Government Operations committee  I don't think we can answer either. We are at arm's length.

Government Operations committee  It covers all kinds of buildings, including Canadian office buildings. We have real estate assets in 28 countries, and they run the gamut from residential and retail property to office buildings.

Government Operations committee  In most cases, we deal with realtors.

Government Operations committee  Yes, we do. I would say that when you look at our peers in Canada—whether it's us, the CPPIB, or the teachers—we are renowned around the world as some of the most sophisticated infrastructure investors, but unfortunately we don't find many assets in Canada. For all of us, we are

Government Operations committee  I think we are most attracted to assets in infrastructure such as ports, airports, those types of assets.

Government Operations committee  Overall, we find that with those types of assets the cashflow is very predictable; they are recession proof. That's why those assets are most coveted by infrastructure investors.

Government Operations committee  Yes.

Government Operations committee  That's right.

Government Operations committee  With regard to renewable resources, ESG is a factor that we take very seriously, and we are very conscious of the social licence to operate these types of assets. I would argue that in having an investor such as a pension fund—and you were referring to TimberWest, where we're par

Government Operations committee  I don't think we have bridges.

Government Operations committee  I would say that we have had an environmental, social, and governance policy since 2002. We have processes that ensure that these considerations are taken into account in all of our investment decisions for all asset classes. We don't do stock screening, as many of our peers don'

Government Operations committee  That's correct.

Government Operations committee  We have direct engagement with the companies, and those types of engagements can be, depending on the issues, one meeting or they can be meetings over several years. We do that with an external partner.

Government Operations committee  Well, if you look at our annual report of last year, you will see that we've been making progress on some of the issues that we've identified and the engagements that we've decided to pursue. So yes, we are making changes.

Government Operations committee  As I say, I'm not the person responsible for responsible investing. Ultimately, do we decide to divest from a company...? I would have to get back to you on that. But I know that we are very active—