Finance committee  Good morning, Mr. Chair and members of the committee. Thank you for having me here today to speak with you and answer questions regarding the Canada Pension Plan Investment Board and how we are helping ensure that the CPP remains sustainable for future generations. With me are

Finance committee  Thank you very much for the question, and thank you for your congratulations. Yes, we have now, in our latest quarter, which we'll formally announce next week, assets under management of $300.5 billion.

Finance committee  I'm delighted to have received and accepted the invitation to appear here. I look forward to future invitations to appear again.

Finance committee  If the committee would like to see me more often, I'd be delighted to come here more often.

Finance committee  Thank you for the question. I'll give some comments, and I think Mr. Cass may want to as well. We believe that our mandate is very clear. We need to maximize returns for our pensioners and contributors while also not taking undue risks. When we look at maximizing returns without

Finance committee  Thank you very much for the question. On governance, we're governed by a professional board of 12 directors who are appointed and selected based on their financial, business, and other related expertise. They take their governance role extremely seriously and challenge managemen

Finance committee  I can. We are subject to the act, and we will continue to honour that commitment. Mr. Leduc.

Finance committee  That's correct. There's nothing additional that we need in order to look at Canadian infrastructure investment. Our largest investment is in Canada, where we own a stake in the 407 motorway around Toronto. That's a significant infrastructure investment that we have made, so yes.

Finance committee  I think that one of the secrets of the success of the Canadian model of pension funds and of our governance has been that separation of the management and the decision-making around investment and government. I think the fact that we are accountable to government, but are kept at

Finance committee  I think the reputation of the Canadian pension funds, particularly CPPIB, is quite good around the world. I think people see us as high-performing organizations that have an ability to make good professional judgements on investments, and as sound and reliable partners for other

Finance committee  Thank you for the question and for the comments on our performance. We're very grateful for those. Infrastructure is one of the strategies that we invest in. It's a strategy in which we've invested approximately $16 billion over the years, and we have about $22 billion of curren

Finance committee  Thank you for that question. It's a very important question. I would say on environmental, social, and governance responsibilities that we take them very seriously. We publish an annual report on sustainable investing, which covers all of our policies and how we think about them

Finance committee  We've had a policy of engaging and trying to improve practices, whether that's through our voting as a shareholder or engagement with other partners to make sure these practices change. That's more of a philosophy of engagement and trying to exert change rather than divesting and

Finance committee  We take our expenses extremely seriously, because every dollar we spend on expenses is a dollar less for our pensioners. It's important that we minimize them as much as we possibly can. There are really three elements when we look at costs. The first is the expenses that we pay

Finance committee  First of all, thank you for your comments and your welcome to Canada. I very much appreciate those comments. Secondly, on the additional CPP and the investment portfolio there, as I said in my opening remarks—and in a minute I'll let Mr. Cass add in on this as well—we recognize