You mentioned the trouble the CPP was in 20 years ago. That trouble resulted from the fact that the CPP was then heavily influenced by politics. Politicians believed they could direct the CPP to lend to or buy assets that were politically convenient for the politicians. In the mid-1990s, the then Liberal government made an extremely wise decision, and that was to depoliticize the CPP and turn it into a true investment fund. They put professionals with real private sector track records in charge of the portfolio and let them invest it with a simple and clear mandate: maximize returns without undue risk.
The government, to its credit, has appointed you to this important task. You have an exceptional reputation and track record, so I commend them on that appointment. I am worried, however, that slowly but surely this government is trying to re-politicize the CPP to encourage, through public declarations by ministers, trendy investments that make for good headlines and talking points, to have you fund advertising in favour of political decisions, and to direct your investments based on the latest trendy causes that have captivated the present government's imagination.
As I see it, CPP exists for the sole purpose of the 20 million Canadians who are part of the fund. You have really only two stakeholders: workers and retirees. That's it. If you want to improve social justice, get a better return, as you have been, to your credit. That minimizes the cost to the worker and maximizes the benefit to the retiree. If you want to advance the cause of women and indigenous people, there are millions of them who are counting on you to turn their contribution into a secure and prosperous retirement. Stick to that basic mandate, and you will advance all the great social causes that politicians love to drone on about.
I want to get very specific here. In the most recent reporting period, in dollar value, how much bond issuance did the CPPIB perform?