Finance committee  With regard to the additional CPP, it gradually builds up over a number of years. I think the office of the chief actuary anticipates about $1.5 billion of additional money in that first year, and it gradually increases after that. We don't think it's going to be a challenge to

Finance committee  We invested several years ago in a pipeline from Norway into Europe called Gassled. We invested alongside a number of our peers. Soon after we made the investment, we were surprised by a very significant change in the tariff regime for that pipeline by the Norwegian government. T

Finance committee  Yes, that's part of the regulatory risk. It is a really critical part of due diligence to understand regulatory risk for any infrastructure investments, which are by nature long-term and very sensitive to various types of risk.

Finance committee  I believe that's the case.

Finance committee  It's very difficult to generalize. We have pipeline investments here. We're very comfortable with the pipeline investments that we have here today, but I could answer specifically only about particular situations.

Finance committee  As I said earlier, we haven't looked at that yet. We have been approached by the federal government's adviser, but we haven't taken on any confidential information and we haven't had any detailed discussions.

Finance committee  No, it's purely because it's at an early stage and we don't have any confidential information or any of the information we need to assess the situation.

Finance committee  We haven't decided yet. We're still evaluating the situation. We have an obligation to assess every major investment opportunity that comes along, fully understanding the risks, potential returns, and how it might fit into our portfolio.

Finance committee  As I said, with any investment you're measuring the risks versus the potential returns, and that's the equation we look at in any investment. That's the equation we need to thoroughly understand on both sides of every single investment we make.

Finance committee  Certainly the risks you mention are two or three of the many risks we need to look at when we make any investment. I'd say pipelines and infrastructure are very long-term investments. Always critical to our assessment, however, is thoroughly understanding every one of the risks w

Finance committee  We and many of our peers will have an obligation to assess precise investment opportunities in infrastructure. I mentioned before that the pipeline—with a small p, if you will—opportunities around the world are a real challenge for people. It's the same here in Canada and most co

Finance committee  Thank you very much for the question. There is a lot of detail on pages 21 and 22 of the annual report. Since you have the annual report, it is probably too much detail to go into today, but essentially the additional CPP is more of a fully funded pool of capital versus the base

Finance committee  Over the long term, over many decades, gradually, there is the base CPP, which again is fully sustainable but is not fully funded. That gradually will converge over time as it becomes more funded over the decades ahead, and the risks that we'll be running for the two streams, the

Finance committee  What I referred to in those remarks was some of the internal investment we'll be making to lift our capabilities. We, along with every asset manager in the world, understand that we have a lot of data, and data is valuable. If we can use that data effectively, then we should be a

Finance committee  I will double-check and we'll come back to the clerk with the information, but I'm guessing that $50 million is in a passive or balancing portfolio. That's what those shares would be, so it would be part of an index that we are investing in as part of the balancing part of the po