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CPP Investments is a global investment organization that manages the funds of the Canada Pension Plan for 22 million Canadians. Learn about its performance, purpose, history, and career opportunities.
- About us
Recognized globally as an example of sound pension plan...
- The Fund
Projections of the Fund, being the combined assets of the...
- Insights Institute
Institute’s Mission. Our mission is to create enduring value...
- Careers
Commitment to Canadians. Our purpose is to invest the assets...
- Commitment to Canadians
In 1999, CPP Investments began investing funds from the...
- Newsroom
Newsroom - Home | CPP Investments
- FAQs
Canada Pension Plan Investment Board (CPP Investments) was...
- Contact Us
Many questions about CPP Investments can be answered by...
- About us
CPP Investments manages the Canada Pension Plan Fund, a global portfolio of public and private assets worth $632.3 billion as of March 31, 2024. Learn about the Fund's performance, strategy, sustainability and financial sustainability.
CPP Investments is a pension plan manager that invests assets of the Canada Pension Plan to help build retirement security for Canadians. Learn about its purpose, governance, leadership, guiding principles, code of conduct and careers.
The Canada Pension Plan Investment Board (CPPIB; French: Office d'investissement du régime de pensions du Canada), operating as CPP Investments (French: Investissements RPC), is a Canadian Crown corporation established by way of the 1997 Canada Pension Plan Investment Board Act to oversee and invest the funds contributed to and held by the ...
- Forward-looking statements
- Dear fellow Canada Pension Plan contributors and beneficiaries,
- Dr. Heather Munroe-Blum
- Engagement with business activities
- People
- In closing
- To our fellow Canada Pension Plan contributors and beneficiaries,
- Expecting the unexpected
- Fortitude and focus
- Our thanks
- Our role
- $63.4 Billion
- Investment departments
- Inclusion and diversity
- Go Green
- MindMatters
- Mosaic
- OUT
- WIN (Women’s Initiative)
- US$2.25 billion
- Global leadership
- Kelly Shen
- John Graham
- Geofrey Rubin
- Michel Leduc
- Alain Carrier
- Neil Beaumont
- Poul Winslow
- Patrice Walch-Watson
- Edwin Cass
- Shane Feeney
- Deborah Orida
- & Investment Strategy
- Our investment objectives
- Independence with accountability
- Two-account, two-pool investment structure
- Financing social insurance programs
- Investment Beliefs
- Strategy
- What diferentiates CPP Investments’ investment approach
- Our inherent advantages
- Our developed advantages
- The three sources of total portfolio return and added value
- Systematic and non-systematic risks
- Growth of Investment Programs
- 2. Investment selection
- Long and short investing
- 3. Strategic positioning
- Our view on foreign currency exposures
- Balancing internal and external expertise
- 1. Governance
- 2. Strategy
- 2. Diversifying sources of return and risk – the Strategic Exposures
- Characteristics of Investment Portfolio with Enhanced Return-Risk Profile
- 3. Portfolio management – the Active and Balancing Portfolios
- Strategic Portfolio Asset Class and Geographic Classifications and Percentage Weights
- Total Portfolio Investment Framework
- Aligning the Investment Framework Throughout the Organization
- Factor investing – Implementing the Total Portfolio Approach
- How the Board governs investment strategy
- Transaction approvals
- Sources of liquidity
- Investment departments and groups
- How we assess and determine fair value
- How we measure and compensate performance
- How we set performance benchmarks and value-added targets
- CPP Investments response to the global COVID-19 pandemic
- Sustainability of CPP Investments and the Fund
- Employee wellness
- Risk Management, liquidity and governance
- Long-term economic views
- Short-term investment approach
- Rebalancing the Fund
- How we view the potential for decreased CPP contributions
- Total Portfolio Management
- Portfolio Design
- Active Portfolio Management
- Balancing Portfolio Management
- Portfolio Engineering
- Capital Markets and Factor Investing
- External Portfolio Management
- Financing, Collateral & Trading
- Quantitative Strategies & Risk Premia
- Research & Innovation Group
- Alpha Generation Lab
- Active Equities
- Active Fundamental Equities
- Fundamental Equities Asia
- Relationship Investments
- Sustainable Investing
- Thematic Investing
- Credit Investments
- Americas Leveraged Finance
- Americas Structured Credit & Financials
- APAC Credit
- European Credit
- Public Credit
- Real Assets Credit
- Private Equity Asia
- Private Equity Funds
- Secondaries
- Real Assets
- Energy & Resources
- Infrastructure
- Portfolio Value Creation
- Power & Renewables
- Real Estate
- Purpose and people drive performance
- Strong cultural foundation
- High-performing teams
- Go Green
- MindMatters
- OUT
- Mosaic
- WIN (Women’s Initiative)
- Accountability
- Disclosure
- Compounded dollar value-added
- Building CPP Investments today and for the future
- Cost governance framework
- What does it pay for?
- Why do we incur the costs?
- What does it pay for?
- What does it pay for?
- Why do we incur the costs?
- What does it pay for?
- Why do we incur the costs?
- Costs associated with managing leverage
- Advancing attribution and monitoring capabilities
- Quantitative Strategies & Risk Premia
- Looking ahead
- Portfolio Value Creation
- Management
- Risk environment – top and emerging risks
- Risk management objectives
- Risk culture
- Key Elements of Culture
- Risk Management Structure
- Integrated Risk Framework
- Risk categories and management strategies
- Financial and reputation impacts to CPP Investments
- Significant accounting policies
- Fair value measurement of financial instruments
- Report of the Human Resources and Compensation Committee
- Principles of our compensation program
- Risk management
- CPP Investments Compensation Framework
- Our Compensation Framework
- Base salary
- Voluntary Deferral Incentive Plan (VDIP)
- Supplemental Restricted Fund Units (SRFU)
- Clawback and forfeiture provision
- Pension
- Benefits and other compensation
- Pension plans
- Termination and retirement arrangements for the President & CEO
- Termination and retirement arrangements for the NEOs
- Letter from the Chair of the Governance Committee
- Governance Practices of the Board of Directors
- Mandate, duties and objectives of the Board of Directors
- Decisions requiring prior Board approval
- Board expectations of Management
- Board appointment and reappointment process
- Board composition matrix
- Board member orientation and development
- Procedures for the assessment of Board performance
- Directors’ outside activities
- CPP Investments Directors’ compensation philosophy
- I. Pay Neutrality
- II. Public Purpose
- III. Time Commitment
- A culture of integrity and ethical conduct
- Code of Conduct and related policies
- Guiding Principles
- Conduct Review Advisor
- SYLVIA CHROMINSKA
- Committee membership:
- Committee membership:
- Basis for Opinion
- Other Information
- Responsibilities of Management and Those Charged with Governance for the Financial Statements
- Auditor’s Responsibilities for the Audit of the Financial Statements
- Consolidated Statement of Cash Flows
- At a Glance
- 1.1 Basis of presentation
- Statement of compliance
- 1.2 Subsidiaries
- 1.3 Financial instruments Classification
- Recognition
- Derecognition
- Initial measurement
- Subsequent measurement
- 2. Investments and investment liabilities
- 1.4 Functional and presentation currency
- 1.5 Foreign currency translation
- At a Glance
- ACCOUNTING POLICY
- 2.1 Equities Public equities
- Private equities
- 2.2 Fixed income Bonds
- Other debt
- 2.3 Absolute return strategies
- 2.4 Real assets Real estate
- Infrastructure, power and renewables and energy and resources
- 2.7 Securities sold short
- 2.8 Debt financing liabilities
- 2.9 Short-term secured debt
- 2.10 Derivative assets and liabilities
- Futures and forwards
- Swaps
- 3. Fair value measurement
- Options and warrants
- At a Glance
- 4.1 Fair value of derivatives
- ACCOUNTING POLICY
- 5.1 Investment income by nature
- 5.2 Supplemental information on investment income
- ACCOUNTING POLICY
- 6.1 Investment-related expenses of CPP Investments
- 6.2 Supplemental information on investment-related expenses
- 8.1 Introduction
- 8.1.1 Independent risk oversight
- 8.1.2 Investment risk measures
- 8.1.3 Stress scenario analysis
- 8.1.4 Model validation
- 9. Market risk
- 9.2 Interest rate
- 9.3 Spread risk
- 9.4 Currency
- 10. Credit risk
- 11. Liquidity and leverage risk
- 14.1 Compensation of key management personnel
- 15. Collateral
- 18.2 Indemnifications
- As at April 1, 2018
This annual report contains forward-looking information and statements. Forward-looking information and statements include all information and statements regarding CPP Investments’ intentions, plans, expectations, beliefs, objectives, future performance, and strategy, as well as any other information or statements that relate to future events or ci...
“ As Chairperson of the Board of Directors, I am keen to report to you on the significant work CPP Investments carried out on your behalf this past year.”
Chairperson This year’s report is set against the backdrop of the biggest humanitarian and financial challenge the world has faced in generations. The COVID-19 pandemic, which occurred during the fourth quarter of our fiscal year, has had significant and far-reaching global impacts. It has forced our global community to deal with exceptional social...
Let me now turn to the Board’s engagement with the ongoing business of CPP Investments, focused on four main areas: investment oversight, operations oversight, technology and data, and people.
Central to fulfilling our long-term strategy is the quality of our people. We compete not just for investment opportunities but also for top talent. Attracting and retaining outstanding people rests largely on our corporate reputation as a great investor and great employer with a strong purpose-driven culture. With this in mind, a significant and o...
During a year marked by one of the most significant global crises in our lifetimes, I stop to acknowledge and give special thanks for the eforts of all employees of CPP Investments. Our employees remain dedicated to our public mission, working to support the security of the Fund through this uncertain period. As at all times, they are dedicated to...
“ The sustainability of your Canada Pension Plan remains secure. The resilience of the Fund, for today’s retirees and for decades to come, should give Canadians confidence.”
While the COVID-19 pandemic was something few of us could have predicted, the likelihood of a global event leading to turmoil in financial markets was something we could foresee and prepare for. And we did. As the managers of a Fund with an exceptionally long investment horizon, we must be prepared to navigate all market conditions. In the final mo...
Still, we remain a long-term investor. For us, a ‘swift’ reaction does not mean quickly acquiring new assets or disposing of existing ones. Instead, in times of crisis, we must assess, understand and proceed using good judgment. For long-term investors, extreme market volatility requires mental fortitude to stay the course. Economist John Maynard K...
Before my career in finance, I was trained as a medical doctor in the U.K. Today, I watch with enormous respect and admiration the medical professionals around the world – who are in many circumstances risking their own health and lives to care for all of us through their work each day. To those on the front lines of this health crisis, and other...
CPP Investments has a critical mission – to help ensure Canadians have a strong foundation of financial security in retirement. We manage Canada Pension Plan (CPP) funds in the best interests of contributors and beneficiaries. Our experienced professionals invest globally to maximize returns without undue risk of loss, with consideration of the fac...
Toronto San Francisco New York London Luxembourg Asia
We have six unique departments that build and manage our assets by identifying investment opportunities and evolving our investment strategies around the world. Working together, they help maximize returns for the total Fund in a cost-efective way, taking various risks into account.
There is strong momentum around our commitment to foster a truly inclusive and diverse organization, where every employee can feel free to be themselves. Our employee resource groups are driven to efect change within our own culture, and in our communities, through a range of programs and activities.
Raises employee awareness to improve collective environmental eficiency and reduce CPP Investments’ internal environmental footprint.
Promotes mental health and a psychologically healthy workplace for each of us.
Builds awareness of the rich cultural diversity at CPP Investments.
Contributes to a diverse and inclusive culture through building awareness of and engagement with the LGBT+ community.
Aims to improve organizational culture by attracting, developing and retaining high-performing female professionals.
Total initial round Co-lead in Waymo’s first external funding round, alongside Silver Lake and Mubadala Investment Company, and other investors Formerly the Google self-driving project, a proven leader in self-driving technology that is scaling its fully driverless experience
CPP Investments Senior Management Team brings a broad range of experience to the organization. Left to right
Senior Managing Director & Chief Technology and Data Oficer
Senior Managing Director & Global Head of Credit Investments
Senior Managing Director & Chief Investment Strategist
Senior Managing Director & Global Head of Public Afairs and Communications
Senior Managing Director & Head of International, Head of Europe
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- 6MB
- 184
tility-scale solar and rooftop solar power-producing assets. CPPIB’s initial investment of US$144 millio. was followed by an additional US$247 million in March 2018. In June 2019, CPPIB participated, alongside other shareholders, in a rights Issue by ReNew Power for an additional US$.
The CPP Investment Board was incorporated as a federal Crown corporation by an Act of Parliament in December 1997 and made its first investment in March 1999. The Board’s purpose is to invest the assets of the Canada Pension Plan in a way that maximizes returns without undue risk of loss.
