Evidence of meeting #20 for Government Operations and Estimates in the 42nd Parliament, 1st Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was investment.
A recording is available from Parliament.
5:05 p.m.
President and Chief Executive Officer, Public Sector Pension Investment Board
We will.
5:05 p.m.
Liberal
Raj Grewal Liberal Brampton East, ON
In terms of you and the Canada Pension Plan Investment Board, because you are both crown corporations that operate at arm's length, is there any investment strategy dialogue between the two organizations?
5:05 p.m.
President and Chief Executive Officer, Public Sector Pension Investment Board
We do. Certainly, at the CEO level, I can tell you that most of the CEOs of the large pension plans talk to each other. We would like to do more. As I've often said, it's at the deal team level that it's a little more difficult. They see more competition than we do, but we've recently seen examples, especially in the infrastructure space, where the Canadian pension plans have gone in together and not competed against each other, which is a very good sign.
5:05 p.m.
Liberal
5:05 p.m.
President and Chief Executive Officer, Public Sector Pension Investment Board
To go back to Mr. McCauley's point, we haven't made the analysis, but what we can tell you is that against a reference portfolio, which would be a zero or very low-cost base, in the last 10 years we've generated $16.3 billion of value-added, net of our costs. I think it's evidence that active management is working.
5:05 p.m.
Conservative
Kelly McCauley Conservative Edmonton West, AB
[Inaudible—Editor] you actually outperformed the standard of the S&P 500 quite significantly, but I maybe looked at the wrong numbers—
5:05 p.m.
Conservative
The Chair Conservative Tom Lukiwski
Thank you very much, gentlemen.
Monsieur Bourbonnais and Monsieur Garant, I thank you on behalf of the committee. It's been very informative. Just from a personal vantage point, once again, keep up the good work.
5:05 p.m.
An hon. member
Yes, please.
5:05 p.m.
Some hon. members
Oh, oh!
5:05 p.m.
Conservative
The Chair Conservative Tom Lukiwski
We're going to suspend for about two minutes. Then we'll come back, colleagues, have a number of votes on the supplementaries, and then go in camera.
5:10 p.m.
Conservative
The Chair Conservative Tom Lukiwski
Colleagues, we are still in public. We have seven votes on supplementary estimates (A). You're all familiar with them. I think you have copies in front of you. I'll go through these as quickly as possible so that we can get into committee business.
PRIVY COUNCIL OFFICE
Vote 1a—Program expenditures..........$23,250,293
(Vote 1a agreed to)
PUBLIC WORKS and GOVERNMENT SERVICES
Vote 1a—Operating expenditures..........$290,359,023
Vote 5a—Capital expenditures..........$60,943,600
(Votes 1a and 5a agreed to)
SHARED SERVICES CANADA
Vote 1a—Operating expenditures..........$109,675,247
Vote 5a—Capital expenditures..........$161,808,663
(Votes 1a and 5a agreed to)
TREASURY BOARD SECRETARIAT
Vote 1a—Program expenditures..........$43,371,793
Vote 20a—Public Service Insurance..........$1,909,207
(Votes 1a and 20a agreed to)
In order to report to the House, I would ask for the concurrence of the committee to report this to the House tomorrow.
5:10 p.m.
Some hon. members
Agreed.
5:10 p.m.
Conservative
The Chair Conservative Tom Lukiwski
It shall be done.
Now we will go in camera.
[Proceedings continue in camera]