FSI-PRI Scholarship for Best Research on Responsible Investment

The aim of the FSI-PRI Scholarship is to recognize the best Quebec-based research on responsible investment. Launched in the fall of 2014, the annual scholarship worth several thousands of dollars ($5,000 in 2015 and 2016, but $6,000 in 2017) is awarded to the student who submits the best graduate-level research paper (masters or doctorate).

If you have any questions about the scholarship, please contact recherche-research@ifd-fsi.org.

Green Bond Market ENRead our one-pager with the latest statistics on responsible investment.


Eligibility conditions

  • The primary author, or one of the members of the collective, must be enrolled at a Quebec university or have proof of graduation
  • The research paper must be at the master’s or doctorate level
  • The research paper must have been completed after May 15, 2016
  • The research paper must be written in French or English

Students wishing to apply for the FSI-PRI Scholarship for Best Research on Responsible Investment must complete the application form, provide the additional documentation and submit their research paper by the respective deadline indicated below.

If you have any questions, contact us at recherche-research@ifd-fsi.org.

Submitting an application
Click here to download the application form for the FSI-PRI Competition for Best Research on Responsible Investment.

To complete your application, you must also submit the following additional documents:

  • Proof of enrolment at a Quebec university
  • Short biography author(s) of the research paper author
  • The research paper
  • Short summary of the research paper (maximum 300 words)

Please send your application form and the required additional documents by email to recherche-research@ifd-fsi.org.

You will receive confirmation that your application has been received and is complete and an ID number that you must use in all communications with the FSI.

The deadline for submitting an application is June 30, 2017.

The recipient is announced at an award ceremony held in the fall.


About the Scholarship


The FSI-PRI Scholarship for Best Research on Responsible Investment targets graduate-level university research papers (masters or doctorate). The selection of the best research paper on responsible investment is conducted by a jury of finance professionals and university research experts. The jury uses four categories of selection criteria:

  • research quality,
  • pertinence of the subject matter to finance practitioners,
  • relevance of issues addressed, and
  • impact, especially in terms of possible solutions to an ESG challenge.

Award and recognition

The recipient of the FSI-PRI Scholarship for Best Research on Responsible Investment receives a scholarship worth several thousands of dollars ($5,000 in 2015 and 2016, but $6,000 in 2017).

In addition, the FSI will help promote the visibility and recognition of the winning research paper by holding an award ceremony presenting the research.

Steering committee

The FSI-PRI Scholarship for Best Research on Responsible Investment is governed by a steering committee composed of members of the FSI and the PRI Quebec Network. Click here to find out more about the committee.

Scholarship Flyer2017ENDownload a printable brochure about the 2017 edition of the FSI-PRI Scholarship.


The jury is composed equally of finance professionals and university research experts. The jury members for the 2016 edition of the competition are presented below.

p_jacques_lussier_sq Jacques Lussier Chief Executive Officer and Chief Investment Officer, IPSOL Capital

Mr. Lussier founded IPSOL Capital in June 2013. Previously, he spent 18 years at Desjardins Global Asset Management where he was Chief Investment Strategist. He is a board member of the Régie des Rentes du Québec as well as a member of its investment and audit committees. He is the author of the book Successful Investing Is a Process published in December 2012. Mr. Lussier holds a Master of Finance from HEC Montreal and a Ph.D. in International Business from the University of South Carolina, as well as the CFA designation. Mr. Lussier is  currently President of CFA Montreal (2013-2015).

Jean-Philippe Desmartin Head of ESG research, Oddo Securities

Mr. Desmartin started his career in Crédit du Nord’s financial engineering department in 1993 and then held various positions at the AReSE (France) and Innovest (Canada) social and environmental rating agencies before founding his own consulting firm. He regularly lectures at university/business schools. He is a member of various ESG international working groups and committees (EFFAS, ICGN, IIRC, WICI) and Chairman of the research commission of the French SIF. He is the co-author of two books on responsible investment published in 2005 and 2014. His practice was the subject of a business case at the Harvard Business School in 2011 entitled Oddo Securities: ESG Integration. Mr. Desmartin graduated in Economics and Finance from IEP Paris and holds a degree from Paris II in Business Law (French Institute of Business Law) and Management.

Renée Michaud Renée Michaud Executive Director, International Reference Centre for the Life Cycle of Products, Processes and Services (CIRAIG)

Engineer by training, Renée Michaud holds a master degree in Chemical Engineering from Polytechnique Montreal. She has worked at the CIRAIG since its launch in 2001, where she contributed as a Life Cycle Analyst, Technical Coordinator and Industrial Affairs Director, before becoming the Executive Director in November 2014. As Executive Director, Ms. Michaud’s chief mandate is to increase the impact and visibility of the CIRAIG’s work on the national and international scene.  Ms. Michaud also manages the organisation’s operations and ensures the successful fulfillment of mandates. She is actively involved in CIRAIG’s financing and strives to maximize the impacts of investments made by leveraging the development of research in the fields of sustainable development and life cycle thinking in Quebec.

Bouchra M’Zali Professor at the Department of Strategy, Social and Environmental Responsibility, UQÀM

Ms. M’Zali is also a researcher at the Social Responsibility and Sustainable Development Research Chair at ESG-UQAM and Director of Research at AICRI. With her students, she has published several book chapters and articles in academic journals and participated in a variety of international scientific conferences where her work received awards (Canadian Price: ASAC: 2005, 2006, 2011; SAB Trophy of sustainable finance: 2013). Ms. M’Zali has participated in many scientific review committees (CRSH, Canada; AERES, France; FIR-PRI; various academic journals). She has received a number of awards in recognition of her contribution to education and research in social corporate responsibility (Finance and Sustainability Initiative: 2012; Skema Prize: 2013). Ms. M’Zali holds a Ph.D. in Finance from the University of Laval as well as the CFA designation.

Stéphane Larsen Portfolio Manager, Global Real Estate Securities, Presima

At Presima, Mr. Larson is responsible for analysis, financial modelling as well as being co-responsible for all investment decisions made within the North American region and for portfolio construction. Mr. Larsen has worked in the financial industry since 2000, namely at Socrate Wealth Management, where he covered various sectors including chemical, utility and pharmaceutical companies on a global basis. Mr. Larsen holds a Bachelor of Business Administration (Finance) from HEC Montreal and a Master of Finance from the University of Sherbrooke, as well as the CFA designation.

Ioana Circo Investment Advisor for the Université de Montréal pension plan and endowment fund

Ms. Circo has been with the University of Montreal since 2013. Previously, she worked for more than four years at the Commission administrative des régimes de retraite et d’assurances, where she fulfilled an advisory role for the investment committees of public and parapublic defined benefit pension plans. Ms. Circo began her career at Babes-Bolyai University, in Romania, as an undergraduate teaching assistant. From 2003 to 2006, she held positions in compliance, treasury and foreign exchange transactions settlement at the Raiffeisen Bank. Ms. Circo holds a Bachelor of Finance from Babes-Bolyai University, in Romania, a Master in Management from Université d’Auvergne Clermont-Ferrand I, in France and an MBA in Finance from Laval University. She also holds the CFA designation.

???????????????????????????????????? Patrick Savaria Associate Vice President, Research at the Caisse de dépôt et placement du Québec

Mr. Savaria leads a research group whose mandates include providing applied research solutions for portfolio design and strategic asset allocation, forecasting long-term risk and return different asset classes, and portfolio benchmarking. Before joining the Caisse in 2004, he was a finance professor at Université Laval for a number of years. Mr. Savaria holds a Ph.D. in Finance from the University of British Columbia and holds the CFA and ASA designations.

Paul Lanoie Professor of Economics, HEC Montreal

Since 1992, Mr. Lanoie teaches in the area of sustainable development and environmental economics. He has occupied various administrative positions at HEC Montreal: Editor of L’Actualité économique, Director of the economics department, Director of the Bachelor in Business Administration program, Director of sustainable development and Director of academic affairs. He has also coauthored more than 50 academic articles published in leading journals like Academy of Management Perspectives, Journal of Environmental Economics and Management and Ecological Economics.  His research focuses on the various impacts of environmental policies on firms, and on the different ways firms can reconcile their environmental and financial performances. Mr. Lanoie holds a Master in Management from HEC Montreal and a Ph.D. in Economics from Queen’s University.

Winner of the 2016 edition of the FSI-PRI Scholarship

The winner of the 2016 FSI-PRI Scholarship for Best Research on Responsible Investment is Ms. Salma Ktat, as part of a collaboration between the University of the Antilles and Guyana and the Chair of Social Responsibility and Sustainable Development at UQAM’s École des sciences de la gestion (ESG).  She was awarded a $5,000 scholarship for her research paper focused on the corporate social responsibility practices of companies operating in controversial and morally objectionable sectors (CSR Within Morally Objectionable Businesses: Can What’s Done be Undone?). The study examines the extent that companies operating in controversial sectors engage in CSR practices. The research indicates that companies in these sectors tend to behave similarly to conventional businesses and approach CSR strategically in order to offset their negative social impacts.

Mr Samuel Chrétien, holder of a Master of Finance from Université de Sherbrooke, was also awarded  an honourable mention for his research paper on the environmental performance of companies and the likelihood of them experiencing harmful environmental events (La performance environnementale des entreprises et leur probabilité d’expérimenter des événements environnementaux néfastes).

The scholarship award ceremony took place on October 4, 2016 at Montreal’s Centre for Sustainable Development. The award was further highlighted at the PRI Québec Network’s conference on responsible investing on October 19, 2016.

The winner of the first FSI-PRI Scholarship was Ms. Édith Breault, holder of a Master of Finance from Université de Sherbrooke. She was awarded a $5,000 scholarship for her research paper on the societal performance of companies and their probability of facing media events damaging to their reputation (La performance sociétale des entreprises et leur probabilité de faire face à des événements médiatiques entachant leur réputation).



From left to right: Ioana Circo, Renée Michaud, Daniel Simard, Ginette Depelteau, Jacques Lussier, Salma Ktat, Vincent Felteau and Stéphane Larsen.

Collaborators and sponsors

The FSI gratefully acknowledges the support and contribution of its collaborators and sponsors for the FSI-PRI Competition and Scholarship for Best Research on Responsible Investment.

2 1
3 DesjGP_F_PMS347