The Canada Pension Plan Investment Board (CPPIB) is changing the way it holds its biennial public meetings. It's adding live webcasts in the 'town hall' style.
The organization is required to hold public meetings every two years across the country to give Canadians an opportunity to hear about its most recent financial performance, and to pose any questions they have to its top executives. For the first time, on June 11, CPPIB will hold its public meeting as a live webcast in addition to in-person events at a number of locations.
Canada's pension system has been in the spotlight with the recent changes to the Old Age Security (OAS) and Guaranteed Income Supplement (GIC) programs. However, one official points out that the federal government has taken pains to reassure Canadians that no changes are needed for the CPP.
In his recent budget speech, Federal Finance Minister Jim Flaherty emphasized its sustainability, stating that "changes were made years ago to the CPP to ensure it would be sustainable. As a result it is sound and fully funded."
This echoes the same message that Prime Minister Harper had delivered in January at an economic summit in Davos, Switzerland. The chief actuary of Canada reaffirmed in his latest report that the CPP remains sustainable at the current contribution rate of 9.9% throughout the 75-year period of his report.
The CPPIB is a professional investment management organization that invests surplus contributions on behalf of 18 million contributors and beneficiaries of the Canada Pension Plan. The $152.8-billion fund is invested in Canada and globally in a broadly diversified portfolio of public and private equities, real estate, infrastructure, and fixed income instruments.
Anyone interested in viewing or participating in the live webcast can find more information at www.cppib.ca. Participants are encouraged to pre-register and submit any questions.
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