Finance committee  I'd say there are two or three factors that affect the growth in the number of people. One is the increase in the size of the assets that we have under management over the time frame. If I take 2010 to 2019, our assets increased from $127 billion under management to the $392 bil

Finance committee  Yes, the total operating cost is about 32 basis points of cost, which has remained steady as—

Finance committee  Yes, exactly. The total operating expense is $1.2 billion, so 32.8 basis points of operating expense, which is in line with a five-year average, versus the assets under management.

Finance committee  No, with respect, that's not how it works. That tailing-off of net inflow has been anticipated by the Office of the Chief Actuary for many years now, and it's made up by investment returns. Gradually, over a long period of time, on the base CPP, more of the benefits need to be s

Finance committee  On the additional CPP—

Finance committee  Absolutely. We like investing in infrastructure. It is aligned with competitive advantages and the characteristics of what we're trying to achieve with the investment, which is long-term investment. We like the long-term stability of infrastructure investments. In particular,

Finance committee  I don't think we have any scale investments in Alberta in direct infrastructure. Two of our largest investments in Quebec are related. There's WSP. We're a major shareholder in WSP. We own about $1.5 billion of that company, and I guess that's related to infrastructure in that it

Finance committee  That's very important to us. In fact, we publish every year a detailed review of how we take into account those ESG factors. We publish a sustainable investment report every year, going through all the detail of how we incorporate those factors. It is something that we take into

Finance committee  Good morning, Mr. Chair and members of the committee. This is now my third time appearing before this committee since assuming the role of President and Chief Executive Officer at the Canada Pension Plan Investment Board. This meeting has become an important milestone on the CPP

Finance committee  Thank you for the question. Executive compensation is a focus area for us for our sustainable investments. We think there need to be clear and appropriate links between executive pay and company performance so that it contributes to an alignment of interests between management

Finance committee  I will have to get back to the clerk on the exact date. It was very recent.

Finance committee  Yes.

Finance committee  I'd say, again, that in infrastructure we do look at investments, typically, of about $500 million around the world. We have only a limited capacity to evaluate opportunities here in Canada and also around the world, so size opportunities are welcome.

Finance committee  I think your question refers generally to the—

Finance committee  —investment climate around the world. It is a challenge around the world now. With regard to markets, there is volatility that increased in the fourth quarter of our fiscal year, so evaluations have come off a little bit in certain areas around the world. However, it's still a