Finance committee  I think that as an institution we do tend to be value investors, so we are looking for companies and opportunities and assets that are lower than their long-term intrinsic value. We try to take advantage of dislocations in markets or situations where things are not fully valued a

Finance committee  We certainly love to find bargains. There are not many in the world these days, but we certainly are looking for them.

Finance committee  We gradually will evolve the portfolio over time. I would say with respect to the U.S. that because it's the biggest economy in the world, the biggest capital market in the world, and one of the most developed investment markets in the world, it's likely to continue to be a large

Finance committee  No, I have not. I've not discussed it. What I can say is that Greenhill, which is the financial adviser to the federal government, has approached us, but we have not taken on any confidential information. I believe they have approached a lot of funds domestically and internationa

Finance committee  It was Greenhill, the investment bank.

Finance committee  At this stage, we haven't done any analysis. We're still evaluating the situation. Obviously we have an obligation to investigate and assess any major investment opportunity that comes along and to fully understand all the risks, fully understand the potential returns, and to und

Finance committee  No.

Finance committee  Thank you. That's an interesting question. From our point of view, our mandate is very clear: it is to invest the funds that are not immediately needed and to make sure that we are maximizing returns without undue risk of loss. As you said, diversification is a really key elemen

Finance committee  Mr. Leduc could comment.

Finance committee  Certainly. It's a terrific question. I'll address some aspects, and Mr. Leduc may want to add. With respect to what we call “sustainable investing”, I referenced that we have four, and now five, areas we're particularly focused on. Climate change has been one that we've been fo

Finance committee  First of all, we're believers in climate change. We think climate change is happening. Second, it's a very complicated risk, which affects many aspects, and one of the challenges is understanding all the risks. Whether it's the physical and geographical changes or regulatory chan

Finance committee  Thank you. I better understand the question now. We have a fiduciary duty to our beneficiaries and contributors to build a portfolio with minimal transaction costs, including taxes on investment returns. We honour our tax obligations around the world. We pay taxes due in the cou

Finance committee  Yes, certainly. We expect the first funds from the additional CPP to arrive in January of next year. A huge amount of work has gone on internally to make sure we're totally ready for those funds to arrive. Given the nature of the funding of the additional CPP versus the base CP

Finance committee  Yes, certainly. One of the ways we test how we are performing relative to what we could have done if we had stayed passively invested back in 2006 is, as you said, by measuring our performance versus the reference portfolio, which is a simple portfolio of equities and bonds. As

Finance committee  Yes, Mr. Chair, that would be correct. We typically look for opportunities over about $500 million around the world.