Thank you. I better understand the question now.
We have a fiduciary duty to our beneficiaries and contributors to build a portfolio with minimal transaction costs, including taxes on investment returns. We honour our tax obligations around the world. We pay taxes due in the countries where we invest and operate.
We don't employ artificial structures that don't have a commercial basis to avoid tax, and the companies we invest in pay corporate income tax on the profits they earn. In jurisdictions where tax agreements don't exist, we do look at using investment structures that limit the tax cost to CPPIB, thereby limiting the double taxation on CPPIB beneficiaries.