Finance committee  Maybe I'll make a couple of comments first on diligence and then how we think about CPP Investments and how we present CPP Investments to the Canadian public. On the diligence side, this gets back to the importance of active management and the importance of building out capabilities to be able to do deep diligence on the opportunities we see.

Finance committee  For green and transition assets, there is a technical definition. It's in our annual report and in our “Report on Sustainable Investing”.

Finance committee  I'll ask my colleague Michel Leduc, who's involved with the TCFD's work. I'll quickly say that, for us, this is something that's very important. It's something that, as an organization, we have been historically.... We're one of two pension plans that was at the table for TCFD, and it's something that we continue to be actively engaged in with different standards bodies around the world to ensure that there is comparability across geographies.

Finance committee  We have not invested in crypto.

Finance committee  We have spent quite a bit of time—it's a growing market; it's a trillion-dollar plus market—trying to study blockchain, digital currencies and crypto, but as things sit right now and as we think about investing, we have not invested in crypto.

Finance committee  I don't have that answer offhand. We can come back with respect to 2016. As we think about today and we think about going forward, the 10-year returns for the organization have been 10.8%. That stacks up incredibly well against, really, any global institutional investor. We sit here today and look forward to the global markets, and I would say we're cautious.

Finance committee  In February of this year, we made a net-zero commitment. As part of that, we also published our principles for the net-zero commitment and around investing in the entire economy transition, not going down a path of blanket divestment and looking to double our investment in green and transition assets.

Finance committee  Yes, what active management means to me is that we think about security selection. We are looking across the globe for the best opportunities, the best companies and the best assets to invest in. The way we think of portfolio construction is to think about it at a very high level without being too prescriptive on the allocations for asset classes and geographies, but having a general sense and then building the portfolio asset by asset: finding the best companies and finding the best assets to invest in.

Finance committee  I will focus on the asset side. If you zoom back and think about CPP contributions, benefits and demographics, it's a much longer answer. I'll focus on the asset side and maybe keep coming back to the word “diversification” and the importance of diversification. We build a portfolio for the long term.

Finance committee  I wouldn't describe it as investing less in Canada. As the portfolio has grown to $539 billion, we have continued to grow our investments in Canada. I said we have 16% of the portfolio with exposure to Canadian assets, which, at $539 billion, would correspond to $80 billion to $90 billion in assets.

Finance committee  Yes, it's an important question for sure as we think about active management. As I said in the opening remarks, active management is not the low-cost path. In our view, it is the path that drives the most value, and we're here to maximize return without undue risk of loss for the contributors and beneficiaries.

Finance committee  One of the keys, and I touched on it a little during my opening remarks, is around diversification. The organization made a decision years ago that it's important and it's the right path for long-term value creation to have a diversified portfolio, to have a diversified portfolio across asset classes and a diversified portfolio across geographies.

Finance committee  Two things that we've already touched on I'll come back to. One is diversification and the ability to be diversified across asset classes and geographies. The other, which we actually just touched on, is active management and the importance of active management: the importance of having built out the capabilities across asset classes, across geographies, and having the relationships, the infrastructure, to invest in all these different areas.

Finance committee  I would describe the independence as essential. We have a single fiduciary duty, and that is to maximize return without undue risk of loss, taking into account the factors that impact the funding of the plan. We have 2,000 professionals in the organization who are focused on delivering investment returns and the best investment returns for the contributors and beneficiaries.

Finance committee  CPP Investments is an exempted investor in the U.S. under CFIUS. That allows us to be active in lots of different markets on the private and the public side, and in many ways be treated like a domestic investor in the U.S. without going through a national security review. The U.S. is our biggest market.