A CMA at the top of her form

“I am often the one who is hired when there is a need for change,” says Monique F. Leroux, Chief Financial Officer of the Desjardins Group since August 2004. “And I feel like I have succeeded, with the help of colleagues, in making a definite difference,” adds this incredibly energetic manager in the same breath. This quality is even more apparent considering that she is being interviewed by CMA Elite on the very morning that she returns to work after a wonderful vacation filled with long bike rides.

'Work, discipline and balance' is Monique F. Leroux's philosophy. “In that order,” she explains when asked to give some advice to future CMAs. Describing herself as a woman of action, both pragmatic and cautiously optimistic, she foresees a woman becoming president of a large Canadian financial institution in the near future, without stating explicitly that she could be a candidate.

“I am convinced that it will happen in the next five to ten years,” she predicts. “You need only to look back about 25 years to see just how much ground has been covered. When I was a student of accounting and finance, women were in the minority in universities, definitely less than 20%. They were missing from management, except perhaps in human resources and communications. Today, women make up more than half of all recruits at commerce schools. And male-female parity is now a reality among professionals in financial institutions. This is an irreversible trend. That said, to become part of the executive management of a big company, you not only have to go to school, but you must also have the experience, skills, maturity and network. Naturally, that all takes some time.”

Next step politics? A wide smile lights up Monique F. Leroux's face. Since she isn't a politician, we'll play the game of hypothetical situations. What would she choose between being the president of a bank, premier of Quebec or prime minister of Canada? “That's a tough question,” she begins. “Although these roles are different, they have something in common,” she continues. “Both involve economic and financial responsibilities that have a huge social impact, and that is why we can fulfill these roles only by winning others' confidence and showing discerning leadership.” Once again, she is careful not to say whether she may one day take this step.

Later in the interview, this outstanding speaker, who has been invited to speak in Canada and Europe, confides that her favorite topic is public finance. “Major progress has been made in Canada, and there are some big challenges in Quebec,” she points out. “But we are fortunate that we have many natural resources.” Is that the beginning of a political agenda? Another smile appears. “I must say that I have the pleasure of working with the Desjardins economic group that has conducted studies with excellent possibilities for solutions,” she says, in an elegant conversational pirouette worthy of a seasoned politician.

Monique F. Leroux's major professional fascination is finance, which, according to her, is the backdrop for all economic activity. But she also has a wide range of other interests: cooking, the arts and gardening. She spends her time doing these between cycling or cross-country skiing sessions, “two fast or slow outdoor sports, as the case may be.”

Monique F. Leroux was recruited in 2001 by the Desjardins Group to assist President Alban D'Amours in the management of its various subsidiaries and enhance their results. Mission accomplished, by the way. Under her direction, from 2001 to 2004, the subsidiaries (general and personal insurance, trust services, mutual funds and investment) achieved significant growth in their Canadian markets. During this period, consolidated net income enjoyed outstanding growth of more than 300%! And the return on capital jumped from 8% to over 22% during this profitable period.

Monique F. Leroux is now mainly responsible for building the financial framework and setting the financial objectives for the entire Group and its components, managing capital funds, overseeing accounting standards, economic studies and financial governance. She is also functionally responsible for the pension fund of the Desjardins Group, whose assets exceed $4.5 billion. Finally, she represents the executive management of the Desjardins Group on the boards of directors and auditing committees of the subsidiaries.

With three decades of experience to support her, Monique F. Leroux feels that no corporate governance regulation can replace judgment, logic, ethics and discipline. “The overabundance of regulations can create an illusion of confidence,” she warns. “Just like in accounting, following a check list with no second thought can overshadow the substance of a transaction.”

Monique F. Leroux has had a career that some would call ideal. First, she made her mark in the beginning of the 1980s at Ernst & Young, then in the upper echelons of RBC Royal Bank - more specifically in the position of Senior Vice President, Quebec Division -, and at Quebecor, as Senior Executive Vice President and COO. In the last fifteen years, she has sat on the boards of directors of a dozen major companies and cultural institutions, including Quebecor World, Rona, HEC Montréal, the Fondation de l'Institut de cardiologie de Montréal and the Montreal Symphony Orchestra. “In my philanthropic activities what I try to do is to support a mix of arts, education and health”, explains Monique F. Leroux. To such an extent that the Toronto association known as the'Women's Executive Network' included her in its Top 100 - Canada's Most Powerful Women in 2003, in the “Senior Executives in Major Canadian Corporations” category.

Monique F. Leroux, pragmatic? And how! While still a student at the Montreal Music Conservatory, she changed study programs and went into accounting. From piano to numbers, with no regrets but the same ease. “There is no intermediate level in music,” she explains. “You have to reach an international level and that requires you to study at the prestigious schools in Europe or the United States. Studying at those schools requires financial resources and an overwhelming dedication that I didn't have. You have to be able to focus your energy on the music. And I like people too much to focus on such a solitary discipline.”

So she took the plunge into the world of accounting. A world that, like music, is an equally structured and organized form of language. A world that, again like music, requires great discipline. “And intellectual agility,” adds Leroux in a burst of laughter.

Monique F. Leroux is one of the accounting professionals who have received both CA and CMA training. “Because it seemed to me that they were complementary approaches,” she emphasizes. Her on-the-job experience confirmed her initial perception. “When I entered the business world,” continues the voluble manager, “I began again to use concepts I learned in my CMA training. When you work at a company, external accountability is definitely important, but structuring financial management information is essential, even decisive. I spend a lot of time analyzing internal management information and its presentation so that I can determine the important messages. Because that is what helps management teams make decisions, understand strengths and problems and determine the actions that must be taken to achieve the targeted results.”

Making it to the top is one thing, staying there is quite another. Especially since managers who make it to the top sometimes feel isolated. “I would say that both are difficult,” says Monique F. Leroux in a serious tone. “Climbing the ranks demands a lot of work and audacity, some leadership, maybe even aggressiveness. Staying at the top requires other skills, such as an excellent ability to listen, humility, the ability to maintain relationships of trust, to revive and question yourself, and finally, managerial courage. It is true that once you make it to a certain level, you can feel alone. I was lucky to have parents who very rapidly gave me a sense of duty, pride in work done well and self-discipline. I also learned, with experience, how essential it is to surround yourself with others in your family, social or professional life. For example, I have had several mentors who advised me, supported me and guided me. Not to mention that working in a climate of trust and transparency with a solid and competent team and the right priorities makes it possible to achieve ambitious objectives.”

Later, however, she learned about that well-known reconciliation between work and family when, in her early forties, she became mother to a wonderful daughter from China. “That inspired me to make certain choices in my professional life,” she confides. “Things could have taken a different turn, but being constantly on the move was out of the question. It was probably the hardest decision I've had to make, but also the one that made me the happiest. I must say that I have always tended to put my career's importance in perspective.” That's what many would call wisdom.

The other Monique F. Leroux, in a few words …

The craziest thing she ever did
Climbed up a mountain to its peak at 3,500m, only to wonder how to get back down. A woman of reason, she naturally influenced the group's decision on the specific path to take to climb back down.

What she considers to be life's greatest injustice
Intellectual capital: human beings are not all equally endowed with it.

The thing that she really fears
Losing her good health, without which not much is possible.

The thing that bugs her the most in daily life
“Routines,” she says unhesitatingly.

Her personality trait that makes those around her smile
Her enthusiasm. With her piercing laughter, determined gait and avid gesticulating, it is understandable why she never goes unnoticed.

What annoys her deeply
A lack of sincerity, lies and manipulation are intolerable for her.