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Finance committee May 28.
April 28th, 2009Committee meeting
Benita Warmbold
Finance committee Sure. We follow public disclosure timelines. Our report will be available to all Canadians at the end of May. What we do, first thing, is give it to our auditors to sign off on the results. Secondly, our board of directors signs off on the results. Then we provide the results, being our entire annual report, to our stewards.
April 28th, 2009Committee meeting
Benita Warmbold
Finance committee Yes, it's tabled in Parliament.
April 28th, 2009Committee meeting
Benita Warmbold
Finance committee In February, we reported our December 31 results, which were for the first three quarters of the year. Correctly, there was a decline of $13.8 billion, which translates into a negative 13.7%. If you want to compare the 2008 calendar year, just because some people think in calendar years, there was a decline of $18.3 billion, with a decline of 14.4%.
April 28th, 2009Committee meeting
Benita Warmbold
Finance committee I think to respect our stewards--
April 28th, 2009Committee meeting
Benita Warmbold
Finance committee We have a very transparent disclosure process. We actually give out quarterly results.
April 28th, 2009Committee meeting
Benita Warmbold
Finance committee I'm afraid, until it's been signed off--one, by our auditors, and two, by our board of directors--and then tabled before our stewards, it would be completely inappropriate to--
April 28th, 2009Committee meeting
Benita Warmbold
Finance committee Sure, we partner with other pension funds globally.
April 28th, 2009Committee meeting
Benita Warmbold
Finance committee No comment.
April 28th, 2009Committee meeting
Benita Warmbold
Finance committee I don't think it's appropriate for us to comment on the results of the Caisse or the other plans. What I can point out, though, is that we enjoy a very strong governance model, which was set up originally in 1999, when the CPPIB was first enacted. We have a very clear mandate. We have a very long-term investment horizon.
April 28th, 2009Committee meeting
Benita Warmbold
Finance committee I think you have to start with an appropriate governance model. We get many, many pension funds from around the world coming and asking us how we follow our investment—
April 28th, 2009Committee meeting
Benita Warmbold
Finance committee On a specific basis, I'm not familiar with theirs. We have an independent board that is appointed by—
April 28th, 2009Committee meeting
Benita Warmbold
Finance committee I think what you have to look at is our long-term horizon. As Mr. Ménard pointed out earlier, we won't have to pay benefits for another 11 years, and there are other factors that he would be in a better position to—
April 28th, 2009Committee meeting
Benita Warmbold
Finance committee Perhaps Mr. Raymond would like to talk about investments.
April 28th, 2009Committee meeting
Benita Warmbold
Finance committee Sure. Don, do you want to describe the benchmarks?
April 28th, 2009Committee meeting
Benita Warmbold