Finance committee  There are a couple of things in that connection. First of all, what was required in the act doesn't require specifically the northern territories, but we have presented to the ministers and staff. I had the pleasure of presenting to all of the ministers in the December meeting;

Finance committee  Just to add to what Mr. Leduc was saying, this is something we are aware of. We've been looking at it for a little bit of time now to make sure that we are aware of the risks around these investments. We are going to put them through this very systematic process we now have. The

Finance committee  I think the important headline is that the fund is sustainable, very comfortably sustainable. Again, I refer back to the Office of the Chief Actuary and the reports that have consistently come out on a triennial basis. When the enhancement to the CPP was made, the chief actuary p

Finance committee  Yes, it's important, not just because it's a large part of our portfolio—infrastructure is about a $33-billion investment—but also because it's a super-long-term investment, so we have to consider the types of changes that can happen over the longest period of time. It's somethin

Finance committee  I'll probably have to get back to the clerk with the exact number of issuances over the last year, unless you have it at hand, Michel.

Finance committee  I'll get you that number through the clerk. We have about $30 billion outstanding as of today, so it was a few billion dollars.

Finance committee  That's a great question. If I could just make one small correction to what you said earlier, I'm not appointed by the government; I'm appointed by the—

Finance committee  —independent board of directors, so it was the board of directors that chose me.

Finance committee  We issue bonds to get to the right risk level that we think.... When we manage the portfolio, we target a level of risk for the portfolio that we think is an appropriate level of risk, and then we maximize returns at that risk level. It allows us to have a very diverse number of

Finance committee  Yes, with pleasure. We issued the first green bond last year. It actually happened, I think, on the day I was here last year. We did a $1.5-billion Canadian bond issue, and we followed that up with a euro issuance. What we're using it for is to fund investments in qualifying are

Finance committee  It's a massive issue and one that we think is a really important issue for long-term investors. Climate change is happening, and we need to be able to understand all of the risks associated with it. Those risks are multi-faceted. They can be geographical change; they can be reg

Finance committee  I think that when we engage on ESG matters and when we engage with companies that we have investments in, obviously one of the areas is making sure that they are complying with appropriate tax policies and the tax regimes in the countries where they operate. It would certainly be

Finance committee  Yes, with pleasure. This is one of the messages that Michel and I and our organization are trying to get across in Canada, because there's a troublingly low awareness amongst Canadians about the robustness of the Canada pension plan. I say, don't believe me; believe the Office o

Finance committee  Most of the programs we do run in-house. When we can be competitive versus other investors around the world, net of costs, then we will do that. The example that I cited earlier in front of this committee, which still holds true, is our infrastructure program, which we manage ent

Finance committee  Let me address that question. It's a good question. When I sat in the seat and took over as CEO, we reviewed again the programs that we had, the different investment strategies we had. We looked at that particular strategy of acquiring agricultural land around the world, which