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Briefing

Canada Infrastructure Bank CEO departs as Michael Sabia becomes board chair

Pierre Lavallée is leaving to “pursue other opportunities,” the Crown corporation announced in a Friday afternoon news release. Annie Ropar, chief financial and administrative officer, will take interim charge. Sabia, the former CEO of the Caisse de dépôt et placement du Québec, will replace ex-RBC CFO Janice Fukakusa as board chair on April 15. (The Logic)

ESG funds are outperforming the market

Sixty-two per cent of large-cap equity funds under the environmental, social and governance (ESG) banner beat the MSCI World index in March, which fell 14.5 per cent that month. (Financial Times)

U.S. Federal Trade Commission says Altria’s investment in Juul is anti-competitive

The antitrust agency alleges tobacco giant Altria exited the e-cigarette market and agreed “not to compete in return for a substantial ownership interest in Juul”—35 per cent of the company, for which Altria paid US$12.8 billion in December 2018. The administrative trial is scheduled to begin on Jan. 5, 2021. Juul declined to comment to The Wall Street Journal. Altria general counsel said its investment “does not harm competition.” (The Logic, The Wall Street Journal)

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