Fondaction Taps Impact Architect Stéphan Morency as New CEO

MONTRÉAL, QC – April 01, 2026 – Fondaction has named Stéphan Morency, a 15-year veteran of the organization and a recognized leader in sustainable finance, as its new President and Chief Executive Officer. The appointment, effective April 13, 2026, concludes a meticulously planned two-year leadership transition and places a seasoned impact investing proponent at the helm of the newly powerful combination of Fondaction and Bâtirente.

Morency steps into the role following the retirement of Geneviève Morin, who expertly guided the organization's growth and impact strategy. The move signals both continuity and a renewed ambition to expand the organization’s mission of leveraging collective savings for profound social and environmental change.

In a statement, Caroline Senneville, Chair of the Board of Directors, praised the transition. "Stéphan Morency is taking over as President and Chief Executive Officer as part of a thoughtful and carefully planned transition," she said. "Both an advocate and a financial expert, Stéphan embodies the organization's culture perfectly. His forward-thinking leadership, vision and ambition were universally lauded."

An Architect of Impact Takes the Helm

Morency’s appointment is widely seen as a doubling-down on Fondaction’s core identity. With over 25 years of experience, he has dedicated his career to the principle that finance can be a powerful tool for progress. "Finance can and must serve the common good," Morency stated, articulating a vision he intends to share with the entire movement. "We have a strong lever at our disposal: the ability to empower people by pooling their savings collectively and investing them in businesses, organizations and projects that have a positive impact."

His track record as Vice-President and Chief Investment Officer from 2019 to 2024 is a testament to this philosophy. During this period, Morency was the driving force behind some of Fondaction's most innovative and structuring initiatives. He was instrumental in creating Fondaction Asset Management (FGA), a subsidiary focused on developing high-impact financial solutions. He also spearheaded the creation of the Inlandsis Fund, one of North America's most significant funds for financing greenhouse gas reduction projects, and SOFIAC, a major initiative for energy efficiency projects.

His influence extends to specialized vehicles like the Angus Technopole Trust and the UPA-Fondaction Agricultural Trust, demonstrating a deep commitment to targeted, community-focused investments. This hands-on experience in building financial instruments for change gives him a unique perspective that transcends theoretical ESG frameworks. His international engagement as a member of the Investors' Council of the Global Impact Investing Network (GIIN) further positions him, and by extension Fondaction, at the forefront of global conversations on climate and social finance.

A Seamless Transition for Strategic Growth

This leadership change is the culmination of a long-term strategic vision. The two-year succession plan was initiated by outgoing CEO Geneviève Morin, herself a foundational figure who joined Fondaction at its inception in 1996. Morin’s tenure as CEO, which began in 2020, was marked by significant growth, with net assets climbing to $4.28 billion by late 2025. She is credited with establishing the first team in Québec entirely dedicated to impact investment and creating a robust system for measuring the real-world performance of Fondaction's portfolio companies.

Morency's succession is deeply intertwined with the organization's most significant recent evolution: the combination with Bâtirente. The merger, announced in late 2024 and effective from the start of 2025, brought together the labour-sponsored fund with a group retirement plan pioneer, creating an entity managing over $6 billion in assets for nearly 250,000 people. Morency was a key figure in this process, having been appointed Executive Vice-President, Strategy and Planning in 2024 with the specific mandate of defining the vision for the combined group. This role effectively served as his final preparation to assume leadership, ensuring the new CEO would not only understand the merged entity but would be one of its principal architects.

Powering Québec's Green Finance Engine

Under Morency's leadership, the combined Fondaction and Bâtirente is poised to solidify its role as a powerhouse in Québec's and Canada's burgeoning sustainable finance sector. The Canadian ESG investing market is projected to surge, reaching over $5.5 billion by 2030, driven by stricter regulations, a growing demand for measurable impact, and the national push toward a net-zero economy. Fondaction is uniquely positioned to capitalize on and lead these trends.

Operating alongside other major players like the FTQ Solidarity Fund and institutional giants such as the Caisse de dépôt et placement du Québec (CDPQ), Fondaction distinguishes itself with its deep, unwavering focus on impact. While ESG integration has become a standard practice for most Canadian investors, Fondaction's approach goes beyond risk mitigation. As articulated by Morency, the goal is to actively "finance change."

His involvement with the Canadian Impact Investing Working Group, which published recommendations to scale the sector, underscores a vision that extends beyond his own organization. He aims to help transform the entire financial ecosystem by aligning investor values with tangible outcomes. This perspective suggests that Fondaction's strategy will increasingly focus on sophisticated, and at times complex, investment decisions.

Insights from a 2025 podcast featuring Morency reveal a leader who grapples with the nuanced "tensions between return and responsibility." He acknowledges the trade-offs and grey areas inherent in impact investing, signaling a pragmatic and mature approach necessary to navigate the complexities of aligning societal values with market performance. This balance of idealism and realism will be critical as he guides the organization in deploying its substantial capital to foster a more sustainable and equitable economy.