Thank you, Mr. Chair.
Thank you to our witnesses today.
I am pleased to hear about CPP Investment's rates of return and your performance, given the economic uncertainty we are facing today. Canadians can be confident knowing that the CPP will remain solvent for at least 75 years, and I commend you on your efforts to create a sustainable pension plan for Canadians. That being said, there is always more that can be done to support Canadians in retirement. I look forward to our discussion on CPP Investment's investment strategy and sustainability as we emerge from the pandemic.
I understand that your investments in real estate and infrastructure represent 20% of your assets. With COVID-19, we see potential for a real shift away from business air travel, commuting, in-store shopping, use of offices, etc.
One would expect that your real estate and infrastructure portfolio, which includes assets such as airports and office buildings and which was worth about $80 billion, will be affected by the long-term impacts of COVID. Has this been reflected in your latest results? Do you see these as potentially permanent shifts, and what do you plan to do about it?