Finance committee  Our independence is pretty clear, and the funds are there for the sole purpose of paying out benefits. They are segregated funds. With respect to some of the specific accounting rules on how they get accounted for, I'm actually not that familiar. The funds that CPP Investments manage are there solely to pay benefits.

Finance committee  Maybe I'll share how we think about voting our proxies, and we actually publish on our website our principles for voting our proxies. As an active manager, which we are, we do think it is important as a fiduciary to vote the proxies. We're very clear on what our policies and what our principles would be, and they're all grounded in value creation.

Finance committee  Good afternoon, Mr. Chair and committee members. My name is John Graham, and I am the president and chief executive officer of CPP Investments. I am accompanied by my colleague Michel Leduc, who is our senior managing director and global head of public affairs and communications.