Thank you very much, Chair.
I thank all the witnesses for being here this morning.
I'd like to thank you in particular, Mr. Cunningham. I don't know if this is the first time you have appeared before a parliamentary committee, but I guess one's career in public service would not be complete without doing so. Thank you very much for being here.
I want to follow up on an earlier line of questioning regarding risk in the portfolio. I can appreciate greatly that the checkmarks are there, and that the risk mitigation is in place and needs some fine tuning, but it's the risks that we don't take into account that are the most problematic.
Full disclosure: I was in client-facing investment counselling work in the 2000s. You'll recall ABCP, asset-backed commercial paper. I was at the McGill pension office at the time, and that was a big shock to all of us. Of course, we all considered it AAA. It was not.
What I'm getting to are things like stranded assets. Mr. Carney talks about that in his book. I think my colleague from the Bloc referenced it as well. They're assets that, because of climate change, have become either unusable or uninsurable or whatever. That represents a significant risk to the portfolio.
Can you talk to us about how you're identifying this risk in your portfolio?