Finance committee  As we think about CPP and CPP Investments, there are several benefits worth highlighting. One is the mutualization of the risk across the country and the ability to have risk sharing. There's diversification across the Canadian economy, and this provides stability over the long t

Finance committee  Thank you.

Finance committee  Do you mean the actual markets right now?

Finance committee  We have a March 31 year-end, but I think what you're asking is more around the calendar year and how the markets are performing over the calendar year.

Finance committee  I think it's fair to say that this calendar year has been a challenging year for global capital markets. U.S. markets are down 10% to 15% depending on the market. Technology is down 20+%, so I think global capital markets have had a challenging first part of the year.

Finance committee  Yes, as we define equities, it's essentially being a shareholder in a company. It's owning shares in a company.

Finance committee  I'll say a few words and then maybe I'll ask Michel to talk a little bit about ISSB. He's been quite involved, and it is important. It's important for an investor to have consistent reproducible measurements. Think about the carbon intensity in different companies and, as we've t

Finance committee  Residential housing is not a focus for us. We will have some small exposures in our real estate portfolio. Our focus, especially over the past few years, has been building out logistics, with the transition to e-commerce, and data centres, with the transition to digital. The resi

Finance committee  I'm not actually familiar with the reference to mid-cap European, but I think the benchmark that we report against is the reference portfolio. The reference portfolio is a risk-equivalent mix of global equities and fixed income. It represents a very simple, passive alternative th

Finance committee  I can't list ones that use the exact same benchmark, because benchmarks are set to represent the risk level of the organization. Even if we look across the other Canadian peers, they will have different benchmarks based on the risk level they take. In our annual report, we actua

Finance committee  Yes. As we talked about a little bit, we view the transition to net zero as an economy-wide transition. The whole economy has to move to net zero. It's not going to be a linear path. In industries like steel, aviation, transportation and concrete, barring really dramatic changes

Finance committee  We set our net zero for 2050 to be aligned with global standards. Maybe I'll share a little bit about how we think about the near term, and how we think about investing in decarbonization in the near term. As we mentioned, we believe the whole economy needs to transition. We act

Finance committee  It's a good question. I think this is where we've spent a lot of time over the past 10 years thinking about climate and really looking through the portfolio, looking through new investments and actually thinking about the climate risk with respect to physical risk and transition

Finance committee  We are invested in Canadian oil and gas. We don't disclose the specifics down into the sector level. As part of our net-zero commitment, we are very clear that we're not going down a path of blanket divestment. We think it's counterproductive to the transition to net zero. As we

Finance committee  As Michel started to introduce, there's the base CPP and the additional CPP. The base CPP is the plan that has been around since the 1960s. It was always designed to be one of the three legs of the stool for Canadian retirement, along with workplace pensions and savings. With wor