January 4, 2001
The CPP Investment Board, which expects to be managing more than $100 billion in assets on behalf of Canadians by the end of the decade, will hold its first series of bi-annual public meetings in January across Canada.
The CPP Investment Board is a professional investment corporation operating at arm’s length from governments and independently of the Canada Pension Plan.
“More than 16 million Canadians, who are contributors and beneficiaries of the Canada Pension Plan, have a direct financial interest in how we manage the assets entrusted to us,” CPP Investment Board President and Chief Executive Officer, John A. MacNaughton commented. “They have a right to know how we are investing their money, and they will through these public meetings.” The CPP Investment Board Act requires a public meeting at least every two years in each province that participates in the Canada Pension Plan. “We are committed to a full and timely accountability through these meetings, along with quarterly reports, our annual reports and our web site,” said Mr. MacNaughton. The CPP Investment Board will be going on a coast-to-coast tour making stops in each provincial capital except Quebec, which administers its own pension plan. The first meeting will be held on January 15 in Fredericton, followed by meetings in Halifax, Charlottetown, St. John’s, Toronto, Winnipeg, Regina, Edmonton and Victoria. Meeting details are attached. The purpose of holding these meetings is to present the Board’s annual report for the fiscal year ended March 31, 2000, which was released and widely distributed in June, 2000. Chair Gail Cook-Bennett will review the creation of the CPP Investment Board and its objectives and Mr. MacNaughton will review recent activities and future priorities.
Dr. Cook-Bennett and Mr. MacNaughton will also respond to any questions from interested persons with respect to investment and operating issues relevant to the CPP Investment Board’s mandate as an investment corporation. In its first full fiscal year ended March 31, 2000, the CPP Investment Board reported a total fund return of 40.1%, principally because the TSE 300 Index in which assets were 80% invested was among the world’s top market performers. At March 31, 2000, the CPP Investment Board had invested $2.4 billion in capital markets. By September 30, 2000 assets had grown to $5.8 billion. The CPP Investment Board is a crown corporation created by an Act of Parliament in December 1997. It receives funds not needed by the Canada Pension Plan to pay current pensions and invests them in capital markets. By increasing the long-term value of these funds, the CPP Investment Board will help the Canada Pension Plan to keep its pension promise to Canadians. For more information, visit the CPP Investment Board’s web site at www.cppib.ca The Canada Pension Plan itself is the joint responsibility of the federal and provincial governments which set contribution rates and benefit levels. The plan is administered by the federal government, which collects contributions and distributes pensions.
For further information contact:
John A. MacNaughton
President and Chief Executive Officer