Government Operations committee  No, we would be number five or six.

Government Operations committee  They have the fiduciary duties of a board of directors. We are not a trust.

Government Operations committee  No.

Government Operations committee  If I may, I'm not sure if I understood the question correctly. Are you looking for valuation going forward or valuation in terms of returns for the year?

Government Operations committee  You're talking about the rate of return. From that perspective, depending on the types of assets, we have external valuation committees where we review all of the different assets. These people are experts in the valuation field and they're external to PSP, so the returns of the

Government Operations committee  What we are doing is looking at indicative transactions in the market. For example, if we are present in real estate in New York City, we'll look at similar transactions in New York City. We'll have appraisals from experts in that field. It goes to different committees. There is

Government Operations committee  With regard to your question, we disclose in the financial statements.... I won't quote the actual financial note because I don't recall the number by memory, but I know it is in the financial statement. I would say that for the fiscal year 2012, the transaction costs, which woul

Government Operations committee  I can try to answer that question. If you look at the Public Sector Pension Investment Board Act, there is an independent nominating committee put in place, and that committee has the responsibility of proposing to the minister members to be directors of our board of directors.

Government Operations committee  I would say that we have had an environmental, social, and governance policy since 2002. We have processes that ensure that these considerations are taken into account in all of our investment decisions for all asset classes. We don't do stock screening, as many of our peers don'

Government Operations committee  That's correct.

Government Operations committee  We have direct engagement with the companies, and those types of engagements can be, depending on the issues, one meeting or they can be meetings over several years. We do that with an external partner.

Government Operations committee  Well, if you look at our annual report of last year, you will see that we've been making progress on some of the issues that we've identified and the engagements that we've decided to pursue. So yes, we are making changes.

Government Operations committee  As I say, I'm not the person responsible for responsible investing. Ultimately, do we decide to divest from a company...? I would have to get back to you on that. But I know that we are very active—

Government Operations committee  I don't think we have bridges.

Government Operations committee  With regard to renewable resources, ESG is a factor that we take very seriously, and we are very conscious of the social licence to operate these types of assets. I would argue that in having an investor such as a pension fund—and you were referring to TimberWest, where we're par