CPP Investments sees opportunity in Carney's call for nation-building projects
The head of the Canada Pension Plan Investment Board sees opportunities for the big investment fund in Prime Minister Mark Carney's desire for large-scale, nation-building projects.
CPP Investments chief executive John Graham says the fund has an appetite to continue growing its Canadian assets.
'We're excited that it's going to lead to some pretty interesting domestic investment opportunities,' Graham said in an interview Wednesday.
ARTICLE CONTINUES BELOW
Carney won the federal election last month after campaigning on a plan to remove internal trade barriers and build large projects that can bolster the country's economic resilience.
The prime minister has also indicated he's open to building more pipelines if there is consensus across the country in favour of it.
Graham said it has been challenging to invest in large-scale infrastructure projects in Canada, but noted that may be changing.
'We think that there may be the will to actually build some of these things,' he said, referring to big infrastructure projects.
The comments by Graham came as the fund reported a net return of 9.3 per cent for its latest fiscal year.
The fund totalled $714.4 billion in net assets at March 31, up from $632.3 billion a year earlier. The increase included 59.8 billion in net income and $22.3 billion in net transfers from the Canada Pension Plan.
ARTICLE CONTINUES BELOW
ARTICLE CONTINUES BELOW
The result fell short of its benchmark portfolios' return of 10.9 per cent.
CPP Investments holds a global portfolio, of which 47 per cent is invested in the U.S. compared with 12 per cent in Canada. Nineteen per cent of the fund was invested in Europe, 17 per cent in the Asia Pacific region and five per cent in Latin America, as of March 31.
Graham said the U.S. portion increased last year as its U.S. assets performed well and the U.S. dollar strengthened versus the loonie.
CPP Investments says public equities, especially in the U.S. and China, delivered gains despite geopolitical and trade-related headwinds in its fourth quarter, while investments in private equities, infrastructure and credit also helped. The strengthening of other currencies against the loonie also boosted results.
In releasing its annual report Wednesday, CPP Investments dropped a net-zero by 2050 commitment for carbon emissions. It noted that there have been recent legal developments in Canada that have introduced new considerations around how net-zero commitments are interpreted.
Recent changes to Canada's Competition Act require companies to be able to substantiate environmental claims they make.
Graham said the fund continues to believe in the need to incorporate sustainability in how it manages its portfolio.
ARTICLE CONTINUES BELOW
ARTICLE CONTINUES BELOW
'We think it is really important to incorporate climate and incorporate sustainability into the portfolio when we take a long-term perspective and as a long-horizon investor,' he said.
'Recent legal developments in Canada have introduced, kind of, new considerations around how net-zero commitments are interpreted so that's caused us to change a little bit how we talk about it, but nothing's changed on what we're actually doing.'
This report by The Canadian Press was first published May 21, 2025.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Winnipeg Free Press
36 minutes ago
- Winnipeg Free Press
It's not the time to cave on booze boycotts
Opinion A good measure of the true strength of your intentions is how much you're willing to sacrifice to stand up for what you believe. That should be the case even more when what you're sacrificing is essentially a luxury. You should, after all, be able to hold out a good long time without compromising your principles when what you're giving up is not even a necessity. Well, two Canadian premiers have demonstrated that the strength of their convictions is as shallow as a shot glass. MIKAELA MACKENZIE / FREE PRESs fileS Shelves emptied of American alcohol at a Liquor Mart. Remember when many provinces halted their sales of U.S. alcohol products in response to trade action by the American government? You should — it was, after all, only a little over three months ago that Alberta Premier Danielle Smith was saying this about U.S. tariffs: 'This economic attack on our country, combined with Mr. Trump's continued talk of using economic force to facilitate the annexation of our country, has broken trust between our two countries in a profound way… It is a betrayal of a deep and abiding friendship.' A deep betrayal, all right. As of this week, both Alberta and Saskatchewan began purchasing U.S. alcohol products again. The halt in sales had been a clear and decisive multimillion-dollar message to American producers that Canadians weren't going to put up with the endless tariff follies of U.S. President Donald Trump. With plenty of other domestic and global options, we could no doubt put up with the absence of American wine, beer and bourbon. The boycott threatened US$1.1 billion in American wine sales alone, and U.S. spirits producers have said the boycotts were worse than tariffs. It was a strong message to the U.S. that trade is a two-way street. But a boycott — even of a luxury item that will still face a retaliatory tariff of 25 per cent by the Canadian government — is only as strong as its weakest link. And the governments of Alberta and Saskatchewan, always proud chest-thumpers of the innate toughness of good western folk, have proven to be that weakest link. Heaven forbid the Jack Daniels or Maker's Mark bourbon wouldn't be there to flow for the Calgary Stampede. Meanwhile, Alberta's move was swiftly welcomed by the United States' ambassador to Canada, Peter Hoekstra, who couldn't resist taking a social media victory lap, saying on X/Twitter: 'Very glad to see that Albertans can once again enjoy a cold U.S. beer or glass of wine. Thanks to Premier @ABDanielleSmith for your leadership in removing this barrier to fair and reciprocal trade.' Hoekstra's comments have to be read as a bitter little joke: the fact is that the capricious introduction of tariffs across a broad range of Canadian products by Trump is what built the current barriers 'to fair and reciprocal trade.' (If Hoekstra couldn't see the backhander he was delivering for the insult it truly was, then perhaps the carefully wrought world of diplomacy should not be his trade.) Wednesdays Columnist Jen Zoratti looks at what's next in arts, life and pop culture. Alberta seems quite willing to be the butt of that joke: last Friday, Alberta's Service Alberta and Red Tape Reduction Minister Dale Nally said the sales were being restarted to show a 'renewed commitment to open and fair trade' with the U.S. The United States has shown, of course, not one single iota of renewed commitment to anything like open and fair trade. Let's hope that customers in Alberta and Saskatchewan will continue to make the point that their governments don't have the strength to deliver, and continue to boycott American products until American producers can make their own case to their politicians about the damage done by trade wars. If not? Raise a glass to capitulation. And just wait for the next Trumpian punishment to be dealt out to America's former closest neighbour. Because it will come.
Winnipeg Free Press
37 minutes ago
- Winnipeg Free Press
The importance of looking inward
James Simon has spent his career studying and implementing continuous improvement but it wasn't until he was working on a book that he realized leaders need to look inward before implementing change in the workplace. Simon was writing Headwaters to Change: Navigating Growth, Cultivating Presence when he realized that just as the word 'improvement' starts with the letter I, true improvement starts with the self. 'This word has been telling all of us this from the very inception,' Simon said. 'It starts within ourselves as a leader, either formally or informally. If we are not willing to put the work in up front… we're not going to sustain the changes that we want. We won't be able to fully show up for those that need us.' MIKE DEAL / FREE PRESS James Simon delivers a keynote speech Tuesday at the RBC Convention Centre suggesting that people practise mindfulness — or being fully present — by paying attention to their breath and then focusing on the task at hand. The coach, speaker and program manager at Edmonton's University of Alberta Hospital shared that message Tuesday during a keynote speech at the Embracing Excellence Lean Conference in Winnipeg's RBC Convention Centre. Organized by Canadian Manufacturers and Exporters (CME), the four-day conference started Monday. Around 900 people are expected to attend the event, which aims to demonstrate how embracing excellence and engaging people in continuous improvement drives growth and benefits employees, customers and stakeholders alike. During his 40-minute address, Simon pointed to a study conducted by psychologists at Harvard University that found that, on average, people spend approximately 47 per cent of their waking hours thinking about something other than what they are actually doing. This wandering of the mind makes them unhappy. To combat this, Simon suggested that people practise mindfulness — or being fully present — by paying attention to their breath and then focusing on the task at hand. Staying steady through life's ups and downs, approaching conversations with kindness and compassion and expressing gratitude are other practices individuals and teams can use to achieve sustainable improvements and unlock inner mastery. Embracing a 'beginner's mind' — having an attitude of openness, eagerness and lack of preconceptions — is also fundamental to continuous improvement, Simon said. 'I think if we don't take the opportunity to start with (ourselves) and understand what it really, truly means to move forward with lean and continuous improvement, we can't truly establish the culture that we're looking for,' he told the Free Press after his speech. Started in 2012 and held every three years, the Lean conference is especially important today because of Canada's productivity crisis, said John Chaput, conference chair. Reports show Canada's productivity level is lagging behind countries like the U.S., the U.K. and France. 'A lot of our Canadian companies haven't been able to invest in their culture, in their people, in their technology and sustainability just because they don't know what's possible and they don't know how,' Chaput said on Monday. 'This (conference) helps to show them the how.' Throughout the conference, participants are attending presentations grouped under different 'value streams': technology, improvement, sustainability and culture. They also have the option of attending tours of more than 20 Manitoba businesses to gain insight into how others approach continuous improvement. Chaput hopes the conference helps attendees find new ways to do business. 'It's all about performance-enhancing thinking and strategy, which will help them compete nationally, internationally and globally so they can nail down and secure new supply chains,' he said. About 20 per cent of attendees are from outside Manitoba, according to Chaput. Just about every Canadian province is represented and there are about a dozen delegates from the U.S., he said. The majority of attendees are from the manufacturing sector, with 'just under 20 per cent' from the service and public sectors. During remarks he made to the audience prior to Simon's keynote address, MLA Jamie Moses, minister of business, mining, trade and job creation, noted the supply chain instability and global trade uncertainty that businesses are faced with today. 'That's why I think it's even more meaningful that we learn to work together; that we find ways to connect and support each other as industry so that we can all be stronger through turbulence,' he said. Monday Mornings The latest local business news and a lookahead to the coming week. Those words were echoed by Dennis Darby, CME's president and CEO, who called the conference 'a call to action' and encouraged attendees to talk with each other about what's working for them. 'We need to find those opportunities to continue to work together and get those productivity gains that we know are there,' he said. The manufacturing industry employs more than 1.7 million Canadians and contributes over $700 billion in annual sales, Darby said. The conference ends on Thursday. Aaron EppReporter Aaron Epp reports on business for the Free Press. After freelancing for the paper for a decade, he joined the staff full-time in 2024. He was previously the associate editor at Canadian Mennonite. Read more about Aaron. Our newsroom depends on a growing audience of readers to power our journalism. If you are not a paid reader, please consider becoming a subscriber. Our newsroom depends on its audience of readers to power our journalism. Thank you for your support.
Toronto Star
2 hours ago
- Toronto Star
Competition Bureau seeking public input on algorithmic pricing
OTTAWA - The Competition Bureau says it's looking for public input as it delves deeper into the rising trend of companies using algorithms to set prices. In a paper released Tuesday, the bureau says more than 60 companies in Canada already use automated systems to help set prices, often in real time, for everything from concert tickets to ridesharing to hotel rooms. The paper says that algorithmic pricing could improve competition by helping businesses innovate and be more efficient, but also risks making it easier for companies to co-ordinate their prices and could make it harder for new companies to enter the market. ARTICLE CONTINUES BELOW It says algorithmic pricing could become an issue under the Competition Act if multiple companies rely on the same model to set pricing, creating a form of collusion on pricing even without explicit collaboration. The bureau says the systems could also be used for predatory pricing if a company uses them to specifically target specific customers of rivals, rather than lowering prices overall. The Competition Bureau confirmed in February that it was also investigating the possible use of AI-driven algorithmic pricing in Canadian real estate rental markets. This report by The Canadian Press was first published June 10, 2025.
