Canada-China Relations committee  As I mentioned in one of my responses to a previous question, Mr. Chair, the government has communicated through budget 2022 that it would be moving forward with disclosure of ESG considerations in investment decisions, and the regulatory policy development work is ongoing on tha

Canada-China Relations committee  I'm not really in a position to be able to speculate on future changes—

Canada-China Relations committee  Again, it's not a question I can really speak to, as to what legislative or regulatory vehicle the government may or may not decide to use.

Canada-China Relations committee  Yes.

Canada-China Relations committee  In order to be clear, I'd like to get back to the committee in writing on that question.

Canada-China Relations committee  Unfortunately, the Canada pension plan is outside of my area of expertise.

Canada-China Relations committee  Perhaps I would see whether my colleague Mr. Wu has anything to add.

Canada-China Relations committee  It's difficult to answer because of the way that pension legislation is put together. There is generally a broad framework of fiduciary duty. As I mentioned, the onus for evaluating these risks—which, as you mentioned, are evolving—really does fall on each plan administrator who

Canada-China Relations committee  No. That is not an area that my team or, I'd say, the Department of Finance gets into. We are primarily focused on the overall framework and pension policy.

Canada-China Relations committee  That's not the type of question the department would receive with respect to specific investments. I would say that it is possible that pension plan administrators might speak with the Office of the Superintendent of Financial Institutions, which is responsible for supervising an

Canada-China Relations committee  That's not something my department would do. However, as I mentioned in my opening statement, there is the Canadian Association of Pension Supervisory Authorities, which is the body of national regulators. It's represented by all pension regulators across the country. For the fed

Canada-China Relations committee  I would say that issues such as human rights are definitely a consideration that should be taken into account in all investment decisions by pension plan administrators.

Canada-China Relations committee  I wouldn't say that it is not considered. I'd say that things are considered to the extent that they would materially affect the financial interests of the pension plan. Ultimately, the purpose of the pension plan is to provide benefits to all members and retirees.

Canada-China Relations committee  I can't speculate on the investment decisions of pension plan administrators, other than to say what I have already mentioned. They have a fiduciary duty to plan members and beneficiaries, and as part of that duty, they're required to take all factors into consideration when maki

Canada-China Relations committee  I'd like to say that in some respects the whole framework rests on fiduciary duty, so it is up to each plan administrator to determine what is considered when making investment decisions. As I said, there's a growing acceptance that ESG considerations have an impact on investment