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Annual Report 2019: Investing for Generations

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Annual Report 2019: Investing for Generations 2019 ANNUAL REPORT INVESTING FOR GENERATIONS YEARS 20 ANS Table of Contents 01 02 03 04 Corporate Overview Strategy Performance and Financial Statements Governance and Notes Who We Are 1 Our Mission and Management’s Discussion Management’s Responsibility 20 Years of CPPIB 2 Investment Strategy 17 & Analysis 52 for Financial Reporting 116 Chairperson’s Report 4 • Our Investment Strategy 23 • Financial Performance 53 Investment Certificate 117 President’s Message 7 • Investment Departments • Performance of the Independent Auditor’s Report 118 Overview 38 Investment Departments 63 Operational Highlights 10 Financial Statements • Our People and Culture 43 • Fiscal 2020 Objectives 85 Additional CPP 11 • Consolidated Balance Sheet 120 • Furthering Operational • CEO/CFRO Certification 86 Global Investments 12 • Consolidated Statement Capabilities 45 • Accounting Policies of Comprehensive Income 121 Our People 14 • Accountability 45 and Critical Estimates 86 • Consolidated Statement • Risk Management 46 Compensation Discussion of Changes in Net Assets 122 and Analysis 87 • Consolidated Statement • Report of the Human of Cash Flows 123 Resources and • Consolidated Schedule Compensation Committee 87 of Investment Portfolio 124 • Compensation Discussion Notes to the Consolidated and Analysis 89 Financial Statements 125 Governance 102 • Governance Practices of the Board of Directors 103 • Board of Directors 112 INVESTING FOR GENERATIONS 01 WHO WE ARE We are CPPIB. Investing for generations. Canada Pension Plan Investment Board (CPPIB) is a global investment management organization established to help ensure the Canada Pension Plan (CPP) is strong and sustainable. We compete around the world to secure and manage public and private assets. Our teams bring deep expertise and local knowledge. We take a disciplined, long-term approach to managing the CPP Fund. CPPIB ensures the Fund is diversified by asset class and geography so that it is more resilient, and to safeguard the best interests of current and future beneficiaries against other factors affecting the funding of the CPP. Sustainability of the CPP AS AT DECEMBER 31 ($ BILLIONS) ACTUAL ASSETS PROJECTED ASSETS 1,0 100 YEARS75+ OF CPP 10 SUSTAINABILITY 1000 0 20+ MILLION 00 CONTRIBUTORS AND BENEFICIARIES 0 0 09 10 11 12 13 14 15 16 17 18 19 1 20 21 22 23 24 25 26 27 2 29 30 31 32 33 34 35 36 37 3 39 40 The most recent triennial report by the Chief Actuary of Canada indicated that the CPP is sustainable over a 75-year projection period. Projections of the CPP Fund, being the combined assets of the base and additional CPP accounts, are based on the nominal projections from the 29th Actuarial Report supplementing the 27th and 28th Actuarial Reports on the Canada Pension Plan as at December 31, 2015. 1 Represents actual total Fund assets as at March 31, 2019. CPP INVESTMENT BOARD 2019 ANNUAL REPORT 1 INVESTING FOR GENERATIONS 20 YEARS OF CPPIB YESTERDAY TODAY CPPIB began investing 20 years ago. Sustainable. Scalable. Diversified. For Canada, it was a critical time. Canadian This is CPPIB at its 20-year milestone. governments took action to address demographic Taken together, our clarity of mission, professional changes and an impending pension shortfall. governance, scale, certainty of assets and investment They also increased CPP contribution rates. strategy set us apart from other funds. These bold reforms were a foundation to help Our long-term performance helps provide a ensure the CPP was placed back on sound foundation on which Canadians can build financial financial footing for long-term sustainability and security in retirement. to support generations to come. In 1999, CPPIB received its first transfer of funds to invest. We steadily evolved from there. From local to global. From passive to active investment management. All to build value and grow the Fund for contributors and beneficiaries. In the past 10 years: $239 11.1% RATE OF RETURN BILLION (NET NOMINAL) NET INCOME AFTER ALL CPPIB COSTS First direct real estate transaction: CPP Fund surpasses Received first transfer of Five Canadian shopping centres $100 billion in assets 20 Years of funds from CPP to begin In-house management of our CPPIB made the decision investing in publicly passive public equity portfolio to adopt an active CPPIB traded stocks begins management strategy 1999 2003 2006 2001 2004 2008 CPPIB’s first public meetings Legislated restrictions Opened our first held in nine Canadian cities on investments in foreign international First private equity fund holdings lifted offices in Hong investments Kong and London 2 CPP INVESTMENT BOARD 2019 ANNUAL REPORT 01 TOMORROW We will continue to take ambitious steps forward. On the path to 2025 we have set out a plan to position CPPIB for growth. $392CPP FUND VALUE AT MARCH 31, 2019 BILLION > We will build an increasingly diverse and global team and $32 8.9% champion an inclusive culture FISCAL 2019 BILLION RATE OF RETURN > Up to one-third of the Fund FISCAL 2019 (NET NOMINAL) NET INCOME AFTER is set to be invested in ALL CPPIB COSTS emerging markets > Technology and data will help us improve efficiency and investment decision-making Increased our Issued our global footprint inaugural Green Participated in three of by opening Bond, the first the five largest private offices in New Marked 10 years of active such market investment transactions York City and management with the CPP Fund offering from a in the world São Paulo, Brazil totalling almost $280 billion pension fund 2009 2014 2016 2018 2011 2015 2017 2019 More than half the Opened offices in Mumbai, Opened our office in Began managing portfolio invested India and Luxembourg Sydney, Australia additional CPP outside of Canada contribution amounts CPP INVESTMENT BOARD 2019 ANNUAL REPORT 3 INVESTING FOR GENERATIONS CHAIRPERSON’S REPORT DEAR FELLOW CONTRIBUTORS AND BENEFICIARIES OF THE CANADA PENSION PLAN, As Chairperson of CPPIB, it is my honour to report to you on the activities of the Canada Pension Plan Investment Board in this, our 20th year since receiving the first funds to invest on behalf of the Canada Pension Plan. Before I deliver the report on this year’s activities, I will take a moment to reflect on the 20 years since CPPIB’s inception. CPPIB was formed by an Act of Parliament in 1997, with a singular mandate “to maximize returns without undue risk of loss, taking into account factors that may affect the funding of the Canada Pension Plan.” Just over a year later, in March 1999, CPPIB received an initial transfer of about $12 million. Over the ensuing 20 years, numerous developments took place, including our first private-market investment in 2001, our first commercial real estate investment in 2003, and our strategic decision in 2006 to move to an active management strategy. Our enabling legislation, the CPPIB Act, provided three far-sighted, critical ingredients for the organization’s successes to date: gold-standard governance, arm’s-length operation from government and unambiguous investment objectives. The Board, Management and our stewards all agree that these will only become more important in the years ahead. And, while this milestone 20th anniversary naturally has us looking back at what has DR. HEATHER MUNROE-BLUM brought us to this chapter in the life of the organization, CPPIB is a forward-looking Chairperson organization by nature. Making decisions today with a view to the best interests of multiple generations is key to our mindset, and this draws our focus continually toward long-term performance. In January 2019, CPPIB received its first transfer of funds from the additional CPP. The Board’s oversight duties in preparation for this transfer included ensuring that the Board, Management and the organization as a whole are well-equipped to deal with the challenges of managing two accounts with different risk profiles; and to ensuring there would be no potential negative impact to the base CPP or additional CPP. To accomplish this, the Board worked both on its own and with Management to assess how CPPIB could best take on this new stream of funds, always considering how we can most effectively serve contributors and beneficiaries. Details of how CPPIB is managing the additional CPP and the base CPP are found on page 20 of this year’s annual report. THROUGHOUT ITS Since inception, CPPIB has repeatedly demonstrated that it can accomplish what it sets 20-YEAR HISTORY, out to do. Our results this past fiscal year, where the total CPP Fund stood at $392 billion, are a prime example of the work the organization does to contribute to the sustainability CPPIB HAS REPEATEDLY of the CPP Fund. DEMONSTRATED THAT IT CAN ACCOMPLISH WHAT IT SETS OUT TO DO. 4 CPP INVESTMENT BOARD 2019 ANNUAL REPORT 01 Stewardship of CPPIB’s long-term investment strategy As an organization nearly 85% invested outside of Canada, we In my report on CPPIB’s activities last year, I wrote about the work also pay close attention to the geopolitical environment. In fiscal Management had initiated with respect to developing the strategic 2019, this theme loomed especially large, with the growth of direction for CPPIB in 2025. This year, Management received Board protectionism, trade uncertainty and growing trade tensions – approval for the CPPIB 2025 strategy, which focuses on four key particularly between the United States and China. Our Board elements: oversight role requires us to understand the potential impact of geopolitical risks to CPPIB and to investigate Management’s • Adopting a global investment approach; approach to anticipating and mitigating related risk impacts. • Placing a focus on using technology and data to empower The Board participated in numerous education sessions with all employees and drive better investment decisions; Management and external experts to engage deeply with the • Building an operationally excellent core services team; and potential risks related to these developments.
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