Our pension promise is to deliver outstanding service and
retirement security to all of our Members, the hard working
teachers across Ontario. Did we deliver on that? Of course we
did. We demonstrated a great deal of agility and boldness and
the way we shifted our asset mix so that our portfolio can handle
very different and challenging economic environments.
The short version was it's a really tough year to make money.
Rising interest rates, runaway inflation, reducing growth rates
in an international market made it really difficult for
us to generate returns. The good news that all said is
we did make a positive return for and showed huge agility in
delivering that. We have a long term purpose driven
investment strategy. This is critical because we're delivering
pensions for the teachers across Ontario and that
means we have to pay over the long
term horizon. A key thing we
have to do is to be bold, to aim for the 300 billion of assets
that I've earmarked as one of our North Star targets for
2030. We believe that international growth and
portfolio diversification are two key ingredients in helping
us to execute on our strategy. Last year, we expanded our
international footprint by opening our new offices in
Mumbai and San Francisco. We're very pleased with the progress
we're making in our climate strategy, which is multifaceted.
We are engaging our portfolio companies to help them in their
own decarbonization strategies. So when it comes to the
companies we work with and the communities that they serve,
we're looking to make a difference to make a mark.
I wish that our Members could see what I see in this organization
every day. I'm confident we have the right strategy and the right
people in place to deliver on our long term pension promise.