DOCSLIB.ORG

A Commitment to Sustainability by Joe De Dominicis a Commitment to Sustainability 2 Letter from the Editor by Rachel W

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
A Commitment to Sustainability by Joe De Dominicis a Commitment to Sustainability 2 Letter from the Editor by Rachel W Article from: In The Public Interest June 2013 – Issue 8 Social Insurance & Public Finance Section ISSUE 8 | JUNE 2013 1 A Commitment To Sustainability By Joe De Dominicis A COMMITMENT TO SustainaBILITY 2 Letter From The Editor By Rachel W. Killian Why I am optimistic about having access to the retirement security enjoyed by today’s Canadian retirees. 4 SI&PF Chairperson’s Corner Section Update By Steve Schoonveld By Joe De Dominicis 9 Professional Passion Begets Professional Passion rowing up I was regularly reminded to respect my elders. Clearly many other Ca- By Valerie Paganelli nadians received the same message, putting Canada in elite company as one of 11 Interview With An Actuary In The G the best countries in the world to be a retiree. According to a recent report by the Public Interest Conference Board of Canada, poverty among the elderly in Canada is at a low 6.7 percent. 13 A Brief Survey Of Dual Eligibles And In fact we rank third amongst our Organization for Economic Co-Operation and Develop- The ACA ment (OECD) peers in this area as shown in the chart below from the Conference Board of By Rebecca A. Owen Canada report.i 16 Health Care Reform And The Actuarial Profession By Dwight K. Bartlett ELDERY PROVERTY RATE, LATE 2000S 20 Social Insurance In The Wake Of (PER CENT) The Affordable Care Act By Bob Tate 23 The Nature Of Social Insurance Programs And Their Funds (Part 1 of 2) By Sam Gutterman 28 Social Insurance And Public Finance Pension Research Project Synopsis By Social Insurance and Public Finance Pension Sub-Committee 30 So What? By Andy Large CONTINUED ON PAGE 5 A COMMITMENT TO SustainaBILITY | CONTINUED FROM page 1 The relatively low elderly poverty rate is a direct residency in Canada after age 18 and is provided result of Canada’s Social Security System, con- regardless of their employment history. Both the sisting of means tested floor benefits [OAS (Old OAS and GIS are means-tested. Higher income Age Security)/GIS (Guaranteed Income Supple- seniors have a portion of their OAS benefits ment) plus some provincial programs], plus an “clawed back” after reaching a threshold annual earnings related component [C/QPP (Canada/ retirement income and GIS benefits are not paid Quebec Pension Plan)]. Like social security to pensioners above a certain low income thresh- systems around the world, the sustainability of old. the Canadian system has been strained in recent years by a confluence of factors including, the The second, income related, component to Cana- financial crisis, low fertility rates, aging baby da’s government administered retirement system, 1 boomers, longer life spans, and a decline in re- the Canada Pension Plan (CPP), was established tirement coverage for many citizens, primarily in 1966. CPP benefits are financed solely by due to lower coverage from private sector pen- contributions from working Canadians and their sion plans. In the face of these factors, and in employers. The Quebec Pension Plan (QPP) is comparison to the systems of peer nations, the a sister program for residents in the province of Canadian system has proven rather resilient. Quebec. The CPP and QPP are almost identical. While we are not immune to the risks now facing For a Canadian who works a full career, the social security systems around the world, some CPP and OAS are designed to replace roughly prudent decisions have helped mitigate those 40 percent of income, up to the national aver- risks, helping to ensure that the Canadian Social age wage ($51,100 in 2013).ii As of March 31, Security System will be available for future gen- 2013, the maximum basic benefit a retiring Ca- erations; these include: nadian could receive from CPP and OAS, com- 1. Better Funding: Moving the CPP from a bined, is $18,702.84. Many Canadians aspire to pay-as-you-go system to a partially funded have retirement income in excess of that amount. system, However, CPP and OAS are only meant to pro- vide a foundation on which working Canadians 2. Better Governance: An increased focus on can build. At the same time they ensure that, at oversight, transparency and intergeneration- a minimum, most Canadian seniors retire above al equity, and the poverty level. 3. Plan Changes: Recent benefit changes pro- Since the Canadian Social Security System was viding incentives for Canadians to retire established, the programs have been amended on later. many occasions to reflect changing needs and to help preserve the sustainability of a system so BACKGROUND many Canadians cherish. The Canadian system is The foundation, or floor, of Canada’s Social Se- certainly not immune to the risks now facing so- curity System is the Old Age Security (OAS) cial security systems around the world, but some program. The main components of the OAS pro- prudent plan changes and decisions have helped gram are the Old Age Security Pension and, for mitigate those risks and have made the Canadian Canada’s lowest income seniors, the additional system one of the most resilient. Guaranteed Income Supplement (GIS) and Al- lowances. The OAS program is financed from THE SHIFT FROM PAY-AS-YOU-GO general tax revenues of the Federal Government TO PARTIALLY FUNDED and provides a flat monthly benefit to most Ca- The 1996/1997 review of the CPP revealed that, nadian citizens, on or after age 65, based on their in its pay-as-you-go form, the plan was no lon- CONTINUED ON PAGE 6 JUNE 2013 | IN THE PUBLIC INTEREST | 5 A COMMITMENT TO SustainaBILITY | FROM page 5 ... the financing ger sustainable. For example, in 1996 the con- funded basis called steady-state funding, where tributions collected were $11 billion, but $17 an asset reserve is accumulated with the goal of of the CPP was billion in benefits were paid out.iii It was clear maintaining a stable asset/expenditure ratio. that, given a rapidly aging population, the ratio of changed from a pay- the number of workers contributing to the num- The higher contributions were used to create the as-you-go basis to ber of retirees drawing benefits would continue asset reserve to partially fund the CPP. In addi- to decline, making the plan increasingly unman- tion, the CPP Investment Board (CPPIB) was a partially funded ageable—the chief actuary concluded that the created to manage and invest the assets at arm’s plan’s reserves would be completely exhausted length from the government, for the sole purpose basis. ... by 2015.iv of maintaining the sustainability of the plan. As of Dec. 31, 2012, the CPPIB had $172.6 billion In response to this imminent problem, federal under management. The 25th Actuarial Report and provincial finance ministers recommended on the Canada Pension Plan as of Dec. 31, 2009, and made a number of reforms to help ensure the prepared by the Office of the Chief Actuary con- long-term sustainability of the CPP. In addition cluded that, under best estimate assumptions, the to various benefit changes, the total level of con- CPP is “expected to be able to meet its obliga- tributions was increased gradually from the 1997 tions throughout the projection period and re- rate of 6 percent to 9.9 percent by 2003. And, main financially stable over the long term.” v, 2, 3 most importantly, the financing of the CPP was changed from a pay-as-you-go basis to a partially INCREASED FOCUS ON OVERSIGHT, TRANSPARENCY AND INTERGENERATIONAL EQUITY In addition to moving from pay-as-you-go fi- nancing to a partially funded CPP, the 1997 re- forms also increased the frequency for reviewing the CPP from once every five years to once every three years. In the event that a review reveals that legislated contribution rates are no longer suffi- cient to maintain the stability of the CPP, “self- sustaining” provisions have been implemented to allow certain benefits to be decreased if legis- lated contribution rates are not increased. A full funding provision was also included to en- sure that any future increases to CPP benefits are fully funded with contributions that are in addi- tion to the regular, steady-state required contri- butions. This provision ensures that the costs of benefit improvements are not passed on to future generations. The 1997 reforms were instrumental in helping to ensure the sustainability of programs. More recent changes continue to demonstrate a com- mitment to maintaining these programs. 6 | IN THE PUBLIC INTEREST | JUNE 2013 RECENT CHANGES TO MITIGATE will continue to threaten the sustainability of our THE IMPACTS OF INCREASING system. However, past decisions demonstrate, at LONGEVITY the very least, the willingness of the stewards of Like most citizens in the developed world, Ca- our Canadian system to take action when needed nadians are living longer and therefore drawing to protect the retirement stability now enjoyed retirement benefits longer than in the past, and by most Canadian seniors. All of which increase longer than was anticipated when our social se- the chances that future generations will have ac- curity system was first designed. cess to some form of government administered retirement income, even if it may not provide the In his speech to the World Economic Forum in level of retirement security now enjoyed by my Joe De Dominicis, January 2012, Canadian Prime Minister Stephen parents and their peers. FSA, FCIA, is staff Harper verbalized his concerns about the com- fellow—Canadian ing demographic threat, “Our demographics also REFERENCES Membership, for the constitute a threat to the social programs and ser- Society of Actuaries. He can be contacted vices that Canadians cherish.
Load more

Recommended publications
  • 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.
    [Show full text]
  • Final Terms Dated •
    MIFID II PRODUCT GOVERNANCE / TARGET MARKET - Solely for the purposes of the manufacturer’s product approval process, the target market assessment in respect of the Notes has led to the conclusion that: (i) the target market for the Notes is eligible counterparties and professional clients only, each as defined in Directive EU 2014/65 (as amended, “MiFID II”); and (ii) all channels for distribution of the Notes to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the Notes (a “distributor”) should take into consideration the manufacturer’s target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the Notes (by either adopting or refining the manufacturer’s target market assessment) and determining appropriate distribution channels. PRIIPS REGULATION PROHIBITION OF SALES TO EEA RETAIL INVESTORS - The Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area (“EEA”) or in the United Kingdom. For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of MiFID II; (ii) a customer within the meaning of Directive (EU) 2016/97 (as amended), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in Regulation (EU) 2017/1129 (as amended) (the “Prospectus Regulation”).
    [Show full text]
  • IMS Health Announces Completion of Acquisition by Affiliates of TPG and IMS in the News the CPP Investment Board
    United States [Change] Press Room Careers Shareholder Services Customer Portal Contact Us Home Solutions Insights Innovation About IMS PRESS ROOM PRESS RELEASES Press Releases Press Releases IMS Health Announces Completion of Acquisition by Affiliates of TPG and IMS in the News the CPP Investment Board Top-Line Market Data Prescription Data Restriction Laws Contacts: Darcie Peck Investor Relations Share: (203) 845-5237 [email protected] Gary Gatyas Communications (610) 834-5338 [email protected] NORWALK, CT, February 26, 2010 – IMS Health, the world’s leading provider of market intelligence to the pharmaceutical and healthcare industries, today announced the completion of its acquisition by entities created by certain affiliates of TPG Capital, L.P. (“TPG”) and the CPP Investment Board (“CPPIB”). “This transaction has delivered significant value to our shareholders and is a strong endorsement of our business model, our teams and the leadership position we have built,” said IMS Health Chairman and CEO David R. Carlucci. “As a private company, we will continue to innovate for client needs and look forward to working with our new partners as we capitalize on our expanding opportunity in the healthcare market.” “We are delighted to be working with the talented IMS management team to drive growth by expanding the company’s market intelligence offerings, which are crucial to the healthcare industry,” said James Coulter, founding partner, TPG. Mark Wiseman, senior vice-president, Private Investments, CPP Investment Board said, “IMS is a world- class company with a strong management team and excellent growth prospects. We look forward to working with management to position IMS for success over the long term.” Pursuant to the terms of the merger agreement, IMS Health’s stockholders are entitled to receive $22.00 in cash, without interest, less any applicable withholding taxes, for each share of IMS Health common stock owned by them.
    [Show full text]
  • Lessons from Canada's Pension Plan
    Risk pooling and the market crash: Lessons from Canada's pension plan Authors: Ashby Monk, Steven A. Sass Persistent link: http://hdl.handle.net/2345/bc-ir:104270 This work is posted on eScholarship@BC, Boston College University Libraries. Chestnut Hill, Mass.: Center for Retirement Research at Boston College, June 2009 These materials are made available for use in research, teaching and private study, pursuant to U.S. Copyright Law. The user must assume full responsibility for any use of the materials, including but not limited to, infringement of copyright and publication rights of reproduced materials. Any materials used for academic research or otherwise should be fully credited with the source. The publisher or original authors may retain copyright to the materials. June 2009, Number 9-12 RISK POOLING AND THE MARKET CRASH: LESSONS FROM CANADA’S PENSION PLAN By Ashby H.B. Monk and Steven A. Sass* Introduction Defined contribution plans are now the nation’s provides reasonably secure and reliable incomes in primary private retirement income program and retirement. One approach would make individual repository of retirement savings. About two thirds of retirement accounts more secure and reliable through the assets held in such plans are invested in equities, the use of mandates, defaults, guarantees, or risk- as is the case in the defined benefit plans they largely sharing arrangements.2 This brief offers a different replaced. Equities can dramatically reduce the cost approach, examining the Canada Pension Plan (CPP) of providing retirement incomes, given their high and how it manages the risk that comes with invest- expected returns.
    [Show full text]
  • People Purpose Performance
    ANNUAL REPORT 2013 People Purpose Performance Toronto London Hong Kong 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 London and Hong Kong. We invest in public equities, private equities, bonds, private debt, real estate, infrastructure and other areas. Assets currently total $183.3 billion. Of this total, 36.7% or $67.4 billion is invested in Canada and the rest globally at 63.3% or $116.1 billion of the portfolio. Our investments have become increasingly international as we diversify risk and seek growth opportunities in growing global markets. Created by an Act of Parliament in 1997, CPPIB is accountable to Parliament and to the federal and provincial finance ministers who serve as the CPP’s stewards. However, we are governed and managed independently from the CPP, operating at arm’s length from governments with a singular objective: to maximize returns without undue risk of loss. The funds that we invest belong to the 18 million Canadians who are current and future CPP beneficiaries. We adhere to high standards of transparency and accountability. The CPP Fund ranks among the world’s 10 largest retirement funds. In managing the Fund, CPPIB pursues a diverse set of investment programs that contribute to the long-term sustainability of the CPP. The most recent triennial report by the Chief Actuary of Canada indicated that the CPP is sustainable over a 75-year projection period, and that contributions to the Fund will exceed benefits paid until 2021.
    [Show full text]
  • Climate Change
    FROM THE 2019 REPORT ON SUSTAINABLE INVESTING Available at www.cppib.com/2019SIReport CLIMATE CHANGE CLIMATE CHANGE PROGRAM to provide CPPIB with a differentiated understanding of the CPPIB seeks to be a leader among asset owners and managers impact of climate change on our business. Goals include in understanding the investment risks and opportunities enhanced capital allocation, deeper investment acumen related presented by climate change. This aligns with our legislative to climate change and strengthened external communications mandate, recognizing we must act in the best interests of and transparency – which is critical to fostering and promoting current and future beneficiaries. Investments and assets must stakeholder confidence. be properly priced to reflect risks and offer sufficiently attractive The Program builds on CPPIB’s years of work on this issue. potential returns. This is important for a sophisticated investor Climate change has been a focus of our engagement activities with a long investment time horizon. with companies for more than a decade. We apply insight and expertise and monitor developments as CPPIB’s Climate Change Steering Committee (CCSC) we construct our long-term portfolio, rather than setting targets includes both the Chief Financial and Risk Officer and Chief or timelines that could compel us to sell or buy assets at a Investment Strategist as well as senior representatives from suboptimal time. This helps protect our holdings against risks, the following departments: Active Equities, Public Affairs and ranging from potential losses to overpaying for investments Communications, Real Assets and the Office of the CEO. This during the global energy transition. committee, chaired by the Global Head of Active Equities, Launched in 2018, CPPIB’s Climate Change Program is a cross- oversees CPPIB’s Climate Change Program Management Office departmental, multi-year initiative designed to help us achieve and Climate Change Management Committee, which in turn that objective.
    [Show full text]
  • An Analysis of the Canada Pension Plan Investment Board and Its Market-Based Investment Strategy
    THE RISK-LADEN APPROACH TO INVESTING CANADIANS’ PENSIONS: AN ANALYSIS OF THE CANADA PENSION PLAN INVESTMENT BOARD AND ITS MARKET-BASED INVESTMENT STRATEGY by Kyall E. Glennie Bachelor of Arts Honours, University of Regina 2005 M.A. PROJECT SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF MASTER OF ARTS In the Political Science Department © Kyall E. Glennie 2009 SIMON FRASER UNIVERSITY Spring 2009 All rights reserved. However, in accordance with the Copyright Act of Canada, this work may be reproduced, without authorization, under the conditions for Fair Dealing. Therefore, limited reproduction of this work for the purposes of private study, research, criticism, review and news reporting is likely to be in accordance with the law, particularly if cited appropriately. Glennie Approval Name: Kyall E. Glennie Degree: Master of Arts, Department of Political Science Title of Project: The risk-laden approach to investing Canadians’ pensions: An analysis of the Canada Pension Plan Investment Board and its market- based investment strategy Examining Committee: Chair: Dr. Lynda Erickson, Professor Department of Political Science, Simon Fraser University ________________________________________ Dr. Marjorie Griffin Cohen, Professor Department of Political Science, Simon Fraser University Senior Supervisor ________________________________________ Dr. Patrick Smith, Professor Department of Political Science, Simon Fraser University Supervisor ________________________________________ Dr. Stephen McBride Department of Political
    [Show full text]
  • Understanding the Regulatory Framework Governing Private and Public Pensions
    fraserinstitute.org Contents Executive summary / iii 1. Introduction / 1 2. Basics of pension plans / 3 3. What laws govern pension plans? / 13 4. Regulatory differences between CPP and other pension plans / 18 5. Concluding thoughts and future research / 20 References / 21 Appendix: Characteristics of various private and public pension plans / 24 About the authors / 44 Acknowledgments / 44 Publishing information / 45 Supporting the Fraser Institute / 46 Purpose, funding, & independence / 46 About the Fraser Institute / 47 Editorial Advisory Board / 48 fraserinstitute.org / i fraserinstitute.org Executive summary A common argument made to expand the Canada Pension Plan (CPP) is that it is cheap to administer. While many studies have cast doubt on this claim, why would a public pension plan be cheaper to administer than a private one? Many factors affect the cost of running a pension plan, but a crucial yet over- looked factor is the regulatory landscape that private pension plan managers must adhere to and the regulations that their public sector counterparts are exempt from. This paper examines the regulatory requirements among various types of public and private pension plans to determine whether private pension plans are at a cost disadvantage with respect to public ones, with a specific focus on the CPP. In short, the paper finds that the CPP—due to its charac- teristics and legal obligations—enjoys a marked cost advantage over other pension plans. First, consider the legal responsibilities of the various plan administra- tors. Broadly speaking, private pension plans are subject to a variety of statu- tory and common law regulations. These require the pension plan admin- istrators to act as fiduciaries.
    [Show full text]
  • 30Th Actuarial Report on the Canada Pension Plan As at 31 December 2018 Was Prepared Pursuant to the Canada Pension Plan
    Actuarial Report CANADA PENSION PLAN 30th as at 31 December 2018 27 November 2019 The Honourable William F. Morneau, P.C., M.P. Minister of Finance House of Commons Ottawa, Canada K1A 0A6 Dear Minister: In accordance with section 115 of the Canada Pension Plan, which provides that an actuarial report shall be prepared every three years for purposes of the financial state review by the Minister of Finance and the ministers of the Crown from the provinces, I am pleased to submit the Thirtieth Actuarial Report on the Canada Pension Plan, prepared as at 31 December 2018. Yours sincerely, Assia Billig, FCIA, FSA, PhD Chief Actuary Actuarial Report th 30 CANADA PENSION PLAN as at 31 December 2018 TABLE OF CONTENTS Page 1 Executive Summary .................................................................................................................. 7 1.1 Main Findings ............................................................................................................ 7 1.2 Introduction .............................................................................................................. 8 1.3 Independent Peer Review Process .......................................................................... 9 1.4 Scope of the Report .................................................................................................. 9 1.5 Uncertainty of Results .............................................................................................. 9 1.6 Conclusion ..............................................................................................................
    [Show full text]
  • The Canada Pension Plan: Part 1 – Past and Present by Frederick Vettese, Chief Actuary June 2016 Table of Contents
    The Canada Pension Plan: Part 1 – Past and Present By Frederick Vettese, Chief Actuary June 2016 Table of Contents 1 Introduction 3 Section 1 – Before there was CPP 8 Section 2 – The original version of the CPP 9 Section 3 – Did the CPP fulfill its promise? 11 Section 4 – So why improve CPP again? 20 Section 5 – Is the new CPP enhancement good for Canadians? 22 Section 6 – Conclusions 23 Appendix A – Failed CPP expansion proposals 25 Appendix B – Summary of the existing and proposed CPP Introduction The June 20th announcement by Finance Minister Bill Morneau of an expansion in the Canada Pension Plan heralds the most significant change in Canada’s 3-pillar retirement income system in half a century. The question is whether it is a change for the better. And will it put an end to the long-running debate on pension reform? In recent years, politicians, unions and special interest groups have clamoured for an expansion of the Canada Pension Plan (CPP). Without it, they say, younger Canadians face a retirement crisis, and it is up to government to make things right. The Ontario government injected a sense of urgency to the reform process when they declared they would proceed to launch their own state pension plan (the ORPP) by January 2018 if a consensus on CPP expansion was not reached by year-end. To complicate matters, not everyone agrees there is a crisis or with the proposed remedy. The former Conservative government, for instance, opposed CPP expansion on the grounds that the economy was too fragile.
    [Show full text]
  • The Private Markets Secondaries Web Meeting
    The Private Markets Secondaries Web Meeting ZOOM & SLACK October 8th & 9th 2020 Pacific Daylight Time LIVE ONLY, RECORDING IS PROHIBITED BUSINESS CASUAL ATTIRE The Private Markets Secondaries Web Meeting ZOOM & SLACK– October 8th & 9th 2020 Dear Colleague, It is with great pleasure that I invite you to The Private Markets Secondaries Web Meeting. The aim of this Virtual Conference is to connect and educate institutional investors, asset owners, and investment managers on secondaries strategies across the various sectors of private markets, particularly in the current COVID environment. Our online meeting brings together over 300 senior level investment professionals that will join us to virtually network and discuss the recent evolution of secondaries, including current investment opportunities, structures, performance across secondaries in private equity, venture capital, credit and real assets. Panel topics include nuances of secondary transactions in a remote-work and diligence environment, planning and executing LP portfolio sales, GP-led secondaries, asset-concentrated secondaries and overcoming potential conflicts of interest amongst stakeholders. The webinar will feature two outstanding keynote sessions representing the highest quality investment management organizations. Specific, Stephen Moseley, Deputy CIO from the Alaska Permanent Fund Corporation (APFC), the Sovereign Wealth Fund for the state of Alaska, will launch the day’s discussions. APFC is one of the most sophisticated institutional investment organizations, with an innovative investment team that has engaged in a wide range of primary, secondary and direct investment transactions. Mr. Moseley will discuss APFC’s long term strategy and shorter term execution plan that is designed to generate attractive risk-adjusted returns for its Alaskan beneficiaries Later, a keynote fireside chat will feature Ravi Viswanathan, founder and managing partner of NewView Capital, who’s firm was created as a result of a $1.35 billion spin-out from NEA in 2018.
    [Show full text]
  • Bvgalumni Facebook Facebook.Com/Groups/Bvgalumni BVG L!NK Bvglink.Firsthand.Co Lumni Networ K a Kin !N G L G V
    lumni Networ K A kin !N g L G V B Speaker Biographies BENITA M. WARMBOLD, FCPA, FCA, ICD.D Benita Warmbold is a seasoned executive with a wealth of senior-level experience, both strategic and operational. Experienced in dealing at a leadership, executive and board level, with considerable knowledge of governance issues. Former Senior Managing Director and Chief Financial Officer of CPP Investment Board, Benita was responsible for all aspects of finance, risk, performance, tax, internal audit and legal. Over her nine years at CPP Investment Board, she was also responsible for technology, data and investment operations. Benita previously held senior leadership positions with Northwater Capital, Canada Development Investment Corporation and KPMG. Benita is currently active on several boards, including Methanex Corporation, SNC-Lavalin, Crestone Peak Resources, Canadian Public Accountability Board, Queen’s University Board of Trustees and Women’s College Hospital. She is also Chair of the Smith School of Business Advisory Board (Queen’s University). Benita holds an Honours Bachelor of Commerce from Queen’s University. A Fellow of the Institute of Chartered Accountants of Ontario and ICD.D, she has been recognized three times as one of “Canada’s Most Powerful Women – Top 100”, and in 2016 was inducted into the WXN Hall of Fame. In 2017, Benita was given a CFO Special Recognition Award for Social Responsibility and Mentoring. Benita has also been selected by the Canadian Board Diversity Council for its first ever Diversity 50, which recognizes qualified, diverse candidates for board of director appointments. STAY CONNECTED WITH Website www.bayviewglen.ca/alumni LinkedIn www.linkedin.com/in/bvgalumni Email [email protected] Twitter @BVGAlumni #BVGAlumni Facebook facebook.com/groups/bvgalumni BVG L!NK bvglink.firsthand.co lumni Networ K A kin !N g L G V B Speaker Biographies SANDRA TAUBE GODARD, CA, CPA Sandra Taube Godard is a managing director and senior relationship manager, Global Institutional Capital Group, and co-head of Wells Fargo Securities Canada.
    [Show full text]