Hon. Marc Gold (Government Representative in the Senate): Thank you for the question. The Canada Pension Plan Investment Board, or CPPIB, is an independent body that makes its own investment decisions. The CPPIB operates at arm’s length from both federal and provincial governments and has a mandate to invest Canada Pension Plan funds in the best interests of the 20 million Canadians who contribute and benefit from that plan. Importantly, as affirmed in the board’s 2019-20 report, the Canada Pension Plan remains secure, and the resilience of the fund should give Canadians confidence. The plan continues to meet its performance objectives and provides a foundation for retirement for Canadians, even in these times of unprecedented uncertainty.

Senator Loffreda: I would like to pursue this further. I really think the government needs to properly assess the situation, find out why Canadian pension funds are reluctant to invest and what winning policies can be implemented while respecting the idea of free markets. What tool does the government have to further incentivize pension funds to invest in made-in-Canada businesses? Is the government considering making changes to the regulatory landscape that private pension funds must adhere to?