The way we manage the risk--and it is a very rigorous process--is that we establish a portfolio that we think over the long term, over a period of at least a ten-year horizon.... You don't build portfolios on one year and market timing events. You have to build them on a long-term basis. We build a portfolio in conjunction with our sponsors and the Chief Actuary of Canada in doing his equations. As we manage, assets have to equal the liabilities. We manage the assets and we have to take the liabilities into consideration, and we do work with the Chief Actuary of Canada to build a portfolio that is going to meet that at an optimal level of risk.
On April 23rd, 2009. See this statement in context.