Government Operations committee  I'm more than happy to say it's unprecedented for us. We are not part of the federal government, just to put that on the record, so this has never happened before.

Government Operations committee  Which one did we not meet with?

Government Operations committee  We met with all of the parties except one, and one of the reasons we didn't—

Government Operations committee  It would absolutely be massive.

Government Operations committee  What I would say is that it's not about a specific dollar figure. Ultimately, it does come down to the value of the fund.

Government Operations committee  The Bloc, predominantly because Quebec does not participate in the—

Government Operations committee  I'm going to have to seek advice on whether that applies to CPP Investments. There are a number of provisions. I'll use an example: The Financial Administration Act does not apply. These were conscious decisions that were made at the time when we were established. I'm more than happy to come back to you very soon after this hearing.

Government Operations committee  It would erode our ability to do what we've been doing, which is that, out of the $570-billion fund today, $400 billion is from our net profit. Our ability to be the leading investor in the world, which we are, based on financial performance over 10 years, requires us to be very commercial and very sensitive—

Government Operations committee  It's $570 billion.

Government Operations committee  We do not have an actuarial services division, properly speaking. We have professional actuaries, who work on our files and take part in our projects, but we do not really have an actuarial services division. The actuarial work is done independently by the office of the chief actuary.

Government Operations committee  No. McKinsey's role is to advise us on the investments we make around the world. If we invest in a company, we want to negotiate the best price possible for Canadians. McKinsey helps us obtain the best information possible to determine how to take advantage of investment opportunities.

Government Operations committee  Absolutely.

Government Operations committee  Perhaps not all members, but we attempted to involve—

Government Operations committee  Thank you for the question. There are multiple potential impacts. I'll start with a point of reference on why we were created. We were created because the Canada pension plan was literally going bankrupt. In 1995, independently, the chief actuary produced a report saying that, by 2014, we were going to run out of money.

Government Operations committee  It would.