Finance committee  I will let Mr. Leduc address the public response, because I believe we have made public responses to a variety of his articles. We believe that active management, net of all of the costs over time, will benefit our pensioners and contributors and create additional value. When y

Finance committee  If I understand the question, I think that as the assets will grow under management we believe that we should be able to see more economies of scale as each of the strategies build out. We should be able to manage costs effectively over time as we continue to grow the assets. Aga

Finance committee  Thank you. Let me just comment on those operating expenses on page 24 of the 28th actuarial report. They relate to the administrative cost of the CPP itself, but yes, they do level off, and there is an efficiency in that. That's different from the CPPIB costs. On the lower-fo

Finance committee  Diversification means a number of things. It means having broad geographical exposure. Or it can be mean broad sector exposure and broad strategy. It means a number of things. Today, we have just under 20% invested in Canada. When we look at the global public market index, Canada

Finance committee  Yes, that's important. As I said in my opening remarks, given that we're very heavily exposed in terms of wage growth, demographics, and longevity in Canada, it's important to diversify.

Finance committee  Again, having a broad diversification is important. Ultimately when we look at an investment, we look at the returns versus the risks. Growth is one factor we look at, but it's not always the case that high growth creates value, so—

Finance committee  I think it's always in our interest to see a bigger array of potential investment opportunities that we can assess on behalf of our pensioners. If we can find investments that have good returns versus the risk involved, if we can maximize returns without undue risk of—

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

Finance committee  Yes. First of all, I want to say thank you for your kind comments on CPPIB's performance so far. We very much appreciate that. With respect to external management fees, and considering my earlier comments, the external management fees are driven by two major areas. One is our in

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  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  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