaison work. I also wish to welcome a new member to our committee, Frédérique Steenackers, and thank her for her active participation and great availability.
In closing, I would like to acknowledge the tremendous work accomplished throughout her tenure by Linda Tchombé, the Foundation’s former Director of Philanthropic Development, who departed from her role last year. I also wish to thank Yacine Bouzid, who capably served as interim director, along with his team, for their efforts throughout the year.
Frédéric Lavoie, CPA, Committee Chair
Vice-Chair of the Board of Directors, FGM
Partner, PwC
Market Review
The year 2025 was marked by strong performance from risk assets, driven by economic resilience in North America and an easing of monetary policies. Declining interest rates across most regions, combined with a weakening Canadian dollar, created a favourable environment for multi-asset, geographically diversified portfolios. The year closed on a positive note for global markets, supported by employment conditions and growth that proved more robust than anticipated, marking a third consecutive year of significant gains. It is worth noting, however, that market performance remained highly concentrated: in both the United States and Canada, nearly 80% of gains were attributable to the materials and financial services sectors.
A Historic Milestone and Strong Returns
The Foundation of Greater Montreal Investment Fund (FGMIF) generated an absolute return of 10.81%, benefiting from its significant exposure to international equities and the strength of global equity markets. While this result fell 211 basis points below its benchmark, the five-year performance remains solid at 7.05%, surpassing our long-term return objective of 6.5%. As of December 31, 2025, the value of the FGMIF reached $499M, a growth of $33M compared to the previous year.
The year 2025 will stand as a historic milestone for the Foundation: total assets — comprising both FGMIF and non-FGMIF assets — reached $502M, surpassing the $500 million mark for the first time since the Foundation’s creation in 2000.
At a time when funding sources for many community organizations are drying up and needs on the ground are intensifying, the ability to generate strong returns is vital to the long-term sustainability of our philanthropic mission.
Strategic Deployment
The Foundation of Greater Montreal is committed to upholding the highest standards of governance and responsible investment management. In this context, we continued the deployment of our investment policy, applying rigorous analytical discipline to balance return optimization, financial risk management, and alignment with FGM values.
In 2025, we strengthened portfolio diversification through the addition of new alternative investment mandates:
To date, our capital is managed by 11 investment management firms across 14 distinct mandates. To ensure leading-edge governance, the investment committee met five times in 2025, supported by the impact investing committee.
Fiduciary Duty and Catalyst for Change
Fully committed to its fiduciary duty, FGM ensures rigorous and prudent management of its assets, consistently placing the interests of its donors at the heart of every investment decision. This financial discipline aims for the sustainable growth of capital in order to guarantee the stability of our philanthropic mission and the continuity of the support we offer to our partners and beneficiaries.
Beyond the annual distribution of grants, the Foundation now mobilizes its capital as a strategic lever in service of the community. While rigorously pursuing our decarbonization trajectory toward 2035, we favour a pragmatic approach that allows us to concretely finance the energy transition within our communities. As a foundation deeply rooted in Greater Montreal, it is our responsibility to support our community by prioritizing local partnerships and actively participating in the sharing of best practices in sustainability.
I wish to express my deepest gratitude to all members of the investment committee and the impact investing committee. Their exemplary commitment and active contribution at each of our meetings are invaluable. I also thank the members of the FGM Board of Directors for their support, their vision, and their renewed trust.
Finally, I extend my most sincere thanks to the many donors and organizations who entrust us with their capital: your trust is the very foundation of our work, and it is an honour we hold close every day.
Valérie Cecchini, M.Sc., CFA, CPA, Committee Chair
Board Member, FGM
Co-Founder, Borealis Global Asset Management
Since its founding, the Foundation of Greater Montréal has been committed to maintaining standards of excellence in both its financial management and its accountability practices. It is through the audit committee that the Board of Directors ensures the maintenance of sound governance practices in this regard. The audit committee currently consists of seven members: five members of the board of directors and two independent external members.
The committee met five times in 2025, notably to monitor the FGM’s and FGMIF’s quarterly and annual financial results (including the budget preparation process and its periodic follow-up), and to advance various files: follow-up on the cybersecurity work plan, updating of the risk management table and business continuity plan, revision and updating of administrative policies, monitoring of various legal requirements, review of the annual audit results, digital transformation, and auditor evaluation.
The Foundation’s financial results for 2025 were shaped by the positive performance of financial markets over the course of the year, resulting in net income of $32.3M. This includes a positive change in the unrealized fair value of investments of $8.8M and a surplus of revenues over expenses of $23.5M. In addition to new contributions received, market returns increased the value of FGM’s investments from $345.1M to $378.7M for the period ending December 31, 2025.
On the FGMIF side, assets under management grew from $466.9M to $501.9M, an increase of $35M. When the investments managed by FGM on behalf of other organizations are added to FGM’s own investments, total funds managed by the Foundation reached $523.3M as of December 31, 2025.
Thanks to the trust of donors and the contribution of government programs, gifts to the FGM exceeded $21M in 2025. The audit committee takes great pride in, and is highly confident about, the Foundation’s financial health.
Toni Dilli, CPA, CFA, Committee Chair
Treasurer of the Board of Directors, FGM
Managing Partner – Audit & Assurance, Québec, KPMG
The governance and human resources committee held a total of eight meetings in 2025. Over the course of the year, the committee notably:
Me Anick Morin, Committee Chair
Secretary of the Board of Directors, FGM
Lawyer and founder, AM Solutions légales et de conformité
In 2025, the Foundation continued to advance the integration of impact investing within the management of its endowment. By aligning a growing portion of its capital with its mission, we seek to mobilize financial resources to support more inclusive, resilient and sustainable communities across Greater Montréal and Québec.
The creation of the Impact Investing Committee (a subcommittee of the Investment Committee), bringing together leading expertise from across Québec’s philanthropic, financial and economic ecosystem, was the first step on this path. I want to thank its members, whose contributions strengthen the Foundation’s financial governance as well as the alignment between FGM’s mission and its portfolio.
FGM updated its Investment Policy Statement to formally integrate impact investing within its portfolio management framework.
This update includes clearly defined governance roles and responsibilities, strengthened due diligence and manager selection criteria, structured integration of risk, return and impact, enhanced monitoring and reporting requirements, and safeguards ensuring the continued protection of the foundation’s fiduciary responsibilities.
During the year, the Foundation also worked with a specialized advisory firm to develop the vision, mission and strategic framework guiding its impact-investing approach. This process will allow us to align capital deployment with FGM’s mission and programs, identify sectors where catalytic capital can create the greatest impact and establish a long-term roadmap to scale impact investing within the portfolio.
The Committee also ensured the delivery of a series of training sessions throughout the year for FGM’s Board of Directors, Executive Committee and staff. These sessions aimed to strengthen internal expertise, build a shared understanding of impact investing, and increase awareness of the transformative potential of mission-aligned capital.
FGM committed to allocating 8% of its endowment portfolio to impact investments, representing approximately $22 million in committed capital at the end of 2025. This year, FGM made a $10 million commitment to the Amplifier Fund, and invested $2.5 million in the Theia Workforce Housing Decarbonization Fund IV. Those two funds contribute to the development of solutions to increase access to affordable housing.
Through strengthened governance, strategic alignment and disciplined capital deployment, the Fondation du Grand Montréal continues to build a mission-aligned investment portfolio capable of generating both financial performance and lasting impact for the communities it serves.
Kenny Tang, CFA, CPA, FRM, Commitee Chair
Board Member, FGM
Chief Compliance Officer and ESG Leader, Trans-Canada Capital Inc.
Over the past year, the Board of Directors held eight meetings, which focused on several items in pursuit of the objectives defined in the Foundation’s 2022–2026 Strategic Plan. Most notably, the Board:
Three members left the Board in 2024, at the end of their respective terms. My warmest thanks to Kathy Fazel, Eric Lapierre, and Angelina Mehta for their dedicated efforts in advancing the Foundation’s development over the past few years.
I would also like to thank all current Board and committee members, our President and CEO, and all FGM staff and members. Your contributions are vital; without you, the Foundation could not fulfill our mission of serving the communities of Greater Montreal.
Karen Macdonald
Chair of the Board of Directors, FGM
Retired journalist and organizations administrator
In 2024, the Community Engagement Committee supported the FGM team in their efforts to implement the principles of trust-based philanthropy and participatory grantmaking. Actions were taken to strengthen the predictability and transparency of the Foundation’s granting programs, including establishing a biannual deployment schedule for the Collective Fund for Climate and Ecological Transition and the Collective Fund for Social Equity, among other things. The Foundation ranked 11th on the Top 50 Equitable Funders list for Canada this year. We are grateful for this recognition, even as we remain aware that these practices are ever evolving and that we must continue to be attentive to the needs of our communities.
With this in mind, the Committee also reflected on the real impact our grants can have on the organizations we support and the causes they champion. Impact is a multidimensional concept that extends far beyond funding. For instance, we are endeavouring to better acknowledge the expertise and activities of organizations working on the ground. Cognizant of the many issues frontline workers must contend with, we are implementing initiatives to improve support for their well-being. We are also seeking to foster the development of systemic solutions through our funding priorities. These efforts have been shaped by conversations with representatives from organizations working on the ground. Mindful of our position as a funder, we aim to establish open, ongoing dialogue with these organizations and the communities they serve. This will undoubtedly be one of the Committee’s priorities in 2025 and beyond.
Our commitment to thoughtfully exploring the best ways to practice philanthropy and support our communities also led to our attendance of a workshop on reconciliation provided by Tshuapamitin in summer 2024. The workshop offered Committee members an excellent opportunity to decentre our own experiences, take in new perspectives, and begin an ongoing reflection on the roles we can play and concrete actions we can take in the process of reconciliation with Indigenous peoples, both as members of FGM and as individuals.
The Committee also approved the grants allocated by the Foundation’s Collective Funds, namely the Collective Fund for Climate and Ecological Transition, the Women’s Impact Montréal Collective Fund (WIM Fund), and the Collective Fund for Social Equity. From now until 2026, the latter will retain its focus on backing organizations and initiatives that support asylum seekers, refugees, and migrants without status or whose status is temporary or precarious, as you are likely already aware.
We are particularly proud of this iteration of the Fund, which is supporting a diverse range of organizations, groups, and citizen-led projects that respond to pressing and immediate needs that are all too often overlooked by public and philanthropic funding. The Foundation has made significant efforts to catalyze a collective response and channel available resources toward this vital issue. On that note, I would like to thank the Trottier Family Foundation, who donated more than $1 million to this initiative, enabling us to provide funding to six additional organizations on top of the 16 that were previously confirmed. In total, the Fund will grant nearly $4 million to 22 organizations by 2026—a record for an FGM Collective Fund.
On a more personal note, 2024–2025 marks the end of my involvement as Chair of the Community Engagement Committee and as a member of FGM’s Board of Directors, after fulfilling four terms. I would like to express my gratitude to all of the colleagues I have worked with over my years here. I have learned a great deal from you, and I am very proud of the work we have accomplished together in helping the Foundation grow and better fulfill its mission for the benefit of all communities in Greater Montreal. Thank you very much!
Diane Tsonos, LL. B., TEP, Committee Chair
FGM Board Member
Tax Partner and Lawyer, Richter LLP
The Philanthropic Development Committee met five times this year to support the implementation and success of the Foundation’s Philanthropic Development Plan.
The Committee members also participated in the conceptualization of FGM’s awareness campaign in honour of the Foundation’s 25th anniversary, helped finalize the fund creators’ experience program, including the loyalty plan, and helped consolidate the Ambassadors Network. The committee also examined the potential impacts of the updated fee schedule on fund creators.
On the topic of the Foundation’s Ambassadors Network, I wish to extend my gratitude to its members: Francine Veilleux, Marie Paule Marelli and Mokhtar Amami, Michael Novak, Michel Jacques, Pierre Chamberland, Pierre Sheridan, Sophie Labrecque, Ruben Antoine, and Gabriel Jean-Simon. Thank you for your contributions over the past year.
At the end of 2024, the Foundation also lost one of its greatest ambassadors, with the passing of Pierre Comtois. Mr. Comtois had worn many hats at FGM—fund creator, member of the Board of Directors, honorary member and member of the Ambassadors Network. We are grateful to him for his tremendous contributions to the Foundation over the past 15 years.
I would also like to thank every member of the Philanthropic Development Committee for the time and effort they have devoted to our work. Three new members joined the Committee this year: Jean-François Fontaine, Grace Laing Hogg, and Raff Paquin. Thank you for your involvement and sound advice. In closing, I would also like to express my gratitude to our two outgoing members, Samia Medelci and Mahalia Verna. Thank you for your contributions and dedication!
Frédéric Lavoie, CPA, Committee Chair
Vice-Chair of the Board of Directors, FGM
Partner, PwC
The assets of the Foundation of the Greater Montréal Investment Fund (FGMIF) stood at $466.9 million as at December 31, 2024, up $70.6 million from the previous year. This growth is attributable to a $32.8 million increase in unrealized capital gains on investments, net investment income of $28.3 million, and net contributions of $9.5 million (reflecting $28.7 million in gross contributions and $19.2 million in withdrawals).
The FGMIF’s gross return for 2024 was 16.1%, bringing its five-year annualized gross return to 7.16%. Of the eight actively managed funds in the FGMIF portfolio, five outperformed their benchmarks. When including assets managed outside the FGMIF, FGM’s total assets amounted to $483.5 million at the end of 2024.
The Committee met seven times over the course of the year. Particularly notable actions include finalizing the choice of Normandin Beaudry as investment advisor and establishing the terms and conditions for the transfer of the FGMIF portfolio to its new manager, iA Global Asset Management, which officially took place on June 30, 2024. During a working group meeting, the Committee also selected the composition of the transition portfolio to enhance its sustainability attributes and reduce its carbon footprint, while maintaining a similar return profile. At two other working group meetings, it selected sub-managers for various asset classes to meet the objectives of our Responsible Investment Strategy, adopted in 2021.
In terms of impact investing, the Committee established the Impact Investment Subcommittee to support its work in this area. It also approved a third impact investment in a fund that finances projects in the climate, health, and education sectors, primarily in Canada.
Finally, in addition to overseeing and reviewing the continued application of its investment policy, the Committee recommended that the Board of Directors increase the distribution rate to 4.25% for 2025. This rate takes into account the reserves accumulated in recent years and the needs of beneficiary organizations, while safeguarding future distributions. The Board of Directors approved the Committee’s recommendation at its meeting held on December 11, 2024.
I would like to extend my heartfelt thanks to all Investment Committee and Impact Investment Subcommittee members for their exemplary commitment and active participation in every one of our meetings—we have made significant progress thanks to your contributions. I would also like to thank the members of FGM’s Board of Directors for their unwavering support and insightful leadership. Finally, I wish to warmly thank Geneviève Bouthillier and Kathy Fazel, who are stepping down from the Committee. Their contributions throughout their terms have been invaluable and are truly appreciated. Thank you all for your dedication and hard work.
Valérie Cecchini, M.Sc., CFA, CPA, Committee Chair
FGM Board Member
Managing Partner, Borealis Global Asset Management
Since its creation, the Foundation of Greater Montréal has been dedicated to maintaining the highest standards of excellence, both with respect to its financial management practices and its accountability. It is via the Audit Committee that the Board of Directors ensures sound governance practices are adhered to at all times. The Audit Committee is currently made up of seven people: five members of the Board of Directors and two independent external members.
The committee met on six occasions in 2024, primarily to track FGM’s and the FGM Investment Fund (FGMIF)’s quarterly and annual financial performance (including budget preparation and monitoring) and to make progress on several initiatives. These initiatives include following up on the cybersecurity work plan, updating the risk management table and business continuity plan, reviewing and updating administrative policies, ensuring compliance with legal obligations, reviewing annual audit results, overseeing server migration, and evaluating the external auditor.
The Foundation’s financial performance in 2024 was significantly influenced by strong financial market performance over the course of the year, leading to a net income of $54.9 million. This included a $22.8 million gain from positive changes in the unrealized fair value of investments and a $32.1 million excess of revenue over expenses. In addition to new donations, market returns increased the value of FGM’s investments from $287.3 million to $345.1 million in the period ending December 31, 2024.
The FGMIF’s net assets grew from $396.3 million to $466.9 million—an increase of $70.6 million. When we include the investments FGM manages on behalf of other organizations, the grand total of funds under FGM management was $483.5 million as at December 31, 2024, up $69 million from the previous fiscal year.
Thanks to the trust our donors placed in us and support from government programs, FGM received more than $31 million in donations in 2024. The Audit Committee is very proud of these results and has full confidence in the Foundation’s continued financial health.
Toni Dilli, CPA, CFA, Committee Chair
Treasurer of the Board of Directors, FGM
Partner, Audit, KPMG
The Governance and Human Resources Committee held a total of six meetings in 2024. The Committee accomplished the following over the course of the year:
Suzanne Gouin, Committee Chair
Board Member, FGM
Corporate Director
Please note that, for years prior to 2024, committee reports can be found in FGM’s Annual Reports.