Mr. Chair, the Caisse de dépôt et placement du Québec was very quick to incorporate ESG culture—environmental, social and governance—into its investment processes. This culture takes the form of a highly structured and rigorous approach to dealing with these ESG factors.
It begins with a sustainable investment policy that describes the organization's convictions, together with the approach, factors, and tools employed by our teams to implement the organization's decisions. This policy also describes the risks to be factored in, whether financial, operational, ESG or geopolitical, and that could be harmful to the Caisse's reputation. The policy applies to all the portfolios, teams and sectors in which we invest. It's a highly systematic approach that affects all of our investment activities, no matter what the geographical region in which we are investing. That includes China.
I'd now like to say a word about the process introduced by the Caisse, to help you understand what it all means concretely. To begin with, systematic filters are applied to our portfolios. That includes sanctions and sectoral exclusion, one example of which would be tobacco. It also applies to sectors which do not respect human rights…