Finance committee  I think we got the right valuations.

Finance committee  Absolutely, we will go after it if it's the right circumstance. That's the key. We'll look at each of them based on the merits, the risk and return characteristics, and the opportunities. We also stress-test the portfolio across all the private assets and the significant public holdings we have to look at whether we will need to put more capital in and to make sure that we have reserved significant liquidity for that potential event.

Finance committee  There's a bit of a dip there, so you probably want to adjust those down based on the rally in markets between now and then. I think there are two parts to your question. One is that returns are, obviously, from where the markets are at one point to where they are going to be, and that's clearly going to be significantly dampened by the time markets come back.

Finance committee  They did.

Finance committee  Sorry, let me be a bit clearer. The numbers I gave you were returns for the overall portfolio, the benchmark for our portfolio, in fact. On an economic front, I also said the output would be back to the levels of GDP by the second half of 2022. Growth-wise, there's a swoosh, but we expect quite a sharp recovery.

Finance committee  That's for the next calendar year for Canada. If you do this on a quarter-on-quarter basis, for the third quarter of this year we anticipate Canada will rebound over 18%, and then in the fourth quarter over 17%. This is quarter-on-quarter annualized growth.

Finance committee  Going into next year, it's 14% and then 10%, and then it moderates again in the second half of next year.

Finance committee  It's a great question about how we run the operations now. We all hope this will be over sooner rather than later, but if it's not, we'll still have to operate on the basis we can. We can operate safely, and can run our process, the portfolio, all the risk systems, etc. I think where it limits things is with people flying in and out of countries.

Finance committee  It's an excellent question. The risk of inflation is real. It's quite possible. There have been massive deflationary pressures for years, whether they're from demographics, technology or globalization. Those things have resulted in deflationary pressures generally around the world.

Finance committee  These were the expected returns of the reference portfolio for the base CPP, from Q1 2020 to Q1 2025. Remember, that was at the bottom, and I gave those numbers. It's about 7.9%. That was the current modelling of our economics group the last time I had an update of that type for the reference portfolio overall.

Finance committee  It was April, post-COVID.

Finance committee  Those are really important questions. Before I give an answer, let me go through the skills we have as an investor. That is, we think we have very good skill at building a diversified portfolio around the world, figuring out what the best long-term portfolio is and diversifying that.

Finance committee  On the carbon footprint, in our sustainable investing report, on page 61, we disclose—using both scope 1 and scope 2 definitions—the amount of greenhouse gas emissions from the portfolio. We also disclose it on an equity ownership basis, so the per cent of equity ownership and also the per cent of the long-term capital structure that we own.

Finance committee  I certainly can follow up with the information on the managing directors and board directors. As far as I recall, and my colleague Michel may correct me, I'm not aware of our board of directors sitting on the boards of oil companies. I will have to double-check that. With respect to compensation, I'll also let Michel cover that.

Finance committee  Thank you. I think I got the first and the last questions. I'll take the last question. I'm just trying to understand the second question, but on long-term care.... In fact, Mr. Chair, my colleagues didn't get the second question either, so perhaps we could get that repeated. On long-term care, the answer is effectively no.