Finance committee  Yes, that's correct.

Finance committee  I was not aware of that.

Finance committee  Okay.

Finance committee  That's correct.

Finance committee  That's correct.

Finance committee  Mr. Chairman, I'd like to clarify a few points. First of all, our board of directors is the organization that determines incentive payments to executive officers and approves compensation for the entire organization. As my colleague pointed out, it's the four-year performance, bo

Finance committee  Sorry--Finance Minister Flaherty. It's the focus on short-term results—in fact, one-year results—that many would point to as one of the primary causes of the global financial crisis.

Finance committee  That's right.

Finance committee  Correct.

Finance committee  I'm sorry, I don't know the exact date.

Finance committee  It was a couple of years ago.

Finance committee  Sure. There are two different components of value added. One of them is due to broader diversification of the portfolio and one of them is value added relative to specific benchmarks. In fact, we measure total performance relative to the referenced portfolio. Private equity, for

Finance committee  From an overall investment strategy point of view, we have a very broadly diversified portfolio, as my colleague said in her introductory remarks. It includes global equities, private equity, fixed income, inflation-linked bonds, real estate, and infrastructure. The most import

Finance committee  That's correct, absolutely.

Finance committee  We had no asset-backed commercial paper up until September 2007, which was when the non-bank-sponsored part of the market froze. As I said in my earlier remarks, it was largely due to the lack of transparency and actually some of the hidden risks inside these instruments; they we