WEBVTT NOTE duration:"00:52:58" NOTE recognizability:0.863 NOTE language:en-us NOTE Confidence: 0.833455564 c0c6d867-5870-48ac-af52-3be86ad63726 00:00:42.270 --> 00:00:43.600 Hard clock has always been NOTE Confidence: 0.833455564 c3278453-eb8b-472a-b76c-218a465e719a 00:00:43.600 --> 00:00:44.930 a forum for public figures, NOTE Confidence: 0.833455564 c990a131-4140-46c8-a4ef-4a28eecd7ea4 00:00:44.930 --> 00:00:46.522 thought leaders and decision NOTE Confidence: 0.833455564 594446a3-6663-462b-8d20-54602e0d5490 00:00:46.522 --> 00:00:48.512 makers to share their ideas. NOTE Confidence: 0.833455564 67ad784e-62d6-4928-947d-10c1b1e63fe1 00:00:48.520 --> 00:00:51.075 Here we offer access to dynamic political, NOTE Confidence: 0.833455564 c6440206-a985-4507-aa30-f5951cecac7b 00:00:51.080 --> 00:00:53.228 business and public personalities. NOTE Confidence: 0.932366970714286 af3537f3-425c-4b6e-9fe5-9fa36cb2e169 00:00:55.530 --> 00:00:57.564 We are dedicated to encouraging debate NOTE Confidence: 0.932366970714286 705b4f5d-8319-45b5-8a8c-ea2626fe656c 00:00:57.564 --> 00:01:00.108 on the issues that matter to the city, NOTE Confidence: 0.932366970714286 ee5072ed-f130-4041-877d-d591dae6c3a2 00:01:00.110 --> 00:01:02.610 this province and this country. NOTE Confidence: 0.932366970714286 61577f78-75dc-4178-b754-2d9369c0645b 00:01:02.610 --> 00:01:05.284 Canadian club is one of the most NOTE Confidence: 0.932366970714286 5c11e3bd-bf9e-46e1-8b5f-4002b80d6bef 00:01:05.284 --> 00:01:07.414 important podium anywhere in the world NOTE Confidence: 0.932366970714286 29932671-57fa-4763-91ea-33445cce9e37 00:01:07.414 --> 00:01:09.535 that a Canadian can speak to tell NOTE Confidence: 0.932366970714286 df1c8a3e-4625-450d-b4da-d9ff2e837943 00:01:09.607 --> 00:01:12.050 Canadians what it is that they think, NOTE Confidence: 0.932366970714286 469c3271-43cb-403c-b1a4-fa55913c4048 00:01:12.050 --> 00:01:12.935 develop those thoughts. NOTE Confidence: 0.932366970714286 df2d059d-5e47-4008-b838-1c9f2bb1838f 00:01:12.935 --> 00:01:15.000 And so I want to thank you NOTE Confidence: 0.932366970714286 a35dd959-830f-43cf-bdc6-59f8b2d1a6af 00:01:15.063 --> 00:01:16.310 for that very, very much. NOTE Confidence: 0.922082224444444 67977c22-d7a2-4c10-9d18-89d9f6f5f489 00:01:19.640 --> 00:01:21.430 Please join me in thanking NOTE Confidence: 0.922082224444444 fd184dd6-e541-43d6-a34d-492d810bfa18 00:01:21.430 --> 00:01:22.862 our esteemed panelists today. NOTE Confidence: 0.879009432 d4b0727b-1c47-4459-8e44-9c71833d1453 00:01:25.770 --> 00:01:27.770 Through our programs and events, NOTE Confidence: 0.879009432 f265246f-f29d-4328-a994-386e6db6d3db 00:01:27.770 --> 00:01:29.996 including our youth and young leaders NOTE Confidence: 0.879009432 472033fa-a81c-4b8d-b8a6-bd202f32378d 00:01:29.996 --> 00:01:32.029 programs, our diversity partnerships, NOTE Confidence: 0.879009432 49b5339e-c7e3-4884-8ed3-971648deb5c2 00:01:32.029 --> 00:01:33.688 our joint events, NOTE Confidence: 0.879009432 3ab20b39-2877-457d-b7c4-71769f148cc9 00:01:33.690 --> 00:01:37.190 and our media and social media opportunities, NOTE Confidence: 0.879009432 6b400d18-3e4f-44a9-808f-4d6eb4f40b8c 00:01:37.190 --> 00:01:40.606 we offer you access to dynamic political, NOTE Confidence: 0.879009432 1280cd0f-264f-41f5-baf5-97518025024b 00:01:40.610 --> 00:01:43.210 social and business figures from NOTE Confidence: 0.879009432 b5667960-10cf-45d6-8f29-6175a08b4617 00:01:43.210 --> 00:01:46.360 abroad and right here at home. NOTE Confidence: 0.879009432 b3d33e60-d76a-4ac8-9b53-89f80291b7c3 00:01:46.360 --> 00:01:48.700 The platform from which the eloquence NOTE Confidence: 0.879009432 7b3c2e75-7a83-44bd-ae31-0c3efd51c2d1 00:01:48.700 --> 00:01:51.467 of Canada has flowed all of that time, NOTE Confidence: 0.879009432 8df8b9fe-9bb7-4ac3-8112-02760c23071b 00:01:51.470 --> 00:01:54.130 whether it be business, education, NOTE Confidence: 0.879009432 3e366df5-00b4-4c77-94fa-93cedd777335 00:01:54.130 --> 00:01:56.690 politics, sports, arts and culture. NOTE Confidence: 0.879009432 7c014714-f5cc-436e-afd1-569a5d7ec418 00:01:56.690 --> 00:01:58.436 If someone wants to say something NOTE Confidence: 0.879009432 6cbd6d9c-8a95-401e-98bb-4c471ad330e9 00:01:58.436 --> 00:02:00.226 to Canadians about this country and NOTE Confidence: 0.879009432 a33e03a1-d779-4c3d-8569-fb38b76689e7 00:02:00.226 --> 00:02:01.948 about the future of this country, NOTE Confidence: 0.879009432 c8385ec5-6830-408a-81fd-9833d3c31efc 00:02:01.950 --> 00:02:04.080 this is the venue you choose. NOTE Confidence: 0.90402003 2ac2a7bf-c322-4f78-8ccf-c02df1e047c2 00:02:08.280 --> 00:02:09.290 Good afternoon, NOTE Confidence: 0.90402003 7b1306bb-b0bf-428c-8d92-ff6d8512376d 00:02:09.290 --> 00:02:11.815 Canadian club members and guests. NOTE Confidence: 0.90402003 e54d25ab-605b-48a4-9828-f061a8064404 00:02:11.820 --> 00:02:13.760 My name is Joseph Lowe, president of NOTE Confidence: 0.90402003 ebd47ec7-5d8a-4d0b-aa8e-6e4a5a414879 00:02:13.760 --> 00:02:15.916 Canadian club Toronto, and I am so, NOTE Confidence: 0.90402003 e3e3b88b-d1f6-44fe-9ea2-f18b2894776a 00:02:15.916 --> 00:02:17.780 so excited to be your host today, NOTE Confidence: 0.90402003 a366d77a-f682-4d8d-bf26-a256b6f9ff02 00:02:17.780 --> 00:02:21.740 especially for our season opening event. NOTE Confidence: 0.90402003 15a7b03d-6a4c-4fe9-a081-04b7f262e479 00:02:21.740 --> 00:02:24.449 So on this first week of school in Ontario, NOTE Confidence: 0.90402003 71f462c6-125f-4fd3-a556-3a616e989234 00:02:24.450 --> 00:02:27.005 I appreciate you joining us for an NOTE Confidence: 0.90402003 308d2ae1-e76b-4a02-af35-3e66be6f3440 00:02:27.005 --> 00:02:29.239 exciting electric new season of the NOTE Confidence: 0.90402003 6d7626ac-b167-4ce3-b537-9fad930c7d26 00:02:29.239 --> 00:02:31.745 Canadian club as we continue to celebrate NOTE Confidence: 0.90402003 b85305cf-294e-40c1-afa3-dbf81bab9a67 00:02:31.750 --> 00:02:34.888 125 years of speaking to Canadians. NOTE Confidence: 0.90402003 34097915-1dbb-40d6-bb33-482bfbb5315c 00:02:34.890 --> 00:02:36.618 Today we have many guests joining NOTE Confidence: 0.90402003 2c1ee011-6dba-4c8b-9f1a-9bcb417a8bbd 00:02:36.618 --> 00:02:38.590 us digitally as well as, of course, NOTE Confidence: 0.90402003 0fe39e51-9591-4f2a-a9a8-8d354b5fe61a 00:02:38.590 --> 00:02:40.390 here in the room in person. NOTE Confidence: 0.90402003 5de09b8d-4734-4313-acab-8173fb14335c 00:02:40.390 --> 00:02:41.506 But no matter where you are, NOTE Confidence: 0.90402003 7f6c2711-7676-40b0-aef3-5fc5a6118e8e 00:02:41.510 --> 00:02:42.630 please do engage with us. NOTE Confidence: 0.90402003 67e43ab9-22a7-4b1b-883e-95361af0a00c 00:02:42.630 --> 00:02:45.416 You'll find hashtags on your tables and NOTE Confidence: 0.90402003 a56c9ef2-3f5d-4ca1-9db5-41043e87ddd3 00:02:45.416 --> 00:02:48.400 you'll see those on your screens as well. NOTE Confidence: 0.90402003 f4d2a84d-2252-4376-a68d-c2069b5990e7 00:02:48.400 --> 00:02:50.598 As children in Ontario return to the NOTE Confidence: 0.90402003 4969826f-c207-4284-96ec-b75d4797fb3d 00:02:50.598 --> 00:02:53.296 classroom and a new academic year this week, NOTE Confidence: 0.90402003 0d5977b5-b88a-479d-bbb5-e9217b70d911 00:02:53.300 --> 00:02:55.460 many of us might have been NOTE Confidence: 0.90402003 de388fd7-1c11-47f3-9eae-502a003992b6 00:02:55.460 --> 00:02:57.660 transported back to a cherished NOTE Confidence: 0.90402003 17cc35d8-245a-4391-82e1-4d6b0505f786 00:02:57.660 --> 00:02:59.718 back to school memory of our own. NOTE Confidence: 0.90402003 1c1e0072-2eff-4996-b239-e2147c48127f 00:02:59.720 --> 00:03:01.650 I know that I was. NOTE Confidence: 0.90402003 5b3f920f-ad6b-491d-8b0f-5af5a960c5e7 00:03:01.650 --> 00:03:03.890 That shiny new lunch box NOTE Confidence: 0.90402003 0afaf2b9-06f7-44a5-9c42-571304801568 00:03:03.890 --> 00:03:05.682 that we were carrying. NOTE Confidence: 0.90402003 375ed683-a1d6-46e5-b023-db88b525b49f 00:03:05.690 --> 00:03:07.700 The coolest new runners that NOTE Confidence: 0.90402003 df85347f-1d48-4336-b53d-3a529da5ca44 00:03:07.700 --> 00:03:09.710 we've been saving all summer. NOTE Confidence: 0.90402003 b9e0dd4f-e4a1-40ee-a34e-6d047bbd26ee 00:03:09.710 --> 00:03:11.792 A fresh notebook with all those NOTE Confidence: 0.90402003 39942f5a-86fc-4658-bd2b-f0573935b2a4 00:03:11.792 --> 00:03:13.719 multi colored tabs ordered just so. NOTE Confidence: 0.901824413333333 813aca3f-c1e6-4b55-aa56-3f6f3d900dca 00:03:16.380 --> 00:03:19.356 Just saying hi to the teachers. NOTE Confidence: 0.901824413333333 1dabaf0b-ac14-4661-a470-6df90b83def5 00:03:19.360 --> 00:03:21.035 Who would become her favourites NOTE Confidence: 0.901824413333333 ab8e0df8-4888-4c9b-86de-746e8e34aac3 00:03:21.035 --> 00:03:23.368 and would in fact make all the NOTE Confidence: 0.901824413333333 9785f417-4ac5-4c0f-ad08-a7a91c11c19c 00:03:23.368 --> 00:03:25.138 difference to us in our lives? NOTE Confidence: 0.901824413333333 5c9e6ed9-2093-42a1-9e1b-0a7ec60f862b 00:03:25.140 --> 00:03:25.920 Like many of you, NOTE Confidence: 0.901824413333333 103daeda-3b67-4b4c-bdff-d25dee51e648 00:03:25.920 --> 00:03:27.523 my wife and I were helping our 11 NOTE Confidence: 0.901824413333333 4282f499-10bb-489d-aeac-cf2c68d31350 00:03:27.523 --> 00:03:29.051 and 12 year old pack for their first NOTE Confidence: 0.901824413333333 726dbdcc-98b3-476b-8bf1-9f8948e598d4 00:03:29.097 --> 00:03:30.518 day of school a couple days ago. NOTE Confidence: 0.841568808333333 4810f306-a3b0-473b-9c5a-d04817541e57 00:03:32.530 --> 00:03:34.840 Let me tell you, their notebooks were NOTE Confidence: 0.841568808333333 51bea017-c0af-4ddb-b8b8-67f59ac87408 00:03:34.840 --> 00:03:36.609 emblazoned with apples and androids. NOTE Confidence: 0.841568808333333 944f98d9-2e67-4e43-921f-59ba985baa7c 00:03:36.610 --> 00:03:39.976 Not so much my coloured stickers. NOTE Confidence: 0.841568808333333 d73748dc-6b00-45e7-be9a-3d39169e49e2 00:03:39.980 --> 00:03:43.670 So my question to all of us is this. NOTE Confidence: 0.841568808333333 0d74fa54-7d02-4498-8778-d311e13cee67 00:03:43.670 --> 00:03:46.897 When we think about pensions and retirement. NOTE Confidence: 0.841568808333333 7ef8eb37-c2bd-420e-a7e7-9317d75f24f9 00:03:46.900 --> 00:03:48.922 Has innovation in that space kept NOTE Confidence: 0.841568808333333 d55dd436-8f50-47a6-9269-ed4eefdb1330 00:03:48.922 --> 00:03:50.636 pace with the innovation that NOTE Confidence: 0.841568808333333 14be79a0-1309-4ea9-8cab-cf94525765d5 00:03:50.636 --> 00:03:52.478 we'll find in my kids backpacks? NOTE Confidence: 0.841568808333333 9cf6e418-1550-46af-bd84-389e582e55cb 00:03:52.480 --> 00:03:54.979 Seriously, has it. NOTE Confidence: 0.841568808333333 9ed68b4f-4cbc-4468-a94e-37824fc420fc 00:03:54.980 --> 00:03:58.116 Well, this afternoon we're going to find out. NOTE Confidence: 0.841568808333333 0172c0a6-0077-4b2f-9c4e-d79cda660de2 00:03:58.120 --> 00:03:59.460 Our speaker is, after all, NOTE Confidence: 0.841568808333333 564bd2dd-e630-45cf-8574-62d63f65b820 00:03:59.460 --> 00:04:02.035 entrusted with expanding the retirement NOTE Confidence: 0.841568808333333 16914efd-34aa-442f-b8bd-14839821e264 00:04:02.035 --> 00:04:04.095 horizons of Ontario teachers, NOTE Confidence: 0.841568808333333 67cf3bb7-910c-42a6-9c2d-2b6e40891608 00:04:04.100 --> 00:04:05.142 330,000 members. NOTE Confidence: 0.841568808333333 6831ddda-d80a-4e92-837f-02247c6bce52 00:04:05.142 --> 00:04:07.747 As he shares his remarks, NOTE Confidence: 0.841568808333333 0843e0b8-d805-4b72-bc9a-d3d01f95e008 00:04:07.750 --> 00:04:10.000 let's pay particular attention to how NOTE Confidence: 0.841568808333333 0fdf98f9-3f9f-42c9-b07b-0b0cc02647ed 00:04:10.000 --> 00:04:12.708 he intends to lean in on innovation, NOTE Confidence: 0.841568808333333 3ebd7f89-1eb7-41a8-b247-08ef43df885f 00:04:12.710 --> 00:04:16.395 international expansion and impact in NOTE Confidence: 0.841568808333333 cbc279bd-d8f9-49b2-8edb-972a80121dab 00:04:16.395 --> 00:04:19.343 today's complex investing environment. NOTE Confidence: 0.841568808333333 a05947dc-4d56-41aa-910c-ea8659b1d6dc 00:04:19.350 --> 00:04:21.405 As a global investment powerhouse NOTE Confidence: 0.841568808333333 2d10a2ae-9735-43ea-834e-4699c9846de0 00:04:21.405 --> 00:04:23.808 with almost $250 billion in NOTE Confidence: 0.841568808333333 e89a31bf-02aa-4d5d-bc4c-6954c3d4c2d6 00:04:23.808 --> 00:04:25.386 assets under management. NOTE Confidence: 0.841568808333333 95b64100-1494-4e4d-b1b3-b10e215347d4 00:04:25.390 --> 00:04:27.365 Ontario teachers operates in more NOTE Confidence: 0.841568808333333 733cea5d-de52-48e7-b59b-fb80c36597b2 00:04:27.365 --> 00:04:30.130 than 50 countries across 5 continents, NOTE Confidence: 0.841568808333333 12e8e708-3683-4858-a28a-f1ba20d6c3bb 00:04:30.130 --> 00:04:34.720 managing over 100 private investments today. NOTE Confidence: 0.841568808333333 9e59139f-7069-41e1-9140-52cfef00ae1b 00:04:34.720 --> 00:04:35.912 Joe Taylor, NOTE Confidence: 0.841568808333333 ebedef60-aa35-4a32-a5fd-f159963d932c 00:04:35.912 --> 00:04:38.296 OTP's president and CEO, NOTE Confidence: 0.841568808333333 99489ff8-9d43-4dda-b6c8-083004c23c60 00:04:38.300 --> 00:04:41.666 will share his vision and strategy with us to NOTE Confidence: 0.841568808333333 78da1701-8ca5-4a21-88cd-90bae374276a 00:04:41.666 --> 00:04:45.109 grow the pension fund to 300 billion by 2030. NOTE Confidence: 0.841568808333333 08fd6000-8798-480b-90c8-1f56b2f71900 00:04:45.110 --> 00:04:46.570 Our conversation will be moderated NOTE Confidence: 0.841568808333333 7454aabb-5b06-4427-9b9e-f7bfd194a230 00:04:46.570 --> 00:04:48.347 today by none other than Andrew NOTE Confidence: 0.841568808333333 3b7af9e1-28e4-4ee9-b20e-156f964ae201 00:04:48.347 --> 00:04:49.955 Willis from The Globe and Mail. NOTE Confidence: 0.841568808333333 891f14ab-519c-4071-b217-2fff930eef67 00:04:49.960 --> 00:04:51.931 And so if you have any questions for Joe NOTE Confidence: 0.841568808333333 dfd88f67-988b-4202-ac7b-70a3788a3fc7 00:04:51.931 --> 00:04:53.617 through the course of the conversation, NOTE Confidence: 0.841568808333333 b35eb3e5-1b4f-4529-a90a-6ddff6ad65a9 00:04:53.620 --> 00:04:54.572 please jot it down. NOTE Confidence: 0.841568808333333 f57a40ad-407d-46a9-a5fa-cc1feefaf28b 00:04:54.572 --> 00:04:56.658 You'll find the Q&A cards right on the table. NOTE Confidence: 0.841568808333333 70249ca9-7235-4a02-9c9a-f63593605444 00:04:56.660 --> 00:04:57.540 And if you're online, NOTE Confidence: 0.841568808333333 f3769ea3-ba57-41c9-b7ac-83495a596ad2 00:04:57.540 --> 00:04:59.340 you can hit the submit a question, NOTE Confidence: 0.841568808333333 83cc0b0b-c4a4-459a-af43-9a3ee47e9e77 00:04:59.340 --> 00:05:01.176 submit a question button at anytime. NOTE Confidence: 0.841568808333333 d2da3f5c-012b-49f2-8249-1a66ce809f0c 00:05:01.180 --> 00:05:05.124 We'll get your questions that way as well. NOTE Confidence: 0.841568808333333 6623bbe9-9d8a-4e25-ab9a-bbd4e18bfe5e 00:05:05.130 --> 00:05:07.385 Now I'd like to acknowledge NOTE Confidence: 0.841568808333333 74fedc01-fd87-4b75-9dae-3e5cfb715d82 00:05:07.385 --> 00:05:09.189 our sponsors for today. NOTE Confidence: 0.841568808333333 ba7ed129-2faf-4c9e-ae6b-5f603084b5b3 00:05:09.190 --> 00:05:12.160 PwC represented by Ryan Couvrette. NOTE Confidence: 0.841568808333333 b123c789-f660-4b99-afea-b98b18829bdb 00:05:12.160 --> 00:05:13.988 Anne McCarthy Tetro represented NOTE Confidence: 0.841568808333333 07809283-efdb-4ea8-9851-d998ff4e6529 00:05:13.988 --> 00:05:15.359 by Scott Bell. NOTE Confidence: 0.841568808333333 cb6a6b8a-934b-4195-855c-dc31c65d3408 00:05:15.360 --> 00:05:16.980 We very much appreciate your support. NOTE Confidence: 0.91343293625 4f8f27d8-8ddf-4154-bd81-fe4e2708c527 00:05:22.810 --> 00:05:24.665 So now it's my pleasure to invite NOTE Confidence: 0.91343293625 76c3c64a-7e47-4831-96e0-e06a91ec6683 00:05:24.665 --> 00:05:27.059 Ryan to the podium to introduce our NOTE Confidence: 0.91343293625 9a5b0c0c-922d-4331-a248-f44380e10fb9 00:05:27.059 --> 00:05:28.630 speakers today. Ryan, over to you. NOTE Confidence: 0.91849487 fd0cf35a-d346-4d3f-bfab-6996cc1eb5d9 00:05:40.720 --> 00:05:42.754 Thank you, Joe. It's amazing that NOTE Confidence: 0.91849487 53038a10-d471-4165-82d3-9b373b9d85bb 00:05:42.754 --> 00:05:44.600 we're actually here in person. NOTE Confidence: 0.91849487 97a43aeb-2803-4fa3-8a59-55254e381eba 00:05:44.600 --> 00:05:46.733 It took me 5 seconds from the time the NOTE Confidence: 0.91849487 30ad4e09-3dc9-46dc-97c4-537bcc7ed824 00:05:46.733 --> 00:05:48.293 chicken was delivered to dip my tie NOTE Confidence: 0.91849487 716de147-ba62-476e-bb53-45330d2cbeee 00:05:48.293 --> 00:05:50.276 in it and get it all over my shirt. NOTE Confidence: 0.91849487 4d626c86-8f8a-485a-a2ee-b9071a8fee29 00:05:50.280 --> 00:05:51.918 So if you're taking the photo, NOTE Confidence: 0.91849487 ced5c3a4-0cbb-405d-8f93-47662b0020d3 00:05:51.920 --> 00:05:53.516 this side is better right now. NOTE Confidence: 0.91849487 141e04e0-6c4c-403c-9e21-bc898208482c 00:05:53.520 --> 00:05:56.366 Thank you. As Joe mentioned, NOTE Confidence: 0.91849487 76b52011-0906-457f-a79c-1c1a695de07f 00:05:56.366 --> 00:05:58.276 my name is Ryan Couvrette. NOTE Confidence: 0.91849487 5eca0f33-0aa9-4f7f-86e9-924c0de7339e 00:05:58.280 --> 00:06:01.346 I'm a partner private equity and pensions NOTE Confidence: 0.91849487 40b7b183-4e2f-4c5b-9271-0b7174798da0 00:06:01.346 --> 00:06:04.177 leader in the GTA at PwC Canada. NOTE Confidence: 0.91849487 b793be73-6c97-44e7-86ed-b71e9ec3e711 00:06:04.180 --> 00:06:07.040 I'd like to extend a thank you to Joe Lowe, NOTE Confidence: 0.91849487 21f1dcfc-cd73-4ce2-b901-8576ee1bccdd 00:06:07.040 --> 00:06:09.140 President of the Canadian club. NOTE Confidence: 0.91849487 0c55c6d6-a175-43f4-92a1-7dece081307c 00:06:09.140 --> 00:06:11.852 My colleague at PwC who invited NOTE Confidence: 0.91849487 d8e92299-c41c-4a3b-9690-e419b402b9ad 00:06:11.852 --> 00:06:14.709 us to participate in this event. NOTE Confidence: 0.91849487 d6bc2472-b452-4c3f-b26f-061c190ba25a 00:06:14.710 --> 00:06:16.870 It is my absolute pleasure. NOTE Confidence: 0.91849487 cbafe8c4-458f-4fc9-9d7d-efdb67c1ffcb 00:06:16.870 --> 00:06:18.366 To introduce Joe Taylor, NOTE Confidence: 0.91849487 5a6467b3-888a-479f-8cd6-4135d8384f70 00:06:18.366 --> 00:06:20.236 the President and CEO of NOTE Confidence: 0.91849487 173827be-b26a-4551-90dd-5b620c0e5dd4 00:06:20.236 --> 00:06:22.119 Ontario Teachers Pension plan. NOTE Confidence: 0.91849487 872d6db0-424a-4b56-b443-e49fec96921f 00:06:22.120 --> 00:06:24.860 And our moderator, Andrew Willis. NOTE Confidence: 0.91849487 6f518dbc-9ef1-47ed-a983-800c70f50b25 00:06:24.860 --> 00:06:28.227 Business columnist at The Globe and Mail. NOTE Confidence: 0.91849487 4fa25cac-27dc-4786-aff8-bc36bf3631c0 00:06:28.230 --> 00:06:31.020 Joe was appointed President and CEO. NOTE Confidence: 0.91849487 37e8fd9a-6ec6-4b91-ba5c-fdb15c900e5f 00:06:31.020 --> 00:06:33.092 Of teachers in 2020. NOTE Confidence: 0.91849487 6258bb4b-dad1-4908-9d69-562944c7b4f6 00:06:33.092 --> 00:06:35.682 With the goal of reshaping NOTE Confidence: 0.91849487 56f8946c-5497-4f1a-b560-fbe18eb0f39f 00:06:35.682 --> 00:06:38.060 teachers brand to be bolder. NOTE Confidence: 0.91849487 9ad4b802-3d64-4077-803b-c001d2afe199 00:06:38.060 --> 00:06:41.408 Bigger and more entrepreneurial. NOTE Confidence: 0.91849487 9562faa2-0144-465a-a8ec-d8039fb38eb3 00:06:41.410 --> 00:06:43.756 Joe and his leadership team recently NOTE Confidence: 0.91849487 db6cfd30-6f70-4960-a73f-6f78c2e6f60a 00:06:43.756 --> 00:06:46.657 announced a total fund net return of 1.2% NOTE Confidence: 0.91849487 de193db9-1e3b-4dcf-a8ca-7724b223418f 00:06:46.657 --> 00:06:49.992 for the six month period ended June 30th, NOTE Confidence: 0.91849487 e3553d61-d238-467b-b67b-b51384449ff2 00:06:49.992 --> 00:06:50.474 2022. NOTE Confidence: 0.91849487 07e2f27e-66e7-4228-8b07-415ea4d5d618 00:06:50.474 --> 00:06:55.249 And a one year total fund net return of 8.3%. NOTE Confidence: 0.91849487 ff8d88e0-5e42-4d78-8c23-716b44d3372c 00:06:55.249 --> 00:06:57.685 Delivering positive returns for NOTE Confidence: 0.91849487 f9d11531-ea54-4e09-8ad0-9b29dffd91f4 00:06:57.685 --> 00:07:02.412 its members at a time of immense NOTE Confidence: 0.91849487 22bbe325-7ef6-4e41-83a8-1ad001440779 00:07:02.412 --> 00:07:04.767 uncertainty and volatility. NOTE Confidence: 0.91849487 08d21aee-fdfd-4231-abbe-a035e8267692 00:07:04.770 --> 00:07:05.410 Andrew Willis, NOTE Confidence: 0.91849487 c34a96bd-263d-4a3d-934d-6fe1ccf831e6 00:07:05.410 --> 00:07:06.370 as we've mentioned, NOTE Confidence: 0.91849487 5561521d-6475-41a1-ab94-55211e293f5a 00:07:06.370 --> 00:07:08.128 is a business columnist for The NOTE Confidence: 0.91849487 6be445b6-5751-47e0-bc7e-dd1ed7a02ad5 00:07:08.128 --> 00:07:10.010 Globe and Mails report on business. NOTE Confidence: 0.91849487 88085b65-5666-4222-b75c-bfc7e3acaa8e 00:07:10.010 --> 00:07:12.621 Andrew has been in journalism for 30 NOTE Confidence: 0.91849487 d0f61bf2-aae9-46e6-a2eb-4b232ac4b767 00:07:12.621 --> 00:07:15.912 years and is a former SVP Communications NOTE Confidence: 0.91849487 0ca58050-72f1-473d-b40d-91154bc08313 00:07:15.912 --> 00:07:18.004 at Brookfield Asset manage. NOTE Confidence: 0.91849487 4db261e8-7ff2-4ade-a6b3-fcdd108e6ed7 00:07:18.010 --> 00:07:18.816 Today's session, NOTE Confidence: 0.91849487 e2107f09-6754-4c67-a040-d06733b9977b 00:07:18.816 --> 00:07:21.234 we'll explore the macro shifts that NOTE Confidence: 0.91849487 29246dbf-5144-4346-b714-5f451ec966e8 00:07:21.234 --> 00:07:23.278 are influencing the global investment NOTE Confidence: 0.91849487 50615834-0677-4d84-86ac-e67fe2a2fb6f 00:07:23.278 --> 00:07:25.624 landscape and how teachers is navigating NOTE Confidence: 0.91849487 45e0cc79-4d85-4b8b-96d4-c00fea1b6d6e 00:07:25.624 --> 00:07:27.522 the investment opportunities and NOTE Confidence: 0.91849487 0a14da81-e398-44ab-8cf5-ac9c6dcd4b05 00:07:27.522 --> 00:07:29.442 challenges during this difficult NOTE Confidence: 0.91849487 534427ca-4c0b-4fdc-9dd6-de35279ee3d0 00:07:29.442 --> 00:07:33.179 social and economic and economic climate. NOTE Confidence: 0.91849487 4c0761d1-d75f-4343-8ebe-8eda23b7eb5f 00:07:33.180 --> 00:07:33.988 At PwC, NOTE Confidence: 0.91849487 c70d5edf-ba15-4fa7-a7d4-92a6fa8ca347 00:07:33.988 --> 00:07:36.816 we recently launched the Trust Road map. NOTE Confidence: 0.91849487 c6f63265-1f4f-41b9-b480-4d2d414ed27d 00:07:36.820 --> 00:07:39.484 Which seeks to address the growing NOTE Confidence: 0.91849487 5796b78a-2d19-4f0e-82d7-616a4e5a9f78 00:07:39.484 --> 00:07:41.807 trust deficit that individuals and NOTE Confidence: 0.91849487 42f3ee39-af5f-4124-ae12-fd5a1d293c5e 00:07:41.807 --> 00:07:43.719 organizations are experiencing today NOTE Confidence: 0.91849487 cba73047-48a6-4530-b805-555b6feab518 00:07:43.719 --> 00:07:46.590 in light of these challenging times. NOTE Confidence: 0.91849487 3f8de051-cf82-493a-bab3-a4c2950bc1e9 00:07:46.590 --> 00:07:49.407 It is our purpose at PwC to build trust NOTE Confidence: 0.91849487 fb451b4b-718e-44eb-98bd-964d81dcc157 00:07:49.407 --> 00:07:52.559 in society and solve important problems. NOTE Confidence: 0.91849487 af153b58-9176-4902-bfe1-097affdf7055 00:07:52.560 --> 00:07:54.930 Which we believe is crucial NOTE Confidence: 0.91849487 e7e6d15c-89c0-4092-b8df-e9c1e0681bdc 00:07:54.930 --> 00:07:56.826 during times like these. NOTE Confidence: 0.91849487 68eb2e4e-18ae-443c-883f-5cd78c87467e 00:07:56.830 --> 00:07:57.434 Thank you. NOTE Confidence: 0.91849487 a9dc450e-0d0d-4e0c-a938-14cf8d460102 00:07:57.434 --> 00:07:59.850 And I'll now turn it over to Joe NOTE Confidence: 0.91849487 5b8bde09-66ab-472a-b461-42155f097a36 00:07:59.928 --> 00:08:01.968 to offer his opening remarks. NOTE Confidence: 0.91849487 55a7f4ce-1cc1-4e9f-b171-98a649dc4b86 00:08:01.970 --> 00:08:03.590 Joe will then sit down with NOTE Confidence: 0.91849487 c29b2892-4606-4491-bcc4-12f8a49862b5 00:08:03.590 --> 00:08:05.303 Andrew for what promises to be NOTE Confidence: 0.91849487 8b2a0704-9676-413e-b32e-50cda74a1dfe 00:08:05.303 --> 00:08:06.447 a very engaging discussion. NOTE Confidence: 0.91849487 09f2e6df-cc89-4159-ba1c-9a0f549442c1 00:08:06.450 --> 00:08:06.780 Thank you. NOTE Confidence: 0.8071315892 ef8fd653-4a35-46b7-b1dc-ccd3446b39aa 00:08:23.790 --> 00:08:25.410 Well, thank you, Ryan, NOTE Confidence: 0.8071315892 b64dc56f-8525-4ac2-a4d8-b28de01b9d55 00:08:25.410 --> 00:08:28.753 and it's my pleasure to be with you NOTE Confidence: 0.8071315892 772787ee-dee8-4b5d-972a-b7d5bf9a5f14 00:08:28.753 --> 00:08:31.644 all today and thanks to the Canadian NOTE Confidence: 0.8071315892 dcbc6d48-8fdc-45b8-a70e-ec1d468b46e2 00:08:31.644 --> 00:08:34.628 Club of Toronto for the invitation. NOTE Confidence: 0.8071315892 10a99db6-1e99-4110-9f53-628abe7b50ff 00:08:34.630 --> 00:08:36.354 Before I started talking, NOTE Confidence: 0.8071315892 98b770d5-01bc-4036-acf6-9c5a4ce23c76 00:08:36.354 --> 00:08:39.230 I had that classic speakers moment of. NOTE Confidence: 0.8071315892 657e201a-ef4b-449b-b259-5cb5feeb1b60 00:08:39.230 --> 00:08:40.496 Vanity over accuracy. NOTE Confidence: 0.8071315892 a8f4aa85-7065-4ea8-9e60-836e2d90e5b7 00:08:40.496 --> 00:08:42.606 So I'm talking without glasses, NOTE Confidence: 0.8071315892 5198d06d-ac4a-45fc-931d-33cd5d6d6cc0 00:08:42.610 --> 00:08:43.970 so I really stumbled badly. NOTE Confidence: 0.8071315892 66235d9e-b60b-4627-b655-540c20bb0c29 00:08:43.970 --> 00:08:46.945 It's because vanity took over my approach. NOTE Confidence: 0.795396509090909 1d24b56d-b5be-49a4-8bca-9f782921aa99 00:08:49.770 --> 00:08:51.130 22 really helpful introductions NOTE Confidence: 0.795396509090909 63af3f5f-8e6b-41f0-b23a-164b4720e52d 00:08:51.130 --> 00:08:53.530 made already by by Joe and Ryan, NOTE Confidence: 0.795396509090909 52cd2b69-270b-43b2-9114-90251b6bf64f 00:08:53.530 --> 00:08:56.630 but I did think I'd just take a few minutes. NOTE Confidence: 0.795396509090909 d88a2e21-91fb-46f3-b314-720a1eabeaf5 00:08:56.630 --> 00:08:58.989 To share a few words about Ontario NOTE Confidence: 0.795396509090909 a59a3ff7-3065-4e87-9dad-8acf84077b8a 00:08:58.989 --> 00:09:01.242 teachers for those of you who are NOTE Confidence: 0.795396509090909 8adc7969-966b-4cf0-9889-ed8d6116a5f1 00:09:01.242 --> 00:09:03.000 a little less familiar with us. NOTE Confidence: 0.795396509090909 b9d05e98-f710-4b86-af8e-6e59cfd0e4b7 00:09:03.000 --> 00:09:04.240 As has already been said, NOTE Confidence: 0.795396509090909 94ede7c4-988c-4177-8254-ecbb4c6e9239 00:09:04.240 --> 00:09:07.712 it's really our role to invest to NOTE Confidence: 0.795396509090909 6142235b-4522-4261-b78b-914b56bca7cf 00:09:07.712 --> 00:09:09.939 deliver retirement security for over NOTE Confidence: 0.795396509090909 efe17c8d-79da-4221-b331-2c9e218ce587 00:09:09.940 --> 00:09:13.760 330,000 active and retired teachers. NOTE Confidence: 0.795396509090909 28031570-eadf-4c05-8f65-c7b8961f19dd 00:09:13.760 --> 00:09:15.512 Who are predominantly based NOTE Confidence: 0.795396509090909 c5fc04f5-4d0b-4ff4-b4df-a2aacbca9dbe 00:09:15.512 --> 00:09:17.702 in the province of Ontario. NOTE Confidence: 0.795396509090909 7194c3d4-facf-4c76-a612-6fc0e480e5e7 00:09:17.710 --> 00:09:20.770 We also administer their pensions. NOTE Confidence: 0.795396509090909 8a574d05-42e4-4882-8c93-46fd55a7edf0 00:09:20.770 --> 00:09:23.290 And make sure that we can provide NOTE Confidence: 0.795396509090909 630e1515-0c86-4a57-b256-77d58554c773 00:09:23.290 --> 00:09:26.754 a high mix of service to deal with NOTE Confidence: 0.795396509090909 5055812c-7b6b-4915-b3a2-a39246b63d84 00:09:26.754 --> 00:09:29.049 their issues and their concerns. NOTE Confidence: 0.795396509090909 31e6faa8-db2d-4480-8a2b-7894db0f9e39 00:09:29.050 --> 00:09:30.934 And has already been said over NOTE Confidence: 0.795396509090909 6e6af955-65fb-42a6-8673-0835e462ee7d 00:09:30.934 --> 00:09:33.193 the last 30 years we have grown NOTE Confidence: 0.795396509090909 22264e8f-7cd4-4347-bcc6-73dd8d263f06 00:09:33.193 --> 00:09:34.748 to be a global investor. NOTE Confidence: 0.795396509090909 a0fa3859-0730-4a40-aaf1-035a2d8cc256 00:09:34.750 --> 00:09:40.790 With around $242 billion in net assets. NOTE Confidence: 0.795396509090909 2a603af0-0166-4c4d-9842-08096eddbc5d 00:09:40.790 --> 00:09:43.565 And our investment portfolio spans NOTE Confidence: 0.795396509090909 f79f0ae8-7f5e-4703-a30e-207e907fb1d0 00:09:43.565 --> 00:09:46.340 everything from airports in Europe. NOTE Confidence: 0.795396509090909 ea30d1d9-02ef-45fc-ae2c-ebe09b6d24f8 00:09:46.340 --> 00:09:49.366 Apple orchards in the US and NOTE Confidence: 0.795396509090909 620eaaa1-2bcd-4f73-a9e6-758647e752dd 00:09:49.366 --> 00:09:52.350 autonomous vehicles in Asia. NOTE Confidence: 0.795396509090909 39ce1bfc-c8a6-4cf8-983c-f148013f9e01 00:09:52.350 --> 00:09:55.077 And this and that so many of you will NOTE Confidence: 0.795396509090909 8c353112-934e-4854-bddb-4086f125e809 00:09:55.077 --> 00:09:57.148 know we also own Cadillac Fairview, NOTE Confidence: 0.795396509090909 33c927db-ff50-41ec-918d-7d32ec1fded6 00:09:57.148 --> 00:10:00.740 which is a well known local operator of NOTE Confidence: 0.795396509090909 96ae3fa7-3e06-4a15-8d67-2cf13c97ea74 00:10:00.821 --> 00:10:03.606 shopping malls and office buildings, NOTE Confidence: 0.795396509090909 dd06c0dc-ead8-4ee0-b7cb-819b88f640ed 00:10:03.610 --> 00:10:06.310 which is now looking to expand NOTE Confidence: 0.795396509090909 2331649d-65f4-4a3b-a83b-81f97693f845 00:10:06.310 --> 00:10:08.110 beyond Canada into different NOTE Confidence: 0.795396509090909 283249b4-ffca-4e62-8f74-8381e543230c 00:10:08.189 --> 00:10:10.017 segments of real estate. NOTE Confidence: 0.849854018 343e7070-fd38-4ae8-82df-21c26e805936 00:10:12.740 --> 00:10:15.060 Now, unlike most pension plans, NOTE Confidence: 0.849854018 728563f6-b9a7-4d0d-80d1-b034375eb501 00:10:15.060 --> 00:10:19.477 we manage 80% of our assets in-house. NOTE Confidence: 0.849854018 a6d11584-dd2e-4276-b88f-23c77e83c102 00:10:19.480 --> 00:10:22.476 And we're very engaged with all of NOTE Confidence: 0.849854018 fc71a3b6-d60a-40fd-9d84-b99b3e63cca3 00:10:22.476 --> 00:10:24.880 the businesses that we work with. NOTE Confidence: 0.849854018 a8d342e6-7ea2-4b2c-bbfc-226a216765dc 00:10:24.880 --> 00:10:27.456 We have a team of over 400 NOTE Confidence: 0.849854018 4ea68d36-6a7a-4ed2-958e-26570922614f 00:10:27.456 --> 00:10:28.961 investment professionals who sit NOTE Confidence: 0.849854018 c29d8ef7-767f-4015-8181-8ab98e5c323f 00:10:28.961 --> 00:10:31.290 on our company boards and work NOTE Confidence: 0.849854018 ced747f9-f310-487e-bd73-0105561a8a38 00:10:31.290 --> 00:10:34.755 towards moving them to be both more NOTE Confidence: 0.849854018 506765c9-6902-4d7c-9c28-8cf559596459 00:10:34.755 --> 00:10:37.680 profitable but also more sustainable. NOTE Confidence: 0.849854018 9a3c8eae-31cf-4346-91d9-b3b905d4addb 00:10:37.680 --> 00:10:40.542 And this active approach is critical NOTE Confidence: 0.849854018 5e7945ef-e6a5-41ab-9f61-cbe308de848c 00:10:40.542 --> 00:10:43.669 for our ability to pay pensions. NOTE Confidence: 0.849854018 4960a4ca-8c58-45c1-a1c2-418f27f918b1 00:10:43.670 --> 00:10:46.006 And the reason for that is that our NOTE Confidence: 0.849854018 250336f7-4ada-47c5-a062-992da2ee389e 00:10:46.006 --> 00:10:48.139 member and employer contributions account NOTE Confidence: 0.849854018 3ac8ea82-f756-4674-81a3-116364a56af0 00:10:48.139 --> 00:10:51.310 for only 20% of our funding sources. NOTE Confidence: 0.849854018 d66ed001-37e5-4683-a0cc-ba4d1ca9c329 00:10:51.310 --> 00:10:54.436 The remaining 80% we have to NOTE Confidence: 0.849854018 ed26b77e-8b3f-4f08-9052-31c0d85f408e 00:10:54.436 --> 00:10:56.520 generate through investment returns. NOTE Confidence: 0.849854018 13a38cc3-3b0b-41c2-a829-dc8b1a3d35b6 00:10:56.520 --> 00:10:58.340 And adding to this challenge, NOTE Confidence: 0.849854018 5884b73a-3594-428a-b71b-c308a8a5d602 00:10:58.340 --> 00:11:01.994 we have the demographics of our plan. NOTE Confidence: 0.849854018 532ecfbf-92a8-42bc-af9a-71ace110cc62 00:11:02.000 --> 00:11:03.640 Our members, on average, NOTE Confidence: 0.849854018 d84f3d31-a334-41af-9e61-feb252802e52 00:11:03.640 --> 00:11:07.239 work for longer than they pay into the plan. NOTE Confidence: 0.849854018 660717d0-4b7b-466d-bd61-64c6d4e3acb7 00:11:07.240 --> 00:11:11.026 And this means that pension payments NOTE Confidence: 0.849854018 fb63eea6-0916-4fd4-bc20-49158db0b1fc 00:11:11.026 --> 00:11:12.919 far exceed contributions. NOTE Confidence: 0.849854018 ee3acb3e-ffd1-4b67-bbbf-28b9061b2ae9 00:11:12.920 --> 00:11:15.080 Now unlike many of our peers, NOTE Confidence: 0.849854018 5c620423-aa6d-4797-aa8a-affb6b450281 00:11:15.080 --> 00:11:17.588 we navigate a multi billion dollar NOTE Confidence: 0.849854018 935c518b-92ae-4275-912b-c2d462a17ee1 00:11:17.588 --> 00:11:20.098 funding gap each year and that's NOTE Confidence: 0.849854018 39d82db8-0400-414c-97b7-dc369b210334 00:11:20.098 --> 00:11:22.765 going to widen in the coming years. NOTE Confidence: 0.849854018 9b0a1e1c-0014-496f-807a-4b94a2c57d10 00:11:22.770 --> 00:11:25.086 So given all of these realities, NOTE Confidence: 0.849854018 936e93b6-b444-4758-a04a-76bdbd88c340 00:11:25.090 --> 00:11:26.402 one thing stands out. NOTE Confidence: 0.849854018 31fe8d57-dd83-4c97-86a3-7b8794b2e192 00:11:26.402 --> 00:11:28.370 We really can't afford to make NOTE Confidence: 0.849854018 79a6a172-f1bc-454b-b892-11e8c8e56f78 00:11:28.442 --> 00:11:29.579 too many mistakes. NOTE Confidence: 0.902165762857143 bf83404e-afb9-4e01-a838-508600d20bdb 00:11:31.860 --> 00:11:34.177 So this leads me to my remarks NOTE Confidence: 0.902165762857143 c70bc4bc-84b9-427c-9484-8c1c3e64f604 00:11:34.180 --> 00:11:35.962 and I'd like to highlight some NOTE Confidence: 0.902165762857143 dab4d6e4-e32d-4cd2-b67f-af9f0d585716 00:11:35.962 --> 00:11:37.880 of the challenges that I've faced NOTE Confidence: 0.902165762857143 a30c95c4-e4b5-4c9e-a758-aea070b7f7dd 00:11:37.880 --> 00:11:39.896 personally over the last three years. NOTE Confidence: 0.902165762857143 698c0439-a6fb-4f25-8b6d-02eeb6300cbe 00:11:39.900 --> 00:11:41.846 Some of my learnings to date and NOTE Confidence: 0.902165762857143 e8d3da11-96bb-42ab-a433-6a42733841c7 00:11:41.846 --> 00:11:44.296 then also a brief look into the NOTE Confidence: 0.902165762857143 83783060-e46f-4223-8210-8d21c0ce0a2f 00:11:44.296 --> 00:11:45.844 opportunities for the future. NOTE Confidence: 0.902165762857143 a0c80a56-2c8c-45ec-b200-48f801450b9e 00:11:45.850 --> 00:11:46.950 Then as you heard already, NOTE Confidence: 0.902165762857143 cd44698d-d4f0-411b-b057-4a9d9c2aeb1a 00:11:46.950 --> 00:11:48.582 I'll be able to have a chat with NOTE Confidence: 0.902165762857143 24bc98fe-91d6-4057-9e54-afae527de372 00:11:48.582 --> 00:11:50.329 Andy over Q&A and I do hope you NOTE Confidence: 0.902165762857143 6edc7f5e-e9ee-442f-883c-3bd3ad0a9064 00:11:50.329 --> 00:11:51.736 get the chance through that to NOTE Confidence: 0.902165762857143 13e1f4c2-cd36-4e99-a9ff-36df062a43d2 00:11:51.736 --> 00:11:52.986 post some of your questions. NOTE Confidence: 0.702226757142857 c18c8668-ba2a-4806-a881-b564f2f1c712 00:11:55.670 --> 00:11:57.784 So when I started as CEO teachers, NOTE Confidence: 0.702226757142857 dd8a0221-ed03-4e63-bcce-f88fae081b21 00:11:57.790 --> 00:12:00.460 I saw three early challenges. NOTE Confidence: 0.702226757142857 eb81b4ce-caf1-440e-b820-04b90ee8bafc 00:12:00.460 --> 00:12:02.854 To get a deeper understanding of the NOTE Confidence: 0.702226757142857 a2dd32dd-4527-4dbc-b5fa-40051feba195 00:12:02.854 --> 00:12:04.253 business, to establish followership, NOTE Confidence: 0.702226757142857 65033503-2f92-41ee-a925-f95b38ce2692 00:12:04.253 --> 00:12:06.359 and to set a new North NOTE Confidence: 0.702226757142857 e03bfea1-f867-4534-9e4a-4387dd6dabe8 00:12:06.359 --> 00:12:08.140 star for the organization. NOTE Confidence: 0.876103832 1c45e74b-2249-436e-b335-988aac7adae4 00:12:10.290 --> 00:12:11.400 So on the first challenge, NOTE Confidence: 0.876103832 55edf3f6-4401-4402-9cbf-d51875bb9aee 00:12:11.400 --> 00:12:13.059 when you think you've been with the NOTE Confidence: 0.876103832 90c783e7-d3af-412d-81e8-d17fde4b8397 00:12:13.059 --> 00:12:14.379 business for a reasonable length NOTE Confidence: 0.876103832 78efae37-e129-4fa3-bba7-caa21f06aefb 00:12:14.379 --> 00:12:16.543 of time a decade, in my case, NOTE Confidence: 0.876103832 46fcc45a-ecf7-4730-aaf5-936278c2cd1b 00:12:16.543 --> 00:12:19.000 you work on the assumption that you NOTE Confidence: 0.876103832 25a0d77a-793b-4eb6-924d-6f639ca10fff 00:12:19.078 --> 00:12:21.616 you know the business pretty well. NOTE Confidence: 0.876103832 2cc39d9f-9305-411c-8f9c-22e82b777a35 00:12:21.620 --> 00:12:24.002 I actually discovered that in addition NOTE Confidence: 0.876103832 370515dd-515b-48ee-b4bb-49f2e24c6089 00:12:24.002 --> 00:12:27.539 to moving to a new job in a new country. NOTE Confidence: 0.876103832 2149398a-44b1-484d-b19f-8d80e21c4c57 00:12:27.540 --> 00:12:29.610 There were aspects of teachers NOTE Confidence: 0.876103832 c63512c8-a846-4792-8e8c-7a8c2e0a2065 00:12:29.610 --> 00:12:32.359 that I didn't know quite so well. NOTE Confidence: 0.876103832 c40fd5f8-f526-4cf5-846c-bd1cded37e49 00:12:32.360 --> 00:12:33.662 And the reason for this has NOTE Confidence: 0.876103832 b607e878-9b7e-4971-a53e-1eae4ec2ad42 00:12:33.662 --> 00:12:35.070 already been mentioned, I think, NOTE Confidence: 0.876103832 d2c3e4d5-b26c-4046-a2a8-1cabe0151c0c 00:12:35.070 --> 00:12:37.695 which is teachers is a complex organization NOTE Confidence: 0.876103832 a48adb97-8b72-49d9-ab39-030da026641c 00:12:37.695 --> 00:12:40.088 with investments in over 50 countries NOTE Confidence: 0.876103832 90585e83-79c6-4fe0-be1b-16e376a09dc7 00:12:40.088 --> 00:12:42.560 across a wide selection of assets. NOTE Confidence: 0.929836656923077 04abaad6-f139-451a-b637-ee55996badb5 00:12:44.950 --> 00:12:47.953 The second challenge for me was actually NOTE Confidence: 0.929836656923077 f458289e-f043-480f-a144-de3d36c70435 00:12:47.953 --> 00:12:50.529 to build confidence in my leadership. NOTE Confidence: 0.929836656923077 f51fc341-893d-4a1a-b0b4-8277869aa33c 00:12:50.530 --> 00:12:52.362 I knew that if I was going to NOTE Confidence: 0.929836656923077 fb4d3398-042d-4a1f-bed2-a217da34c3f8 00:12:52.362 --> 00:12:53.909 achieve what I wanted to as CEO, NOTE Confidence: 0.929836656923077 0f0aacd9-932b-4b0c-98d4-ba1263493d86 00:12:53.910 --> 00:12:55.810 I had to build followership, NOTE Confidence: 0.929836656923077 c9f2358f-d38a-47e9-b186-136d61806ad1 00:12:55.810 --> 00:12:58.216 starting with my senior leadership team, NOTE Confidence: 0.929836656923077 a1ecc90a-1f51-42b7-91c9-f90ede93d911 00:12:58.220 --> 00:13:00.854 many of whom have been my NOTE Confidence: 0.929836656923077 65803586-0f8e-43a7-88db-2a57dd1d2d62 00:13:00.854 --> 00:13:02.610 peers until quite recently. NOTE Confidence: 0.929836656923077 25bbb80b-0a60-4786-86f4-511c5d4d1472 00:13:02.610 --> 00:13:04.392 I had to persuade them that NOTE Confidence: 0.929836656923077 c6f396a6-897d-4152-83c5-7544746eea3e 00:13:04.392 --> 00:13:06.580 I had both the right vision. NOTE Confidence: 0.929836656923077 cd98ce4a-23e8-4422-9e3e-3b3f5e9b6fd2 00:13:06.580 --> 00:13:09.724 But frankly, I knew what I was doing. NOTE Confidence: 0.929836656923077 9e79bef5-24bf-42a1-ab60-932d04737df7 00:13:09.730 --> 00:13:10.705 The third challenge? NOTE Confidence: 0.929836656923077 ac04e51f-97ca-41b4-ad0d-781cce49c2a2 00:13:10.705 --> 00:13:12.330 Was actually to find an NOTE Confidence: 0.929836656923077 b31417f6-e95a-4911-b731-ea77f4396aaa 00:13:12.330 --> 00:13:14.090 All Star for the business, NOTE Confidence: 0.929836656923077 b4f5bada-4150-4944-b4fe-25e4cad3ae32 00:13:14.090 --> 00:13:16.650 which has already been mentioned. NOTE Confidence: 0.929836656923077 befe3f14-e9e7-4551-be25-1d518b8eb061 00:13:16.650 --> 00:13:19.706 The one that we chose was to reach NOTE Confidence: 0.929836656923077 bd1d3c2b-c41f-4eb6-9191-0826da7f5ece 00:13:19.706 --> 00:13:23.290 $300 billion in net assets by 2030, NOTE Confidence: 0.929836656923077 8b122515-f238-47a1-92d3-928366374b9b 00:13:23.290 --> 00:13:27.224 roughly 50% more than the $200 billion NOTE Confidence: 0.929836656923077 f8a727a2-66bf-4c58-8e88-ce0c1540ed28 00:13:27.230 --> 00:13:30.695 that we had when I was appointed. NOTE Confidence: 0.929836656923077 a5d6f355-3db0-44a8-bf32-59b6b7a0e8b7 00:13:30.700 --> 00:13:32.770 Now, while $300 billion sounds NOTE Confidence: 0.929836656923077 62c18c40-6aa9-4894-864f-0479729ac992 00:13:32.770 --> 00:13:34.840 like a nice round Number, NOTE Confidence: 0.929836656923077 ae10b24c-6bbf-41df-9de8-9633601b72e2 00:13:34.840 --> 00:13:36.961 it actually is the number that we NOTE Confidence: 0.929836656923077 9f370426-23d5-42cc-9ffd-1428e27b1b77 00:13:36.961 --> 00:13:39.203 need to achieve to make sure the NOTE Confidence: 0.929836656923077 7b851d20-2160-45e3-abaf-aa63ab897b3b 00:13:39.203 --> 00:13:41.099 plan remains fully funded in 2030. NOTE Confidence: 0.746365264 40ca6fbc-092b-486a-8a2f-090b3daf4e31 00:13:43.270 --> 00:13:45.650 So back to January 2020, NOTE Confidence: 0.746365264 8b24854e-67c2-401f-a757-1903645ea18d 00:13:45.650 --> 00:13:48.377 we can all remember that far back these days. NOTE Confidence: 0.746365264 d09806ba-67fa-4087-8b8a-1035f29ad1f5 00:13:48.380 --> 00:13:51.420 I came into the job as an optimistic NOTE Confidence: 0.746365264 cd29d9b9-fa45-40fd-8b37-980c9f2a02e4 00:13:51.420 --> 00:13:53.748 CEO ready for the challenge. NOTE Confidence: 0.746365264 6430971c-5f78-4f59-aac6-a60da46bbb63 00:13:53.750 --> 00:13:56.510 What I didn't expect was how NOTE Confidence: 0.746365264 cea54f5a-ba94-49eb-8cd7-52b021678df3 00:13:56.510 --> 00:13:58.350 much the environment would NOTE Confidence: 0.746365264 961143ab-11f0-47d3-a650-9359698bbece 00:13:58.437 --> 00:14:00.777 change and just how quickly. NOTE Confidence: 0.746365264 9065fc9c-dae9-4709-a4f9-018b3210f85d 00:14:00.780 --> 00:14:02.280 With the impact of the pandemic, NOTE Confidence: 0.746365264 a5cff3c0-e336-4c06-9f83-3b558617efcc 00:14:02.280 --> 00:14:03.858 almost nothing turned NOTE Confidence: 0.746365264 b2dcf7e2-761b-4cc2-a91d-750e00e8fcc0 00:14:03.858 --> 00:14:06.488 out as I first expected. NOTE Confidence: 0.746365264 65450bca-9e3b-4533-8842-67fef0e818d5 00:14:06.490 --> 00:14:07.958 And in that, guys, NOTE Confidence: 0.746365264 e06d18ac-2676-4d2b-89aa-9489e24a70ea 00:14:07.958 --> 00:14:10.160 I thought I mentioned five things NOTE Confidence: 0.746365264 c4c16b77-9abd-4ddc-955c-9566df3653bf 00:14:10.237 --> 00:14:12.568 that were to me the most notable. NOTE Confidence: 0.746365264 00fb1769-8238-4301-85b4-fed79c93d273 00:14:12.570 --> 00:14:15.740 First, the COVID pandemic created NOTE Confidence: 0.746365264 8e9c164e-ca2b-4dd2-909e-89a2d0b7ec71 00:14:15.740 --> 00:14:17.642 unprecedented disruption for NOTE Confidence: 0.746365264 9bc5346a-d9af-44b4-ba65-92d5c8987b2d 00:14:17.642 --> 00:14:20.848 the world and for our business. NOTE Confidence: 0.746365264 8d0c33a7-262e-40f8-aa49-a41b2fc146ff 00:14:20.850 --> 00:14:23.466 The first major challenge for us NOTE Confidence: 0.746365264 4eb0efb5-4108-44bf-aee5-3596e5557c84 00:14:23.466 --> 00:14:26.589 was to engage full remote working. NOTE Confidence: 0.746365264 56627b20-5e8e-4c19-8c88-f1c23f648fde 00:14:26.590 --> 00:14:29.254 And to actually test all the NOTE Confidence: 0.746365264 dfbf8d3f-de75-4056-b03a-58b85f0fd834 00:14:29.254 --> 00:14:31.450 systems and working practices that NOTE Confidence: 0.746365264 af1dd5dc-c2d2-42fe-8a7d-3b1696c8ea81 00:14:31.450 --> 00:14:33.795 we'd set up for such a crisis. NOTE Confidence: 0.746365264 7f8914ee-0800-42b9-97c5-5ce148d3edf7 00:14:33.800 --> 00:14:35.220 In the face of uncertainty, NOTE Confidence: 0.746365264 a2c30f34-4484-42fe-95e4-181b807d1324 00:14:35.220 --> 00:14:38.068 the team did a super job of reacting NOTE Confidence: 0.746365264 0e862181-30ed-45b7-a76f-c814a2413cc6 00:14:38.068 --> 00:14:40.419 quickly and actually moving to NOTE Confidence: 0.746365264 773497e8-bc59-4660-aa84-1fc423a07f07 00:14:40.419 --> 00:14:43.019 full remote working and different NOTE Confidence: 0.746365264 e7e36706-5ff7-4175-af5c-ece3dfda600d 00:14:43.019 --> 00:14:45.469 working practices that came with it. NOTE Confidence: 0.746365264 b5b4b328-1b91-4314-a040-363aa2ecc6c2 00:14:45.470 --> 00:14:47.894 And I think now the worst of the NOTE Confidence: 0.746365264 30e99f4a-ccbe-4b0a-88d6-7bcd867a0ada 00:14:47.894 --> 00:14:49.850 pack tamic is hopefully over. NOTE Confidence: 0.746365264 e93dbebb-838c-4ba6-b97a-c834e8755277 00:14:49.850 --> 00:14:52.181 We will all need to decide what NOTE Confidence: 0.746365264 a21a75c9-326b-444f-b3eb-25c763b5fefa 00:14:52.181 --> 00:14:55.019 is the best approach to both in NOTE Confidence: 0.746365264 8f58be03-a6dc-4757-81c5-09a555cc8e81 00:14:55.019 --> 00:14:57.214 office work and remote working. NOTE Confidence: 0.746365264 153b4014-214e-4988-80f8-0461b0b03a38 00:14:57.220 --> 00:14:59.305 And I believe navigating these NOTE Confidence: 0.746365264 ef736302-45ef-4695-972c-befde14efb5c 00:14:59.305 --> 00:15:01.390 conflicting needs will be one NOTE Confidence: 0.746365264 eac4c339-b989-4b6a-8d9e-1f567489850a 00:15:01.462 --> 00:15:05.170 of the defining issues of 2023. NOTE Confidence: 0.746365264 d2dc3818-593f-4f57-b8fb-fc3c72f80b4b 00:15:05.170 --> 00:15:07.510 As if you think about it, NOTE Confidence: 0.746365264 406b0c9f-27e4-46dd-93b3-dde057347468 00:15:07.510 --> 00:15:09.985 we're trying to show enough NOTE Confidence: 0.746365264 26de44c9-b2d6-4263-907c-0caeaf0f7580 00:15:09.985 --> 00:15:11.470 flexibility so that. NOTE Confidence: 0.746365264 73917ee0-f968-4b18-8b5a-e8b1c42b3133 00:15:11.470 --> 00:15:15.170 The sufficient in office experience NOTE Confidence: 0.746365264 77cebfb6-1dcc-40ba-9f28-ed7ab55e4a57 00:15:15.170 --> 00:15:16.790 to give a good experience to NOTE Confidence: 0.746365264 8e7acd00-c08b-40f9-a803-9403153e571a 00:15:16.790 --> 00:15:18.210 those who come into work, NOTE Confidence: 0.746365264 29630dce-c27a-42ba-83b3-9d97d7f0cebe 00:15:18.210 --> 00:15:20.880 but also we're showing sufficient NOTE Confidence: 0.746365264 722719e1-7ab6-4043-9fa3-9edd5a2a14c4 00:15:20.880 --> 00:15:23.016 flexibility to high-quality younger NOTE Confidence: 0.746365264 73843b45-a012-453c-83b8-b7430fd9beed 00:15:23.016 --> 00:15:25.514 staff who actually currently see an NOTE Confidence: 0.746365264 34de26c4-1620-4234-abd5-3c338e9f8f2a 00:15:25.514 --> 00:15:28.050 in Office 5 day working week as, NOTE Confidence: 0.746365264 57034fac-c798-4d44-91bd-19db3e8606e6 00:15:28.050 --> 00:15:29.619 frankly, quite unattractive. NOTE Confidence: 0.935389 4b8be830-d2f0-4d37-bd4f-afeb93d9d7ed 00:15:32.260 --> 00:15:34.700 My second issue is geopolitics, NOTE Confidence: 0.935389 6f88e728-1cad-4d2e-91e1-e83b3ab2e43e 00:15:34.700 --> 00:15:37.250 and I think that's become increasingly NOTE Confidence: 0.935389 2e3f1cff-ed31-42f7-9a80-583a5c9d1ad9 00:15:37.250 --> 00:15:38.950 strange around the world. NOTE Confidence: 0.935389 2e3bd76a-3094-424b-bbe8-d0a48ea9ed65 00:15:38.950 --> 00:15:41.590 We now have in Europe a war which NOTE Confidence: 0.935389 1cdd6baf-8d85-4994-b0ee-690619ca904a 00:15:41.590 --> 00:15:44.347 I think nobody really saw coming. NOTE Confidence: 0.935389 06eb6668-c977-4279-8b97-02ce7e8c667d 00:15:44.350 --> 00:15:45.295 The working relationship NOTE Confidence: 0.935389 c91df328-9d7e-4ccb-98e4-29ec47c7e786 00:15:45.295 --> 00:15:46.870 between China and the US, NOTE Confidence: 0.935389 359d95a5-be1b-48ca-9600-6d911bf3b7e0 00:15:46.870 --> 00:15:49.318 which was once the linchpin of NOTE Confidence: 0.935389 7fbd81b1-8c2e-4d1a-9213-9e91be509f10 00:15:49.318 --> 00:15:50.950 economic growth and stability, NOTE Confidence: 0.935389 909b164d-f8cb-4559-8672-9ea74b329ede 00:15:50.950 --> 00:15:53.779 is incredibly strained. NOTE Confidence: 0.935389 439efdec-e6fe-4f63-9573-32a2205e0048 00:15:53.780 --> 00:15:55.664 These developments are fuelling NOTE Confidence: 0.935389 80b20f22-1c2f-4010-85ce-76bf31ae78fc 00:15:55.664 --> 00:15:58.019 volatility and uncertainty in global NOTE Confidence: 0.935389 db4655e9-7e25-4b7e-86bf-762565eb93c6 00:15:58.019 --> 00:16:00.198 markets and prompting many of the NOTE Confidence: 0.935389 2ab8a39d-8439-4555-b8d4-3cb3b1e9ef3c 00:16:00.198 --> 00:16:02.591 investors we know to hunker down and NOTE Confidence: 0.935389 a4c52bc9-eb89-446e-9d28-c1a5cba4adf2 00:16:02.591 --> 00:16:04.637 focus on investing in home markets. NOTE Confidence: 0.848176427142857 d3fce63e-2ac2-4464-9a26-f0475cecae17 00:16:07.140 --> 00:16:08.316 And as you'd expect me to say, NOTE Confidence: 0.848176427142857 c5e94db8-c053-4725-a0d9-6540b6d36471 00:16:08.320 --> 00:16:11.758 my Third Point is soaring inflation. NOTE Confidence: 0.848176427142857 22bf6c44-6a6a-4be8-b960-362bb546d657 00:16:11.760 --> 00:16:14.076 High costs of both energy and NOTE Confidence: 0.848176427142857 a3fe7452-f57b-4d9e-9f49-abbc416fb57e 00:16:14.076 --> 00:16:16.142 food are hurting families and NOTE Confidence: 0.848176427142857 84ff3f9e-03f1-4d61-9485-5eb7eb51413a 00:16:16.142 --> 00:16:17.938 businesses around the world. NOTE Confidence: 0.848176427142857 3993bc92-c93f-40b0-a174-9d7d4c242b3e 00:16:17.940 --> 00:16:19.938 And central banks have moved in NOTE Confidence: 0.848176427142857 32f4e83d-cec8-4811-84db-bfb25c8b9c4c 00:16:19.938 --> 00:16:22.246 an effort to deal with inflation NOTE Confidence: 0.848176427142857 feed5e68-d133-4ebb-83f7-5bd971ea7573 00:16:22.246 --> 00:16:24.058 by hiking interest rates, NOTE Confidence: 0.848176427142857 153400bb-82e8-4ee7-a35b-6fe3c2fa1f2f 00:16:24.060 --> 00:16:27.900 something you saw locally yesterday. NOTE Confidence: 0.848176427142857 c3cb430d-bed1-42a0-b87d-e117e00e5be8 00:16:27.900 --> 00:16:29.469 But that higher? NOTE Confidence: 0.848176427142857 e0a082b6-6910-4f08-92ef-3a67fa6827c3 00:16:29.469 --> 00:16:32.084 Rates is bringing other challenges NOTE Confidence: 0.848176427142857 ddb2f938-e92a-42a6-a191-9762b52d06b8 00:16:32.090 --> 00:16:34.196 and the risk of stalling growth NOTE Confidence: 0.848176427142857 3bfa42d8-f8c0-4158-85b3-a10285d0c946 00:16:34.196 --> 00:16:36.054 or stagflation is a really NOTE Confidence: 0.848176427142857 89fcba71-25b3-4439-ba59-9565d47026b1 00:16:36.054 --> 00:16:37.949 material one for our plan, NOTE Confidence: 0.848176427142857 b1201e7d-e3b6-4b82-8846-e5c0e553d208 00:16:37.950 --> 00:16:40.986 but also for many other businesses. NOTE Confidence: 0.848176427142857 7fede087-0e59-4e68-86c8-822bac88963f 00:16:40.990 --> 00:16:43.811 This is forcing us to rethink how NOTE Confidence: 0.848176427142857 a4286473-8d5d-45f6-9a9f-c4677ad007f5 00:16:43.811 --> 00:16:47.219 we look at our capital deployment. NOTE Confidence: 0.848176427142857 526d596e-1900-458c-ba28-6a5aef001cfa 00:16:47.220 --> 00:16:50.475 My 4th point is actually now the NOTE Confidence: 0.848176427142857 70a16324-876f-4d37-9110-f369f0bfcf81 00:16:50.475 --> 00:16:52.840 accepted urgency around how we NOTE Confidence: 0.848176427142857 6452ac81-2813-4521-9d1b-a936d891a757 00:16:52.840 --> 00:16:55.035 need to tackle climate change. NOTE Confidence: 0.848176427142857 9d7be845-b520-47c9-97b9-cb8f5fe4cb54 00:16:55.040 --> 00:16:57.504 And this issue has put a lot of NOTE Confidence: 0.848176427142857 3f294854-e0c8-4c7d-a3cb-40b9b82f5c72 00:16:57.504 --> 00:16:59.908 pressure on investors to act now NOTE Confidence: 0.848176427142857 98db7f53-c24e-4e75-8fb0-f58aa16588bc 00:16:59.908 --> 00:17:02.053 to reduce their carbon footprint, NOTE Confidence: 0.848176427142857 a3272319-efa2-4377-8b59-d948459551c3 00:17:02.060 --> 00:17:04.592 but also the footprint of all NOTE Confidence: 0.848176427142857 18fd2070-0b6c-4829-aa7f-b53f265ff196 00:17:04.592 --> 00:17:06.280 of their portfolio companies. NOTE Confidence: 0.848176427142857 d92ac3a3-b0a8-4112-8958-9bea1f2cad4b 00:17:06.280 --> 00:17:08.685 The more progressive investors are NOTE Confidence: 0.848176427142857 ca55bea5-63a9-43cf-bee4-f62b90f1e01f 00:17:08.685 --> 00:17:11.711 now starting to think about picking NOTE Confidence: 0.848176427142857 7b8ef87e-2f18-4791-bf05-4c6e55b94610 00:17:11.711 --> 00:17:14.391 up the challenges to proactively NOTE Confidence: 0.848176427142857 7449a58b-7beb-4ff9-8aa4-0e6027e51fcb 00:17:14.391 --> 00:17:17.676 invest in reducing emissions in more NOTE Confidence: 0.848176427142857 d010306f-e0ec-422d-9dbc-5448183a463a 00:17:17.676 --> 00:17:19.800 high carbon intensive businesses. NOTE Confidence: 0.848176427142857 d852de7e-37a5-46a6-aa37-1692c27cc7b9 00:17:19.800 --> 00:17:22.334 And finally of my list of five. NOTE Confidence: 0.848176427142857 08abb9bc-ce37-4993-b146-59cf803b438d 00:17:22.340 --> 00:17:24.610 I think we're also changing. NOTE Confidence: 0.848176427142857 8ce4c45b-7c00-48a6-8135-2336f82a09f7 00:17:24.610 --> 00:17:26.431 Differing environments and NOTE Confidence: 0.848176427142857 720399e0-1a54-46e9-ba7f-c59e3c56e128 00:17:26.431 --> 00:17:28.859 thoughts about stakeholders and NOTE Confidence: 0.848176427142857 67995f9b-1c43-4640-81e1-439c73590095 00:17:28.859 --> 00:17:31.750 expectations of those stakeholders. NOTE Confidence: 0.848176427142857 a70e9e1c-5f75-4f3a-bdbc-70bf93e5c372 00:17:31.750 --> 00:17:34.540 Trust in government and large NOTE Confidence: 0.848176427142857 1bfdd718-8df1-4a6b-9f26-11b1b20c0467 00:17:34.540 --> 00:17:37.330 institutions like teachers has waned. NOTE Confidence: 0.848176427142857 40178d15-a213-40fb-bc5a-e450120db7cd 00:17:37.330 --> 00:17:37.793 Increasingly, NOTE Confidence: 0.848176427142857 2c9ce3fe-9539-4da2-9d06-bb0637f02f3e 00:17:37.793 --> 00:17:41.542 the onus is on us to demonstrate that we NOTE Confidence: 0.848176427142857 91175a4a-6a86-4bcd-ba07-feb4725877b2 00:17:41.542 --> 00:17:44.240 have a purpose beyond making a profit. NOTE Confidence: 0.889683336 da80a321-221f-43a5-be7c-bdd511000a32 00:17:47.780 --> 00:17:49.075 So what have I learned NOTE Confidence: 0.889683336 eb2b9f91-212e-442b-868a-3720dbe0a1a3 00:17:49.075 --> 00:17:50.370 in the past three years? NOTE Confidence: 0.901864390833333 f494d587-3c2e-4c16-b04c-148b206576c3 00:17:52.380 --> 00:17:53.964 Absolutely. My first point NOTE Confidence: 0.901864390833333 05c61fbd-2b5f-43f5-b7bb-82433c1f8a61 00:17:53.964 --> 00:17:56.900 would be to say that as a CEO, NOTE Confidence: 0.901864390833333 63dbfa72-dc90-460d-b02a-40e1a9fde7f8 00:17:56.900 --> 00:17:59.810 you're only ever a transitory occupant NOTE Confidence: 0.901864390833333 d44e147c-138a-46b4-b0fe-4e24053c97ee 00:17:59.810 --> 00:18:02.550 of a really privileged position. NOTE Confidence: 0.901864390833333 2529da43-5f56-4363-ad20-c2c94dde6eb4 00:18:02.550 --> 00:18:04.180 Teachers had three excellent CEOs NOTE Confidence: 0.901864390833333 c261e88a-dcb5-4982-8fff-c37f45a77b46 00:18:04.180 --> 00:18:06.528 before I was asked to do the job, NOTE Confidence: 0.901864390833333 10403486-7c93-471c-98d3-0fea1ab1e2b2 00:18:06.530 --> 00:18:08.570 and there'll be further great ones NOTE Confidence: 0.901864390833333 861a1a21-5360-43aa-88ed-b3434354162d 00:18:08.570 --> 00:18:11.029 that will take the role after I go. NOTE Confidence: 0.901864390833333 20961320-847b-4c9d-ba91-a12df670476d 00:18:11.030 --> 00:18:13.305 It's really my job to make sure NOTE Confidence: 0.901864390833333 6e8ecf2c-b665-437f-9b63-15af0cce2ea9 00:18:13.305 --> 00:18:15.988 that I leave the organization in a NOTE Confidence: 0.901864390833333 e1e08c48-e99b-4ffb-825a-ca915a865371 00:18:15.988 --> 00:18:18.430 better shape than when I started. NOTE Confidence: 0.901864390833333 e10073ba-63a7-44bf-a2b4-6b99bf3ebe5e 00:18:18.430 --> 00:18:19.342 It's a responsibility, NOTE Confidence: 0.901864390833333 71cdb31c-9519-4383-b166-4fcc7a1a6d22 00:18:19.342 --> 00:18:22.550 I think, to work with purpose, NOTE Confidence: 0.901864390833333 3d3135de-b937-40d7-825c-28a92e6b69a1 00:18:22.550 --> 00:18:24.500 not with apprehension. NOTE Confidence: 0.901864390833333 f48150e5-cfad-43ce-a7bd-a8bd22d9eef2 00:18:24.500 --> 00:18:27.182 Second, you could really only achieve NOTE Confidence: 0.901864390833333 ae078b06-876d-49d6-87df-f6d04f3515b4 00:18:27.182 --> 00:18:29.570 success with the right people. NOTE Confidence: 0.901864390833333 060933e9-9046-49b7-b0a2-25737ef333a2 00:18:29.570 --> 00:18:32.354 Rising to the challenges we faced over the NOTE Confidence: 0.901864390833333 c061dd62-54af-4413-aaa6-08ff6ccf795f 00:18:32.354 --> 00:18:35.016 past three years was certainly not easy. NOTE Confidence: 0.901864390833333 d9921e40-dbbe-4a4e-a70f-52ba9754d6c0 00:18:35.020 --> 00:18:37.075 It was achieved thanks to NOTE Confidence: 0.901864390833333 7df2994a-28a5-4e10-be80-ee097c4c2c9c 00:18:37.075 --> 00:18:38.308 an outstanding team. NOTE Confidence: 0.901864390833333 df121839-e9a2-4e6d-b182-a7e6035cc302 00:18:38.310 --> 00:18:41.340 Where we're able to make those NOTE Confidence: 0.901864390833333 7a3910cc-4d04-4e54-963a-3a4d76661156 00:18:41.340 --> 00:18:43.360 changes throughout our organization. NOTE Confidence: 0.901864390833333 512fdaec-6133-4686-82d1-61e0dca1f836 00:18:43.360 --> 00:18:45.470 The team has shown incredible NOTE Confidence: 0.901864390833333 1f512986-31a0-4ee8-80a5-5fa866820485 00:18:45.470 --> 00:18:47.580 adaptability in very trying times. NOTE Confidence: 0.9163899425 0ef858be-cffc-495a-b2b9-0251f7392b7a 00:18:49.850 --> 00:18:52.335 My Third Point would be to say NOTE Confidence: 0.9163899425 3dbd8c62-b795-4c7f-8dde-f78cab3df1b5 00:18:52.335 --> 00:18:54.318 that we're very fortunate at NOTE Confidence: 0.9163899425 e2f531b3-1441-492f-9dac-50ccf342f235 00:18:54.318 --> 00:18:56.353 teachers to have a diversified NOTE Confidence: 0.9163899425 9305627c-3be1-4aa7-8d43-db5322239d03 00:18:56.353 --> 00:18:58.509 approach to portfolio construction. NOTE Confidence: 0.9163899425 452ba698-1991-48d9-9f15-7acaa14a3b50 00:18:58.510 --> 00:19:00.958 And this has helped us to adapt and NOTE Confidence: 0.9163899425 77fa0e74-9ed7-4211-ad90-04bfc9ea6eaa 00:19:00.958 --> 00:19:03.314 what have been fiercely negative NOTE Confidence: 0.9163899425 c68f9157-53af-4818-bb1b-9e040e07c1f6 00:19:03.314 --> 00:19:06.530 investment markets to allow us to be NOTE Confidence: 0.9163899425 6bc17aa0-2e91-4a17-9b4c-ee8affb2d389 00:19:06.530 --> 00:19:09.400 able to show stability and growth. NOTE Confidence: 0.9163899425 ad04b247-ff0e-4ef3-9db7-f0e387609247 00:19:09.400 --> 00:19:11.884 To make sure that we main NOTE Confidence: 0.9163899425 ded7f430-6bd6-469c-958f-dc0a086f5215 00:19:11.884 --> 00:19:13.540 a fully funded plan. NOTE Confidence: 0.9163899425 3bfd8dc2-9440-4022-9907-8523842aa871 00:19:13.540 --> 00:19:16.285 And that being able to do this with speed NOTE Confidence: 0.9163899425 3116e779-e156-4d9b-bb87-d03f61ceea9d 00:19:16.285 --> 00:19:18.758 and agility is in no small measure. NOTE Confidence: 0.9163899425 5a87b652-1a6a-4aef-8741-99c2c49a51de 00:19:18.760 --> 00:19:19.968 A feature of history. NOTE Confidence: 0.9163899425 b89276ce-b156-4f54-a8f3-09fc48303160 00:19:19.968 --> 00:19:20.874 As a historian, NOTE Confidence: 0.9163899425 a9260e11-3704-4cf0-bd93-196a00d0e06d 00:19:20.880 --> 00:19:22.518 I like lots to talk about history, NOTE Confidence: 0.9163899425 2bac6ad7-210c-44cb-b17a-5a1ecb352384 00:19:22.520 --> 00:19:25.292 and that was really down to how NOTE Confidence: 0.9163899425 dc5585cd-31ca-4d0e-8dfb-8dd256362254 00:19:25.292 --> 00:19:28.269 teachers were set up over 30 years ago. NOTE Confidence: 0.9163899425 b4fd39f0-21c7-4795-a59c-ab8a3a6634e9 00:19:28.270 --> 00:19:29.665 Our governance structure. NOTE Confidence: 0.9163899425 e5bc28a2-ff4c-48b0-8da7-02db4ce95a9b 00:19:29.665 --> 00:19:32.455 Which was designed very wisely by NOTE Confidence: 0.9163899425 fe23031b-8e9b-459e-94b0-ed4330c71745 00:19:32.455 --> 00:19:34.998 our sponsors some 30 years ago, NOTE Confidence: 0.9163899425 332ea48b-935f-4ec1-a442-783137b46138 00:19:35.000 --> 00:19:37.277 is one of the key reasons we were able NOTE Confidence: 0.9163899425 afa143dc-e786-4536-bac2-7e6a57788421 00:19:37.277 --> 00:19:40.177 to act really decisively starting in 2020. NOTE Confidence: 0.9163899425 10ae7483-c9f9-4718-95f2-39bb0778c416 00:19:40.177 --> 00:19:43.399 Our sponsors chose to choose a NOTE Confidence: 0.9163899425 be399ae6-9b89-449b-bf17-bc8f58508fd2 00:19:43.399 --> 00:19:45.557 professional and independent board NOTE Confidence: 0.9163899425 0c6ae930-ec44-4484-8199-6f4f727eb711 00:19:45.557 --> 00:19:48.329 which has the turn has delegated NOTE Confidence: 0.9163899425 f280bdad-7621-4a57-944e-3d380d2ba6dd 00:19:48.329 --> 00:19:50.633 some authority to the executive NOTE Confidence: 0.9163899425 80b18973-7726-4fd8-8d8c-12fc79d5f9c5 00:19:50.633 --> 00:19:52.698 team to run the plan. NOTE Confidence: 0.9163899425 8d3c7cd9-59ea-4ffb-be8b-d5c2c60a1a45 00:19:52.700 --> 00:19:54.600 And this approach to governance NOTE Confidence: 0.9163899425 b27e5fa8-b62f-4cf6-844d-79683b86e413 00:19:54.600 --> 00:19:56.120 has become internationally as NOTE Confidence: 0.9163899425 51220415-37cd-4858-82de-8736961576f1 00:19:56.120 --> 00:19:58.018 the Canadian model and it is, NOTE Confidence: 0.9163899425 39fd429a-4438-4f49-8f29-756cfea4d615 00:19:58.020 --> 00:19:59.391 in my opinion, NOTE Confidence: 0.9163899425 b3ecdc73-65f8-498d-8446-d7507f237286 00:19:59.391 --> 00:20:01.676 one of Canada's greatest exports. NOTE Confidence: 0.9163899425 7d84af6a-0062-45ee-b31e-1734cf1091c6 00:20:01.680 --> 00:20:03.524 Canadian plans differentiate themselves NOTE Confidence: 0.9163899425 5172b486-8456-4a31-883e-34da66cda61c 00:20:03.524 --> 00:20:07.179 by being able to attract the best talent. NOTE Confidence: 0.9163899425 862ef240-d9aa-489b-900f-910e931fdcc8 00:20:07.180 --> 00:20:08.246 Invest directly. NOTE Confidence: 0.9163899425 7be79ef0-278d-48a4-af2f-a6e0008fddad 00:20:08.246 --> 00:20:11.444 And also to switch rapidly between NOTE Confidence: 0.9163899425 16792b55-e636-441f-a17b-1f76dc3d81b0 00:20:11.444 --> 00:20:14.320 public and private investments, NOTE Confidence: 0.9163899425 95e42edd-528f-4f65-a92e-af3062a3659e 00:20:14.320 --> 00:20:17.176 all of which help to boost our NOTE Confidence: 0.9163899425 3ad80cdf-e329-4f53-9046-276a9571ed78 00:20:17.176 --> 00:20:18.910 returns over long term. NOTE Confidence: 0.9163899425 f91d7838-3b27-4f6f-ae69-c24621ded2a1 00:20:18.910 --> 00:20:20.436 And I think it's true to say NOTE Confidence: 0.9163899425 04d353dd-b337-4e45-9d00-341f4315f3bd 00:20:20.436 --> 00:20:21.634 that many investors around the NOTE Confidence: 0.9163899425 ce462d4f-e6b4-4e9c-9931-a4e22e514be7 00:20:21.634 --> 00:20:23.110 world are now trying to implement NOTE Confidence: 0.9163899425 1e49a5e4-000d-45b2-a871-6e9de1e8bfeb 00:20:23.110 --> 00:20:24.648 their own version of this model, NOTE Confidence: 0.9163899425 7fdd3a48-f355-4574-8bed-a3cf145b1e76 00:20:24.650 --> 00:20:27.920 with varying degrees of success. NOTE Confidence: 0.9163899425 e5982b2b-6a32-401a-9fa4-5fd1c5db8f24 00:20:27.920 --> 00:20:30.622 Our model and powers to act quickly NOTE Confidence: 0.9163899425 b9540804-0a27-4a25-a22d-dcc3fa6b4bc2 00:20:30.622 --> 00:20:33.324 and with conviction to deal with NOTE Confidence: 0.9163899425 6a9e6af4-8ed1-479e-b011-a5a7c71d1458 00:20:33.324 --> 00:20:34.797 challenging market conditions NOTE Confidence: 0.9163899425 a9c1889b-2855-4577-91e0-4680cbae9fff 00:20:34.800 --> 00:20:36.753 and I just thought I'd share an NOTE Confidence: 0.9163899425 cdca91eb-1d3b-4cc7-a86c-ddedee0a2e7d 00:20:36.753 --> 00:20:38.648 example of which which I think NOTE Confidence: 0.9163899425 0ae7ed69-2c7d-4f62-87ed-162d1268ae57 00:20:38.648 --> 00:20:39.976 highlights it pretty well. NOTE Confidence: 0.9163899425 5e8937c3-d515-4601-8b9e-aae8e39f31f4 00:20:39.980 --> 00:20:42.880 Back in March 2020, NOTE Confidence: 0.9163899425 fd296a2a-3d6a-4613-8534-c0ba7caf12da 00:20:42.880 --> 00:20:45.055 fixed income represented NOTE Confidence: 0.9163899425 8f8540d9-721c-4b4c-8cdd-dec6317651b0 00:20:45.060 --> 00:20:48.310 46% of our asset mix. NOTE Confidence: 0.9163899425 0876579b-89a0-46db-b638-e177da2fb542 00:20:48.310 --> 00:20:51.870 When COVID impacted rates fell to near 0, NOTE Confidence: 0.9163899425 ec0a7d50-7cb2-4255-8085-ba1011816ee2 00:20:51.870 --> 00:20:54.060 we reacted quickly to and wide NOTE Confidence: 0.9163899425 67747cf6-3887-4f46-a859-09c53b3ec101 00:20:54.060 --> 00:20:56.622 both the scale and the interest NOTE Confidence: 0.9163899425 a9888dd9-8828-4561-a6f5-8d66351a3972 00:20:56.622 --> 00:20:59.177 rate sensitivity of that portfolio. NOTE Confidence: 0.9163899425 8a45fc7a-ea47-4d17-9de8-d66ef7099499 00:20:59.180 --> 00:21:00.542 By December 2020, NOTE Confidence: 0.9163899425 01e7d5f9-c4bb-4cf9-b29d-e346fecbff74 00:21:00.542 --> 00:21:02.812 our allocation to fixed income NOTE Confidence: 0.9163899425 08910327-0996-468e-8bd9-a7afa76e9c3c 00:21:02.812 --> 00:21:06.900 had been reduced to 16%. NOTE Confidence: 0.9163899425 318dfea9-d663-444b-aa12-657b142e429e 00:21:06.900 --> 00:21:08.304 Now sometimes percentages don't NOTE Confidence: 0.9163899425 dcaa8c2c-dcb4-4b97-965b-a7dd8a37b92f 00:21:08.304 --> 00:21:10.059 give you the full picture, NOTE Confidence: 0.9163899425 e318a4d1-a60e-40e5-833e-eb8c456d8bfa 00:21:10.060 --> 00:21:13.217 but essentially what we did was to NOTE Confidence: 0.9163899425 f41e6cf2-fb8b-4e71-afef-42e5f831bac9 00:21:13.217 --> 00:21:16.264 switch over $60 billion from fixed NOTE Confidence: 0.9163899425 a69cecf2-3670-4099-a74b-bd2ddbb20415 00:21:16.264 --> 00:21:18.674 income into other asset categories, NOTE Confidence: 0.9163899425 357aa9ac-4c97-40bc-bb47-c5824f2fb469 00:21:18.680 --> 00:21:20.408 predominantly private companies. NOTE Confidence: 0.86009236 c95abe74-2ebb-49db-bb29-48dc2dfc8781 00:21:23.190 --> 00:21:25.358 Now, I don't want to leave you the NOTE Confidence: 0.86009236 ec349cac-bbd1-43f7-84f4-e7745cc4ed1f 00:21:25.358 --> 00:21:27.397 impression we've got everything figured out. NOTE Confidence: 0.86009236 6dd03d1a-d739-4938-8157-6ad415f25470 00:21:27.400 --> 00:21:28.956 Navigating all of today's NOTE Confidence: 0.86009236 5aba5bff-1d3b-42a6-8d1a-bf705a1d1e4d 00:21:28.956 --> 00:21:31.290 challenging is is very much what NOTE Confidence: 0.86009236 7bb3bea1-9e8e-488d-9f5c-41ca30c6e0ff 00:21:31.364 --> 00:21:33.380 I would call work in progress. NOTE Confidence: 0.86009236 1f3e6f63-38ae-43a9-9573-0ae470570eb0 00:21:33.380 --> 00:21:35.996 We need to continue to invest, NOTE Confidence: 0.86009236 91494465-f6f0-4da8-9e11-c6f891f5b84a 00:21:36.000 --> 00:21:37.125 but more importantly, NOTE Confidence: 0.86009236 0f7ae93c-fa8d-4085-906f-cda8dbac5658 00:21:37.125 --> 00:21:39.750 we need to continue to take risks. NOTE Confidence: 0.86009236 77bda759-879c-43bb-be64-f472603bb660 00:21:39.750 --> 00:21:42.405 In what will probably remain NOTE Confidence: 0.86009236 b7a03cc2-0d0b-4355-b6b8-6d76b042b918 00:21:42.405 --> 00:21:45.060 to be very volatile markets. NOTE Confidence: 0.86009236 eef5ad9a-025e-461a-b0fd-dd48c8f5d73d 00:21:45.060 --> 00:21:46.999 The next 10 years look like they'll NOTE Confidence: 0.86009236 2e095903-9619-40cb-b9d6-d938b4d38fc3 00:21:46.999 --> 00:21:48.777 be very different from the last 10, NOTE Confidence: 0.86009236 c4dec5ec-6507-49c6-ad9a-55f98b315958 00:21:48.780 --> 00:21:50.950 so investment strategy needs to NOTE Confidence: 0.86009236 cb819f31-4052-4d04-9507-3bea76d5df7a 00:21:50.950 --> 00:21:54.320 adapt to be able to reflect this. NOTE Confidence: 0.86009236 0e38b869-11ad-4134-8af0-9cb9c6376d18 00:21:54.320 --> 00:21:56.028 And with this backdrop. NOTE Confidence: 0.86009236 e94f8516-0d2e-472e-b913-34acb0d31d7e 00:21:56.028 --> 00:21:57.736 As Joe mentioned earlier, NOTE Confidence: 0.86009236 49f0faa1-d8c1-4358-b79e-6ceaf9d9a510 00:21:57.740 --> 00:22:00.404 I thought I'd cover 3 areas quickly around NOTE Confidence: 0.86009236 ad676e63-95f0-49d3-977d-27025231ac7e 00:22:00.404 --> 00:22:03.378 how we see opportunities for the future, NOTE Confidence: 0.86009236 6e441cc4-d334-47a3-8bd9-6d90a149c654 00:22:03.380 --> 00:22:05.812 and that's international expansion. NOTE Confidence: 0.86009236 8fe0a883-ee51-47cc-950f-c5fbd65d1cf4 00:22:05.812 --> 00:22:07.636 Innovation and impact. NOTE Confidence: 0.863252224545454 1eaae63e-3682-47b8-982a-abb7884b7559 00:22:09.900 --> 00:22:11.994 Now, despite the more complex global NOTE Confidence: 0.863252224545454 1dda8113-5ac3-4e38-985d-bf6b8765faf6 00:22:11.994 --> 00:22:13.920 markets are referred to earlier, NOTE Confidence: 0.863252224545454 b1ff559d-9386-421f-a7c3-d78cf3681c2c 00:22:13.920 --> 00:22:16.705 we'll continue to diversify our NOTE Confidence: 0.863252224545454 91098e61-4e51-4f46-a5b9-eeae7d02d5d0 00:22:16.705 --> 00:22:19.490 portfolio and our team internationally. NOTE Confidence: 0.863252224545454 798dcd46-11af-431b-bbaa-0f5250f3bdfc 00:22:19.490 --> 00:22:21.947 While we invest in over 50 countries, NOTE Confidence: 0.863252224545454 ac17e722-69b4-45c9-904e-318d2f6e4e10 00:22:21.950 --> 00:22:25.156 we're focusing on 9 or 10 strategic NOTE Confidence: 0.863252224545454 7ff910d0-bbea-41b2-9fa2-5b821e1159ae 00:22:25.156 --> 00:22:28.479 markets where we believe we have both. NOTE Confidence: 0.863252224545454 dc1cd412-ecc4-45a3-b144-82bf1f0f32e5 00:22:28.480 --> 00:22:31.265 The competitive advantage where we NOTE Confidence: 0.863252224545454 1e5ab43b-5594-49e7-9757-61838c79f589 00:22:31.265 --> 00:22:34.050 also have the necessary expertise. NOTE Confidence: 0.863252224545454 19bcd8bb-312b-4a4a-83e4-fec34258170b 00:22:34.050 --> 00:22:36.906 And these include some longstanding markets, NOTE Confidence: 0.863252224545454 510a1566-254e-4038-981c-0ab768601695 00:22:36.910 --> 00:22:38.450 places like here in Canada, NOTE Confidence: 0.863252224545454 823bee0c-849f-4e93-8513-d42cd0d53c19 00:22:38.450 --> 00:22:40.760 the US and the UK. NOTE Confidence: 0.863252224545454 911d5859-380f-4a0d-b48a-4696db980def 00:22:40.760 --> 00:22:42.128 But also more recently, NOTE Confidence: 0.863252224545454 5648ce89-4832-4beb-8a7b-733f5e9332ce 00:22:42.128 --> 00:22:43.838 we've been exploring new markets NOTE Confidence: 0.863252224545454 559add4c-0d65-496d-9c60-079c2996134a 00:22:43.838 --> 00:22:45.370 such as India and Mexico, NOTE Confidence: 0.863252224545454 a89881dd-e51a-4ff0-8f8d-42a6e4afa29c 00:22:45.370 --> 00:22:47.205 where we've been quite active NOTE Confidence: 0.863252224545454 15bc0ca4-fda7-41f2-b94e-0482f0ed4fea 00:22:47.205 --> 00:22:49.040 over the last 12 months. NOTE Confidence: 0.863252224545454 fe5daff3-818d-4783-a75d-9582c618f4e5 00:22:49.040 --> 00:22:51.888 And we're deepening also NOTE Confidence: 0.863252224545454 be60e9f1-a990-43cb-be72-de7a008b7b4f 00:22:51.888 --> 00:22:54.736 our focus on innovation. NOTE Confidence: 0.863252224545454 25ac1cce-a594-455e-aaac-ed4aef516437 00:22:54.740 --> 00:22:56.388 And that includes investing NOTE Confidence: 0.863252224545454 c3132615-e7f7-495d-996f-d1be7f927c71 00:22:56.388 --> 00:22:58.036 in high growth companies. NOTE Confidence: 0.863252224545454 31f31d7a-e14f-474f-84e9-38b42b070db3 00:22:58.040 --> 00:22:59.930 Where we think they're likely NOTE Confidence: 0.863252224545454 9c6ec287-bdc2-42de-9744-aa1bd13aa6f9 00:22:59.930 --> 00:23:01.820 to benefit from changes in NOTE Confidence: 0.863252224545454 4f2d5638-2688-4dc5-8974-07b72ee1e873 00:23:01.892 --> 00:23:04.188 technology and consumer behaviour. NOTE Confidence: 0.863252224545454 ed519915-ce79-45ee-87f7-cd14e7a76e47 00:23:04.190 --> 00:23:06.640 Three years ago we created NOTE Confidence: 0.863252224545454 9abbb15a-74ae-421a-8a4b-574b0ee436ed 00:23:06.640 --> 00:23:08.110 teachers venture growth, NOTE Confidence: 0.863252224545454 f00023bc-6780-4226-adbc-3bc4958a9b11 00:23:08.110 --> 00:23:11.118 a team that now works with over 20 NOTE Confidence: 0.863252224545454 64cfe51b-0db0-463a-86ae-fc2d9eaf5900 00:23:11.118 --> 00:23:13.580 companies in sectors ranging from NOTE Confidence: 0.863252224545454 fe24a348-d59f-480d-b415-199a13e8589f 00:23:13.580 --> 00:23:16.832 digital healthcare to plant based foods. NOTE Confidence: 0.863252224545454 97f3be89-bbfe-4fb3-a91c-c03cb0edaa8a 00:23:16.840 --> 00:23:18.600 It's currently represents about NOTE Confidence: 0.863252224545454 3edb66b4-44f5-4fb3-8318-7a95f49b7ab9 00:23:18.600 --> 00:23:20.846 3% of our portfolio and we plan NOTE Confidence: 0.863252224545454 98cba606-d443-4348-a796-e21fdc125537 00:23:20.846 --> 00:23:22.814 to grow that to between 7:00 NOTE Confidence: 0.863252224545454 cf7e7748-07d7-4bdf-89a6-aa001275dc11 00:23:22.814 --> 00:23:24.670 and 10% over the next 10 years. NOTE Confidence: 0.865568836363636 5e648434-8fae-464c-952a-06fa92de1bd0 00:23:26.840 --> 00:23:29.265 We're also bringing innovation to NOTE Confidence: 0.865568836363636 dbb1dfd0-c913-43bc-91ad-26230485e5f5 00:23:29.265 --> 00:23:32.160 all of our portfolio through CORU, NOTE Confidence: 0.865568836363636 ac90744e-1553-4cf0-a24a-dc7d3f89033c 00:23:32.160 --> 00:23:33.972 which is our incubator. NOTE Confidence: 0.865568836363636 b07433fc-ef06-49df-a5f7-1b361ffd168b 00:23:33.972 --> 00:23:37.368 Cora works with the companies in our NOTE Confidence: 0.865568836363636 4d02bc5f-cd42-40e9-aef6-4ce18185857d 00:23:37.368 --> 00:23:39.760 portfolio to identify opportunities NOTE Confidence: 0.865568836363636 78853add-e3d7-4807-aad3-392d58572001 00:23:39.760 --> 00:23:42.152 to create standalone businesses NOTE Confidence: 0.865568836363636 8803a5ee-21a2-4574-bdc2-8c0c463b05d4 00:23:42.152 --> 00:23:45.213 or new products that can be spun NOTE Confidence: 0.865568836363636 cf1e71c4-2ee4-4890-9f72-bfe97ed388e8 00:23:45.213 --> 00:23:48.680 out and can succeed independently. NOTE Confidence: 0.865568836363636 c7a11847-f104-49a0-94e5-11378986ffde 00:23:48.680 --> 00:23:50.040 And I thought I'd give you an example. NOTE Confidence: 0.865568836363636 97bf7e50-4ec2-432f-ab41-2e21f99d3641 00:23:50.040 --> 00:23:52.070 So one of those companies that has NOTE Confidence: 0.865568836363636 7ae9a585-e561-44f6-8320-e7bdde404259 00:23:52.070 --> 00:23:54.648 been set up is something called field. NOTE Confidence: 0.865568836363636 45746d9c-2be2-4b0a-a906-c4462b50da58 00:23:54.650 --> 00:23:56.682 Which designed software which NOTE Confidence: 0.865568836363636 2f9d61fc-ea60-4b34-ab5e-43d1693f7b4b 00:23:56.682 --> 00:23:59.730 allows you to monitor the safety NOTE Confidence: 0.865568836363636 3ffbbcee-c45a-4a63-bf56-8b13824ed364 00:23:59.817 --> 00:24:01.947 of staff in the workplace. NOTE Confidence: 0.865568836363636 40ef706b-2f0f-45a3-b2c9-d510c6b0cc84 00:24:01.950 --> 00:24:04.176 And field came out of our partnership NOTE Confidence: 0.865568836363636 af553ac9-5d88-4750-bb68-bdc38a1e9357 00:24:04.176 --> 00:24:08.680 with a UK gas utility, SGN. NOTE Confidence: 0.865568836363636 abe6b75c-110f-478e-850b-074fe2a513cc 00:24:08.680 --> 00:24:11.848 And they have a number of staff working NOTE Confidence: 0.865568836363636 4743e14c-b36d-4322-9384-b02bdd51017b 00:24:11.848 --> 00:24:14.667 in remote areas all around the UK. NOTE Confidence: 0.865568836363636 e7ee013d-8c25-4998-8ba0-cb7d39018a9b 00:24:14.670 --> 00:24:17.484 And since the field app was developed. NOTE Confidence: 0.865568836363636 f7625a1b-4d49-4fc4-a351-d7710af202d0 00:24:17.490 --> 00:24:20.212 SGM has seen a 20% reduction NOTE Confidence: 0.865568836363636 8f2d5bb4-ffd7-4ba0-8713-aaf739d17bc9 00:24:20.212 --> 00:24:23.584 in work injuries and also an NOTE Confidence: 0.865568836363636 3c1c4beb-8d90-45e4-83f6-737e99b43549 00:24:23.584 --> 00:24:27.108 8% increase in profitability. NOTE Confidence: 0.865568836363636 e69f4d43-b9c3-48b4-8d93-502c17041f7b 00:24:27.110 --> 00:24:29.118 And there's also been quite a lot of NOTE Confidence: 0.865568836363636 e888c0f1-07b8-4458-9b7d-3051c548c41a 00:24:29.118 --> 00:24:30.966 interest from third parties to license NOTE Confidence: 0.865568836363636 8aa98089-9737-4f35-9ba9-5173d69015ea 00:24:30.966 --> 00:24:32.898 the technology for their own workforce. NOTE Confidence: 0.861054115 9452dc9b-b9d7-4e49-ad9d-1f37ae651f3a 00:24:36.530 --> 00:24:37.478 And having said all of that, NOTE Confidence: 0.861054115 26de8a3d-2672-4612-9aa2-b8253a1989e7 00:24:37.480 --> 00:24:39.775 I do want to make the point that at NOTE Confidence: 0.861054115 cea77ecc-cd9c-4405-86fa-d2435a952b2f 00:24:39.775 --> 00:24:41.839 teachers we do want to have a positive, NOTE Confidence: 0.861054115 3c4c9130-3880-433a-a72d-e74794e1b1e0 00:24:41.840 --> 00:24:45.740 lasting impact on the world. NOTE Confidence: 0.861054115 67d21ee0-c541-4fa0-a905-aa74bd777ad2 00:24:45.740 --> 00:24:47.525 Our active management model has NOTE Confidence: 0.861054115 a2e6aa4a-0d65-497c-8c48-4f663a8c079d 00:24:47.525 --> 00:24:49.980 helped us to shape our approach, NOTE Confidence: 0.861054115 b480554e-d76f-4dd2-91ba-c605812dfb3f 00:24:49.980 --> 00:24:52.470 for example, to climate change. NOTE Confidence: 0.861054115 ca44c40c-0429-4855-9762-044baac084f1 00:24:52.470 --> 00:24:55.308 We believe the best way to NOTE Confidence: 0.861054115 233ef103-487b-45e7-b651-14373321c7d4 00:24:55.308 --> 00:24:57.749 accelerate the energy transition is NOTE Confidence: 0.861054115 7f3088ea-89f6-4b53-9111-c93f9a720dd8 00:24:57.749 --> 00:25:00.539 in by engaging with high emitters NOTE Confidence: 0.861054115 f6541ff7-7b9f-4295-9198-6ba31bd1b8c4 00:25:00.539 --> 00:25:02.820 rather than passively divesting. NOTE Confidence: 0.861054115 23126e78-e764-4dd4-ad71-dbe50d993b0f 00:25:02.820 --> 00:25:04.760 And that active ownership approach NOTE Confidence: 0.861054115 4a01066d-90df-4e91-8f14-c6f31ba2aa96 00:25:04.760 --> 00:25:07.564 and the ability to invest in both NOTE Confidence: 0.861054115 0256b3d3-d40e-411e-8b71-e4f8f64bffa9 00:25:07.564 --> 00:25:09.160 public and private companies. NOTE Confidence: 0.861054115 6fdcf5c3-55f8-4612-b4aa-b6639b120001 00:25:09.160 --> 00:25:12.312 Has meant that we're well suited to help NOTE Confidence: 0.861054115 59b542e5-6af3-4a95-a33a-e5e63093c4ea 00:25:12.312 --> 00:25:15.779 with many larger businesses to decarbonise. NOTE Confidence: 0.861054115 c820a46c-1ba3-41ff-a707-2ce8d66a18c0 00:25:15.780 --> 00:25:16.544 And finally, NOTE Confidence: 0.861054115 04dc121d-647f-433d-b0fa-1faacf1ad75b 00:25:16.544 --> 00:25:18.836 for our investment strategy to succeed, NOTE Confidence: 0.861054115 a08fc6fd-e2da-4c81-853a-b3cce6e47b3b 00:25:18.840 --> 00:25:22.543 we will need to promote a more NOTE Confidence: 0.861054115 bd82d4f9-a042-4e3b-86cb-7cea9e4d384c 00:25:22.543 --> 00:25:25.210 distinct brand for teachers. NOTE Confidence: 0.861054115 540bddcd-e90b-4b52-832d-d1aa9cb87856 00:25:25.210 --> 00:25:27.090 And this is particularly NOTE Confidence: 0.861054115 19f02947-5c60-4ae1-86c0-6908a3f99d2a 00:25:27.090 --> 00:25:28.030 true internationally, NOTE Confidence: 0.861054115 f2f952f6-057e-43f7-955f-c7f1a19e6cc0 00:25:28.030 --> 00:25:30.448 where we're often seen as one NOTE Confidence: 0.861054115 f0f26133-8d7b-410b-b9f5-d50aaf7754a0 00:25:30.448 --> 00:25:32.600 of the Canadian pension plans. NOTE Confidence: 0.861054115 0da099e3-3204-42b3-9e1f-1dfe544b6af7 00:25:32.600 --> 00:25:33.540 And let's be honest, NOTE Confidence: 0.861054115 aaec0e5a-bf61-4e25-bb78-67888902cea8 00:25:33.540 --> 00:25:34.715 whilst that means we're in NOTE Confidence: 0.861054115 b4955348-5a30-4b5d-b9ef-00cacf3fed06 00:25:34.715 --> 00:25:35.820 good company from that, NOTE Confidence: 0.861054115 921b2041-f5df-4a94-93f5-058ec416d136 00:25:35.820 --> 00:25:36.846 with that characterization, NOTE Confidence: 0.861054115 3b8f57af-5801-4f18-a4b6-24c84439b915 00:25:36.846 --> 00:25:39.631 it does not help us really to be NOTE Confidence: 0.861054115 84a0498f-71ac-42b4-8bc5-193c39267bd6 00:25:39.631 --> 00:25:41.899 able to work with the very best NOTE Confidence: 0.861054115 9560af05-6502-4c28-a2ef-b80db8813fbb 00:25:41.899 --> 00:25:43.574 investment partners or equally to NOTE Confidence: 0.861054115 75fdf39e-a5d2-48b1-82c1-57ee1198c011 00:25:43.574 --> 00:25:45.494 secure and retain the best talent. NOTE Confidence: 0.863107724782609 1f4d2dcf-e807-4534-b01e-39a93c773a8e 00:25:48.150 --> 00:25:50.582 So I hope my remarks and the Q&A NOTE Confidence: 0.863107724782609 3cb9fbe3-34e8-45ae-b1dc-1150b4c594b6 00:25:50.582 --> 00:25:52.902 coming up next with with Andy gives NOTE Confidence: 0.863107724782609 87eb4909-e5f2-4335-ae1a-3e767484600e 00:25:52.902 --> 00:25:55.409 you a good sense of who we are. NOTE Confidence: 0.863107724782609 e10e680a-6278-4ee7-89f9-62f615571abc 00:25:55.410 --> 00:25:58.190 What we're trying to navigate. NOTE Confidence: 0.863107724782609 c7cd384c-931a-46ec-92c3-a0de26843476 00:25:58.190 --> 00:26:00.248 I also hope that you see an NOTE Confidence: 0.863107724782609 179d58e2-c301-4277-b54e-9ceff3f868e0 00:26:00.248 --> 00:26:01.928 institution that is well positioned NOTE Confidence: 0.863107724782609 12f96fa3-cfac-4c86-98a3-70d82b0bc1b7 00:26:01.928 --> 00:26:04.106 to handle all of the challenges NOTE Confidence: 0.863107724782609 df0d2e05-48e7-4ad2-a952-fab4444272a2 00:26:04.106 --> 00:26:05.968 we'll face around the world. NOTE Confidence: 0.863107724782609 8e15bd30-7f99-41aa-8666-a0c16e73bf67 00:26:05.970 --> 00:26:08.496 Capitalise on the growth ahead and NOTE Confidence: 0.863107724782609 368f1a5b-29d3-42b4-8eac-d96067126b78 00:26:08.496 --> 00:26:10.701 create a meaningful and lasting NOTE Confidence: 0.863107724782609 233b0582-0b28-4bd2-a74f-66c469d9f006 00:26:10.701 --> 00:26:12.936 impact on our chosen markets. NOTE Confidence: 0.884585388 b8b34451-a7b1-412f-b44a-f6dfe7bb773f 00:26:15.500 --> 00:26:19.729 And finally I wanted to. Make a couple NOTE Confidence: 0.884585388 4c8da489-376f-44f6-8579-ee110e862d43 00:26:19.729 --> 00:26:22.310 of other comments if I may so firstly. NOTE Confidence: 0.75991671 77790052-b938-46f0-8dea-da94de6f4518 00:26:24.800 --> 00:26:27.692 I noticed that our severance health NOTE Confidence: 0.75991671 17ab26e3-4d71-4b40-b015-231ba33028c0 00:26:27.692 --> 00:26:29.902 is suffering today and I know a lot NOTE Confidence: 0.75991671 75d5a2b4-cc1b-40a3-b3a0-500f934a54d7 00:26:29.902 --> 00:26:31.479 of the royal family are gathering, NOTE Confidence: 0.75991671 a6985f68-0955-4fb7-a650-8604ba0e5e42 00:26:31.480 --> 00:26:33.466 so certainly my thoughts go to NOTE Confidence: 0.75991671 a14ab572-3ded-40f9-91b9-8049d96fbd95 00:26:33.466 --> 00:26:35.621 somebody who I think has shown NOTE Confidence: 0.75991671 f9e681f0-42c3-4ed3-a327-2228b5821e64 00:26:35.621 --> 00:26:37.153 massive leadership throughout my NOTE Confidence: 0.75991671 9fd8e55e-2669-4aab-a8f3-684d59896d6d 00:26:37.153 --> 00:26:39.989 life in terms of her actions and NOTE Confidence: 0.75991671 80ecf098-87d1-41f7-95b7-34783b2d0178 00:26:39.989 --> 00:26:42.054 her contributions around the world. NOTE Confidence: 0.75991671 514789e6-7cb5-4790-ab72-e9da17051e65 00:26:42.060 --> 00:26:44.556 But let me bring it back to home NOTE Confidence: 0.75991671 e7285ee2-5810-4331-9a53-33ddd063d131 00:26:44.556 --> 00:26:47.007 and really reinforce what was said a NOTE Confidence: 0.75991671 ee69b0ec-6872-448e-8d73-c6c7334e567d 00:26:47.007 --> 00:26:49.700 minute ago and that is to say that. NOTE Confidence: 0.75991671 ede02d88-a9a6-4f9b-af60-709210cbe7c1 00:26:49.700 --> 00:26:51.532 Many of our Members, NOTE Confidence: 0.75991671 dfe8a76c-9aee-4b30-9295-d81cfe91dfec 00:26:51.532 --> 00:26:55.040 along with two million children in Ontario, NOTE Confidence: 0.75991671 bcdbbccc-4329-4aa0-a188-5aa0f6fc6f17 00:26:55.040 --> 00:26:57.680 are returning to school this week. NOTE Confidence: 0.75991671 54125435-c9ca-465d-9d1f-f1dcd61936c1 00:26:57.680 --> 00:27:00.056 And I want to add on my best wishes NOTE Confidence: 0.75991671 e4c08b9c-d36f-4275-97ff-a47969c1c67e 00:27:00.056 --> 00:27:02.225 for the start of this school year NOTE Confidence: 0.75991671 255b7462-8f70-4e5a-b3df-fd9206e1630b 00:27:02.225 --> 00:27:04.739 and I hope it's a massive success. NOTE Confidence: 0.75991671 781ce44b-d923-47b4-a864-af8673626151 00:27:04.740 --> 00:27:08.254 But from my role and my responsibilities, NOTE Confidence: 0.75991671 e05ac4ab-fdba-41e4-9079-fa1012ff101f 00:27:08.260 --> 00:27:10.684 I also want to make one final point. NOTE Confidence: 0.75991671 0fd13751-452b-4bdd-a51f-94d0a307f249 00:27:10.690 --> 00:27:13.140 Which is that I wanted to reaffirm NOTE Confidence: 0.75991671 71f33c2e-8318-4488-b006-10d7f314c8d1 00:27:13.140 --> 00:27:15.550 that will continue to work with our NOTE Confidence: 0.75991671 1daea37f-e39a-4b10-a77b-ccd67deaff75 00:27:15.550 --> 00:27:17.983 Members and work on their behalf to NOTE Confidence: 0.75991671 bf6e2e88-7e9b-49a3-a18c-153eb23d4941 00:27:17.983 --> 00:27:20.093 reduce the financial anxieties of NOTE Confidence: 0.75991671 7de9be83-c0ec-42de-9334-d0d80dd83119 00:27:20.093 --> 00:27:22.732 retirement when they choose to take it. NOTE Confidence: 0.75991671 d6987817-ae13-445f-b489-e631f670562f 00:27:22.732 --> 00:27:23.988 Thank you very much. NOTE Confidence: 0.905333662 fdcc5090-d6b8-4fd0-acab-d87f594c69d5 00:27:40.130 --> 00:27:41.435 Well, thank you very much, Joe, NOTE Confidence: 0.905333662 7c4fb336-0fac-477b-b625-8d47278c7315 00:27:41.435 --> 00:27:44.200 and thank you everybody for being here NOTE Confidence: 0.905333662 c39e8cc2-b8f7-43dd-822f-0bdc419cc1b0 00:27:44.200 --> 00:27:47.762 as we start this season. I have to be. NOTE Confidence: 0.905333662 c5bc32d5-ad5b-4d56-bf90-6678d574e71b 00:27:47.762 --> 00:27:50.370 I have to humble myself for a moment. NOTE Confidence: 0.905333662 1d984974-412f-4ca6-bfbe-282931859a2d 00:27:50.370 --> 00:27:53.196 The fact that I am up here with a NOTE Confidence: 0.905333662 0d112018-d893-4f52-8005-22bc0762c357 00:27:53.196 --> 00:27:56.516 CEO of teachers tells me that no one NOTE Confidence: 0.905333662 9b4d621e-05e9-4377-bc94-3ef4a1b50ed5 00:27:56.516 --> 00:27:59.390 had teachers has read what I wrote. NOTE Confidence: 0.905333662 7adb035e-be97-477b-937f-02132503f1ae 00:27:59.390 --> 00:28:01.610 When the fund started out, NOTE Confidence: 0.905333662 2ca58f28-a024-4549-a249-f028e598694c 00:28:01.610 --> 00:28:04.210 if those of you with decent memories NOTE Confidence: 0.905333662 a2423497-8013-4dd5-b945-f8e2769958a8 00:28:04.210 --> 00:28:06.670 may recall that when teachers began, NOTE Confidence: 0.905333662 ae5c786c-a084-4da6-a7d5-41a080cf6d28 00:28:06.670 --> 00:28:08.932 it held a portfolio of Untradable NOTE Confidence: 0.905333662 ef4a214c-e677-4571-a05f-bdf0a5c9c51d 00:28:08.932 --> 00:28:11.300 Ontario bonds and the first actions NOTE Confidence: 0.905333662 ecac52fc-8e6c-4092-960e-c51cd745713e 00:28:11.300 --> 00:28:13.646 that teachers was to use derivatives NOTE Confidence: 0.905333662 819360d1-5caf-44c3-ad91-63846d18a4e3 00:28:13.646 --> 00:28:16.422 to get out of the Ontario bond NOTE Confidence: 0.905333662 65a4d7e1-8753-4c85-875f-b2f9a0b5ab6c 00:28:16.422 --> 00:28:18.342 market and into foreign markets. NOTE Confidence: 0.905333662 91f09cd1-b43e-4d57-9521-bfdb29f4376b 00:28:18.350 --> 00:28:19.848 And if you go to the Internet NOTE Confidence: 0.905333662 ff661d93-0989-4686-8509-0ce0e4102c13 00:28:19.848 --> 00:28:20.810 and type my name, NOTE Confidence: 0.905333662 ca3a12a7-109c-474c-a3e4-337b3d1f9a00 00:28:20.810 --> 00:28:23.732 you'll find an article that says NOTE Confidence: 0.905333662 9fc0ecf6-4835-4a6b-a3e5-0c0d6d3c14dc 00:28:23.732 --> 00:28:26.810 teachers risks all with derivatives. NOTE Confidence: 0.905333662 65279d24-3391-48d6-a946-b51b00c72209 00:28:26.810 --> 00:28:29.660 I was an innovation skeptic. NOTE Confidence: 0.905333662 11800c84-1c01-47ff-b190-15a269074d06 00:28:29.660 --> 00:28:30.856 I questioned that actually, NOTE Confidence: 0.905333662 f9351261-c16e-428c-9043-665f851e5a55 00:28:30.856 --> 00:28:32.990 that that column got me a call. NOTE Confidence: 0.905333662 0339dc61-515c-41cc-9dd5-08b334bfbd18 00:28:32.990 --> 00:28:34.952 Why don't you come on up to North York? NOTE Confidence: 0.905333662 28aa475e-44a4-44e2-8c7c-1877f13fecf1 00:28:34.960 --> 00:28:36.832 I ended up at a bar called the slug. NOTE Confidence: 0.905333662 deab67cb-44ea-4230-a624-a15be6ca756f 00:28:36.840 --> 00:28:37.530 Has anybody else? NOTE Confidence: 0.905333662 159f2d80-89a9-43b1-962a-d3a3009d9e2c 00:28:37.530 --> 00:28:39.470 It was a bad British and Bob Bertram NOTE Confidence: 0.905333662 53bbc2c9-a80d-436d-bcd6-99ad32124ae9 00:28:39.470 --> 00:28:40.870 taught me the derivatives were NOTE Confidence: 0.905333662 19b499b5-1860-4160-aa81-263977a2699b 00:28:40.870 --> 00:28:42.640 not going to blow up teachers. NOTE Confidence: 0.905333662 81405b00-8dd6-40b3-b3ae-a88fcc997137 00:28:42.640 --> 00:28:44.439 It was all going to be OK. NOTE Confidence: 0.905333662 01129250-fd1c-4c28-ae81-d5a9097a5792 00:28:44.440 --> 00:28:46.617 Here we are a few years later, NOTE Confidence: 0.905333662 ac8a54f6-ca60-4cd9-b0ff-78e5e9acb35d 00:28:46.620 --> 00:28:50.064 the goal is 300 billion in assets and I'm NOTE Confidence: 0.905333662 1d30db6b-14dd-4e81-b918-3c20bf0035af 00:28:50.064 --> 00:28:51.520 fascinated on how you're going to get there. NOTE Confidence: 0.905333662 db8ff80b-3214-47db-a832-e38d01745b70 00:28:51.520 --> 00:28:54.301 And I thought I'd start by by talking about NOTE Confidence: 0.905333662 23c13de7-d867-46f2-a2a3-f0dfcd647040 00:28:54.301 --> 00:28:56.396 teachers kind of role as an innovator. NOTE Confidence: 0.905333662 0b216dba-6d71-4bc0-969f-1d6d7dc07bd4 00:28:56.400 --> 00:28:57.246 As you said, NOTE Confidence: 0.905333662 7f414248-aaf3-43c8-941f-9dbb039e0235 00:28:57.246 --> 00:28:57.810 the Canadian. NOTE Confidence: 0.905333662 9edbb2a9-bf7b-4833-b266-22e891b8a621 00:28:57.810 --> 00:28:58.731 Role is established, NOTE Confidence: 0.905333662 e7756c17-a6d8-4c5c-a413-ebcebc55302c 00:28:58.731 --> 00:29:00.573 but but teachers should take and NOTE Confidence: 0.905333662 c6c4b07d-8094-4148-a356-cc15be8a45d6 00:29:00.573 --> 00:29:02.321 teachers leadership should take a great NOTE Confidence: 0.905333662 a6e79623-36ac-4591-8809-54edb2f53151 00:29:02.321 --> 00:29:04.536 deal of credit for blazing that trail. NOTE Confidence: 0.905333662 1bad6e37-c2c4-4b65-b317-c09e2d9a3e2e 00:29:04.536 --> 00:29:06.600 You now face a demographic issue NOTE Confidence: 0.905333662 0b114204-29a1-406b-a1e1-1cb899408e45 00:29:06.663 --> 00:29:08.291 that eventually other plans NOTE Confidence: 0.905333662 220fac92-37af-4369-803e-28ccde04b46e 00:29:08.291 --> 00:29:09.919 will face your workforce. NOTE Confidence: 0.905333662 7114b755-c88c-4315-9216-e38bb98ba199 00:29:09.920 --> 00:29:11.168 The Teacher of Ontario. NOTE Confidence: 0.905333662 89bd4515-ed23-4b0d-b3d3-fec74261b8c5 00:29:11.168 --> 00:29:12.728 They have the wonderful habit NOTE Confidence: 0.905333662 1d566ad6-312d-452e-90d4-34968497a879 00:29:12.728 --> 00:29:14.099 of living quite long. NOTE Confidence: 0.905333662 b487e493-9ac3-4328-90e4-6c7b7c663043 00:29:14.100 --> 00:29:17.812 They they are tend to be over 30 NOTE Confidence: 0.905333662 4c3de249-a54e-4eb3-8883-ee117eb584f6 00:29:17.812 --> 00:29:21.296 years of of of benefits from the plan. NOTE Confidence: 0.905333662 45298cef-d7b3-477c-b79c-ef763329f43d 00:29:21.300 --> 00:29:23.420 You've got a lot of teachers who are NOTE Confidence: 0.905333662 88abdb46-b239-4274-9b4e-12fd25c65d8f 00:29:23.420 --> 00:29:25.543 over the age of 100 still taking NOTE Confidence: 0.905333662 3b7ee18a-740b-4685-86d6-2ff72bccd920 00:29:25.543 --> 00:29:27.399 a pension and your workforce is. NOTE Confidence: 0.905333662 a26554a9-3c1e-43d1-b3de-5547103ec212 00:29:27.399 --> 00:29:28.356 Still relatively same. NOTE Confidence: 0.905333662 55daf9fc-5480-430a-8a1d-8c0d663300aa 00:29:28.356 --> 00:29:30.707 So you now have far more members NOTE Confidence: 0.905333662 28f94408-42bb-46f3-a094-22de332a0c96 00:29:30.707 --> 00:29:32.909 collecting a pension or not more, NOTE Confidence: 0.905333662 1d225d47-fc4c-4410-874b-13ba2e99ebdf 00:29:32.910 --> 00:29:35.070 almost as many members collecting a NOTE Confidence: 0.905333662 625b081b-60da-4332-9f88-00697db760ab 00:29:35.070 --> 00:29:37.702 pension as you do actually in the workforce. NOTE Confidence: 0.905333662 ada638c2-c4cd-4924-8be6-b2fcf8a17700 00:29:37.702 --> 00:29:39.490 So how does teachers change the NOTE Confidence: 0.905333662 8cad9b06-baa3-4bae-8819-0a24297d6834 00:29:39.544 --> 00:29:41.236 way it thinks about investing and NOTE Confidence: 0.905333662 4e6bb128-7983-4867-8007-fb57e2572cce 00:29:41.236 --> 00:29:43.224 about running the how do you as a NOTE Confidence: 0.905333662 47d4cb67-a677-43f7-9f11-9c14a2e2c4c8 00:29:43.224 --> 00:29:44.783 CEO change the way you lead the NOTE Confidence: 0.905333662 d87a941b-69d4-4f1a-951a-2725950382fb 00:29:44.783 --> 00:29:46.548 fund as the fund matures? NOTE Confidence: 0.905333662 703c6dc1-97ee-4fa8-9486-b753e59d759f 00:29:46.550 --> 00:29:48.092 And what lessons can that offer NOTE Confidence: 0.905333662 318a1f89-feba-4c6a-8323-ce2e5c2048bc 00:29:48.092 --> 00:29:49.566 the other Canadian plans and all NOTE Confidence: 0.905333662 66589933-6c7d-43ed-95da-506b85190ea3 00:29:49.566 --> 00:29:50.959 of us as we head to retirement? NOTE Confidence: 0.80446936 87a4b25a-9e5a-4d15-aa2b-38fc9001b05c 00:29:53.140 --> 00:29:53.884 Well, thanks, Andy. NOTE Confidence: 0.80446936 39e64486-e1f6-4ae7-b440-548994aacd3a 00:29:53.884 --> 00:29:56.400 I could spend a long time on this question. NOTE Confidence: 0.80446936 26dde5d1-c96c-4bd0-aac8-26426fec64e9 00:29:56.400 --> 00:29:58.340 I'll try and be succinct. NOTE Confidence: 0.80446936 88cdd453-be81-40b3-a552-78b663165a32 00:29:58.340 --> 00:30:01.371 I think that the central pivot point NOTE Confidence: 0.80446936 8bbc8a54-7692-41bd-8d44-62c30a08bda0 00:30:01.371 --> 00:30:04.230 is actually your appetite for risk. NOTE Confidence: 0.80446936 ef49734a-53ab-49e0-88e7-0b4bab5ac9ea 00:30:04.230 --> 00:30:05.490 So I mentioned it earlier, NOTE Confidence: 0.80446936 8af11877-cf3a-4602-b38c-7de180aeace9 00:30:05.490 --> 00:30:07.506 but with the demographics of our plan, NOTE Confidence: 0.80446936 39dce1ea-178d-4ccc-857e-6193a9cb9edd 00:30:07.510 --> 00:30:08.506 as I said a minute ago, NOTE Confidence: 0.80446936 ae9c9cdf-3544-4efc-b23a-e320dfa2db65 00:30:08.510 --> 00:30:11.078 we can't take too many risks. NOTE Confidence: 0.80446936 50508a07-5a32-42e1-9531-2c768a826e71 00:30:11.080 --> 00:30:12.900 But we are in the risk business, NOTE Confidence: 0.80446936 0b6538f0-3899-4569-8021-b90fce9baec6 00:30:12.900 --> 00:30:14.772 so every investment we make probably NOTE Confidence: 0.80446936 b0b53084-4025-43bf-a01c-f2e324e1af33 00:30:14.772 --> 00:30:16.700 has some element of risk to it, NOTE Confidence: 0.80446936 82e02498-308b-440d-9c97-396c874fe494 00:30:16.700 --> 00:30:17.657 by and large, NOTE Confidence: 0.80446936 8a594be7-8547-4009-af30-7f4ab3c7a7c3 00:30:17.657 --> 00:30:18.933 unless we're buying government NOTE Confidence: 0.80446936 7908d31a-1ca1-4d6f-99a9-95970e9d8549 00:30:18.933 --> 00:30:20.290 bonds by and large. NOTE Confidence: 0.80446936 88d71665-beb6-4fec-80b8-12ee2395a45b 00:30:20.290 --> 00:30:22.621 So I think the the challenge for us is NOTE Confidence: 0.80446936 7add4708-03b3-4b28-b44c-eb9d0a182e23 00:30:22.621 --> 00:30:25.537 to try and say in our investment activities, NOTE Confidence: 0.80446936 2a73af4c-b5ee-4839-9750-417a8474b98c 00:30:25.540 --> 00:30:27.836 what is the right balance in our NOTE Confidence: 0.80446936 fd0fd5df-3aab-41a0-acbf-dfd936def89c 00:30:27.836 --> 00:30:29.790 portfolio to actually say we can NOTE Confidence: 0.80446936 158c45bd-8355-42cb-b47a-ed053731f48e 00:30:29.790 --> 00:30:31.305 generate the returns needed to NOTE Confidence: 0.80446936 449410be-186b-4fa0-aeb3-e21c33c68234 00:30:31.305 --> 00:30:33.315 keep the plan fully funded and NOTE Confidence: 0.80446936 f1a3efe5-04cf-4221-a7d0-8b728142596b 00:30:33.315 --> 00:30:34.985 grow the assets towards that NOTE Confidence: 0.80446936 c3340151-4328-44e3-8ae9-e32207c38908 00:30:34.985 --> 00:30:37.786 $300 billion Northstar number. NOTE Confidence: 0.80446936 e24b0dbf-9d26-4a84-ba94-2f1e3fe2058f 00:30:37.786 --> 00:30:40.725 But also we're taking the right level NOTE Confidence: 0.80446936 08d62e1f-cae3-4d45-a471-e944ebe32af2 00:30:40.725 --> 00:30:42.804 of risk so that we're not gonna sit NOTE Confidence: 0.80446936 f1024d38-c698-4190-a29a-15894a42861e 00:30:42.804 --> 00:30:44.720 back to your point below the plan up. NOTE Confidence: 0.892991242 015bb95a-e3ba-463e-ada9-0f4c1180909a 00:30:47.590 --> 00:30:49.711 In in the main, what we've been NOTE Confidence: 0.892991242 71c1050b-c317-4d04-8fe8-88d10b16efc1 00:30:49.711 --> 00:30:52.572 able to do more recently I think is NOTE Confidence: 0.892991242 38870312-ee5b-4377-a5f5-36601e00400b 00:30:52.572 --> 00:30:54.953 navigate some big shifts in products NOTE Confidence: 0.892991242 715c46dd-de19-4b9c-8167-be9b7f4d2f92 00:30:54.953 --> 00:30:57.509 like fixed income and private assets NOTE Confidence: 0.892991242 9cf9f22a-c7f6-4049-976e-b5dc91e5640c 00:30:57.509 --> 00:31:00.262 and really go to assets we think NOTE Confidence: 0.892991242 32c1d0ed-9b18-42ca-aab0-52c7c6d305e2 00:31:00.262 --> 00:31:02.470 give us the characteristics we need. NOTE Confidence: 0.892991242 e16f4256-5ef1-4c69-9940-3fd5a17218b0 00:31:02.470 --> 00:31:04.610 So they picked a couple. NOTE Confidence: 0.892991242 2ad0e6f6-7e0d-4bb5-bc91-480523c57579 00:31:04.610 --> 00:31:07.016 We're very long in inflation sensitive NOTE Confidence: 0.892991242 cab02927-616a-4750-9697-c86cca90ed90 00:31:07.016 --> 00:31:09.751 assets because we we feel that inflation NOTE Confidence: 0.892991242 d42e1f03-3c80-41ff-8316-5596c00cb1db 00:31:09.751 --> 00:31:12.222 is a big challenge for our plan. NOTE Confidence: 0.892991242 d0814def-9f28-41eb-958e-655610cfbe96 00:31:12.230 --> 00:31:14.090 All the pensions are inflation links. NOTE Confidence: 0.892991242 25c9b017-c757-49f8-9fed-39c0be2586fe 00:31:14.090 --> 00:31:17.696 Our liabilities go up with inflation. NOTE Confidence: 0.892991242 1c3e50a3-cbd7-4478-aaff-d7df557732b1 00:31:17.700 --> 00:31:19.638 So we have. NOTE Confidence: 0.892991242 b1b09f64-5e19-4dc7-8ec2-b3a511590211 00:31:19.638 --> 00:31:22.440 Around 40% of our portfolio in in NOTE Confidence: 0.892991242 c6619402-e49b-4096-ac35-881817ad9259 00:31:22.440 --> 00:31:24.537 those types of assets and I think NOTE Confidence: 0.892991242 f5a68b13-f743-4f4f-8719-2a0c88db317b 00:31:24.537 --> 00:31:26.601 that is has helped us back to the NOTE Confidence: 0.892991242 49cce9de-7118-428c-8139-c820166c6054 00:31:26.671 --> 00:31:29.226 point of navigating the first half of NOTE Confidence: 0.892991242 d72c016b-80a7-4298-a811-6a77ca03b3e9 00:31:29.226 --> 00:31:31.641 this year reasonably well and still NOTE Confidence: 0.892991242 bf43f1b9-324e-4c27-87e8-5be9912d41c2 00:31:31.641 --> 00:31:34.263 early days in terms of navigating NOTE Confidence: 0.892991242 c1dcafbb-a469-4640-b8cb-bab60cb66c82 00:31:34.263 --> 00:31:37.068 I think challenging markets. NOTE Confidence: 0.892991242 84e9757c-1445-4539-acc4-850c51b1f31f 00:31:37.070 --> 00:31:38.366 The second point, if I could say it, NOTE Confidence: 0.892991242 47384b0d-bde5-4a27-9316-3db5e15f53ce 00:31:38.370 --> 00:31:42.048 is that we need everybody in NOTE Confidence: 0.892991242 ac911332-63a3-4a24-a1c4-ff1113de4b0c 00:31:42.048 --> 00:31:43.274 the organization. NOTE Confidence: 0.892991242 1b544f1f-c2a7-4b6b-9248-2b4639aae0ea 00:31:43.280 --> 00:31:47.290 To feel it's a safe culture to take a risk. NOTE Confidence: 0.892991242 fcdd215c-5e43-4c19-acf8-ab3a1e04abd0 00:31:47.290 --> 00:31:49.636 And I think where plans struggle NOTE Confidence: 0.892991242 2e456eea-16b0-4326-a6f0-d3e8adf17076 00:31:49.636 --> 00:31:52.382 is that if people try to innovate NOTE Confidence: 0.892991242 e44abcbb-0774-4c6c-9089-bb59253230ec 00:31:52.382 --> 00:31:54.951 or try to try out something new NOTE Confidence: 0.892991242 4c92b89d-5634-4137-a42a-f5bd8fa485a0 00:31:55.037 --> 00:31:57.617 and get highly criticized for it, NOTE Confidence: 0.892991242 b4bb2a3b-d0bf-4395-a726-2401ed729810 00:31:57.620 --> 00:31:59.366 then you won't do it again. NOTE Confidence: 0.892991242 8e90bf26-8f84-4337-b403-6ab70370f2c7 00:31:59.370 --> 00:32:00.534 And you know, NOTE Confidence: 0.892991242 247220eb-b2b9-492b-ba93-49a599e2caa0 00:32:00.534 --> 00:32:02.086 teachers is a fabulously NOTE Confidence: 0.892991242 2f8da94e-dd60-4289-9fd8-85b4236334bb 00:32:02.086 --> 00:32:02.862 successful organization. NOTE Confidence: 0.892991242 f5a1408f-022f-45ad-8a2c-9cd4da3f2202 00:32:02.870 --> 00:32:05.918 My job under what I've defined as the NOTE Confidence: 0.892991242 b6d996a7-f755-425b-b9d6-0820b873d67b 00:32:05.918 --> 00:32:07.515 teachers 3.0 strategy is to evolve NOTE Confidence: 0.892991242 38a16a21-e047-496c-9a36-cd25ed6bf13b 00:32:07.515 --> 00:32:09.469 it to the next stage of expansion, NOTE Confidence: 0.892991242 ccec7147-37a1-4f3c-985b-100f3e626d36 00:32:09.470 --> 00:32:11.380 which will involve some change NOTE Confidence: 0.892991242 a6b98efc-3123-4ae0-bd84-517a6caad1d1 00:32:11.380 --> 00:32:13.290 and that can be challenging. NOTE Confidence: 0.892991242 b13beec5-ab30-4b14-a3a6-b82c66e30a10 00:32:13.290 --> 00:32:15.110 There's an interesting political NOTE Confidence: 0.892991242 16891983-3d81-443b-b984-c01b8c4ffae4 00:32:15.110 --> 00:32:17.307 environment right now around ESG. NOTE Confidence: 0.892991242 d5b583cc-e543-48db-a64f-ec6bc0edcbc6 00:32:17.307 --> 00:32:18.815 Been around the investments NOTE Confidence: 0.892991242 6f4ef2e2-6503-4577-9411-f8e5d621edbe 00:32:18.815 --> 00:32:20.323 that that you're making, NOTE Confidence: 0.892991242 f68f2036-2a36-4ade-ab19-c54add29ecd7 00:32:20.330 --> 00:32:21.705 the impact investments that you're NOTE Confidence: 0.892991242 b540d4a1-e1ae-44d2-94fc-6ddfa1570fde 00:32:21.705 --> 00:32:23.730 making to to help the environment. NOTE Confidence: 0.892991242 2991819b-24ca-4564-9ab9-d11f51bbedb5 00:32:23.730 --> 00:32:25.295 I'm thinking specifically if you've NOTE Confidence: 0.892991242 df19a5d1-ef28-417f-a7be-6688894a8021 00:32:25.295 --> 00:32:27.858 been following the US News of of certain NOTE Confidence: 0.892991242 cbf8e964-a5c4-4e61-bbf2-509e13d88691 00:32:27.858 --> 00:32:29.433 politicians Ron DeSantis in Florida, NOTE Confidence: 0.892991242 f4350333-7df1-4a03-bcda-9b426f07d202 00:32:29.440 --> 00:32:31.978 some of the Texas politicians they're NOTE Confidence: 0.892991242 91c80228-962a-49ea-9584-0a58f071a0e1 00:32:31.978 --> 00:32:34.930 sort of saying look funds in that NOTE Confidence: 0.892991242 c521707c-5435-4e33-865f-1bf8fdc05b91 00:32:34.930 --> 00:32:37.288 we sponsor with state money should NOTE Confidence: 0.892991242 0203c5f5-f231-4fa1-a224-9fcaa8db6ddd 00:32:37.288 --> 00:32:39.914 have it on almost an anti EG bias. NOTE Confidence: 0.892991242 59c48257-119f-4ada-82e9-9069b4fb45a2 00:32:39.920 --> 00:32:42.701 They they they feel that that ESG is a NOTE Confidence: 0.892991242 e5c82a39-61a6-41a0-8348-d43e481cba80 00:32:42.701 --> 00:32:45.969 woke political movement you're talking about. NOTE Confidence: 0.892991242 84f0d66a-a0ac-4435-9906-2f64cb74e47a 00:32:45.970 --> 00:32:48.994 Your the fund demonstrating lasting NOTE Confidence: 0.892991242 2a417a34-00ce-43ac-bd5e-443028fa2920 00:32:48.994 --> 00:32:50.890 value not only for performance but NOTE Confidence: 0.892991242 d0e923c9-cdda-4f95-ad03-5875be33abf5 00:32:50.943 --> 00:32:52.543 as as a force of good in markets. NOTE Confidence: 0.892991242 c513a394-1f53-4c05-9610-08312538ffd4 00:32:52.550 --> 00:32:54.414 Can you just talk a little bit about NOTE Confidence: 0.892991242 05875afa-73df-4545-b92e-045d6fad666b 00:32:54.414 --> 00:32:56.465 you know what you would say to what I NOTE Confidence: 0.892991242 789282f7-7a27-4293-a512-127e2657a2f0 00:32:56.465 --> 00:32:58.492 perceive as a bit of an ESG backlash NOTE Confidence: 0.892991242 6952d455-2fb2-4bf2-8d9a-e3f7c2af153a 00:32:58.492 --> 00:33:00.083 that that pension plans like teachers, NOTE Confidence: 0.892991242 5c678f56-0847-41e9-a15c-18c5cd0cfcce 00:33:00.083 --> 00:33:01.924 that fund managers like Larry Fink at NOTE Confidence: 0.892991242 010e1528-43a1-4d31-a566-a6cb009db613 00:33:01.924 --> 00:33:03.588 Black Rock they're facing you know, NOTE Confidence: 0.892991242 b5d959e0-acc1-4918-bdb5-cddf84cede1a 00:33:03.590 --> 00:33:04.535 how do you, NOTE Confidence: 0.892991242 8f680be1-8c83-46fa-b1a3-593554f7dac0 00:33:04.535 --> 00:33:07.455 how do you marry up the SG obligations NOTE Confidence: 0.892991242 85da06fa-5114-4b02-a880-a4aa0ce5f792 00:33:07.455 --> 00:33:11.271 of the fund along with your mandate to NOTE Confidence: 0.892991242 2545a64d-ee3d-41b1-91e0-2a6caa2e7b6d 00:33:11.271 --> 00:33:13.619 to generate sustainable performance? NOTE Confidence: 0.892991242 1d0d04e1-166e-4210-8922-5d90e11fafac 00:33:13.620 --> 00:33:15.340 With a couple of comments. NOTE Confidence: 0.892991242 bb0c79b1-3106-42bd-bf64-35110a9ced9d 00:33:15.340 --> 00:33:18.160 I think within the CESG discussion NOTE Confidence: 0.892991242 11b0efbd-50f4-4ba3-8b50-0381259e9201 00:33:18.160 --> 00:33:20.919 is the the question of trust. NOTE Confidence: 0.892991242 08a9bea7-2bb4-4062-a2f7-3a7e0e50ec61 00:33:20.920 --> 00:33:24.000 So trust is very hard to gain NOTE Confidence: 0.892991242 693660bd-7e82-44bd-abe1-33bb6870b4a4 00:33:24.000 --> 00:33:26.200 and really easy to lose. NOTE Confidence: 0.892991242 ae97deeb-315d-4960-9210-bb89563ed6ce 00:33:26.200 --> 00:33:30.276 And when we talk about climate impact? NOTE Confidence: 0.892991242 3b08933d-b3c5-4ac8-92fb-8673a3939329 00:33:30.276 --> 00:33:32.964 We have to make sure that we're walking NOTE Confidence: 0.892991242 97a42a61-497e-4a0d-93c0-4bb1d4cc733e 00:33:32.964 --> 00:33:35.900 the talk every time and what we invest NOTE Confidence: 0.892991242 0fb9dcd8-b446-4621-8e96-203e3192aba4 00:33:35.900 --> 00:33:38.440 that it's consistent with what we've said, NOTE Confidence: 0.892991242 af22e4dd-6d2f-408b-879b-4bca385c0e09 00:33:38.440 --> 00:33:39.832 which is a component, NOTE Confidence: 0.892991242 53182e48-6683-4869-9f4d-036bf3088911 00:33:39.832 --> 00:33:41.572 core component I would argue, NOTE Confidence: 0.892991242 260dfe90-cdf5-4948-a6da-eecb9018362b 00:33:41.580 --> 00:33:42.348 of our branding. NOTE Confidence: 0.83800718625 a41b0738-e0a5-4e20-9bf4-9645be26869e 00:33:44.960 --> 00:33:49.904 The execution of ESG issues is not easy. NOTE Confidence: 0.83800718625 75b4145a-e4a6-4f07-9b88-b4efe476af3d 00:33:49.910 --> 00:33:51.308 You know, we we've been known NOTE Confidence: 0.83800718625 08c19b07-68a7-4d93-93a6-07d7ba5fb50b 00:33:51.308 --> 00:33:52.999 for quite a long time of being, NOTE Confidence: 0.83800718625 b9c20e2d-176c-4551-8130-596cc052885f 00:33:53.000 --> 00:33:54.932 I think pioneers of strong governance NOTE Confidence: 0.83800718625 c8ca395b-b597-45a5-bf13-b690d3a07f0f 00:33:54.932 --> 00:33:56.860 around the companies we operate in, NOTE Confidence: 0.83800718625 fac2206a-9ed7-4004-a891-b37e33e98077 00:33:56.860 --> 00:33:59.896 whether it's public or private companies. NOTE Confidence: 0.83800718625 734bf4fe-b17d-4d42-ad12-14ee04df3bc2 00:33:59.900 --> 00:34:02.259 But I think the newer areas, the the S NOTE Confidence: 0.83800718625 54cee82f-eff2-4f09-a3b3-fe5421cb1735 00:34:02.259 --> 00:34:05.240 and the E are really coming to the fore. NOTE Confidence: 0.83800718625 1e67dbe1-ae2b-40d2-b7df-e64ca3744116 00:34:05.240 --> 00:34:06.952 I think on climate, NOTE Confidence: 0.83800718625 44190c69-e0d2-4456-9232-a869dc6ab671 00:34:06.952 --> 00:34:09.092 the most interesting thing we're NOTE Confidence: 0.83800718625 17f842e1-8f5d-4c01-8060-91cbdc5174d3 00:34:09.092 --> 00:34:11.118 grappling with at the moment is. NOTE Confidence: 0.83800718625 7c8fae49-057e-4d15-bccd-bd69916efccf 00:34:11.120 --> 00:34:12.410 At one level, you know, NOTE Confidence: 0.83800718625 1942390a-2ee7-4bcc-99ca-530e1152d566 00:34:12.410 --> 00:34:14.186 there's a range of views across NOTE Confidence: 0.83800718625 19c8c454-2caa-47c1-8f5e-77baf84a7614 00:34:14.186 --> 00:34:15.370 our membership about whether NOTE Confidence: 0.83800718625 690a187e-617f-430f-bbde-fb80d19e795c 00:34:15.426 --> 00:34:16.860 we should be in fossil fuels. NOTE Confidence: 0.83800718625 72f7b4fe-1eb3-434f-b15e-996fddc47111 00:34:16.860 --> 00:34:17.904 Should we have them? NOTE Confidence: 0.83800718625 3499548e-30b2-419f-a5f4-b50e1fc1901c 00:34:17.904 --> 00:34:19.209 Should we divest from them? NOTE Confidence: 0.83800718625 fdb26b36-3e41-4ec7-8b0a-5eca430e2fd8 00:34:19.210 --> 00:34:22.078 That's perfectly good discussion to have. NOTE Confidence: 0.83800718625 d23872d5-28b9-403f-b93e-4f70a47b9c0c 00:34:22.080 --> 00:34:24.264 Our view is actually those companies NOTE Confidence: 0.83800718625 392e5074-7d77-4976-ac9c-cc97370511b7 00:34:24.264 --> 00:34:26.152 are more likely to decarbonise NOTE Confidence: 0.83800718625 9e282264-fd19-43a8-9a13-8a57697acaa3 00:34:26.152 --> 00:34:28.300 with our ownership than if we NOTE Confidence: 0.83800718625 4835edfe-ae07-489b-821c-c2cf04bb679e 00:34:28.300 --> 00:34:30.570 hand it over to somebody else. NOTE Confidence: 0.83800718625 585143a0-c84c-441e-94c3-4fdf75acb485 00:34:30.570 --> 00:34:32.397 But it's not easy to do and we have NOTE Confidence: 0.83800718625 b927d824-10aa-4659-a238-7b5f9e4963ce 00:34:32.397 --> 00:34:34.467 to make sure that we have the skills, NOTE Confidence: 0.83800718625 af3a9bfe-b58d-47c2-8adc-5938ffbc6de1 00:34:34.470 --> 00:34:37.542 the money and the time to allow those NOTE Confidence: 0.83800718625 7254b177-4f03-4ad9-851b-c1ce8c11d747 00:34:37.542 --> 00:34:39.738 businesses to do the transition. NOTE Confidence: 0.83800718625 1d5bbcb9-6be8-45d2-b50c-fa40b4273512 00:34:39.740 --> 00:34:41.144 On the social side, NOTE Confidence: 0.83800718625 f382d076-8636-4d1c-8a41-5b28fd46735e 00:34:41.144 --> 00:34:43.250 there's been a lot of debate NOTE Confidence: 0.83800718625 bcae346e-eb8c-4fbb-bf08-2b045c24523a 00:34:43.323 --> 00:34:45.626 within our firm and I think there NOTE Confidence: 0.83800718625 04e415cc-b210-4588-b9e4-15e852953671 00:34:45.626 --> 00:34:47.929 is going on more broadly now. NOTE Confidence: 0.83800718625 eb01b487-4818-4b2f-a1d8-5fb25ee7305e 00:34:47.930 --> 00:34:48.962 Teaches approach has really NOTE Confidence: 0.83800718625 fcd04581-6a19-49d6-b739-50c1dfebb414 00:34:48.962 --> 00:34:50.252 been for a long time. NOTE Confidence: 0.83800718625 f52ad844-5525-438f-9bfb-721308c3ddd0 00:34:50.260 --> 00:34:52.388 We've always tried to do the right NOTE Confidence: 0.83800718625 a467494d-d3c5-4081-8c8e-8d3bace72865 00:34:52.388 --> 00:34:54.529 thing as you might describe it. NOTE Confidence: 0.83800718625 b55f92cd-b9ff-44b0-8e1b-a9609a6f7dcc 00:34:54.530 --> 00:34:55.510 But that's not good enough. NOTE Confidence: 0.83800718625 70783d75-4f52-476d-b44a-05d09c13ce62 00:34:55.510 --> 00:34:57.326 We have to be more granular than that. NOTE Confidence: 0.83800718625 c7401851-6146-4bb1-96b3-06bd4aebe5e7 00:34:57.330 --> 00:34:59.122 And really what we're trying to do NOTE Confidence: 0.83800718625 976cd987-5f90-4641-b06a-336ec04b78ea 00:34:59.122 --> 00:35:00.864 now is actually saying what are the NOTE Confidence: 0.83800718625 a0f1c0c7-e371-4cf3-91c9-f3ad436a7756 00:35:00.864 --> 00:35:02.978 things we can do to essentially level NOTE Confidence: 0.83800718625 9a4d5458-e432-4222-a55a-a7e191be63c8 00:35:02.978 --> 00:35:04.958 up inequality in the communities NOTE Confidence: 0.83800718625 3e109440-a498-4b2e-9aed-c4afd61f4536 00:35:04.958 --> 00:35:07.567 that we work with around the world. NOTE Confidence: 0.83800718625 a9a225d6-d508-4952-938f-788adb0fdb6d 00:35:07.570 --> 00:35:08.722 That's not gonna be the 50 NOTE Confidence: 0.83800718625 52bee428-ba70-445f-83bd-056c0958ec9b 00:35:08.722 --> 00:35:09.990 countries that I was mentioning, NOTE Confidence: 0.83800718625 0afc3c5c-657c-4125-be79-b071760f9236 00:35:09.990 --> 00:35:12.230 but it probably will be in the 9 NOTE Confidence: 0.83800718625 0e905515-7757-47b2-bcfc-2b2e7dcb2361 00:35:12.230 --> 00:35:14.830 to 10 markets where we've chosen NOTE Confidence: 0.83800718625 f179419a-7205-4455-bee2-93445b25041e 00:35:14.830 --> 00:35:17.285 to have a specialist involvement. NOTE Confidence: 0.83800718625 1cbd0715-8df1-4a51-a1ab-b2c8ab9ec1cc 00:35:17.290 --> 00:35:18.670 Let's talk a little bit about NOTE Confidence: 0.83800718625 8802ef54-d3e4-4b75-a518-aa86c477d9b3 00:35:18.670 --> 00:35:20.210 the the high carbon investments, NOTE Confidence: 0.83800718625 88e984da-a772-4b63-984c-2016e94ea5ce 00:35:20.210 --> 00:35:22.527 because you were out with a publication NOTE Confidence: 0.83800718625 781b3a69-267a-4a49-a22b-a6dbaacb58ed 00:35:22.527 --> 00:35:24.915 this week on the website that that NOTE Confidence: 0.83800718625 ff832821-4e28-4637-887e-f3b8b5a1e0f3 00:35:24.915 --> 00:35:26.445 says it was actually a wonderful NOTE Confidence: 0.83800718625 9b7d25f7-4c8d-4bd9-8e84-de8e396ad1ac 00:35:26.445 --> 00:35:28.069 discussion of of where you're going on, NOTE Confidence: 0.83800718625 a53b70f7-7b06-4ec3-a60d-bc5764ebe0ae 00:35:28.070 --> 00:35:29.066 on a lot of different fronts. NOTE Confidence: 0.83800718625 b4a44634-61c4-412b-b78b-3919937b01b5 00:35:29.070 --> 00:35:30.638 But the one that caught my eye NOTE Confidence: 0.83800718625 564b875b-b8a7-477a-99ac-094e294d696d 00:35:30.638 --> 00:35:32.892 was a $5 billion commitment to NOTE Confidence: 0.83800718625 23c0be12-e9e3-464d-b194-02f39192a537 00:35:32.892 --> 00:35:35.136 high carbon transition assets. NOTE Confidence: 0.83800718625 fca37de1-304d-4eba-8da8-a8ce7aee08a5 00:35:35.140 --> 00:35:36.568 Do you want to just talk about NOTE Confidence: 0.83800718625 d2ca1875-9c74-4794-ab29-5d2c99eb3bee 00:35:36.568 --> 00:35:37.958 like what that might look like? NOTE Confidence: 0.83800718625 9327ae1d-ef4d-4f57-9a7d-ef16614ff3d6 00:35:37.960 --> 00:35:40.186 And and how you'll answer to Members NOTE Confidence: 0.83800718625 0cd86cab-6815-41f5-b181-2f1962ea9725 00:35:40.186 --> 00:35:42.221 that that feel you shouldn't be NOTE Confidence: 0.83800718625 0fa64bfb-8b48-42a5-b66e-cb5483f3c50f 00:35:42.221 --> 00:35:44.255 involved in fossil fuels at all. NOTE Confidence: 0.83800718625 b08fd178-38e5-4cac-adb0-8a8cf23c9e8a 00:35:44.260 --> 00:35:46.400 So I I'd encourage everybody, NOTE Confidence: 0.83800718625 9e0fbf23-1da7-42c6-b16f-fbe55bf6a48e 00:35:46.400 --> 00:35:47.924 if you haven't had the opportunity NOTE Confidence: 0.83800718625 2384bb99-a29a-47bf-af19-8f0f85741c75 00:35:47.924 --> 00:35:48.686 on our website, NOTE Confidence: 0.83800718625 d2e51649-466c-413b-afc6-d4be8f21f5d4 00:35:48.690 --> 00:35:50.626 there's our responsible investing NOTE Confidence: 0.83800718625 3db81e89-2898-443e-b392-d40c101f446a 00:35:50.626 --> 00:35:52.078 and climate report. NOTE Confidence: 0.83800718625 d894b08c-b55f-436c-852d-2d69d476f091 00:35:52.080 --> 00:35:54.582 It sets out a lot of our thinking and NOTE Confidence: 0.83800718625 4933e4e6-7b37-4794-95a1-f20dc6036079 00:35:54.582 --> 00:35:57.044 our objectives around how we're trying NOTE Confidence: 0.83800718625 4006b169-978f-45d6-aa56-e61e3027358a 00:35:57.044 --> 00:36:00.066 to tackle these areas for the high NOTE Confidence: 0.83800718625 dd71d353-cf21-4771-ac7d-c66c1acceffc 00:36:00.066 --> 00:36:02.718 carbon assets that you just mentioned, NOTE Confidence: 0.83800718625 36d66d01-9b7e-4b44-b841-f12e449d706e 00:36:02.720 --> 00:36:04.490 Andy. NOTE Confidence: 0.83800718625 66913668-3bad-4ba4-8835-f42ec0787818 00:36:04.490 --> 00:36:07.815 We've set aside a notional number about NOTE Confidence: 0.83800718625 85d7cc35-d2ee-438d-9597-31ad8e38bf45 00:36:07.815 --> 00:36:09.952 $5 billion and in the size of businesses NOTE Confidence: 0.83800718625 59af4168-e044-43d3-bfae-1e39f935fa1d 00:36:09.952 --> 00:36:11.319 we're likely to be working with, NOTE Confidence: 0.83800718625 b5d67bb8-8cd6-423f-b6f7-f77ade7f77e5 00:36:11.320 --> 00:36:13.930 that's probably two or three investments. NOTE Confidence: 0.83800718625 5e7afa6d-63dc-441c-8a46-e3d1480b4e86 00:36:13.930 --> 00:36:15.802 And what we're going to do is make sure NOTE Confidence: 0.83800718625 4d7df475-7b26-4528-aa13-d7e489586983 00:36:15.802 --> 00:36:17.668 that when we look at those investments, NOTE Confidence: 0.83800718625 92960a99-1829-4c03-9f87-81518419340d 00:36:17.670 --> 00:36:20.230 we can deliver what we're hoping to deliver, NOTE Confidence: 0.83800718625 eafca45e-c35f-4652-be97-2e793a820e88 00:36:20.230 --> 00:36:22.070 which is we're clear about NOTE Confidence: 0.83800718625 385e7924-c609-4d14-9bd5-684c6fdf1598 00:36:22.070 --> 00:36:23.542 what needs to change. NOTE Confidence: 0.83800718625 65f80c42-b439-4720-9439-3dac0f1a3315 00:36:23.550 --> 00:36:25.665 We can help those businesses NOTE Confidence: 0.83800718625 b64c7236-a073-43e6-bd08-20b1dd03be3c 00:36:25.665 --> 00:36:27.357 to execute that transition. NOTE Confidence: 0.83800718625 2b7e6745-60c9-41ed-8742-cec32140ed04 00:36:27.360 --> 00:36:28.880 And actually at the end of the day, NOTE Confidence: 0.931228435714286 45892bc1-0260-4cbc-81ef-0238646df295 00:36:28.880 --> 00:36:30.473 they are significantly NOTE Confidence: 0.931228435714286 2a1ede98-aa6c-4a5f-adee-6f3c51a02ecf 00:36:30.473 --> 00:36:32.597 lower emitters of carbon. NOTE Confidence: 0.931228435714286 cc9db7e5-bc61-4912-80f9-d2c3249643a1 00:36:32.600 --> 00:36:35.018 And to give you an idea, NOTE Confidence: 0.931228435714286 7b740396-d4f2-4e58-ac8a-087852266cc1 00:36:35.020 --> 00:36:37.995 the average emissions from our NOTE Confidence: 0.931228435714286 3989f122-8985-4eda-ad41-fbf86b0a3e0f 00:36:37.995 --> 00:36:42.079 portfolio is about 30 tonnes of carbon. NOTE Confidence: 0.931228435714286 49b6267a-edd1-47e2-9c97-3495987aa465 00:36:42.080 --> 00:36:46.144 Paper asset we have, dollar asset we have. NOTE Confidence: 0.931228435714286 cfdcab62-d753-4c3c-b5fb-53111dae210b 00:36:46.150 --> 00:36:47.918 These higher emitting businesses NOTE Confidence: 0.931228435714286 570be573-fba3-4196-87b4-f225956b97cd 00:36:47.918 --> 00:36:50.128 will be over 300 tonnes, NOTE Confidence: 0.931228435714286 1a7c1a5d-37db-46fb-b78a-fa81e24fa2d7 00:36:50.130 --> 00:36:54.178 so 10 times the criteria that we have NOTE Confidence: 0.931228435714286 992536db-afec-48a6-8a43-5a81bd983457 00:36:54.178 --> 00:36:56.530 generically through the portfolio. NOTE Confidence: 0.931228435714286 fee1ec3e-74c9-4edd-89bf-5a7e56304f49 00:36:56.530 --> 00:36:57.820 So coming back to the point NOTE Confidence: 0.931228435714286 824f2292-3aff-4cd9-b24f-c8800a934e27 00:36:57.820 --> 00:36:59.030 of are we being brave? NOTE Confidence: 0.931228435714286 9aab29b4-b9dd-415e-abf1-77c8d9e372be 00:36:59.030 --> 00:37:01.406 I think we are being brave because we're NOTE Confidence: 0.931228435714286 eff159f7-f2aa-4ccf-9e0c-43b1448e4bc1 00:37:01.406 --> 00:37:02.988 actually putting our marker down to NOTE Confidence: 0.931228435714286 ca20278e-c417-4b52-b905-13ddfdcfde30 00:37:02.988 --> 00:37:04.865 say we wanna take on these businesses NOTE Confidence: 0.931228435714286 2f82d7f1-ef19-499f-86ce-a809c1684e62 00:37:04.865 --> 00:37:06.945 to proactively help them decarbonise. NOTE Confidence: 0.931228435714286 e18e30a6-fa8b-4a10-a2cd-3995aea657bd 00:37:06.950 --> 00:37:08.490 We could leave them to somebody else, NOTE Confidence: 0.931228435714286 8117b7eb-4f13-4a58-a32f-7889e8ef8ed3 00:37:08.490 --> 00:37:10.236 and I'd say it's your problem. NOTE Confidence: 0.931228435714286 2f955bd0-f243-443c-811b-7ffadc8611a7 00:37:10.240 --> 00:37:12.232 But the evidence we've seen so far is NOTE Confidence: 0.931228435714286 f3b361f2-b5dc-49de-b862-f819a9e05908 00:37:12.232 --> 00:37:13.809 somebody else isn't doing anything. NOTE Confidence: 0.931228435714286 755ca174-25c3-41a2-915c-0f795c5ef2d2 00:37:13.810 --> 00:37:16.015 So we are taking the view that it's more NOTE Confidence: 0.931228435714286 e64f0480-a810-4910-9c64-a9ac01eeb44f 00:37:16.015 --> 00:37:17.621 likely to happen under our ownership NOTE Confidence: 0.931228435714286 9dd8d63e-234c-4b5e-b6c4-9d4a737c3a57 00:37:17.621 --> 00:37:19.709 than it were left to somebody else. NOTE Confidence: 0.931228435714286 553a2420-b356-494d-b9ff-10c16b86078b 00:37:19.710 --> 00:37:20.348 And Joe, NOTE Confidence: 0.931228435714286 b78659d1-ed36-4e2d-bc20-4b42bba7c6d9 00:37:20.348 --> 00:37:22.262 would you have lower investment targets NOTE Confidence: 0.931228435714286 d99e07b2-5f32-4bb3-a15a-0ab41ec377b6 00:37:22.262 --> 00:37:24.812 on those on those assets or or would NOTE Confidence: 0.931228435714286 9fce368a-a893-4bf0-853e-07665225fe8a 00:37:24.812 --> 00:37:26.609 the investment targets stay the same? NOTE Confidence: 0.931228435714286 2282df1e-292d-4413-be4f-56831a4bb54a 00:37:26.610 --> 00:37:28.470 But but there's also the social NOTE Confidence: 0.931228435714286 eb5a0a3f-ad9c-4eb4-b102-2ed4d559b18a 00:37:28.470 --> 00:37:30.770 benefit that you that you talked about. NOTE Confidence: 0.931228435714286 5399cc2e-04ab-4891-92db-05e75279152b 00:37:30.770 --> 00:37:33.130 I honestly, I I would personally say this. NOTE Confidence: 0.931228435714286 55dbdb71-99e3-439c-b1c0-ae623b8e82a3 00:37:33.130 --> 00:37:35.340 I mean. Our investment team, NOTE Confidence: 0.931228435714286 fb5582b6-346d-4277-9d95-24c607c86df8 00:37:35.340 --> 00:37:36.523 who some of who are here today NOTE Confidence: 0.931228435714286 ec2d5804-ea62-43cb-9a3a-83f621eb70a2 00:37:36.523 --> 00:37:37.680 probably give me a different view, NOTE Confidence: 0.931228435714286 8adfc49c-07d8-4658-8708-8fe95ab19dfd 00:37:37.680 --> 00:37:40.308 but I would say that there's a base level. NOTE Confidence: 0.931228435714286 b095d757-a401-4513-8c9c-cdadb2b935fb 00:37:40.310 --> 00:37:41.720 The return should be the same, NOTE Confidence: 0.931228435714286 3bd95b96-3892-4e45-b711-6be3aaa73037 00:37:41.720 --> 00:37:41.971 right? NOTE Confidence: 0.931228435714286 7fe769de-13de-4976-a445-d0f109fadff1 00:37:41.971 --> 00:37:43.728 And in some ways you should in NOTE Confidence: 0.931228435714286 2d3fe411-2268-4cb7-90f7-e7c7ba7f255e 00:37:43.728 --> 00:37:45.872 many ways be looking for a larger NOTE Confidence: 0.931228435714286 8d02f05a-19c1-404b-960c-69004192a904 00:37:45.872 --> 00:37:47.136 investment return because they NOTE Confidence: 0.931228435714286 7fe8ae5b-4d5f-4303-bea7-b834833b9593 00:37:47.136 --> 00:37:48.740 come with reputational risk. NOTE Confidence: 0.931228435714286 b79c86a1-9dd9-4921-acff-e82910c0136e 00:37:48.740 --> 00:37:50.720 Good point. NOTE Confidence: 0.931228435714286 43458c2f-ba66-449c-a29b-b9686083ed99 00:37:50.720 --> 00:37:52.134 As we said right from the start, NOTE Confidence: 0.931228435714286 a352b945-af85-4fa8-a0ed-9692e41d6913 00:37:52.140 --> 00:37:53.820 this is this is your event. NOTE Confidence: 0.931228435714286 ee55b631-eab8-410c-a16e-1f1ef12a07d0 00:37:53.820 --> 00:37:55.692 I'm thrilled to ask your questions and we do. NOTE Confidence: 0.931228435714286 669b25c1-fdaa-4e04-8398-bb4547d09787 00:37:55.700 --> 00:37:57.191 I've come up with a couple of NOTE Confidence: 0.931228435714286 ee0fec70-9a52-4bf3-af98-713913e0d7d5 00:37:57.191 --> 00:37:58.150 questions from the crowd. NOTE Confidence: 0.931228435714286 33c0fa36-1847-4909-833a-465b9757ad91 00:37:58.150 --> 00:37:58.426 Joe, NOTE Confidence: 0.931228435714286 0623afb2-b2dd-41df-a244-0883606b6c93 00:37:58.426 --> 00:38:00.358 you said the plan leans on innovation. NOTE Confidence: 0.931228435714286 46a56298-b189-4506-9cb0-21d23254f0f2 00:38:00.360 --> 00:38:01.904 Today Canadian institutional investors NOTE Confidence: 0.931228435714286 74bcbf24-9f94-4ec7-bfc9-1035326aaa6e 00:38:01.904 --> 00:38:04.220 are under invested in the life NOTE Confidence: 0.931228435714286 14ed94bc-51b6-4b34-99be-1765f02d1276 00:38:04.285 --> 00:38:06.355 sciences compared to US pension plans NOTE Confidence: 0.931228435714286 e16d7d27-9e88-4635-b158-a9481acbeb7b 00:38:06.360 --> 00:38:09.990 growing in Canadian life science companies. NOTE Confidence: 0.931228435714286 ffee8272-da54-48fe-8585-bc244298777d 00:38:09.990 --> 00:38:12.430 Is a basically good policy NOTE Confidence: 0.931228435714286 1c4795bf-bc30-4677-9ae7-e31e1840caff 00:38:12.430 --> 00:38:14.382 for this this country. NOTE Confidence: 0.931228435714286 baa03cf7-c69c-4dac-b045-37df686bba8a 00:38:14.390 --> 00:38:16.910 How can we reduce the impediments to NOTE Confidence: 0.931228435714286 9549751b-4313-4c5c-8d67-edbfae17160d 00:38:16.910 --> 00:38:18.834 investments in like Canadian life NOTE Confidence: 0.931228435714286 8c0dcc93-edc7-408c-a5d0-b9b16c9dc0a5 00:38:18.834 --> 00:38:21.536 science and create more value in Canada? NOTE Confidence: 0.931228435714286 0e833eb9-c039-44a0-b490-e950453dbe40 00:38:21.540 --> 00:38:22.860 Great question, whoever asked it, NOTE Confidence: 0.931228435714286 4610dedd-937e-48f3-b01f-2d47c23eb04e 00:38:22.860 --> 00:38:24.700 so thank you for it. NOTE Confidence: 0.931228435714286 56fd7ebe-7fd1-4e4f-848d-a4dbf229fca1 00:38:24.700 --> 00:38:25.940 I would say quite honestly, NOTE Confidence: 0.931228435714286 ae512d3e-0f2a-4555-a8ec-d7582369a991 00:38:25.940 --> 00:38:27.850 we're a bit underweight in NOTE Confidence: 0.931228435714286 641a8880-5f09-4494-9e9b-40771c7d1637 00:38:27.850 --> 00:38:29.760 medical and life sciences too. NOTE Confidence: 0.931228435714286 5f847671-ab3f-4716-807c-c44801bf4093 00:38:29.760 --> 00:38:31.422 I think the reason for that NOTE Confidence: 0.931228435714286 d25da949-eb11-4158-9ee8-309727207e20 00:38:31.422 --> 00:38:32.980 is really one of scale. NOTE Confidence: 0.931228435714286 6dc8fdf2-04ae-4101-ad1d-5dca77ab53b7 00:38:32.980 --> 00:38:33.920 If you think about it. NOTE Confidence: 0.931228435714286 a269eb5c-fec7-4eeb-b438-5c73ddba015a 00:38:33.920 --> 00:38:36.650 We we generally like to invest in NOTE Confidence: 0.931228435714286 795a4d92-d014-47a2-a366-139f14dda23e 00:38:36.650 --> 00:38:38.759 probably above about $100 million NOTE Confidence: 0.931228435714286 37839876-c4a7-4df2-b3a2-78d626fd66f1 00:38:38.760 --> 00:38:41.016 in any business and there are NOTE Confidence: 0.931228435714286 9025c94b-ff29-421c-9992-7ec2a8607791 00:38:41.016 --> 00:38:43.067 lots of fantastic life science NOTE Confidence: 0.931228435714286 9d9a1a76-4070-43e0-8627-0f7ce1de02c6 00:38:43.067 --> 00:38:45.417 companies which are below that. NOTE Confidence: 0.931228435714286 8124f3d9-e614-4d1e-9bd8-eb344b7e0989 00:38:45.420 --> 00:38:47.480 Size and valuation threshold NOTE Confidence: 0.931228435714286 24f3038b-29a2-44e9-9a59-0575d55485e5 00:38:47.480 --> 00:38:50.570 for us easily to embrace them. NOTE Confidence: 0.931228435714286 016d4ec2-ad4b-40fc-bf45-baf6abfff65c 00:38:50.570 --> 00:38:53.076 We try to look more flexibly through NOTE Confidence: 0.931228435714286 1c7187b2-a229-4056-99a0-f7464a461099 00:38:53.076 --> 00:38:54.970 our teachers venture growth team, NOTE Confidence: 0.931228435714286 7a9875e3-b294-470e-a266-b70d466556c5 00:38:54.970 --> 00:38:57.301 which I mentioned earlier and they have NOTE Confidence: 0.931228435714286 8ff31ea4-08e7-448b-9a3c-4f29e04d95e4 00:38:57.301 --> 00:38:59.790 done some things in this area absolutely. NOTE Confidence: 0.931228435714286 a4fcff82-8833-46a0-8f8b-6511657e7cfc 00:38:59.790 --> 00:39:01.332 I think the challenge in in NOTE Confidence: 0.931228435714286 ea10b51b-a9ca-44ae-ac84-e4197881dffb 00:39:01.332 --> 00:39:02.950 life sciences and to be honest, NOTE Confidence: 0.931228435714286 b9d2992a-358e-4d9e-a8ee-a768ab0678de 00:39:02.950 --> 00:39:05.206 I think in Canada more broadly is how NOTE Confidence: 0.931228435714286 856a5a93-4368-4adc-8cf8-73bed37481b1 00:39:05.206 --> 00:39:07.812 do we work with other local investors NOTE Confidence: 0.931228435714286 8db358ee-263f-42b2-a5b1-9d874d4dd657 00:39:07.812 --> 00:39:10.193 to be essentially the second or NOTE Confidence: 0.931228435714286 8b144f02-8500-4492-b3cc-a91f037addbb 00:39:10.193 --> 00:39:12.239 third provider of funding to really NOTE Confidence: 0.931228435714286 80518d5b-17a3-4f61-a10a-a37589bfd8ac 00:39:12.239 --> 00:39:14.110 try and scale a substantial business? NOTE Confidence: 0.931228435714286 de530032-c609-4e8a-afea-964ad7164415 00:39:14.110 --> 00:39:15.510 That's probably where we're at, NOTE Confidence: 0.931228435714286 921e48bd-a5fe-4501-bba1-46231bba280f 00:39:15.510 --> 00:39:17.990 at our sweet spot. NOTE Confidence: 0.931228435714286 1115162e-9749-4e76-a899-7ff592eb9556 00:39:17.990 --> 00:39:19.865 You you mentioned the the NOTE Confidence: 0.931228435714286 1f09fdad-f1c1-4335-b780-dd1fd082864d 00:39:19.865 --> 00:39:21.564 teachers venture growth and I NOTE Confidence: 0.931228435714286 4f7ea004-cbfe-4743-8e48-8a522cf76393 00:39:21.564 --> 00:39:22.999 I really love the investment. NOTE Confidence: 0.893833201666667 7c01855c-6776-4097-94c1-f9ee266ba625 00:39:23.000 --> 00:39:25.250 If you haven't seen the portfolio, NOTE Confidence: 0.893833201666667 7142228a-f485-4b8b-8210-eb0e587bd1dd 00:39:25.250 --> 00:39:28.225 Joe's got an investment in Elon Musk's NOTE Confidence: 0.893833201666667 86b785e9-87cc-4de7-b170-ac3b0e9cef32 00:39:28.225 --> 00:39:32.088 SpaceX, which is I think really cool. NOTE Confidence: 0.893833201666667 54e095be-25bc-4472-ac06-1420b311df81 00:39:32.090 --> 00:39:34.281 How do you think though about those NOTE Confidence: 0.893833201666667 7a5a6b88-5a78-4c5e-a9ab-04ee73dda3a0 00:39:34.281 --> 00:39:35.934 disruptive technologies and you you NOTE Confidence: 0.893833201666667 a653929a-46a0-498b-8b1d-3adeff497df8 00:39:35.934 --> 00:39:37.258 mentioned reputational risk too. NOTE Confidence: 0.893833201666667 0ff563e8-b32b-4e3e-a7a6-812b324f45b0 00:39:37.260 --> 00:39:40.348 I mean you know the case stuff their toe on, NOTE Confidence: 0.893833201666667 721e44f3-ced4-4169-89e2-c63e2709420c 00:39:40.348 --> 00:39:42.020 on an investment in a crypto company. NOTE Confidence: 0.893833201666667 20e25569-fb30-49fc-8597-fd09932e150c 00:39:42.020 --> 00:39:44.372 You know, how do you think about NOTE Confidence: 0.893833201666667 3d5f016e-a4f5-4eae-8c94-6d07c2816c3f 00:39:44.372 --> 00:39:46.220 cutting edge companies where the NOTE Confidence: 0.893833201666667 88d19932-66db-4475-a408-9fe3741c8f74 00:39:46.220 --> 00:39:48.145 obviously the chances of success NOTE Confidence: 0.893833201666667 6df9be48-7085-41e6-a17a-ed5e18e1c7c1 00:39:48.145 --> 00:39:49.860 mean really outsized returns, NOTE Confidence: 0.893833201666667 5a0bc337-3285-44e1-99c6-b06378dff53e 00:39:49.860 --> 00:39:51.282 but there is a much higher NOTE Confidence: 0.893833201666667 cada6060-c92b-4ca2-8207-c46a8bcc3df6 00:39:51.282 --> 00:39:52.540 chance that it goes to 0. NOTE Confidence: 0.893833201666667 e8201da5-76a1-4fa2-a022-6ab5776976af 00:39:52.540 --> 00:39:55.828 How how do you think about investments in? NOTE Confidence: 0.893833201666667 d9f3b8df-ab50-47c8-8da0-a8a460cea0c5 00:39:55.830 --> 00:39:58.310 In inventure. NOTE Confidence: 0.893833201666667 2a65c621-83e8-4a38-9c71-a083ef026e02 00:39:58.310 --> 00:40:00.102 Well, the first thing to say to NOTE Confidence: 0.893833201666667 96357514-30ff-455a-8141-c4b1ec1b65a3 00:40:00.102 --> 00:40:01.804 everybody in the room is I'm not NOTE Confidence: 0.893833201666667 fe505e84-a8d7-49bd-bd9e-bec9ef589d9c 00:40:01.804 --> 00:40:03.440 trying to get a ticket to Mars. NOTE Confidence: 0.893833201666667 e3ee5845-e74a-423c-a929-0c770de906af 00:40:03.440 --> 00:40:04.660 Though quite like to go, NOTE Confidence: 0.893833201666667 ab3f7649-ab72-49a2-926d-a1ae01c860aa 00:40:04.660 --> 00:40:07.026 but that wasn't that wasn't the argument. NOTE Confidence: 0.857085283076923 713f5e90-f43f-4c04-bd6c-66011472199e 00:40:09.540 --> 00:40:10.924 These companies have risk. NOTE Confidence: 0.857085283076923 0cf1eba2-f75a-48fe-863c-09aea03c7f5d 00:40:10.924 --> 00:40:13.972 So we again we have to be thoughtful NOTE Confidence: 0.857085283076923 e1793eb0-4ed3-4dff-a96f-486f3c3de7ff 00:40:13.972 --> 00:40:15.840 about are we, are we comfortable, NOTE Confidence: 0.857085283076923 fff0c128-f0fa-438c-891a-2651e5cadbf1 00:40:15.840 --> 00:40:18.810 we can assess the level of risk and it's NOTE Confidence: 0.857085283076923 2e8b1180-a699-4357-b721-c89084c88ed4 00:40:18.810 --> 00:40:21.635 it's appropriate for a plan like ours. NOTE Confidence: 0.857085283076923 f7dca250-056b-4ae6-83f2-22b5b2c6af84 00:40:21.640 --> 00:40:22.824 I also mentioned earlier, NOTE Confidence: 0.857085283076923 995a0184-706e-4825-b83c-8bbfcb935142 00:40:22.824 --> 00:40:25.197 we want to get paid for the risk NOTE Confidence: 0.857085283076923 cf6a0175-0f69-4ddb-842a-c95f3e98233c 00:40:25.197 --> 00:40:27.325 we take and we found today that the NOTE Confidence: 0.857085283076923 34d93c52-d4a1-488b-ad44-9f4e3da290fa 00:40:27.388 --> 00:40:29.353 assets we've accumulated in our NOTE Confidence: 0.857085283076923 964bc442-da5b-4d90-baa4-47208a9df04a 00:40:29.353 --> 00:40:31.660 teacher venture growth team about 20. NOTE Confidence: 0.857085283076923 7149cc01-f669-40d2-80ad-c9727526dc7e 00:40:31.660 --> 00:40:33.020 As I mentioned earlier, NOTE Confidence: 0.857085283076923 323fe3d8-fa72-45cb-bb56-a921f8e5a492 00:40:33.020 --> 00:40:34.020 they've done really well. NOTE Confidence: 0.857085283076923 615ce133-aec8-4141-b7d2-10095470c38a 00:40:34.020 --> 00:40:36.080 They generate a 40% return last year for us, NOTE Confidence: 0.857085283076923 a9c08577-4466-4cf9-be08-d159a4b0b546 00:40:36.080 --> 00:40:37.385 which is fantastic. NOTE Confidence: 0.857085283076923 87683187-babc-455a-a3f2-89e838f8ffc4 00:40:37.385 --> 00:40:39.995 And so what's the point here? NOTE Confidence: 0.857085283076923 c74a34f2-bb9f-42dd-908d-d72db6e444d3 00:40:40.000 --> 00:40:44.149 I think the point for us is to say. NOTE Confidence: 0.857085283076923 772c925e-e7ff-4d4c-9d10-78e0998b24dc 00:40:44.150 --> 00:40:46.420 When you are often dealing NOTE Confidence: 0.857085283076923 1aa5a8e9-6c03-4119-8897-cfce4e407729 00:40:46.420 --> 00:40:48.236 with a venture business. NOTE Confidence: 0.857085283076923 44581096-ca14-445e-822f-114ab5da9436 00:40:48.240 --> 00:40:49.938 The key question I've always found, NOTE Confidence: 0.857085283076923 b2004d47-37a9-4fde-81a5-4f5928ceb3e6 00:40:49.940 --> 00:40:51.530 and I did do some venture NOTE Confidence: 0.857085283076923 ee53d15b-5049-4db4-9d3f-c91006727420 00:40:51.530 --> 00:40:53.000 investing back in my youth. NOTE Confidence: 0.857085283076923 00f42d71-4696-4521-88db-0fd3cbe57ba1 00:40:53.000 --> 00:40:55.450 I suppose you could call it that. NOTE Confidence: 0.857085283076923 603c4376-758d-418f-b46c-4e4b6bf63cf1 00:40:55.450 --> 00:40:58.414 Is that you need to understand NOTE Confidence: 0.857085283076923 bd0fea94-9ec3-4d05-b9a3-206f5dfbd334 00:40:58.414 --> 00:41:00.945 the competency and capability of NOTE Confidence: 0.857085283076923 035b4148-0265-4529-a289-269b08a327a0 00:41:00.945 --> 00:41:03.280 management to execute the plan. NOTE Confidence: 0.857085283076923 83b6de84-a746-4657-8649-da8c52132a41 00:41:03.280 --> 00:41:05.331 Everybody tends to look at the technology NOTE Confidence: 0.857085283076923 b7a725a6-c559-4088-8640-417534ce9e99 00:41:05.331 --> 00:41:07.605 or the market and spend a lot of NOTE Confidence: 0.857085283076923 de371c0d-3243-4418-a715-dee47f9b2072 00:41:07.605 --> 00:41:09.127 time with consultants trying to get, NOTE Confidence: 0.857085283076923 d7ef23d8-e838-4ed0-a29f-24baacf87b18 00:41:09.127 --> 00:41:10.249 you know, is there a gap, NOTE Confidence: 0.857085283076923 cc772532-bc6f-4fc3-9576-f9bc34e1f286 00:41:10.250 --> 00:41:12.880 is there room for growth? NOTE Confidence: 0.857085283076923 71e35783-3905-4abd-a737-fbe61fc412d2 00:41:12.880 --> 00:41:13.860 But actually to me the, NOTE Confidence: 0.857085283076923 e8f54a09-6a9e-446b-9f24-67bf4cdedb4a 00:41:13.860 --> 00:41:14.242 the, NOTE Confidence: 0.857085283076923 b7a78ac3-0ff6-4973-a931-fb92d72cf375 00:41:14.242 --> 00:41:16.152 the overriding link to success NOTE Confidence: 0.857085283076923 56f9d48d-7c2d-40f3-8ee4-a72ffa0c4b88 00:41:16.152 --> 00:41:18.771 around these type of venture business NOTE Confidence: 0.857085283076923 f3ec48f2-0c90-4507-b017-a73a98162c13 00:41:18.771 --> 00:41:20.815 or growth equity businesses. NOTE Confidence: 0.857085283076923 3afe12f2-07dd-46f7-9a6d-713705d57f77 00:41:20.820 --> 00:41:22.188 Have you actually got a great NOTE Confidence: 0.857085283076923 f4888897-32ba-4f91-a26e-85517f908718 00:41:22.188 --> 00:41:23.100 founder or entrepreneur who NOTE Confidence: 0.857085283076923 82849055-490c-4ee0-8472-b8334fe4055f 00:41:23.147 --> 00:41:24.387 can drive the business forward? NOTE Confidence: 0.857085283076923 7efee1fb-e37a-4ab5-ae3d-563561b5427b 00:41:24.390 --> 00:41:26.006 So Elon Musk is a case in point. NOTE Confidence: 0.857085283076923 415c0cb3-f38b-4edb-aeeb-ad46d8f843de 00:41:26.010 --> 00:41:26.504 Unusual guy, NOTE Confidence: 0.857085283076923 a5127a2e-8115-4260-89b1-db8b71d4b5bc 00:41:26.504 --> 00:41:28.233 but you look at what he's done NOTE Confidence: 0.857085283076923 4e628ac8-8ce2-49bb-acb8-2932dbe01f53 00:41:28.233 --> 00:41:29.530 across multiple businesses, NOTE Confidence: 0.857085283076923 82e087ce-aa93-49f3-996d-9d007d5ffc8a 00:41:29.530 --> 00:41:31.546 he has got something special about him. NOTE Confidence: 0.857085283076923 7e6ec3e7-7819-4031-b864-af160399ed06 00:41:31.550 --> 00:41:32.934 Yeah, that makes sense. NOTE Confidence: 0.857085283076923 51a7c8be-41a8-4f86-a33e-13c350811082 00:41:32.934 --> 00:41:34.664 I'm going to take another NOTE Confidence: 0.857085283076923 3994ae61-de4c-41cf-92b8-9ae6d9ce67e0 00:41:34.664 --> 00:41:35.968 question from the crowd. NOTE Confidence: 0.857085283076923 baa96651-93a4-402b-9e69-e7d172cf9a5f 00:41:35.970 --> 00:41:38.469 You talked about some of the challenges NOTE Confidence: 0.857085283076923 b54550b4-fbbe-4b1b-b474-65243e0ef1ab 00:41:38.469 --> 00:41:41.255 we're facing in light of recent market NOTE Confidence: 0.857085283076923 ff0bdc3b-0b8b-43a2-b4d9-453e63abf974 00:41:41.255 --> 00:41:43.314 downturns and soaring inflation. NOTE Confidence: 0.857085283076923 1fc668ff-da11-4816-a45a-f7a90fd8b015 00:41:43.314 --> 00:41:45.506 Our pension funds still NOTE Confidence: 0.857085283076923 bade83b6-dc89-4f48-ab37-436a29eb714e 00:41:45.506 --> 00:41:46.602 sufficiently capitalized. NOTE Confidence: 0.857085283076923 991e0ac4-b703-4bfe-a59b-bbaeb43ffe9d 00:41:46.610 --> 00:41:48.090 Do you see underfunded pension NOTE Confidence: 0.857085283076923 4cd92511-c647-49c0-b92e-f4631498ef03 00:41:48.090 --> 00:41:50.040 plans being an issue going forward? NOTE Confidence: 0.88234788125 d406c49e-d70a-42a3-8b00-46b8e02f31e9 00:41:52.680 --> 00:41:53.608 Well, I'll be careful NOTE Confidence: 0.88234788125 a6c07a96-5848-4cea-b374-114467e97e20 00:41:53.608 --> 00:41:54.536 about talking for others. NOTE Confidence: 0.88234788125 fbdfd2eb-eb64-4eef-84e5-74f9c11a3022 00:41:54.540 --> 00:41:55.520 Let me start with that. NOTE Confidence: 0.88234788125 9d1f61ea-d87d-45b7-91b5-fa55ae8855cd 00:41:55.520 --> 00:41:57.540 That statement of our May, NOTE Confidence: 0.88234788125 cb370a40-c0fd-4a60-9cd3-6b81e4e417cc 00:41:57.540 --> 00:41:59.892 what we do in our plan is actually NOTE Confidence: 0.88234788125 e059d205-b7ca-49d3-adbb-c77e1748431c 00:41:59.892 --> 00:42:02.455 we try to think not only in terms NOTE Confidence: 0.88234788125 69170451-72bc-4168-8ef1-fb5c141b16c1 00:42:02.455 --> 00:42:04.799 of what you heard me talk about, NOTE Confidence: 0.88234788125 269b6c32-a6b3-4f94-a8eb-e8335d64c64f 00:42:04.800 --> 00:42:07.692 which is generating return to grow NOTE Confidence: 0.88234788125 cd3f6f3e-fdb6-4bcc-a623-f106f50ba57b 00:42:07.692 --> 00:42:11.058 our asset base closer to that $300 NOTE Confidence: 0.88234788125 b238ca65-5723-446b-baca-2a9d6d5ec23e 00:42:11.058 --> 00:42:13.746 billion North Star where we should NOTE Confidence: 0.88234788125 55a9b7e1-0c78-43a2-861f-c31ffae22690 00:42:13.746 --> 00:42:16.392 have enough assets and and liquidity NOTE Confidence: 0.88234788125 bf180363-bd06-42c9-b281-72382c094924 00:42:16.392 --> 00:42:19.550 to be able to fund the pension. NOTE Confidence: 0.88234788125 5f8afb7c-3258-478c-8b1a-0351c39b6392 00:42:19.550 --> 00:42:22.430 Contributions we need to make. NOTE Confidence: 0.88234788125 9d3af8d1-d6a1-4b6d-9952-5c5fa926324c 00:42:22.430 --> 00:42:23.966 What we also have to do, NOTE Confidence: 0.88234788125 97f9eadc-a603-4995-a4d5-8b674821e6ae 00:42:23.970 --> 00:42:25.310 because we administer the plan, NOTE Confidence: 0.88234788125 eb96983d-65af-484a-93a4-cd2a957dc0e0 00:42:25.310 --> 00:42:27.686 we also need to think about the liability NOTE Confidence: 0.88234788125 0843cdf8-9512-4bdd-a903-c8dc4048a14e 00:42:27.686 --> 00:42:29.707 profile of what we're working with. NOTE Confidence: 0.88234788125 0f448f20-0e38-4134-9ef0-c0e075011b36 00:42:29.710 --> 00:42:31.218 And sometimes those don't NOTE Confidence: 0.88234788125 529f440f-f0a6-4142-861a-810e7926488d 00:42:31.218 --> 00:42:32.726 always move in tandem. NOTE Confidence: 0.88234788125 35edf969-4626-4aa3-876b-12b43f724349 00:42:32.730 --> 00:42:35.250 So we are thinking more carefully now NOTE Confidence: 0.88234788125 a983552c-071f-4b54-853b-d726caf0f0f2 00:42:35.250 --> 00:42:38.486 given we are having a rising interest NOTE Confidence: 0.88234788125 65867ac4-e35f-41c2-a238-0e5cf379b083 00:42:38.486 --> 00:42:40.562 rate and inflationary environment NOTE Confidence: 0.88234788125 2125223c-2122-4fac-bc04-338020fb4b7e 00:42:40.562 --> 00:42:43.034 about looking at our liabilities and NOTE Confidence: 0.88234788125 ee9c90c3-7bf4-4394-a5a5-b76a33d10ea5 00:42:43.034 --> 00:42:45.438 saying how do we try and insulate NOTE Confidence: 0.88234788125 24fe3b6f-0c05-4768-a973-b91c27dd53f4 00:42:45.438 --> 00:42:48.750 that risk as well as much as we can. NOTE Confidence: 0.88234788125 36bafaf1-13c0-41d4-b0bc-ead6219dfe9d 00:42:48.750 --> 00:42:50.838 And we we start from a premise of NOTE Confidence: 0.88234788125 d301e2f7-c16e-489b-a8f9-062b5f43a4c3 00:42:50.838 --> 00:42:52.857 we're trying to leave the existing NOTE Confidence: 0.88234788125 ea6fdc78-f087-4dc0-9070-ef87f9bda018 00:42:52.857 --> 00:42:54.647 arrangement we have with our NOTE Confidence: 0.88234788125 f5c03e84-94b1-4f62-8109-92bd2112703a 00:42:54.647 --> 00:42:56.909 stakeholders as it stands in terms of NOTE Confidence: 0.88234788125 5653e286-da7b-4405-abd9-75015140bd4a 00:42:56.909 --> 00:42:58.384 contributions in and payments out, NOTE Confidence: 0.88234788125 8ca3682f-01d6-4eaf-856f-c9e0caa384ad 00:42:58.384 --> 00:42:59.848 but it is a challenging funding. NOTE Confidence: 0.88234788125 243537c7-f841-4b1c-854d-2f16e59a3d05 00:42:59.850 --> 00:43:02.842 Dynamic and I think that's why the team NOTE Confidence: 0.88234788125 5f46b233-3f41-49f1-83dd-356d71f4a9bd 00:43:02.842 --> 00:43:06.037 has to be on its metal every day to, NOTE Confidence: 0.88234788125 6ede42d8-8b6e-496d-89a3-b21e39e7352e 00:43:06.040 --> 00:43:07.820 to perform. NOTE Confidence: 0.88234788125 9d1872be-d2de-4e80-80f9-9c2135ed5e93 00:43:07.820 --> 00:43:09.428 And I'm interested in the way NOTE Confidence: 0.88234788125 1498b584-7098-43ea-8d33-b88fe7c1d6af 00:43:09.428 --> 00:43:10.970 you think about global markets. NOTE Confidence: 0.88234788125 7ba02ec5-1ea7-42bb-a088-6a91c45cfc11 00:43:10.970 --> 00:43:13.556 You know, you've built offices elsewhere, NOTE Confidence: 0.88234788125 e38c403b-a045-42c0-9948-96757bb9eaa3 00:43:13.560 --> 00:43:14.500 you've got offices in Asia, NOTE Confidence: 0.88234788125 8850c0db-fd6f-4e7f-8e5b-a5a3172eb76d 00:43:14.500 --> 00:43:16.978 you've got offices in in in Europe. NOTE Confidence: 0.88234788125 878e3071-5257-4454-899d-bcc33b2ffe64 00:43:16.980 --> 00:43:19.132 Do you expect and you've always had a NOTE Confidence: 0.88234788125 dbabdc9b-7ee5-45d9-8d45-af504be4401c 00:43:19.132 --> 00:43:21.165 culture of being a direct investment NOTE Confidence: 0.88234788125 8ce04400-b046-4a23-930c-e627e61291a5 00:43:21.165 --> 00:43:23.319 as opposed to hiring outside managers. NOTE Confidence: 0.88234788125 a8816427-4a1d-47ba-bdad-d4d7635451b6 00:43:23.320 --> 00:43:25.320 So when you look at the global market, NOTE Confidence: 0.88234788125 d0e864be-eea5-470a-b243-1d3594d2300d 00:43:25.320 --> 00:43:26.055 first of all, NOTE Confidence: 0.88234788125 cdb850fc-c739-4b91-92e3-022a7567d36e 00:43:26.055 --> 00:43:28.106 do you expect to increase over time the NOTE Confidence: 0.88234788125 a7e949eb-5a80-42c1-98b7-7c9c418d8808 00:43:28.106 --> 00:43:30.073 global exposure or the fund and secondly? NOTE Confidence: 0.88234788125 32f61ea4-624d-4d5a-8dcc-f22358e9ea3a 00:43:30.080 --> 00:43:31.610 When you think about Australia NOTE Confidence: 0.88234788125 4efc4c75-1d88-4597-b80e-a872ffe0ad79 00:43:31.610 --> 00:43:33.690 or India or or South America, NOTE Confidence: 0.88234788125 2d631764-376d-4927-87d3-35fb2fe7231b 00:43:33.690 --> 00:43:35.186 will teachers eventually have NOTE Confidence: 0.88234788125 434cc1c5-c4c7-47ad-9660-57b07af356a1 00:43:35.186 --> 00:43:37.430 teams in those in those markets? NOTE Confidence: 0.88234788125 0368fdcb-6715-457d-acc5-28b4e10cd79d 00:43:37.430 --> 00:43:39.089 How's how's global growth going to shape? NOTE Confidence: 0.823546909090909 24b0dca9-8261-4bde-86f3-6f45bb563767 00:43:41.730 --> 00:43:44.018 I think I laid my marker down fairly NOTE Confidence: 0.823546909090909 8dcaad03-eabb-4221-882c-7a77ebbe0021 00:43:44.018 --> 00:43:46.714 early on to be chosen as CEO teachers that NOTE Confidence: 0.823546909090909 dffefd73-d4d0-444e-a1d0-c589b85365e5 00:43:46.714 --> 00:43:49.190 I believe in international investing. NOTE Confidence: 0.823546909090909 17414388-1162-4ca4-b42c-7b50ba0528d2 00:43:49.190 --> 00:43:51.032 That has been my background personally NOTE Confidence: 0.823546909090909 354483f3-26c0-4ffa-8977-f242c40fec76 00:43:51.032 --> 00:43:53.057 and I very much introduced some NOTE Confidence: 0.823546909090909 96155bd6-b4fa-4449-9934-62126bef9230 00:43:53.057 --> 00:43:54.902 thoughts strategically before I became NOTE Confidence: 0.823546909090909 89368632-b174-418b-994d-8d5ba30b380e 00:43:54.902 --> 00:43:56.977 the CEO of teachers that actually NOTE Confidence: 0.823546909090909 8346504a-192f-4e8b-9802-ea2753ad4794 00:43:56.977 --> 00:43:59.534 that to me was the right thing to NOTE Confidence: 0.823546909090909 c488f1a6-4459-4d1f-86d1-52663a5c2978 00:43:59.534 --> 00:44:02.198 do essentially for our our growth. NOTE Confidence: 0.823546909090909 75e639b2-0b72-4cf7-89cd-51a6f285acc7 00:44:02.200 --> 00:44:03.408 Within that, you know, NOTE Confidence: 0.823546909090909 d7334266-9504-4865-9388-25d3851a08fb 00:44:03.408 --> 00:44:05.220 you're really looking at the logic NOTE Confidence: 0.823546909090909 f4dbf58b-4499-4a60-91bd-1bc84991c2c7 00:44:05.276 --> 00:44:07.156 of saying diversified investing is NOTE Confidence: 0.823546909090909 54e73f3f-76a7-4757-a31b-d9704748fc0b 00:44:07.156 --> 00:44:09.036 better access to different countries NOTE Confidence: 0.823546909090909 d9e43e56-1f63-4ca1-b50f-e3bc2dd7dbda 00:44:09.095 --> 00:44:11.033 and markets is better because they NOTE Confidence: 0.823546909090909 2d9ed834-f776-4bd5-b5c8-ecf6a8d9ad57 00:44:11.033 --> 00:44:12.766 move with different growth rates, NOTE Confidence: 0.823546909090909 5f13e2c4-12ee-4324-8dd9-c798e19fc975 00:44:12.766 --> 00:44:13.638 different speeds, NOTE Confidence: 0.823546909090909 f96eed7b-8dfd-41f8-8719-990d0852c007 00:44:13.638 --> 00:44:16.254 and you learn more actually by NOTE Confidence: 0.823546909090909 ad6e8ec1-85b8-4958-ad69-74e23253386f 00:44:16.254 --> 00:44:18.030 being an international investor NOTE Confidence: 0.823546909090909 eb6b2a0b-2992-475e-b42e-8121d7c4d6ae 00:44:18.030 --> 00:44:20.556 than being being a local 1. NOTE Confidence: 0.823546909090909 db8a5928-cf18-46f9-a95a-4adc350a3841 00:44:20.560 --> 00:44:22.834 We've got us an objective particularly NOTE Confidence: 0.823546909090909 ce5b02be-21c3-450e-a0a1-5f5e807d2031 00:44:22.834 --> 00:44:24.726 around our private assets to NOTE Confidence: 0.823546909090909 ca37b1d9-0970-4beb-aad5-94de87b516ea 00:44:24.726 --> 00:44:26.598 have essentially a 5050 balance NOTE Confidence: 0.823546909090909 0d535b3f-1608-4e53-8b96-b1afaec5144a 00:44:26.598 --> 00:44:28.943 between North America and and NOTE Confidence: 0.823546909090909 fbda8966-9339-4a57-9217-9a00064860e5 00:44:28.943 --> 00:44:31.000 and other international markets. NOTE Confidence: 0.823546909090909 a2164f5c-f159-414b-b73c-518b503fb6e4 00:44:31.000 --> 00:44:32.446 And that's a really big challenge NOTE Confidence: 0.823546909090909 7b8867ac-fa82-4951-b815-0a393f7a34cf 00:44:32.446 --> 00:44:34.641 when you add in the weight of the NOTE Confidence: 0.823546909090909 303fed97-64c7-4374-bc74-949a65d20fe3 00:44:34.641 --> 00:44:35.821 Cadillac Fairview local portfolio NOTE Confidence: 0.823546909090909 e38a08d7-0ac7-40b2-a39d-cce6c2f4ed8a 00:44:35.821 --> 00:44:37.564 and real estate and some other NOTE Confidence: 0.823546909090909 a6f07d38-d9a8-4405-aaf8-4ac252b38b34 00:44:37.564 --> 00:44:39.214 North American based assets to see NOTE Confidence: 0.823546909090909 abb75373-b19a-4c90-bfaf-1b6fda472472 00:44:39.220 --> 00:44:42.300 that that sort of shift over time. NOTE Confidence: 0.823546909090909 d6b3aa65-b978-4d20-8f1f-1487fa286620 00:44:42.300 --> 00:44:45.657 Where will we be in say 10 years time? NOTE Confidence: 0.823546909090909 d26d7870-972a-4729-95d6-7f532d487dc2 00:44:45.660 --> 00:44:47.116 It's hard to say. NOTE Confidence: 0.823546909090909 b679dec2-903d-4f80-86f9-4042beb81401 00:44:47.116 --> 00:44:48.936 I think we're finding increasingly NOTE Confidence: 0.823546909090909 91367269-0524-4f62-89d5-1bb3edf2de58 00:44:48.936 --> 00:44:50.589 back to my geopolitical. NOTE Confidence: 0.823546909090909 d76210bc-514a-42cd-80d1-f0619210c77c 00:44:50.590 --> 00:44:52.021 Comments that actually, NOTE Confidence: 0.823546909090909 028a2498-ee34-442c-ad71-423fe737555b 00:44:52.021 --> 00:44:55.360 if you're a flying investor from abroad, NOTE Confidence: 0.823546909090909 79aefb26-a099-4718-b70e-125d7138ee00 00:44:55.360 --> 00:44:57.260 it's becoming more challenged to NOTE Confidence: 0.823546909090909 d595948f-2c8e-4ac0-900b-d6a5bb408cf4 00:44:57.260 --> 00:44:59.678 be taken seriously as a credible NOTE Confidence: 0.823546909090909 c904f3ba-7a98-4574-b322-b5f0b45f9b06 00:44:59.678 --> 00:45:01.470 asset owner and manager. NOTE Confidence: 0.823546909090909 9637846c-83ed-4c2e-9683-0aae274da705 00:45:01.470 --> 00:45:02.054 And politically, NOTE Confidence: 0.823546909090909 5c3a295a-8ca6-4ad7-b137-bbd2adad7a78 00:45:02.054 --> 00:45:04.098 there are a number of changes that NOTE Confidence: 0.823546909090909 2e1e4394-b74c-4966-acfb-b49248fff139 00:45:04.098 --> 00:45:06.238 are happening in markets we like and NOTE Confidence: 0.823546909090909 4d1b00fe-06bf-48e8-8ad6-eae8a12d4483 00:45:06.238 --> 00:45:08.359 we've been operating in for a while NOTE Confidence: 0.823546909090909 85d28a83-c6d7-43b7-99d4-a2f673c7a5ad 00:45:08.359 --> 00:45:10.403 where clearly the new government is saying, NOTE Confidence: 0.823546909090909 86b2ec6c-a784-4c22-bff1-adab77793aac 00:45:10.410 --> 00:45:12.762 I'm not so sure that foreign investors are NOTE Confidence: 0.823546909090909 1523b869-1f54-4df3-bb57-dfec200af315 00:45:12.762 --> 00:45:15.347 what we want for certain types of assets. NOTE Confidence: 0.823546909090909 fe5035c3-782a-4a42-8ae4-cf98539d3513 00:45:15.350 --> 00:45:16.880 And where that gets most complicated, NOTE Confidence: 0.823546909090909 65b0b885-3bac-4ecc-bc2c-9ddcd23d77ed 00:45:16.880 --> 00:45:17.636 I would say, NOTE Confidence: 0.823546909090909 f156df16-c1a5-4eb7-b287-5d97943dfd05 00:45:17.636 --> 00:45:18.896 is probably around things like NOTE Confidence: 0.823546909090909 e7534f19-4981-444f-ba92-e74168b5063e 00:45:18.896 --> 00:45:19.148 infrastructure, NOTE Confidence: 0.823546909090909 8b4cb2f1-9431-401f-919a-5c00a32af1c3 00:45:19.150 --> 00:45:20.545 particularly strategically important NOTE Confidence: 0.823546909090909 9f1aebfd-0192-45b6-b5d4-d93692b6618e 00:45:20.545 --> 00:45:22.870 infrastructure assets where we'd like NOTE Confidence: 0.823546909090909 2f4c50d3-2980-439e-ac01-6655121ed7bf 00:45:22.870 --> 00:45:25.938 to be an owner and we have to persuade NOTE Confidence: 0.823546909090909 bfcf0adc-5a49-4343-991d-da4d796baa28 00:45:25.938 --> 00:45:27.649 ourselves with the right choice. NOTE Confidence: 0.823546909090909 6a20daad-83d8-479a-adcc-0d57c63c1b68 00:45:27.650 --> 00:45:29.634 I'm gonna go with one final question and NOTE Confidence: 0.823546909090909 5a1ba69b-965e-446f-8d50-5deade712fe2 00:45:29.634 --> 00:45:31.586 then there is just a minute or two left. NOTE Confidence: 0.823546909090909 22b8440c-e798-4e70-b334-2dc38493d6f1 00:45:31.590 --> 00:45:33.129 Anybody who wants to get a card in that, NOTE Confidence: 0.823546909090909 6634b86e-9285-403d-947b-77b4902d4dfd 00:45:33.130 --> 00:45:34.730 that would be great. NOTE Confidence: 0.823546909090909 a40c22eb-b5b2-448b-8038-2985d223a95b 00:45:34.730 --> 00:45:36.770 But look, as Canadians were always NOTE Confidence: 0.823546909090909 47f7f614-a6e3-477d-8fb8-36bb1cbf0418 00:45:36.770 --> 00:45:38.630 fascinated with how others see us, NOTE Confidence: 0.823546909090909 1dc32bfc-1898-43db-a80f-9604738a2f25 00:45:38.630 --> 00:45:40.382 now Americans see us. NOTE Confidence: 0.823546909090909 cac8af8d-3259-4bcf-baef-349dc772e158 00:45:40.382 --> 00:45:42.134 You're a relative newcomer NOTE Confidence: 0.823546909090909 5e5fc353-e0ae-4145-9c4a-2a8c8785b25f 00:45:42.134 --> 00:45:43.668 to this this country, NOTE Confidence: 0.823546909090909 6def953d-4668-4c4f-a992-f5e927420eaa 00:45:43.668 --> 00:45:44.984 obviously been with teachers NOTE Confidence: 0.823546909090909 0f850564-4987-4390-8727-ab0f9a9a67af 00:45:44.984 --> 00:45:46.640 for for for some time, NOTE Confidence: 0.823546909090909 eee90847-567e-4faa-8ecb-fa4f35da7506 00:45:46.640 --> 00:45:48.474 but what have been the your observations NOTE Confidence: 0.823546909090909 0cbab649-3928-404e-9f02-bca8219879c7 00:45:48.474 --> 00:45:50.269 on on doing business in Canada? NOTE Confidence: 0.823546909090909 960f55f5-825e-4147-8662-dc7a5593eef6 00:45:50.270 --> 00:45:53.098 Any big surprises on coming to this NOTE Confidence: 0.823546909090909 fdb1d157-3306-4adc-971e-17a7966d68ee 00:45:53.098 --> 00:45:55.935 this market and this business community NOTE Confidence: 0.823546909090909 af673841-bace-414e-b209-d47a9a51d00b 00:45:55.935 --> 00:45:57.690 or this is potentially the question, NOTE Confidence: 0.823546909090909 0ae2ec7f-55ec-44d0-aff7-14781a3ff20a 00:45:57.690 --> 00:45:58.120 Andy, NOTE Confidence: 0.823546909090909 80f25a48-f352-47b5-8f9b-70c12b88cc70 00:45:58.120 --> 00:45:58.550 where? NOTE Confidence: 0.823546909090909 52041ead-4e00-41a2-9633-db1b0fcef4b8 00:45:58.550 --> 00:46:00.700 The trapdoor opens between myselves NOTE Confidence: 0.823546909090909 1dd7df07-003c-49ca-9171-ae094fbaea02 00:46:00.700 --> 00:46:01.990 beneath my seat. NOTE Confidence: 0.832209598333333 53ec293e-e0db-419d-ad46-5691423478c2 00:46:04.430 --> 00:46:06.356 Well, let me start by saying NOTE Confidence: 0.832209598333333 398cf60d-2e58-49f1-a35b-5b984d99f40f 00:46:06.356 --> 00:46:08.789 I I married a Canadian lady. NOTE Confidence: 0.832209598333333 8b9ed03b-e7d2-4b30-9491-81299839b69f 00:46:08.790 --> 00:46:11.598 Well done, so I'm I'm a bit more NOTE Confidence: 0.832209598333333 ee35c961-98ae-4c57-bd42-ebd81a6c43fc 00:46:11.598 --> 00:46:13.599 Canadian than you might think. NOTE Confidence: 0.832209598333333 c37c9110-fb6c-4421-abfc-b8aa62060e47 00:46:13.600 --> 00:46:16.813 And you know, I've I talked to my children, NOTE Confidence: 0.832209598333333 949adb69-e53f-447f-abcd-f77a5b9ddc7e 00:46:16.820 --> 00:46:18.926 certainly my daughter would see ourselves NOTE Confidence: 0.832209598333333 61647b3f-614e-4747-af95-1f46106d87bf 00:46:18.926 --> 00:46:21.039 more Canadian than than from the UK, NOTE Confidence: 0.832209598333333 4ced6a70-31cf-4978-b4a9-9b2f19319931 00:46:21.040 --> 00:46:22.696 I think it's fair to say. NOTE Confidence: 0.832209598333333 28e4edc1-2402-49cf-aa25-de73bf1171d2 00:46:22.700 --> 00:46:25.766 And I think Canada has enormous strengths NOTE Confidence: 0.832209598333333 ee60adcb-5330-474b-8b60-233dc2b0feb9 00:46:25.766 --> 00:46:28.756 and it's going to help it navigate NOTE Confidence: 0.832209598333333 62fde423-f334-4460-8d2a-de38b93750a9 00:46:28.756 --> 00:46:31.610 some of the turbulent waters we see NOTE Confidence: 0.832209598333333 b5800d9b-b579-447e-99ff-480117c00bae 00:46:31.610 --> 00:46:34.277 well over the next couple of years. NOTE Confidence: 0.832209598333333 73262c76-76ad-45f1-8cc0-bf1e378077d5 00:46:34.280 --> 00:46:37.388 When you start with all the the NOTE Confidence: 0.832209598333333 d50f0161-a581-4934-bbab-5919d81193ef 00:46:37.388 --> 00:46:40.197 the asset base it has in oil NOTE Confidence: 0.832209598333333 8bfd955e-fe51-4c75-ae86-ac32c15399d8 00:46:40.197 --> 00:46:42.588 and gas as well as commodities, NOTE Confidence: 0.832209598333333 9e0dc769-35df-467f-9ca5-18b64faee540 00:46:42.588 --> 00:46:46.596 very well placed if you contrast NOTE Confidence: 0.832209598333333 f6f5c592-fb11-429d-a712-d9f1510fa292 00:46:46.600 --> 00:46:48.875 Canada to what I see from where NOTE Confidence: 0.832209598333333 4782ec60-74d8-43bb-a0c2-bc790745ff67 00:46:48.875 --> 00:46:51.511 I came from in the UK around NOTE Confidence: 0.832209598333333 a46e4582-bb44-46da-9aaa-e085f54b3a0b 00:46:51.511 --> 00:46:53.486 energy prices and energy risk. NOTE Confidence: 0.832209598333333 878db09d-2ce3-493b-bc2f-3f5fbcb75768 00:46:53.490 --> 00:46:54.650 You don't have the same, NOTE Confidence: 0.832209598333333 56addd55-fb79-4a23-b02c-790e3a12c4fc 00:46:54.650 --> 00:46:56.610 I think pressure around electricity, NOTE Confidence: 0.832209598333333 3f78af09-54b4-498b-b719-0cd7f05d4e3f 00:46:56.610 --> 00:46:58.997 particularly prices and I think that's a NOTE Confidence: 0.832209598333333 34f90ef7-c0e1-4838-96a9-515498a37c34 00:46:58.997 --> 00:47:01.488 huge help again in terms of a stability NOTE Confidence: 0.832209598333333 27327635-a163-43e9-b39d-c58c043a680e 00:47:01.488 --> 00:47:03.808 in in the local market and the world. NOTE Confidence: 0.867101141111111 3943f43f-3363-4860-a760-575008d91f32 00:47:06.090 --> 00:47:07.510 One might be a little NOTE Confidence: 0.867101141111111 e13dc0f8-16ac-4ca2-9a8f-f06836d8e877 00:47:07.510 --> 00:47:08.646 fearful about house prices. NOTE Confidence: 0.867101141111111 a5150bce-34fa-4964-b565-9f07eb22747c 00:47:08.650 --> 00:47:11.234 I guess they they seem in certain locations, NOTE Confidence: 0.867101141111111 2422fde5-43bc-4aaf-9843-93630cf1d6e0 00:47:11.240 --> 00:47:13.022 certainly here, to have gone up NOTE Confidence: 0.867101141111111 ef7f39d1-85db-478b-9703-d367a2cabadd 00:47:13.022 --> 00:47:14.210 significantly in recent times. NOTE Confidence: 0.867101141111111 c029c050-b32d-4e94-89f7-84634222d1ae 00:47:14.210 --> 00:47:16.670 I think that will be one to watch out for. NOTE Confidence: 0.83854507 992ac021-0b3b-4aed-a751-416d8cd43b20 00:47:18.770 --> 00:47:21.199 But I should probably conclude this this NOTE Confidence: 0.83854507 e2e5e107-5a32-41d5-a253-73faf50a175d 00:47:21.199 --> 00:47:23.214 question by saying I'm actually working NOTE Confidence: 0.83854507 01b7f9fb-86ca-47b3-9598-9cb66b045a89 00:47:23.214 --> 00:47:25.770 way later than I ever thought I would. NOTE Confidence: 0.83854507 4ed47759-8c7a-4289-afab-c9f1d7fa3f7d 00:47:25.770 --> 00:47:27.744 And I'm doing that because I'm working NOTE Confidence: 0.83854507 4390d1e0-5983-4f09-8b1b-e7236b92a324 00:47:27.744 --> 00:47:29.901 with people I really want to be with NOTE Confidence: 0.83854507 e6161349-337d-4460-8bd2-05fbb53700da 00:47:29.901 --> 00:47:31.738 and they give me energy and enthusiasm NOTE Confidence: 0.83854507 cf798605-9c90-442f-ad1c-bfd5c5ef8971 00:47:31.738 --> 00:47:33.866 every day of the week to come into NOTE Confidence: 0.83854507 0ca4f54c-6d2d-4472-8b72-213eba5fdd74 00:47:33.870 --> 00:47:35.767 the office and try and do better. NOTE Confidence: 0.83854507 ee7a439d-dac0-42d0-9280-19c0b8a8f580 00:47:35.770 --> 00:47:37.786 And I think that's probably the best thing NOTE Confidence: 0.83854507 a9d89a38-d33c-4775-97e9-40de6196506b 00:47:37.786 --> 00:47:40.085 I can say about working with a Canadian NOTE Confidence: 0.83854507 2b4e5cb3-7666-4444-a995-c3788c22cb39 00:47:40.090 --> 00:47:43.408 team and a Canadian environment in there's NOTE Confidence: 0.83854507 cceae98f-24e2-4dee-9339-dfcf0c532022 00:47:43.410 --> 00:47:45.722 so much that they bring to the table NOTE Confidence: 0.83854507 b4e8683e-47cb-448e-8368-f3c3beb2a384 00:47:45.722 --> 00:47:48.248 that make you a better person every day. NOTE Confidence: 0.83854507 f5b793e3-c545-46ad-b35c-150945ee2ea7 00:47:48.250 --> 00:47:50.908 Well, if there's no other questions, NOTE Confidence: 0.83854507 b2c09b90-d6ef-46a6-a23f-08e2b230250c 00:47:50.910 --> 00:47:51.880 I think that's a wonderful NOTE Confidence: 0.83854507 4b150d77-f6c5-49bc-9053-19f6d36e4dfd 00:47:51.880 --> 00:47:52.850 note to finish it up. NOTE Confidence: 0.83854507 fbb31013-8210-4e91-9925-ab8e46234b97 00:47:52.850 --> 00:47:54.929 I have had the pleasure of covering NOTE Confidence: 0.83854507 5f8bbd78-330b-4b49-9a7e-91f6bef0bca5 00:47:54.929 --> 00:47:56.650 the Canadian model as it evolved, NOTE Confidence: 0.83854507 b33215f0-8b1b-474b-8a82-1b3440706f71 00:47:56.650 --> 00:47:58.510 and I've also had the opportunity NOTE Confidence: 0.83854507 c27fb7da-8679-4d19-8483-d87271e956ed 00:47:58.510 --> 00:48:00.160 to travel around the world. NOTE Confidence: 0.83854507 3e37fa5c-01eb-4869-a6a2-22a216c78804 00:48:00.160 --> 00:48:02.180 Canadian pension plans with NOTE Confidence: 0.83854507 d8a9b3e4-b2e9-4cea-a99b-35bcc9004045 00:48:02.180 --> 00:48:04.200 teachers as a leader. NOTE Confidence: 0.83854507 9e1a66a5-a870-4f5c-a7fd-ca15c61ed723 00:48:04.200 --> 00:48:04.984 There are calling cards, NOTE Confidence: 0.83854507 dbc79bcb-eb8c-47fb-a7cf-171a5c7d2bca 00:48:04.984 --> 00:48:06.660 there are some of our best ambassadors. NOTE Confidence: 0.83854507 efb58632-6aff-4e87-a326-f69558978b56 00:48:06.660 --> 00:48:08.700 They are world class capital pools NOTE Confidence: 0.83854507 0cde677d-062d-426d-b84a-6edf481ef798 00:48:08.700 --> 00:48:10.786 and I commend the Canadian club for NOTE Confidence: 0.83854507 20bdeca4-b44c-44f2-8509-901640e7e2a9 00:48:10.786 --> 00:48:13.034 giving us an opportunity to to hear NOTE Confidence: 0.83854507 facf52e9-3ef1-4ed3-b5e1-75f8259170d1 00:48:13.034 --> 00:48:15.140 from Joe and to sort of celebrate NOTE Confidence: 0.83854507 747d2c21-2272-4474-80b3-6e2bae9e8d47 00:48:15.140 --> 00:48:17.061 what we're doing and then better NOTE Confidence: 0.83854507 682e45bd-864d-43b9-8485-81293b421584 00:48:17.061 --> 00:48:19.056 understand where things are going. NOTE Confidence: 0.83854507 bcc84fd0-6a78-466b-9303-d2912fa25fb0 00:48:19.060 --> 00:48:21.328 So it has been my honor to. NOTE Confidence: 0.83854507 777bd644-abf7-4e80-a9e3-1ea3bdbe52e6 00:48:21.330 --> 00:48:23.466 Be up on stage today and thank you, NOTE Confidence: 0.83854507 d569537a-a784-40b3-b2cc-b61fb224abe6 00:48:23.470 --> 00:48:27.718 Joe for for taking a few minutes with us. NOTE Confidence: 0.83854507 9e2da19e-a536-4d6e-97e4-291fbcedeb30 00:48:27.720 --> 00:48:28.090 Paula. NOTE Confidence: 0.932193088 de10f3a3-ef61-42f1-b9e3-c2268d5988c9 00:48:42.070 --> 00:48:45.350 Yes. Very much. Thank you. NOTE Confidence: 0.932193088 5fb71e34-d217-4de5-ac02-693356e98d7f 00:48:45.350 --> 00:48:46.630 My name is Paula Allen. NOTE Confidence: 0.932193088 0f0c4095-1804-4d08-b097-f763682de277 00:48:46.630 --> 00:48:49.036 I'm a director with the Canadian NOTE Confidence: 0.932193088 b0b6b922-1475-481d-bf19-2b4cc4021068 00:48:49.036 --> 00:48:51.901 Club of Toronto and it is my NOTE Confidence: 0.932193088 b90457a1-e537-4798-a0e6-df1d294ecbff 00:48:51.901 --> 00:48:53.866 absolute pleasure to thank our NOTE Confidence: 0.932193088 e93dfa78-750f-4405-a82a-8b8a07ca4410 00:48:53.866 --> 00:48:56.049 first guest of of the season. NOTE Confidence: 0.932193088 8d162f25-39cf-40a9-9959-3ed32c59bfe5 00:48:56.050 --> 00:48:58.490 And what an incredible conversation. NOTE Confidence: 0.932193088 6397bc7f-1ad6-4b62-8d4a-64fa181c699a 00:48:58.490 --> 00:48:59.070 Thank you. NOTE Confidence: 0.89421367625 1b91de7e-2e81-46b7-8081-493d404230c4 00:49:05.480 --> 00:49:07.960 Mr Taylor, on behalf of the Canadian club, NOTE Confidence: 0.89421367625 686ebf35-a978-471f-adff-ce77a013197b 00:49:07.960 --> 00:49:10.424 it's very inspiring to hear your vision NOTE Confidence: 0.89421367625 4a0fda33-c375-4d58-afc0-c899b7d31324 00:49:10.424 --> 00:49:13.685 and what the work that you do in NOTE Confidence: 0.89421367625 407ffb44-6a0f-4011-90db-d881f5551ca1 00:49:13.685 --> 00:49:15.778 international expansion, the innovation, NOTE Confidence: 0.89421367625 bf82f404-b6e9-40b3-90e1-55f2f7dad1c2 00:49:15.778 --> 00:49:20.730 the impact and as the daughter of Avery NOTE Confidence: 0.89421367625 44f15dfa-cc82-4b59-b0ac-c4a75b92e720 00:49:20.851 --> 00:49:23.926 and Rupert and the daughter-in-law of NOTE Confidence: 0.89421367625 3917744e-9449-4867-8764-2de1eccad3a4 00:49:23.926 --> 00:49:27.064 Alpha educators in Ontario who are NOTE Confidence: 0.89421367625 52f03862-234e-4bcd-9406-8ec53299a232 00:49:27.064 --> 00:49:29.958 healthy and happy and very secure, NOTE Confidence: 0.89421367625 966e267f-9d7e-4fef-971a-ba49c8e17cbb 00:49:29.960 --> 00:49:31.780 I thank you for that as well. NOTE Confidence: 0.89421367625 5018ae42-7f26-4aa9-9277-f75f246a043a 00:49:31.780 --> 00:49:34.378 It makes it makes a difference. NOTE Confidence: 0.89421367625 b60364fc-59ce-4621-897c-612c2ff3d42b 00:49:34.380 --> 00:49:36.308 It's, it's very clear. NOTE Confidence: 0.89421367625 27c123e7-0ce1-40bc-bd92-a0274b416083 00:49:36.308 --> 00:49:38.830 Just to see why the Ontario Teachers NOTE Confidence: 0.89421367625 bfa369f9-3418-4985-a31e-1b789a104cb1 00:49:38.830 --> 00:49:41.150 Pension Plan is an enviable one. NOTE Confidence: 0.89421367625 53c6913b-1826-4ee7-83b4-30292eb0e975 00:49:41.150 --> 00:49:44.660 But I was also struck by, you know, NOTE Confidence: 0.89421367625 32ea5c5c-a836-4cb8-b761-d1278ff2a2b8 00:49:44.660 --> 00:49:48.688 not only your vision as a CEO and your NOTE Confidence: 0.89421367625 6fe2654b-8878-493a-ab0c-1445c240b4d3 00:49:48.688 --> 00:49:51.241 passion as a CEO, but several times. NOTE Confidence: 0.89421367625 bd4c361d-d917-4be7-8fb6-a4dae3594aff 00:49:51.241 --> 00:49:52.783 You might not have realized that, NOTE Confidence: 0.89421367625 9af6d7ad-0768-44ea-8784-daf2afb9e41f 00:49:52.790 --> 00:49:53.890 but I was keeping track. NOTE Confidence: 0.89421367625 e64e4772-7c03-48a3-b9ce-c042dd6df28b 00:49:53.890 --> 00:49:55.370 I keep score of things. NOTE Confidence: 0.89421367625 2c82b056-af1d-4c14-99e1-adb4b20ce966 00:49:55.370 --> 00:49:57.605 There's several times that you NOTE Confidence: 0.89421367625 57ea699e-1355-4501-9203-87cd0d879891 00:49:57.605 --> 00:49:59.854 mentioned your team, your talent, NOTE Confidence: 0.89421367625 4c40b9a8-85b7-4472-8c81-68a6b95f1afc 00:49:59.854 --> 00:50:02.566 the people that you work with. NOTE Confidence: 0.89421367625 2189bae2-955c-49f1-889a-cf0ec85111c9 00:50:02.570 --> 00:50:04.335 That makes a difference because NOTE Confidence: 0.89421367625 7c5175a8-3686-4dd5-aaca-dd1665cf2af7 00:50:04.335 --> 00:50:06.929 that is what's going to bring that NOTE Confidence: 0.89421367625 7ab46fcf-67aa-4dcc-9d19-4c6eae851eb3 00:50:06.929 --> 00:50:09.203 sustainable value and also the importance NOTE Confidence: 0.89421367625 3593eeec-dd75-42fb-939e-9119162777ab 00:50:09.203 --> 00:50:11.696 of the impact of the work you do, NOTE Confidence: 0.89421367625 26ee86b9-b0d2-4cb7-9fd3-78a26e42d1f2 00:50:11.700 --> 00:50:13.630 not only the constituents but NOTE Confidence: 0.89421367625 a08ecbb3-c33c-4c6f-9874-1eb4a7917ae8 00:50:13.630 --> 00:50:14.788 the social good. NOTE Confidence: 0.89421367625 4d8fe5a4-0665-407c-a10e-a5e8a4138721 00:50:14.790 --> 00:50:16.966 So many things to thank you for in NOTE Confidence: 0.89421367625 2a673b17-f200-4390-86d7-730763b30233 00:50:16.966 --> 00:50:18.848 addition to your time here today NOTE Confidence: 0.89421367625 bd20819e-a63e-4665-a3a0-25470648da24 00:50:18.848 --> 00:50:20.762 and wish you continued success in NOTE Confidence: 0.89421367625 864e026d-b389-4d0e-a718-b98e36f2afce 00:50:20.828 --> 00:50:23.271 your leadership in one of the most NOTE Confidence: 0.89421367625 530e3c3a-2d57-42e7-aad7-799914ef2116 00:50:23.271 --> 00:50:24.809 successful pension plans in the world. NOTE Confidence: 0.69669462 74aee390-51da-441a-8ffa-f3fc222d85ab 00:50:34.060 --> 00:50:38.206 And Andrew, you're always welcome back. NOTE Confidence: 0.69669462 af0ac707-e4aa-4c66-a90e-df92fe21dad8 00:50:38.210 --> 00:50:40.933 Such a skilled moderator and a wonderful NOTE Confidence: 0.69669462 287cccb6-4232-4a71-809a-8ba90b918987 00:50:40.933 --> 00:50:44.480 partner to chat with at the table, and we NOTE Confidence: 0.69669462 9bd4a01f-57f1-41f6-b2ec-4748a660f1a4 00:50:44.480 --> 00:50:48.190 all forgive you for your egregious error. NOTE Confidence: 0.69669462 d2cb3e39-80d3-4304-8ea0-527c574fcc82 00:50:48.190 --> 00:50:51.646 But don't stop because you make make whole NOTE Confidence: 0.69669462 7ec29347-aeec-4724-896e-28b15627c9b6 00:50:51.646 --> 00:50:54.205 people accountable and make them explain NOTE Confidence: 0.69669462 e473cf94-048f-4a52-b8b1-4b04aea7d926 00:50:54.205 --> 00:50:57.130 their decisions over over drinks in a bar. NOTE Confidence: 0.69669462 ad7310a0-58e7-49b0-abac-f84a6af29269 00:50:57.130 --> 00:51:00.058 But again truly thank you for your your NOTE Confidence: 0.69669462 7ba8e9df-5c5c-4346-96ea-24d48a812ed8 00:51:00.058 --> 00:51:02.437 skill in moderating the conversation NOTE Confidence: 0.69669462 70a1e0f8-b3d1-4371-a469-dd88cd3b1267 00:51:02.437 --> 00:51:05.790 and very much thanks to our tireless NOTE Confidence: 0.69669462 72dc2815-306b-4718-b9f8-babadc7510cd 00:51:05.790 --> 00:51:08.310 Canadian club staff for making sure NOTE Confidence: 0.69669462 e134825e-4197-4e29-b217-35076ee22036 00:51:08.310 --> 00:51:11.508 that there's always value to our members, NOTE Confidence: 0.69669462 878db60f-e4eb-40e3-afcf-6fcc7de88004 00:51:11.510 --> 00:51:14.646 to our sponsors and our guests are well NOTE Confidence: 0.69669462 cb11f0fc-64e0-4b99-9b53-1bc517d0c56a 00:51:14.646 --> 00:51:17.950 taken care of and particular thanks today. NOTE Confidence: 0.69669462 d5ad8b23-6217-4ceb-b343-a1b00759cdd8 00:51:17.950 --> 00:51:20.995 To PwC and McCarthy Tetro as sponsors NOTE Confidence: 0.69669462 cd55c42e-360d-4237-8f4e-44d02d8ac515 00:51:20.995 --> 00:51:23.461 of today's event, it could not NOTE Confidence: 0.69669462 fee97b4d-7219-4b3e-8676-c4865f5d5e38 00:51:23.461 --> 00:51:25.396 happen without their their support. NOTE Confidence: 0.69669462 4d220249-afd5-44de-a641-a8f484107d5f 00:51:25.400 --> 00:51:28.176 So thank you all and I'm hoping to NOTE Confidence: 0.69669462 9d02bc23-1060-492b-8e69-81c09f4fd622 00:51:28.176 --> 00:51:31.321 see each and everyone of you plus all NOTE Confidence: 0.69669462 54743485-2338-4812-977f-cc27c2ab2b4e 00:51:31.321 --> 00:51:34.171 of your friends back maybe a bigger NOTE Confidence: 0.69669462 f6b055b2-812b-49a1-97f2-eae774ae2a9e 00:51:34.171 --> 00:51:36.936 venue to some of our other events. NOTE Confidence: 0.69669462 806eba42-7c25-4dd6-989d-fe6b04399f94 00:51:36.940 --> 00:51:38.480 On September the 28th, NOTE Confidence: 0.69669462 47c12309-b068-4055-a723-fd86c35727d4 00:51:38.480 --> 00:51:40.020 we'll have Aaron Cory, NOTE Confidence: 0.69669462 537edf58-421d-441e-b68c-7fffd379a0a1 00:51:40.020 --> 00:51:42.040 CEO of Canada Infrastructure Bank, NOTE Confidence: 0.69669462 017de7ec-0723-4ec0-ad82-db9a4406cf90 00:51:42.040 --> 00:51:44.440 joining us on September 29th. NOTE Confidence: 0.69669462 611932a8-3581-4a0f-9083-1e9487738e57 00:51:44.440 --> 00:51:46.960 Our lineup will feature a stellar NOTE Confidence: 0.69669462 c8ddacfd-037a-4ba0-8fc2-cb2b6c2e585d 00:51:46.960 --> 00:51:50.264 panner panel on the insights in Canada NOTE Confidence: 0.69669462 5bb1359f-3655-46e8-98c6-d2ef4538d28b 00:51:50.264 --> 00:51:52.839 and the world's economic outlook, NOTE Confidence: 0.69669462 a5fa72d2-12ae-4c54-b8d5-7b85442230f9 00:51:52.840 --> 00:51:54.628 so I will definitely not miss NOTE Confidence: 0.69669462 03320d0f-c85b-45bd-9f18-9e565ae4c87b 00:51:54.628 --> 00:51:55.522 either of those. NOTE Confidence: 0.69669462 363fff88-1657-493d-a6d6-e54fc738a64c 00:51:55.530 --> 00:51:59.310 And also thank you to our partners in AV, NOTE Confidence: 0.69669462 d9b08422-1c1e-4dbb-a832-431bd081aec9 00:51:59.310 --> 00:52:01.266 Val Vandenberg Communications NOTE Confidence: 0.69669462 3e0a718a-50de-4b09-93ac-54b824f19890 00:52:01.266 --> 00:52:02.961 and Live media.ca. NOTE Confidence: 0.69669462 a1b44d2b-bd59-4eb4-91d4-68f2584f021d 00:52:02.961 --> 00:52:06.995 So I hope you had an inspiring a few minutes NOTE Confidence: 0.69669462 f9ebbfa0-bab8-4738-866e-a26980070028 00:52:06.995 --> 00:52:10.395 and stay safe and see you again soon.