Finance committee  Good morning. Mr. Chair and members of Parliament, I want to thank you for inviting us here today to discuss the current liquidity crisis, its impact on our financial system, and in particular its impact on pension funds. My name is John Valentini. I am executive vice-presiden

Finance committee  Our year-end is March 31. We are in the process of completing our year-end and an audit. We have not, therefore, completed our results. I feel it would be inappropriate at this time to divulge what they are. We do report on a quarterly basis. We do provide our returns to our re

Finance committee  We do provide them, as I said, per our legislation. We submit quarterly financial statements to the president of the Treasury Board and each of the ministries responsible for managing the pension plans.

Finance committee  They're not public, no. Per our legislation, they are not required to be public.

Finance committee  Under the legislation, we have an obligation to publish our annual report. At the end of each year, that report is submitted to the President of the Treasury Board, which tables our annual report in Parliament. If you visit our website, for example, you will be able to access our

Finance committee  They are made public.

Finance committee  The liabilities must also be considered.

Finance committee  At PSP Investments, we have not forgotten that. When we develop our investment policy and our reference index portfolio, they are built on that specific goal. We work with the Office of the Chief Actuary. Every year, we review our investment strategy to ensure that the equation i

Finance committee  Are you talking about bonuses or performance incentives?

Finance committee  Yes.

Finance committee  Just as is the case with most of our peers or people who work in fund management, and particularly, pension fund management.

Finance committee  Yes. Our annual report is very explicit in that regard. As I mentioned in my presentation, we did invest in ABCP. We also took part in the Crawford committee for almost two years, with a view to resolving the problem.

Finance committee  There have been losses. They are primarily connected to the liquidity crisis. The credit spreads have had a negative impact on these products. This is a basic product whose value is influenced by interest rates. Yes, we did produce forecasts. However, most of the forecasts will n

Finance committee  I must admit that I was not aware of the report tabled by the Bank of Canada several years ago. I was aware of the decision by Standard & Poor's, which refused to give a rating to ABCP in Canada. However, that goes back to the beginning of the year 2000. DBRS gave a triple AA

Finance committee  It did not provide a rating after that because the firm was bought out by Standard & Poor's. This market operated efficiently for almost 20 years. For almost 20 years, there was no problem. There was not even any rating downgrade for 20 years. This is a product that represent