Thank you, Mr. Chairman. I'd be pleased to answer Monsieur Mulcair's question.
I think with regard to compensation, the compensation at the CPP Investment Board is the sole responsibility of the board of directors, and I think that the compensation is paid out over multi-year periods. For instance, I know that the portfolio declined last year in line with markets, but the compensation is based on longer-term performance and is paid out over longer periods of time, in line with long-term performance.