Thank you very much.
My first question was about executive compensation. Other pension funds have basically frozen compensation. Yours has increased this year. My question was whether you felt that was appropriate, but I want to move on to a key point of your presentation, which was the issue of radical uncertainty.
Climate change is the big radical uncertainty facing our country and the planet. It will cost us $5 billion this year, as you're well aware, and $50 billion a year as we go over the next three decades. I'd be interested in knowing what the sum total of carbon reserves held in companies that have been invested in by the CPPIB is. What's the sum total of carbon reserves, and of course, what is the risk, which goes with that, of stranded assets if we meet our climate change objectives?
Secondly, could you tell us the sum total of members of boards or managing directors within the CPPIB who are also holding positions on boards of directors in oil and gas companies? Isn't that a clear conflict of interest? What's the sum total of managing directors and members of the board of directors who also sit on the boards of oil and gas companies?