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People | Purpose | Performance Corporate Profile 2015 ANNUAL REPORT People | Purpose | Performance Corporate Profile Canada Pension Plan Investment Board (CPPIB) is a professional investment management organization with a critical purpose – to help provide a foundation on which Canadians build financial security in retirement. We invest the assets of the Canada Pension Plan (CPP) not currently needed to pay pension, disability and survivor benefits. CPPIB is headquartered in Toronto with offices in Hong Kong, Scale and our long-term commitment make CPPIB a London, Luxembourg, New York and São Paulo. We invest valued business partner, allowing us to participate in some in public equities, private equities, bonds, private debt, real of the world’s largest investment transactions. Scale also estate, infrastructure, agriculture and other investment areas. creates investing efficiencies and provides the capacity Assets currently total $264.6 billion. The Investment Portfolio to build the necessary tools, systems and analytics that consists of 75.9% or $201.0 billion in global investments with support a global investment platform. the remaining 24.1% or $63.8 billion invested in Canada. The certainty of cash inflows from contributions means Our investments have become increasingly international, we can be flexible, patient investors able to take advantage as we diversify risk and seek growth opportunities in of opportunities in volatile markets when others face global markets. liquidity pressures. Our investment strategy ensures ideal Created by an Act of Parliament in 1997, CPPIB is diversification across asset classes, geographies and other accountable to Parliament and to the federal and provincial factors through defined target allocation ranges, and our finance ministers who serve as the CPP’s stewards. However, distinct Total Portfolio Approach ensures we maintain we are governed independently from the CPP, operating at targeted exposures across the entire portfolio as individual arm’s length from governments with a singular objective: to investments are bought or sold, or change in value. Finally, maximize returns without undue risk of loss. The funds that we our exceptionally long investment horizon is an increasingly invest belong to 18 million CPP contributors and beneficiaries; important competitive strength. We can assess and pursue we owe them high standards of investment management, as opportunities differently and stay the course when many well as transparency and accountability for their assets. cannot. Further, CPPIB’s long-term perspective makes The CPP Fund ranks among the world’s 10 largest patient capital available for direct commitments that can retirement funds. In managing the Fund, CPPIB pursues a create value for the Fund over many years to come. diverse set of investment programs that contribute to the Taken together, our clarity of mission, independence, long-term sustainability of the CPP. The most recent triennial scale, certainty of assets, investment strategy and long horizon report by the Chief Actuary of Canada, as at December 31, set us apart from most other funds. These advantages have 2012, indicated that the CPP is sustainable over a 75-year earned CPPIB an international reputation, and help us attract, projection period, and that contributions to the Fund will motivate and retain a world-class team. exceed benefits paid until 2023. The report also projected that the CPP Fund will grow to approximately $300 billion For more information, please visit our website at by 2020 and over $500 billion by 2030. www.cppib.com. TABLE OF CONTENTS Financial Highlights 1 Our Mission and Investment Strategy 20 Financial Statements and Notes 90 Chair’s Report 2 Management’s Discussion and Analysis 48 Governance Practices President’s Message 5 Report of the Human Resources of the Board of Directors 128 Senior Management Team 18 and Compensation Committee 71 Ten-Year Review 135 Key Operational Highlights 19 Compensation Discussion and Analysis 75 Fiscal 2015 Financial Highlights OUR CRITICAL PURPOSE is to help provide a foundation on which Canadians build financial security in retirement. ASSET MIX RATE OF RETURN (NET NOMINAL) AS AT MARCH 31, 2015 FOR THE YEAR ENDED MARCH 31 (%) Emerging market Infrastructure 20 equities 5.9% 5.7% 10 Other debt 6.5% Canadian equities Foreign 0 7.3% developed market -10 Real estate 11.5% equities 37.0% -20 Bonds and money 2006 07 08 09 10 11 12 13 14 15 market securities 26.1% $ $ $ 264.6 Billion 40.6 Billion 129.5 Billion CPP Fund at Net Investment Income Net Cumulative Investment March 31, 2015 After All CPPIB Costs Income for 10-Year Period 18.3% 12.3% 8.0% Fiscal 2015 Five-Year Annualized 10-Year Annualized Rate of Return Rate of Return Rate of Return (net nominal) (net nominal) (net nominal) $ $ 107. 5 Billion 52.9 Billion Investments in Private Assets Implied Assets Under Management for Active Public Market Programs CPP Investment Board 2015 Annual Report 1 Chair’s Report Against this backdrop, fiscal 2015 also continued to be a very active year for the Board of Directors as we focused on three major themes: 1. Stewardship of CPPIB’s long-term investment strategy. 2. Alignment of the Board’s governance responsibilities with CPPIB’s evolving investment framework. 3. Sustained strengthening of our Board and its governance practices, including the successful transition to a new Chair. Before providing details on each of these themes, I wish to acknowledge the tremendous efforts of all CPPIB employees in fiscal 2015. CPPIB’s strong public purpose drives the behaviour Dr. Heather Munroe-Blum, Chair of CPPIB’s Directors, management and employees alike – this purpose is engrained in the unique CPPIB culture. As Chair, I now have the opportunity to engage with new employees in the Fellow contributors and beneficiaries of the Canada Pension Conduct Review Advisor sessions. I and my fellow Directors are Plan, I am delighted to provide this annual update on the encouraged as we continue to see CPPIB attract talented leaders activities of the Canada Pension Plan Investment Board (CPPIB) and employees who, every day, exemplify CPPIB’s strong values of for fiscal 2015. integrity, partnership and high performance. These are values you In October 2014, I had the honour of being named the third should rightly expect from the managers of your pension assets. Chair of the CPPIB Board of Directors, a trust I embrace. As Now allow me to return to the Board’s main areas of focus a Director of CPPIB since 2010, I have great pride in playing over this past fiscal year. a role in this organization, which works to represent the best interests of the Canada Pension Plan’s 18 million contributors and 1. Stewardship of CPPIB’s long-term beneficiaries. CPPIB has a strong public purpose, and a governance investment strategy model that is viewed as a benchmark to which investment Overseeing the SMT’s development of CPPIB’s multi-year organizations around the world aspire. business strategy was the most significant work of our Board this Fiscal 2015 was again a year of evolution and growth for CPPIB, past year. The goal of this exercise was to examine how CPPIB as it was for the CPPIB Board of Directors. We acknowledged can best position the organization today with a view to achieving with great appreciation the contribution of long-time, outgoing a maximum rate of return over an exceptionally long horizon with Director and Chair Robert Astley and we welcomed new an appropriate level of risk. A key outcome of that work was the Director Tahira Hassan. While the face of our boardroom is proposed evolution of CPPIB’s investment framework which the changing, we collectively continue our engaged stewardship of Board fully endorsed, given our belief that it will best serve the CPPIB’s global strategy and long-term vision and we commend interests of CPP’s current and future beneficiaries. the Senior Management Team (SMT) for the significant progress The enhanced investment framework is designed to fully leverage that the organization realized this year. the unique characteristics of the CPP Fund – its exceptionally long CPPIB achieved a strong net return of 18.3% on your CPP horizon, certainty of assets and scale, all of which constitute CPPIB’s Fund assets, resulting in $40.6 billion of investment income after special structural comparative advantages. As the details of this expenses in fiscal 2015. Most importantly, the CPP remains on framework are addressed more fully elsewhere in this Annual solid financial footing and CPPIB’s 10-year real rate of return of Report (see page 31), I take this opportunity simply to highlight 6.2%, after all expenses, remains well above the prospective 4% the element that I believe is most relevant to CPP contributors real rate of return that the Chief Actuary of Canada assumes in and beneficiaries: CPPIB’s greater focus on total Fund returns. assessing the sustainability of the Fund. At $264.6 billion, the CPP This evolution of the investment framework of course is done Fund is one of the 10 largest retirement funds in the world today – within the context of CPPIB’s mandate to maximize returns and growing. “without undue risk of loss.” Indeed, part of the Board’s role is to set the risk limits for CPPIB, while being ever-attentive to the organization’s very long-term investment horizon. The Board believes that the comparative advantages of CPPIB put the 2 CPP Investment Board 2015 Annual Report organization in a position where it can and should seek higher > Short-term deliberate changes to the portfolio to allow returns by prudently raising the Fund’s exposure to equity, relative management to strategically pursue market opportunities or to to fixed income investments. Equity in this sense does not reduce risk exposures (while CPPIB looks at global economic necessarily imply an increase in the actual equity holdings in the CPP and market trends over a five- to 10-year horizon, we must be Fund; rather, we use equity in a broader sense to mean investment prepared, nonetheless, to adjust the portfolio in the short in equity-like investments that could include participation in private term, within prudent limits, given the inherent uncertainties equity, real estate and infrastructure projects.
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