June 10, 2002
The CPP Investment Board, which expects to be managing more than $125 billion in retirement funds by the end of the decade, will hold its second series of bi-annual public meetings across Canada in June.
The CPP Investment Board is an investment management corporation operated independently of the Canada Pension Plan and at arm’s length from the federal and provincial governments. Investment decisions are made by experienced investment professionals who report to a board of directors with business, financial and investment expertise. It invests CPP contributions not required to pay current benefits with a view to maximizing returns without undue risks. A portion of the investment income on money invested today will be used by the Canada Pension Plan to help pay the pensions of working Canadians who begin retiring in 20 years from now.
“Canadians have the right to know why how and where their Canada Pension Plan contributions are invested, who makes the investment decisions, what assets are owned on their behalf, and how these investments are performing,” says John A. MacNaughton, CPP Investment Board president and chief executive officer. “We invite Canadians across the country to join us at these public meetings to discuss our most recent annual report and learn what we are doing to help build the financial future of millions of Canadians.”
The CPP Investment Board Act requires a public meeting at least every two years in each province that participates in the Canada Pension Plan. The first series of meetings were held in January 2001.
These series of meetings will begin on June 17 in Vancouver followed over two weeks by meetings in Calgary, Saskatoon, Winnipeg, St. John’s, Halifax, Charlottetown, Saint John and Toronto. Click here for meeting details.
At March 31, 2002, the CPP Investment Board had $14.3 billion invested in equities. During the fiscal year ended March 31, 2002, it earned approximately $316 million on equities for a 3.4 per cent rate of return. The total assets available to the Canada Pension Plan, including $39.3 billion in fixed- income securities administered by the Department of Finance Canada, earned $2.3 billion for an estimated 5.7 per cent rate of return.
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 416-868-4077