Thank you very much for the question.
On governance, we're governed by a professional board of 12 directors who are appointed and selected based on their financial, business, and other related expertise. They take their governance role extremely seriously and challenge management in that regard.
The governance framework that has been set up for CPPIB, with its accountability to the federal and provincial governments and ultimately to the beneficiaries and contributors, to Canadians, is being held up as a gold standard around the world when we look at our peers around the world and the studies that have been done, whether by the World Bank or The Economist or others. It's a robust governance system, and one that is incredibly important.
We also have disclosure that we think is over and above what any of our peers do. We report quarterly and have done so since inception. We have quite extensive quarterly reporting. We have an extensive annual report, a 130-page annual report, with very detailed disclosure. Then we have a triennial review by the chief actuary, plus the other triennial review that happens. We have the special exam that happens on a regular basis.
There is a series of governance and controls and checks and balances externally, and then internally as well. Disclosure-wise, it's not just the annual report and the quarterlies: every single major investment we make, we disclose, and we have thousands of pages of disclosure on our website. We believe that it's important to be transparent and have good disclosure that everybody can access. Also, every two years, we go out and we have physical meetings in every province where we have a steward. We do a public meeting that is accessible to all Canadians. That's what we do on a biennial basis.
Disclosure and governance are very important. We think they've stood the test of time so far, and we'll continue to look for ways to enhance them.