I wasn't so much asking about your 8% or 10% rate of return on investments in Canada, as I was about the practices of the companies in which you make major investments.
When you are considering making an investment, does fiscal responsibility factor into your assessment criteria? It is all well and good to say that the companies you have an interest in comply with tax laws, but some companies are clearly less responsible than others when it comes to taxes.
I am asking because CPPIB investments showed up in the Paradise Papers. For instance, you bought a 40% stake in Highway 407 and you routed funds through Bermuda. The board routed investments in London's high-speed rail line through Jersey Island, and it purchased its stake in one of Chile's largest electricity companies in a transaction routed through Bermuda.
Those are the kinds of investments Canadians see as fiscally irresponsible. I'm talking not about investments the board makes in Canada, but about those it makes in other jurisdictions. It is contributing to the problem of tax evasion and aggressive tax avoidance. It was with that in mind that I asked the question.