While we operate at arm’s length from governments, the Canada Pension Plan Investment Board (CPP Investments) is subject to rigorous accountability requirements. Accountability is deeply ingrained in the CPPIB Act as well as in the policies and practices that govern our Board, our officers and our employees.
Our accountability is ultimately to our stewards – the federal Finance Minister and the Finance Ministers of the participating provinces. This accountability is fulfilled through a number of specific activities:
- Our public reports are subject to review and approval by the Audit Committee of our Board of Directors, which then recommends their approval to the full Board. This includes our financial statements and annual report.
- Our annual report is tabled in Parliament by the Federal Finance Minister.
- An external accounting firm audits our financial statements annually.
- There is a review of the Canada Pension Plan (CPP) and CPP Investments by the federal and provincial Finance Ministers every three years.
- The Federal Finance Minister can request a special audit at any time.
- The Chief Actuary of Canada conducts a financial review of the Canada Pension Plan (CPP) every three years.
- An external Special Examination of our records, systems and practices is conducted every six years.
- We hold biennial public meetings in each participating province during which Canadians and stakeholder groups can ask questions of our Chair and CEO.
- We provide regular and timely information on our website helping interested Canadians monitor CPP Investments’ activities and investment performance.
We also exceed legislated requirements in terms of our conduct and business practices. Internal standards and policies insist on responsible and ethical behaviour. Our Code of Conduct, acknowledged annually by each of our employees, enshrines these ethical practices. It includes a requirement that employees confidentially report conduct breaches to our external Conduct Review Advisor – Sheila Block, an internationally recognized litigation and dispute resolution lawyer at Torys LLP.