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“This segregation is a sharp contrast to other jurisdictions,” noted MacNaughton. “In the United States, for instance, social security contributions are treated as cash flow to the government, and have been since the 1960s. In Canada, we have the lock box that Americans can only dream of.”
With a mandate to invest excess contributions until they are required to pay benefits, the CPPIB is currently responsible for $31 billion in public stocks, private equity, real estate and infrastructure assets, and will soon be handling an additional $35 billion bond portfolio and cash reserve that Ottawa will transfer over in the next few years. This $66 billion in assets is expected to exceed $160 billion within a decade.
To illustrate how his organization can invest a large pool of assets while remaining independent from yet accountable to government, MacNaughton touched on some of the safeguards in place within the CPPIB’s corporate governance model:
MacNaughton also identified disclosure as another cornerstone of good governance. “Full and timely disclosure is central to our governance model… and it is unusual in its depth and frequency,” said MacNaughton, noting that the CPPIB files an annual report in Parliament through the federal minister of finance, files quarterly financial statements with federal and provincial finance ministers and holds public meetings every two years in the nine provinces that participate in the CPP.
MacNaughton added that his organization also meets with groups interested in the CPP and its investment activities, releases its financial statements every quarter to the media and posts them online on the CPPIB Web site. The organization’s investment holdings are also posted online on a quarterly basis.
“No other pension fund discloses as much as we do… let alone quarterly,” said MacNaughton. “We do it because we believe that good disclosure is a part of good governance.”
Ultimately, MacNaughton says his organization’s governance model is effective because it “rests upon a federal and provincial sharing of interests and checks and balances.”
Filed by John Craig, john.craig@advisor.rogers.com.
(03/11/04)
“This segregation is a sharp contrast to other jurisdictions,” noted MacNaughton. “In the United States, for instance, social security contributions are treated as cash flow to the government, and have been since the 1960s. In Canada, we have the lock box that Americans can only dream of.”
With a mandate to invest excess contributions until they are required to pay benefits, the CPPIB is currently responsible for $31 billion in public stocks, private equity, real estate and infrastructure assets, and will soon be handling an additional $35 billion bond portfolio and cash reserve that Ottawa will transfer over in the next few years. This $66 billion in assets is expected to exceed $160 billion within a decade.
To illustrate how his organization can invest a large pool of assets while remaining independent from yet accountable to government, MacNaughton touched on some of the safeguards in place within the CPPIB’s corporate governance model:
MacNaughton also identified disclosure as another cornerstone of good governance. “Full and timely disclosure is central to our governance model… and it is unusual in its depth and frequency,” said MacNaughton, noting that the CPPIB files an annual report in Parliament through the federal minister of finance, files quarterly financial statements with federal and provincial finance ministers and holds public meetings every two years in the nine provinces that participate in the CPP.
MacNaughton added that his organization also meets with groups interested in the CPP and its investment activities, releases its financial statements every quarter to the media and posts them online on the CPPIB Web site. The organization’s investment holdings are also posted online on a quarterly basis.
“No other pension fund discloses as much as we do… let alone quarterly,” said MacNaughton. “We do it because we believe that good disclosure is a part of good governance.”
Ultimately, MacNaughton says his organization’s governance model is effective because it “rests upon a federal and provincial sharing of interests and checks and balances.”
Filed by John Craig, john.craig@advisor.rogers.com.
(03/11/04)
“This segregation is a sharp contrast to other jurisdictions,” noted MacNaughton. “In the United States, for instance, social security contributions are treated as cash flow to the government, and have been since the 1960s. In Canada, we have the lock box that Americans can only dream of.”
With a mandate to invest excess contributions until they are required to pay benefits, the CPPIB is currently responsible for $31 billion in public stocks, private equity, real estate and infrastructure assets, and will soon be handling an additional $35 billion bond portfolio and cash reserve that Ottawa will transfer over in the next few years. This $66 billion in assets is expected to exceed $160 billion within a decade.
To illustrate how his organization can invest a large pool of assets while remaining independent from yet accountable to government, MacNaughton touched on some of the safeguards in place within the CPPIB’s corporate governance model:
MacNaughton also identified disclosure as another cornerstone of good governance. “Full and timely disclosure is central to our governance model… and it is unusual in its depth and frequency,” said MacNaughton, noting that the CPPIB files an annual report in Parliament through the federal minister of finance, files quarterly financial statements with federal and provincial finance ministers and holds public meetings every two years in the nine provinces that participate in the CPP.
MacNaughton added that his organization also meets with groups interested in the CPP and its investment activities, releases its financial statements every quarter to the media and posts them online on the CPPIB Web site. The organization’s investment holdings are also posted online on a quarterly basis.
“No other pension fund discloses as much as we do… let alone quarterly,” said MacNaughton. “We do it because we believe that good disclosure is a part of good governance.”
Ultimately, MacNaughton says his organization’s governance model is effective because it “rests upon a federal and provincial sharing of interests and checks and balances.”
Filed by John Craig, john.craig@advisor.rogers.com.
(03/11/04)
(March 11, 2004) With an aim to increase his audience’s confidence in the CPP Investment Board’s (CPPIB) mandate, president and CEO John MacNaughton outlined some of the governance features that distinguish his organization as a Crown corporation during a speech at the Canadian Club in Toronto today.
Describing the current environment in Canada and other countries as a time where “the integrity of governments and corporations is under siege,” MacNaughton set out to explain how his young Crown corporation’s governance model is able to operate at arm’s length from government while still being held properly accountable.
To help explain why the CPPIB has the governance model it does, MacNaughton highlighted three little known features of the CPP itself:
“This segregation is a sharp contrast to other jurisdictions,” noted MacNaughton. “In the United States, for instance, social security contributions are treated as cash flow to the government, and have been since the 1960s. In Canada, we have the lock box that Americans can only dream of.”
With a mandate to invest excess contributions until they are required to pay benefits, the CPPIB is currently responsible for $31 billion in public stocks, private equity, real estate and infrastructure assets, and will soon be handling an additional $35 billion bond portfolio and cash reserve that Ottawa will transfer over in the next few years. This $66 billion in assets is expected to exceed $160 billion within a decade.
To illustrate how his organization can invest a large pool of assets while remaining independent from yet accountable to government, MacNaughton touched on some of the safeguards in place within the CPPIB’s corporate governance model:
MacNaughton also identified disclosure as another cornerstone of good governance. “Full and timely disclosure is central to our governance model… and it is unusual in its depth and frequency,” said MacNaughton, noting that the CPPIB files an annual report in Parliament through the federal minister of finance, files quarterly financial statements with federal and provincial finance ministers and holds public meetings every two years in the nine provinces that participate in the CPP.
MacNaughton added that his organization also meets with groups interested in the CPP and its investment activities, releases its financial statements every quarter to the media and posts them online on the CPPIB Web site. The organization’s investment holdings are also posted online on a quarterly basis.
“No other pension fund discloses as much as we do… let alone quarterly,” said MacNaughton. “We do it because we believe that good disclosure is a part of good governance.”
Ultimately, MacNaughton says his organization’s governance model is effective because it “rests upon a federal and provincial sharing of interests and checks and balances.”
Filed by John Craig, john.craig@advisor.rogers.com.
(03/11/04)
(March 11, 2004) With an aim to increase his audience’s confidence in the CPP Investment Board’s (CPPIB) mandate, president and CEO John MacNaughton outlined some of the governance features that distinguish his organization as a Crown corporation during a speech at the Canadian Club in Toronto today.
Describing the current environment in Canada and other countries as a time where “the integrity of governments and corporations is under siege,” MacNaughton set out to explain how his young Crown corporation’s governance model is able to operate at arm’s length from government while still being held properly accountable.
To help explain why the CPPIB has the governance model it does, MacNaughton highlighted three little known features of the CPP itself:
“This segregation is a sharp contrast to other jurisdictions,” noted MacNaughton. “In the United States, for instance, social security contributions are treated as cash flow to the government, and have been since the 1960s. In Canada, we have the lock box that Americans can only dream of.”
With a mandate to invest excess contributions until they are required to pay benefits, the CPPIB is currently responsible for $31 billion in public stocks, private equity, real estate and infrastructure assets, and will soon be handling an additional $35 billion bond portfolio and cash reserve that Ottawa will transfer over in the next few years. This $66 billion in assets is expected to exceed $160 billion within a decade.
To illustrate how his organization can invest a large pool of assets while remaining independent from yet accountable to government, MacNaughton touched on some of the safeguards in place within the CPPIB’s corporate governance model:
MacNaughton also identified disclosure as another cornerstone of good governance. “Full and timely disclosure is central to our governance model… and it is unusual in its depth and frequency,” said MacNaughton, noting that the CPPIB files an annual report in Parliament through the federal minister of finance, files quarterly financial statements with federal and provincial finance ministers and holds public meetings every two years in the nine provinces that participate in the CPP.
MacNaughton added that his organization also meets with groups interested in the CPP and its investment activities, releases its financial statements every quarter to the media and posts them online on the CPPIB Web site. The organization’s investment holdings are also posted online on a quarterly basis.
“No other pension fund discloses as much as we do… let alone quarterly,” said MacNaughton. “We do it because we believe that good disclosure is a part of good governance.”
Ultimately, MacNaughton says his organization’s governance model is effective because it “rests upon a federal and provincial sharing of interests and checks and balances.”
Filed by John Craig, john.craig@advisor.rogers.com.
(03/11/04)
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