Thank you very much, Mr. Chair.
Welcome to both Mr. Graham and Mr. Leduc. It's a pleasure to have you with us.
Mr. Graham, since it's our first time meeting, congratulations on your appointment. Obviously, you should be very proud to lead this important organization on which many Canadians rely for retirement security, but also one that is looked very highly upon throughout the world with respect to pension plans.
In your opening statement, you mentioned a bit about structure and governance and a bit about independence. I wonder if you wouldn't expand a little about how important independence is with respect to investment decisions. In this political climate, there are often many calls for pension plans and others to change their investment decisions based on some political factors, as opposed to sound investment decisions or long-term horizons, as you've laid out.