First of all, Mr. Chairman, let me again give a bit of context around that answer. I would say that the board of directors of the CPP Investment Board consider the compensation framework to be totally appropriate for managing a global fund of $117 billion.
I would like to give committee members just a bit of context here. We are operating in the way that ten governments asked us to operate ten years ago. In the reforms of 1996-1997, the CPP Investment Board was set up to operate independently from government but to be very highly accountable to ten finance ministers. By design, the CPP Investment Board board of directors makes important decisions on investments, hiring, and compensation. So we are acting as we should, and our board of directors believes that compensation framework is appropriate.