Finance committee  Michel will answer.

Finance committee  I'll start, and Mr. Cass can add to it. On the 25 teams, we feel that it's important, again, to diversify, not just geographically, but across the types of investments and strategies that we have. We have specialists who look at different types of public market strategy. We have specialists who look at credit strategies, whether it's private credit or real estate credit.

Finance committee  Thanks for the question. On the changes in Bill C-26, we recognize that there will need to be separate and joint financial statements, and we're working through those details. We think it will be possible to manage the consolidated fund while taking into account the funding requirements and the difference between the base and the additional CPP.

Finance committee  Thank you very much again for the kind comments about our organization's performance. We appreciate that. With respect to Europe, it has been a significant destination for our investments, the U.K. in particular. We have about 7.5% of our assets invested in the U.K. Michel may not want me to drift off into the realm of policy, but speaking as a Brit, I'm disappointed in Brexit.

Finance committee  Yes. The U.S. is by far the largest destination for our capital, with approximately 40% of our investments. That's driven by the fact that it is still by far the largest economy in the world, and the largest capital market in the world by far. Even with some political uncertainty, it's still a place where we've been able to find investments that maximize returns without undue risk of loss, and across many different asset classes, because of the depth of the capital markets and the range of investment opportunities available.

Finance committee  That's a very good question. We work very hard to recruit the best and the brightest. In Canada and in other markets, we're respected for the high-performance culture that we have. Also, there is an element for a lot of us in the fact that we are doing this for a very worthwhile cause.

Finance committee  Thank you for the question. To be clear, we have a very clear, singular mandate, which is to maximize the returns without undue risk of loss for our contributors and beneficiaries. That's the lens through which we look at everything. When we look at climate change, it's the same.

Finance committee  I'd say with respect to climate change that it's both a risk factor and also an opportunity for high returns as well. It's both risk and return. We evaluate everything through that lens. I'd say that when we look at solar projects, wind projects, or other renewable energy projects around the world, we will evaluate those based on the risk-and-return potential of those projects.

Finance committee  To the best of my knowledge, we don't have a specific investment today in solar. I believe that some of our existing infrastructure investments, some companies, have solar within their portfolios, and we see that growing dramatically around the world. In the U.S., I think that 65% of new capacity additions are solar and wind combined.

Finance committee  Thanks for the question. To addressing climate change in particular, earlier I mentioned our ESG focus, our environmental, social, and governance responsibilities. Climate change has been one of those focuses for the last 10 years and is something that we take seriously. We think it's a risk factor that we need to understand across our portfolio and need to factor into all of our direct investments, which we do, and then understand how it might impact our portfolio overall and respond to that.

Finance committee  It's an important question. When we look at diversity across our organization, it has been a big focus of the organization. It's in all of our departments' annual objectives for this year to continue our focus on improving male-female diversity in particular. We have an objective that, by 2020, 40% of our new hires will be women.

Finance committee  To clarify, our return year to date so far, which we will formally announce week, net of all costs, is 6.3%. That's not annualized. That's the return year to date.

Finance committee  This year, it's so far so good. The next year after that was a lower return year than the previous year. Our reporting is from April 1 through to March 31, so when you compare us, you need to look at our performance relative to other funds over those periods. Part of that performance would be a sell-off in commodities in other public markets over that period, which weighed on the results over that period in the last year.

Finance committee  I'll let Mr. Leduc add a bit on this, but, yes, as I said before, the governance framework that has been set up for CPPIB has worked extremely well, where we're at arm's length from government but accountable to it.

Finance committee  Oh yes. If there were an actual constraint imposed on where we could invest, a constraint imposed on diversification, then that would be a challenge.