Finance committee  It was before my time, so it was a couple of years ago.

Finance committee  Let me start by talking about the reference portfolio, which is our baseline that is set by the board of directors. That's a passive portfolio designed to deliver the returns and help sustain the CPP.

Finance committee  Our annual report, I think, gives 14 pages of disclosure on our compensation plan, and our annual report this year will be as thorough as it was in the past in its disclosure.

Finance committee  If you look at our overall performance system that we have in place, as determined by our board, it has several key principles, which I think are important to focus on. First, it rewards performance over the long term. Short-term periods definitely have an impact, but the system is meant to match and align our interests with the long-term interests of the fund.

Finance committee  Sure. I mentioned in the opening remarks that our performance program is definitely a pay for performance, and this links a significant portion of our performance to our value added over the reference portfolio, as well as our absolute returns. So given what's happened this year, it will definitely have a downward impact on our compensation for this year.

Finance committee  Good morning, Mr. Chairman and members of the committee. My name is Benita Warmbold and I am senior vice-president and chief operations officer of the CPP Investment Board. With me today is Don Raymond, senior vice-president and head of public market investments. When the federal and provincial ministers of finance successfully reformed the Canada Pension Plan in the mid-1990s, they endowed the CPP and the CPP Investment Board with a number of advantages.