Finance committee  Just the data I've seen that I've quoted on the large pension funds--just the 1.5% we could have benefited from--clearly reflects that we could have added to the real return that ultimately, yes, has an impact on the equation of pension funds that I mentioned in my presentation.

Finance committee  It is important to understand certain aspects of the current situation. First of all, incentive bonuses are generally paid across the industry. That is the standard, when there is a benchmark portfolio. Furthermore, I can tell you that PSP's benchmark portfolio, which determines

Finance committee  Mr. Carrier, compensation is managed by our board and paid over the long term. Incentives are based on the long term. We simply follow industry standards.

Finance committee  And I am telling you, Mr. Mulcair, that we will post the same returns as our peers.

Finance committee  Well, if we take equity market returns that have been negative, the U.S. equities and Canadian equities have lost—

Finance committee  —30% or 40%. The answer would be yes. I mean, the number would be in the billions, for sure.

Finance committee  Pages 31 to 35 of our annual report are quite explicit and provide details about how our compensation policies work. Frankly, it is the board of directors that decides whether management gets paid bonuses or not. It is not management.

Finance committee  I'll pass the message.

Finance committee  Mr. Mulcair, you have only to look at our portfolio, which is public. Our benchmark is included in the annual report. All you have to do is take a look at market returns. It is possible for someone to predict what returns will look like. PSP's returns this year will probably be s

Finance committee  That was a decision that had to be made in August, when the market fell. That was one of the decisions that was made at one point. Were we going to go after foreign banks to get them to fulfill their contracts? Some of the foreign banks who were asked to inject liquidity did so.

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