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Description
Legislative Assembly of Alberta
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B
We
have
a
few
housekeep
keeping
items
to
address
before
we
turn
to
the
business
at
hand.
Please
note
that
the
microphones
are
operated
by
Hansard
staff
committee.
Proceedings
are
live
streamed
on
the
internet
and
broadcast
on
Albert
assembly
TV.
The
audio
and
visuals
video
streams
and
transcripts
of
the
meeting
can
be
accessed
via
the
Legislative
Assembly
website.
B
Members
participating
remotely
are
encouraged
to
turn
to
turn
their
cameras
on
while
speaking
and
mute
their
microphones,
when
not
speaking,
remote
participants
who
wish
to
be
placed
on
the
speakers
list
are
asked
to
email
or
send
a
message
in
teams
chat
to
the
committee
Clerk
and
members
in
the
room
are
asked
to
please
signal
The
Chair
by
or
the
committee
clerk.
Please
set
your
cell
phones
and
other
devices
to
silent
for
the
duration
of
the
meeting,
so
we'll
go
to
approval
of
agenda.
Are
there
any
changes
or
additions
to
the
draft
agenda?.
B
If
not,
someone
would
like
to
make
a
motion
to
approve
the
agenda.
Remember
Yao:
a
secondary,
nope,
okay,
move
by
Memorial
that
the
agenda
for
the
September
26
2022
meeting
of
the
standing
committee
of
Alberta
Heritage
savings
trust
fund,
the
adopted,
as
distributed
all
in
favor,
any
opposed
online,
all
in
favor
aye
aye.
Any
opposed
the
motion
is
carried
approval
of
the
minutes.
Next,
we
have
draft
minutes
for
our
June
28th
meeting.
Are
there
any
errors
or
omissions?
To
note.
B
Remember
honorable
member
Hunter
moved
by
a
honorable
member
hunter
that
the
minutes
of
the
June
28
22
2022
meeting
of
the
standing
committee
and
Alberta
Heritage
savings
trust
fund
be
approved
as
distributed
all
in
favor
I
already.
Did
that
already
sorry?
Thank
you.
Motion
carry
okay,
the
Alberta
Heritage
savings
trust
fund
act,
mandates
that
this
committee
receives
and
reviews
quarterly
reports
on
the
operations
and
results
of
the
Heritage
fund.
We
are
here
today
to
review
the
2022-2023
Alberta
Heritage
savings
trust
fund,
quarter,
report
first
quarter
report.
B
The
report
was
publicly
released
on
August
31st
2022
and
a
copy
was
made
available
to
members
on
the
internal
Committee
website,
we're
pleased
to
have
officials
from
the
ministry
of
Treasury
board
and
finance
and
aimco
joining
us
to
provide
an
overview
of
the
report
and
answer
any
questions.
Members
may
have
with
that.
I
will
turn
the
floor
over
to
your
presentations.
H
H
H
Now,
while
this
is
not
good
news,
it
is
not
unexpected
at
some
point
when
you
have
risk
in
your
portfolio,
returns
are
going
to
be
below
expectations
and
the
Heritage
funds
mandate
is
to
maximize
returns
over
the
long
term
and
to
do
that,
we
have
to
take
risk
if
we
would
have
invested
only
in
fixed
income
or
treasury
bills.
That's
the
risk
for
the
asset.
We
would
have
made
about
zero
percent
over
the
last
five
years,
a
little
better,
but
not
much.
H
H
H
H
H
H
Turning
now
to
investment
income,
the
fund's
investment
income
was
negative,
64
million
for
the
fisc
or
for
the
first
quarter.
This
is
comprised
of
30
negative
34
million
in
investment
returns,
or
investment
income
and
negative
30
million
in
investment
costs.
I
think
I
got
those
backwards:
34
million
of
expenses,
30
million
negative
of
investment
income.
H
G
F
G
Delighted
to
be
here
on
behalf
of
aimco
with
Ahmed
prakash
who's,
our
chief
fiduciary
management
officer
and
Sandra
Lau,
Who's,
chief
investment
officer
they'll.
Each
offer
some
comments
as
well.
We
have
redefined
aimco
in
the
last
year
and
a
bit
to
be
an
organization
that
helps
our
clients
secure,
a
better
financial
future
for
the
albertans
we
serve
and
we
have
issued
a
strategy
that
has
three
parts.
G
The
first
is
to
put
our
clients
first
and
to
focus
on
their
wishes.
Secondly,
to
develop
and
strengthen
an
adaptable
investment
platform
that
can
be
tailored
to
our
clients,
needs
and,
finally,
to
develop
a
people
and
culture
discipline
that
results
in
better
results
for
our
clients
as
well.
That
is
now
being
translated
into
an
investment
strategy
which
we'll
present
to
our
board
initially
in
a
couple
of
weeks
and
then
consult
with
our
clients
after
that
that
may
result
in
some
more
changes
at
aimco.
G
To
date,
we
have
a
new
executive
team
that
consists
of
a
blend
of
folks
from
the
past
and
new
individuals,
including
a
chief
technology
officer
and
a
chief
human
resource
officer,
which
we
did
not
have.
We
flatten
the
organization
and
gone
from
about
130
people,
leaders
to
80.
which
improves
communication
and
decision
making
and
we've
gathered
them
in
a
senior
leadership
team
that
had
our
first
leadership
conference
last
week
that
or
that
the
agenda
for
that
leadership
conference
was
around
psychological
safety,
which
sounds
touchy-feely.
But
in
fact
it's
quite
it's
quite
purposeful.
G
We
are
decision
making
organization,
that's
what
we
do
and
we
need
people
to
challenge
each
other
effectively
and
to
to
overcome
hierarchy
in
order
to
result
in
better
investment
decisions
for
our
clients.
So
a
flat
organization
and
one
where
people
feel
safe
to
speak
up
will
result
in
better
investment
returns,
we're
also
pursuing
emerging
investment
opportunities
in
two
areas.
That
I
should
mention
to
the
committee.
G
The
first
is
geographical
expansion.
We
are
the
the
most
domestic
in
terms
of
the
portfolio
we
operate
for
our
clients,
and
so
we
are
examining
opportunities
to
expand
geographically
in
Asia
and
other
parts
of
the
world.
We
will
do
that
carefully,
but
that's
in
order
to
have
greater
opportunities
for
our
clients
and
secondly,
as
I
think
I
may
mention
in
the
past,
we're
looking
at
transition.
G
Finance
opportunities
there's
something
like
four
to
five
trillion
dollars,
depending
on
who
estimates
it
required
to
transition
the
world
economy
from
a
hydrocarbon,
intensive
economy
to
a
lower
carbon
intensity
economy,
and
while
we
believe
there
will
be
a
future
for
hydrocarbons
in
the
world,
The
Net
Zero
commitments
of
sum
will
require
a
discipline
around
decarbonization.
We
think
there's
money
to
be
made
for
long-term
investors
in
that
area
and
we're
exploring
opportunities.
G
E
Thank
you
Evan
always
pleasure
to
be
here
to
give
the
report
to
the
committee
on
the
result
of
the
Alberta
Heritage
Trust
Fund.
So
we
are
here
today
to
give
you
an
update
of
the
first
quarter
of
the
physical
year
of
2022
and
23
physical
year
performance
like
low
mentioned,
the
first
half
of
2022
is
really
difficult
for
investor.
Indeed,
most
of
the
asset
class
prices
decline
over
the
quarter
primary
because
of
inflation
and
Central
Bank
policy
has
been
the
dominated
narrative
in
the
last
quarter.
E
Inflation
continues
to
be
surprisingly
on
the
high
side
around
the
world,
especially
what
we
witness
in
Canada
and
U.S.
We
have
seen
a
high
print
in
April
and
June
as
such.
Central
Bank,
especially
in
Canada
and
U.S,
also
came
in
for
a
very
aggressive
monetary
policy,
both
of
them
increased
interest
rate
by
two
percent
within
three
months
time.
Market
in
general
very
concerned
learn
about
the
aggressiveness
of
the
Central
Bank,
maybe
a
little
bit
too
late
to
come
to
fix
the
inflation
problem.
Turning
maybe
a
soft
blending
economics
activity
into
a
recession
as
such.
E
With
this
backdrop,
interest
rate
increased
significantly,
as
a
lot
of
you
will
be
aware
of
and
as
a
reference
point
five
years,
Canada
rate
went
from
2.4
percent
to
3.1
percent
over
three
months.
Giving
a
negative
return
of
a
fixed
income
Market
in
general,
from
five
percent
up
to
minus
15
depends
on
the
maturity
bucket.
We
are
looking
at
stock
market
follow
accordingly,
as
well
as
such.
We
have
seen
a
drastic
sell-off
in
the
stock
market
market
in
the
last
quarter,
which
is
the
worst
quarterly
sold
off.
E
We
ever
seen
since
the
credit,
since
the
covet
crisis
stock
markets
sold
off
in
general
from
a
range
of
10
to
16
percent
negative
depends
on
the
region
and
I
guess
usually,
when
the
equity
markets
sell
off
the
usually
get
the
headline
attention.
However,
I
will
comment.
The
last
quarter
is
really
the
fixed
income
Market.
The
dramatic
sell-off
is
the
real
story
of
the
last
quarter.
The
speed
of
the
Central
Bank
increased
in
interest
rate,
the
magnitude
of
the
sold
off
in
the
bond
market.
E
It's
really
we
haven't
been
seeing
for
the
last
couple
decades,
also
the
positive
correlation
between
the
stock
and
bonds
Market
in
which
stock
and
bond
both
sold
off
significantly
during
the
quarter.
It's
kind
of
a
a
unprecedented
event.
As
such,
it's
really
a
hurting
for
a
typical
60
and
40
stock
and
bonds
portfolio.
E
Private
Market
is
not
in
mute
to
the
my
the
market
backdrop.
We
are
seeing
some
of
the
tougher
environment
for
the
private
Market,
such
as
slower
m,
a
decline
in
multiple
and
also
when
the
private
activity,
borrowing
from
the
public
market
is
getting
more
challenging.
However,
on
the
bright
side,
I
will
comment.
Infrastructure
asset
continues
to
be
a
very
strong
and
high
demand
asset,
just
because
of
the
nature
of
it
and
the
market
basically
seeking
for
inflation-sensitive
asset.
E
This
type
of
asset
continues
to
hold
up
very
well,
so,
like
glow
alluded
to
with
the
diversification
aspect
of
the
Heritage
Trust
Fund,
and
also
the
active
management
for
aimco,
the
Heritage
Trust
Fund
on
the
first
quarter,
delivering
a
minus
4.13
yet
outperforming
the
The
Benchmark
by
1.25.
Because
of
the
active
management.
E
This
is
definitely
better
than
a
60
40
traditional
stock
and
bond
portfolio,
but
a
negative
return
is
never
never
ideal
for
a
fund
in
general,
but
we
hope
that,
with
the
excess
return
that
aimco
generate
of
1.25
percent
will
provide
some
of
the
dance
time.
Downside
protection
during
a
market
challenging
environment
long-term
return
continues
to
be
strong,
like
low
alluded
to
6.5
outperforming
The
Benchmark
by
79
basis,
point
10
years,
return
close
to
8.9
percent
outperformed,
The
Benchmark
by
70
basis
point
this
definitely
move
us
closer,
not
yet
there
for
the
100
basis.
E
Despite
the
challenging
Market
backdrop
and
the
equity
portfolio
return,
a
focus
of
being
lenses
less
sensitive
to
the
market
in
general
focus
on
the
value
stock
versus
the
growth
stock
actually
add
to
the
performance
on
the
fixed
income
side,
I'll
focus
on
shorter
maturity
and
shorter
maturity.
Strategies
such
as
private
credit,
private
mortgages
add
to
the
performance
also
on
the
fixed
income
side.
E
Given
we
are
over
in
credit,
the
the
temporary
Mark
to
Market
negative
impact
due
to
credit
spread,
widening
temporary
impact,
the
portfolio
on
the
bright
side,
private
asset,
including
private
Equity,
Real,
Estate
infrastructure.
Private
credit
continues
to
do
very
well,
both
in
absolute
return
and
relative
return
to
as
a
class,
I
would
like
to
highlight.
Private
credit
portfolio
continues
to
do
very
well
because
of
the
floating
rate
in
nature,
just
also
because
of
the
lower
and
Loan
loss
provision
and
default
in
that
portfolio.
E
One
answer
class
I
would
like
to
particularly
highlight
the
infrastructure
infrastructure
return,
nine
percent
positive
over
the
quarter.
This
is
all
because
of
the
asset
class
nature,
I
touch
on
of
in
of
inflation
sensitive
well
also
with
the
some
of
the
asset
we
own
earn
a
very
good
mid-year
valuation
increase
because
of
the
the
strong
quality
of
asset
we
own
now
going
forward.
Nobody
have
a
crystal
ball.
I
guess
the
only
crystal
ball
we
need
to
look
at.
E
Is
inflation
I
think
going
into
the
shorter
and
medium
term?
We
are
not
at
all
out
of
the
woods
yet,
although
there
are
significant
pullback
in
the
stock
and
bonds,
Market
I
think
it
may
still
be
too
soon
to
assess
a
full
Rebound
in
the
risk
asset
until
a
clear
sign
of
where
inflation
is
heading,
not
to
mention
away
from
inflation.
There
are
continues
to
all
the
risks
that
coming
our
way,
especially
of
a
geopolitical
risk
U.S
versus
China,
the
fragmentation
of
Europe
Russia
you
in
crane.
E
Those
components
continues
to
be
impacting
the
inflation
in
the
forward-looking
and
also
the
economics
recovery
going
forward.
So
as
such,
how
we
manage
the
portfolio
for
our
client
and
all
of
our
client
is
continues
to
remain
cautious
and
being
defensive,
make
sure
we
have
liquidity
in
hand
that
when
market
present
opportunity
itself,
we
are
ready
to
react.
So
with
that
Mr
chair,
let's
summarized
my
my
opening
remarks.
F
I'll
just
take
two
three
minutes
to
cover
what
we
are
doing
with
clients,
so
as
we've
as
we've,
transitioned,
quite
firmly
and
intentionally
into
becoming
more
client-centric
organization.
The
first
one
of
the
first
areas
we
focused
on
was
to
ensure
that
the
lines
of
communication
we
have
with
our
clients
that
is
fully
functioning,
so
we've
operationalized
CEO
Council
that
meets
at
least
once
a
quarter
that
having
shares
with
the
leadership
of
all
of
our
all
of
our
clients
and
the
focus
of
that
forum,
is
on
strategic
topics.
F
And
that's
that's
been
functioning
for
about
year
and
change.
Now.
We
also
have
a
have
a
forum
which
focuses
on
more
granular
topics
and
including
products,
risk
leverage,
Etc
and
that's
been
functioning
as
well.
The
second
bit,
the
second
key
aspect
of
of
building
strong
connectivity
with
clients
is
a
whole
host
of
consultations
on
products
and
which
allows
clients
to
have
good
transparency
and
visibility
into
products
and
ensuring
that
our
platform
is
fit
for
purpose
for
their
investment
needs.
F
We've
also
been
building
quite
actively
a
more
focused
capability
on
helping
clients
with
their
decision
on
policy
effects
on
asset
on
asset
class
decisions
on
topics
such
as
inflation,
and
therefore
we
will
be
engaging
with
them
about
some
recommendations
in
terms
of
how
their
portfolio
could
be
better
positioned
as
we
look
forward
from
inflation,
but
other
long-term
trends
as
well.
So
with
that
I'll
turn
it
back
to
you.
Okay,.
B
Thank
you.
Thank
you
very
much,
interesting
time
to
live
in
here
so
now,
I'll
look
to
committee
members
for
questions,
I'll
start
at
I'll,
start
on
the
opposition
side
and
then
I'll
go
back
and
forth
and
we'll
give
one
question
and
then
a
follow-up
and
then
and
then
we'll
just
keep
going
going
that
way.
So
we
will
start
with
honorable
member
gray.
Thank.
J
J
But
my
first
question
is
about
some
of
the
government
reporting-
that's
I'm,
just
hoping
to
get
a
little
bit
of
clarity
at
our
last
meeting,
where
we
considered
the
annual
report
TBF
at
aimco
reported
to
this
committee
that
1.247
billion
of
investment
income
was
being
transferred
to
the
General
Revenue
fund,
and
we
accepted
that,
and
this
committee
then
submitted
its
report
to
the
legislature.
But
in
the
government's
first
quarter
fiscal
update,
they
said
plans
had
changed
and
to
quote
from
that
report
they
said
the
government
of
Alberta
will
amend
the
Heritage
savings.
J
Trust
fund
act
to
provide
an
option
to
retain
all
net
investment
income
in
the
Heritage
fund
for
2021-22.
This
will
allow
a
total
of
1.2
billion
to
be
retained
in
the
fund
so
put
in
another
way.
The
government
said
in
their
report
that
they're
going
to
change
the
law
and
retroactively
change
the
financial
reporting
from
the
previous
fiscal
year,
and
so
in
trying
to
understand
that
and
looking
at
the
first
quarter
report,
I
think
my
first
question
is
really:
where
is
the
the
1.247
billion
today?
Has
that
money
already
moved
or
what?
J
H
The
reason
is
simple,
because
until
you
do
the
last
income
statement
for
the
annual
or
the
annual
income
statement,
you
don't
know
how
much
investment
income
has
been
earned.
Last
year
after
three
quarters,
we
would
have
transferred
all
kinds
of
money
because
we
were
doing
very
well
and
then
the
fourth
quarter.
H
H
C
Thank
you
very
much
chair
first
off
Mr
siddle
Senior
Team.
Thank
you
very
much
for
all
your
hard
work
and
diligence
and
investing
Alberta's
nest.
Egg
with
your
responsible
Investments,
greatly
appreciate
that,
and
some
of
your
comments
that
you
made
earlier
about
flattening
the
organization
reducing
to
the
bureaucracy,
is
music
by
ears
and
and
that
it
gives
me
confidence
that
you
guys
are
are
well
self-managed
and
continuing
to
do
things
to
make
things
better
for
albertans.
So
thank
you
all
so
much
for
that.
C
I
do
believe.
It's
important
to
highlight
that
you
what
you
guys
mentioned
about
the
challenges
that
you
witnessed
this
quarter
and
how
they
are
not
unique
to
this
fund
and
how
these
things
have
affected
investment
markets
all
over
the
world.
I'm
also
aware
that
the
country's
largest
pension
fund,
the
Canadian
pension
plan,
was
hurt
by
a
broader
sell-off
in
global
equities
and
they
posted
a
they
had
numbers
of
4.2
percent,
negative
4.2
percent
return
and
then
their
first
fiscal
quarter.
C
So
to
that
effect,
can
you
comment
on
what
are
some
of
the
market
conditions
that
have
been
affecting
our
investments
in
the
Heritage
fund?
How
can
the
rising
interest
rates
and
other
global
concerns
affect
the
value
of
the
assets?
Are
the
actions
of
our
federal
government
impairing
us
that
much
is
I,
swear
they're
trying
to
drive
us
into
a
recession,
but
if
you
could
expand
on
how
these
all
these
various
issues
affect
your
ability
to
invest
in
companies?
Thank
you.
G
I'll
invite
Sandra
to
respond
in
Greater,
detail,
Mr
chair,
but
I
would
say
that
comparisons
between
aimco
and
some
of
the
other
investment
fund
managers
pension
fund
managers
are
often
awkward
because
of
mixed
differences.
So,
for
example,
cppib
would
have
a
much
greater
exposure
to
equities
than
our
clients
have
chosen
to
have
and
as
a
result
would
be
therefore
more
affected
proportionately
by
those
markets,
and
that's
one
of
the
things
that's
evident
in
those
results.
But
Sandra
would
you
like
to
add
any
further
comment.
Yeah.
E
Sure
yeah
thanks
thanks
for
the
question
and
no
doubt
we
are
in
the
extreme
challenging
environment
and
just
looking
forward
what
we
experienced
the
last
weeks.
The
inflation
continues
to
be
a
topic,
and
indeed
central
bank
went
further
for
each
of
them
having
a
75
basis.
Point
for
the
increase
on
the
rate
as
well
so
uncertainty
in
inflation,
uncertainty
in
Central,
Bank
policy
and
continues
will
be
the
the
biggest
challenge
of
Investment
Portfolio.
E
However,
like
low
mention
and
how
we
manage
the
Heritage
fund
portfolio,
long-term
and
diversification
is
always
the
silver
lining
for
the
portfolio.
The
Heritage
Trust
Fund
is
well
Diversified
in
the
stock
bonds
portfolio
and
especially
on
the
inflation
sensitive
asset
for
this
well
Diversified
portfolio.
It's
it's.
There
are
different
challenges,
but
also
with
the
different
kind
of
protection
for
the
portfolio
and
allow
me
to
touch
on
also
on
the
inflation
sensitive
portfolio,
especially
on
the
infrastructure
and
real
estate
portfolio.
Those
are
the
portfolio
that
really
provide
a
very
good
hatch.
E
Protection
in
an
in
and
higher
inflation
environment
in
the
in
infrastructure
portfolio
is
well
designed
for
basic
utility
Port
Airport
in
real
world
that
that
allowed
us
to
have
a
very
high
transferable
pricing
power
to
the
consumer
or
the
off
taker.
That
way,
it's
very
heavy
inflation
protected
real
estate
portfolio
as
well
is
a
very
good
in
inflation
protection
portfolio
for
the
Heritage
Trust
Fund,
especially
our
exposure
in
residential
industrial
that
allowed
us
to
reset
the
the
lease
rate
on
a
regular
basis.
E
So
from
that
front
it
will
be
a
very
good
protection
for
the
portfolio
going
forward.
The
thesis
of
the
portfolio
of
this
continues
to
diversify
and
in
terms
of
interest
rate
sensitivity,
it
will
continue
to
be
some
challenge
for
the
stock
and
bonds
portfolio.
No
doubt,
however,
the
team
continues
you
to
be
disciplined
and
also
for
the
risk
and
challenge
coming
forward
is
also
means
some
opportunity.
The
u-curve
is
inverted
right
now,
that's
mean
the
the
fixed
income.
Market
is
more
pricing
in
the
in
the
the
risk
of
recession
coming
our
way.
E
C
E
E
F
Private
debt,
as
Sandra
alluded
to
we're,
also
working
quite
hard
at
an
absolute
return
solution,
which
is
quite
attractive,
particularly
in
an
environment
where
the
market
returns
expected
market
returns,
maybe
maybe
lower
than
they've,
been
over
the
last
10
years.
Those
are
some
of
the
things
that
we
are
focused
on
working
on
cloud
with
clients
that,
in
a
forward
in
a
forward-looking
manner,
relative
to
the
portfolios
that
we've
been
managing
in
the
past.
Thank
you.
B
F
J
We'll
come
back
to
the
current
government's
stated
intent
to
retroactively
change.
What
was
happening
with
1.24
billion
of
the
Heritage
fund
for
the
last
fiscal
year,
and
in
your
answers
you
referred
to
the
annual
income
statement
being
finalized
in
my
my
question
is:
is:
are
we
not
talking
about
the
the
final
results,
year-end
reporting
that
was
published,
June,
2022
or
or
is
that
something
else
like
I
may
be
confused
about
that,
but
specifically
I
also
am
just
very
curious
about
this
very
large
amount
of
money
from
the
Heritage
savings
trust
fund.
J
What
happens
because
this
legislation
has
not
been
passed
yet?
What
happens
if
a
new
premier
comes
in
and
says?
No,
we
we
aren't
going
to
do
that,
given
the
books
have
been
closed.
What
what
happens
with
this
process
and
with
these
dollars
and
and
the
impact
to
the
investment
decisions
that
aimco
is
making.
H
This
comes
down
to
a
question
of
oh
when
you
report
income
and
when
you
move
cash,
your
report
income
at
the
end
of
the
as
of
the
end
of
the
fiscal
year
that
doesn't
mean
transferred
the
cash
the
cash
changes
as
it
changes.
When
you
move
cash,
it
goes
up
and
down
when
income
you
don't
have
to
have
that
movement
of
cash
to
record
the
income
income
is
done
on
an
accrual
basis,
whereas
cash
is
done
on
obviously
a
cash
basis.
H
So
there
are
often
differences
between
statements
and
cash
now
I.
One
other
thing
I
would
point
out
is
that
the
legislation
the
Heritage
fund
Act,
allows
the
minister
of
finance
of
the
day
to
decide
on
the
timing
and
method
of
payment
of
the
that
money
that
is
to
be
transferred
to
the
General
Revenue
fund,
and
so
nothing
turkey
going
on
here.
H
J
Thank
you
for
bad
answer
I.
So
my
question
is
maybe
more
appropriately
directed
to
aimco
when
it
comes
to
the
managing
of
this
large
portfolio
that
you
have
there's
now
uncertainty
around
this
1.247
billion,
whether
it
might
my
understanding
would
be
whether
it
needs
to
be
kept
liquid,
so
it
can
be
transferred
over
to
grf
or
whether
it's
going
to
be
invested
with
the
pool
of
money
and
what
decisions
are
happening.
On
top
of
that,
we
now
are
forecasting
an
additional
1.738
billion
for
the
next
fiscal
year.
J
So
that's
roughly
three
billion
dollars,
I'm
curious
from
aimco.
What
planning
work
is
being
undertaken
around
this
three
billion
dollars
and
and
how
that
might
impact
future
funds
total
value
if
it's,
if
it
is
all
kept
within
the
Heritage
savings
trust
fund,
but
also
your
investment
decisions
and
the
management
of
this
pool
of
money?
How
is
that
impacted
by
the
uncertainty
of
legislation
that
hasn't
been
passed
yet.
G
Just
make
some
general
comments,
our
different
clients
have
different
cash
flow
needs
from
time
to
time,
and
we
work
closely
with
them,
including
treasury
board,
in
finance
to
anticipate
what
those
needs
are
and
we
manage
liquidity
on
their
behalf.
In
addition
to
Investments
on
their
behalf
and
there's
an
ongoing
dialogue
between
ourselves
and
TBF
as
there
are
with
our
other
clients-
and
this
is
just
part
of
what
we
do
but
soon
yeah.
E
And
well,
first
off
liquidity
management,
like
Evan
alluded
to
how
we
manage
for
the
client
is
always
top
of
our
Focus.
We
always
pay
attention
on
the
liquidity
of
the
fund
in
any
different
shape
and
form,
and
we
have
a
very
good
discipline
of
proper
allocation
in
public
asset
class,
which
is
more
liquid
by
design
that
provide
the
clients,
much
needed
liquidity,
and,
in
this
case
also
for
the
Heritage
Trust
Fund
as
well
even
I,
would
add.
E
Even
during
a
stress
environment,
we
have
a
very
rigorous
discipline
in
place
to
make
sure
we
have
the
ample
of
liquidity
to
meet
the
client's
need,
or
even
the
market
environments
that
we
need
to
deploy.
Also
for
the
a
lot
of
withdrawal
in
the
past,
sometimes
is
the
billion
in
size
not
necessarily
happen
all
at
once
in
one
chunk
of
lump
sum.
E
So
I
think
those
are
the
the
front
and
center
focus
of
us,
and
so,
with
this
talk
and
bonds
portfolio
liquidity,
how
we
manage
rigorously
on
the
liquidity
management
as
a
holistic
approach
and
even
a
different
type
of
facility,
we
always
have
standby
in
case.
We
need
much
more
needed
liquidity.
We
have
different
process
and
governance
in
place
to
ensure
all
the
clients
have
the
amp
of
liquidity
if
they
need
it.
B
C
H
H
C
F
They're,
putting
money
in
or
out
the
public
markets
are
easy
because
you
know
they
can't
absorb
a
billion
two
billion
multi-billion
contributions,
but
the
investments
into
the
liquid
markets,
private
Equity,
Real,
Estate
infrastructure
that
clearly
can
take
longer
than
public
markets.
So,
typically
the
process
we
work
with
clients
on
is
to
invest
those
monies
in
surrogate
liquid
markets.
Still
such
time,
the
real
estate
or
private
Equity
transactions
are
available
and
then
over
time
the
those
monies
move
into
the
illiquid
markets.
In
some
cases
it
could
be
a
one-year
period
depending
on
asset
class.
F
J
J
Yeah,
that's
incredibly
surprising,
okay,
so
the
Heritage
fund
Act
is
silent
on
timing,
which
is
allowing
the
government
to
delay
the
transferring
of
funds
that
they
put
in
their
budget
would
happen
indefinitely
until
they
may
or
may
not
pass
legislation,
because
we
have
political
uncertainty
and
currently
a
premier
has
said
they
would
pass
legislation,
but
there
may
be
a
new
premier
and
it
may
or
may
not
take
place,
am
I
accurately
summarizing
the
State
of
Affairs.
At
this
point.
J
Yes,
okay,
I
appreciate
the
the
clarity
to
understand,
what's
happening
and
then
in
response
to
to
member
Yahoo's
question
I
I
heard
aimco
talking
about
and
TBF
talking
about
the
the
challenge.
When
you
have
such
a
large
investment
coming
in
and
so
I'm
just
curious.
What
planning
thinking
strategizing
is
already
happening,
knowing
that
in
theory,
these
these
dollars
are
being
allocated,
but
we
are
waiting
for
the
legislation
in
the
meantime,
I'm
sure
you're
busy
working
on
that.
If
you
could
walk
me
through
what
that
looks
like.
F
The
the
process,
when
money's
again
coming
in
going
out
of
any
client
portfolios
centers
around
couple
of
things
so,
firstly,
in
this
instance
the
monies
coming
in
if
it
if
he
was
simply
doing
a
pro
rata
across
the
current
portfolio.
So
that's
that's
Ground
Zero,
if
you
will.
The
second
bit
is
to
that
view.
Some
of
the
things
I
mentioned
earlier
about
private
credit
about
absolute
return,
Etc
some
of
the
newer
things
we
should
be
looking
at.
F
That's
the
second
part
that
we
would
engage
with
clients
on
in
terms
of
what
the
future,
what
the
incremental
dollars
may
look
like
and
then
the
third
part
is
more
the
implementation
around
the
timing,
which
asset
classes,
which
pools
which
provide
greater
certainty
around
the
timing.
So,
for
example,
if
monies
were
coming
in
the
second
week
of
December,
you
may
not
want
to
trade
around
Christmas,
because
Market
liquidity
is
really
down.
So
the
that
really
goes
down
into
the
bowels
of
the
implementation
decisions
around
client
contributions.
E
I
think
I
would
summarize
it
very
well
and
given
the
s
of
a
Buddha,
Heritage,
Trust
Fund
is
a
a
word
Diversified
portfolio
of
stocks,
bonds
and
illiquid
and
at
the
same
time,
ideally
is
the
Parada
allocated
it.
However,
in
some
of
the
market
challenging
function,
you
don't
want
just
place
the
money
to
a
liquid
asset
for
the
sake
of
just
like
deploying
the
asset,
we
still
would
like
to
find
the
The
Prudent
best
essay
product
line
as
such,
it
may
take
some
time.
E
L
Thank
you
very
much,
Mr
chair
good
morning.
Everyone.
Thank
you
for
your
presentations.
It's
unfortunate
that
we're
in
this
position,
but
I
appreciate
your
candor
with
respect
to
how
we
will
address
it.
I'm
just
going
to
reference
on
page
one
of
the
quarterly
report
I
see
that
the
quarter's
losses
are
expected
to
be
recovered
in
the
remaining
three
quarters
of
the
year
and
I
just
wanted
to
ask
a
couple
of
questions
around
that,
first
and
foremost
from
reading
the
report.
It's
my
understanding
that
most,
the
bulk
of
the
losses
are
actually
not
realized.
Yet.
L
Excellent,
so
I
just
wanted
to
ask
then,
with
respect
to
the
losses
as
of
the
date
of
this
report,
when
we
look
at
Investments
and
I,
don't
have
to
tell
you
guys
this
it's
it's
a
little
bit.
It
can
be
a
little
bit
misleading
for
the
public
to
look
at
a
loss
on
any
given
day,
particularly
over
a
short
short
time
frame.
L
It
can
make
them
feel
that
you
know
the
sky
is
falling
when
really
this
fund
is
managed
on
a
long-term
basis
of,
as
many
of
my
colleagues
have
alluded
to
this
morning,
and
so
I
just
wanted
to
know
what
what
is
the
forecast,
what
are
what's
the
Thought
around
the
bulk
of
these
losses
not
actually
being
realized?
How
realistic
is
it
given
the
geopolitical
realities
and
the
other
challenges
with
inflation
that
you've
already
mentioned,
that
that
the
bulk
of
these
losses
will
recover
over
the
next
three
quarters?
What
what's
your
prognosis
on
that.
H
L
Well,
I
guess
I'm
just
wondering
for
the
benefit
of
the
public
who
may
Panic
seeing
this
this
release
of
information.
You
know,
overall,
this
is
a
broad
fund.
It's
Diversified
I
realize
this
is
not
the
best
time
or
Market
to
be
investing
in
it's
a
challenging
Market.
But
when
I
look
back
even
a
year
ago,
the
reverse
was
happening.
We
had
unexpected
larger
than
normal
gains,
and
so,
as
you
balance
it
out
over
a
number
of
years,
as
you've
said,
the
last
five
years
were
at
I
think
6.5
percent
I
guess.
L
H
Question
we,
when
we
do
our
budget
planning,
we
take
a
model
and
we
estimate
returns
for
the
long
term
for
all
the
asset
classes.
We
estimate
the
risks
and
basically
re-run
a
simulation
or
about
10
000
simulations
of
what,
if
all
those
variables
interact
randomly
what
the
returns
will
be.
That's
how
we
come
up
with
the
investment
income
forecast.
G
G
So
we
report
more
frequently
and
it's
inconsistent-
the
timing
of
our
reporting
with
the
timing
of
our
investment
Horizon
in
in
making
those
reports
and
in
doing
the
most
accurately
we
reflect
the
market
environment
at
the
time
and
make
estimates
about
what
that
says
about
current
valuations
for
the
Assets
in
the
portfolio
they
do
fluctuate.
A
lot
and
long-term
investor
can
tolerate
that
those
fluctuations
and
we
certainly
hope
to
regain
these
losses
but
I
like
Mr
app
I,
would
not
predict
or
promise
that
I
don't
have
that
crystal
ball.
L
L
I
guess
one
of
the
questions
I
had
was
with
respect
to
the
strategy
and
the
requirement
to
be
nimble
and
shift
your
strategy.
As
you
look
at
the
challenging
Market
before
you,
one
of
the
things
I
think
about
is
the
the
target
asset
composition.
How
is
it
determined
and
how
often
do
you
shift
that
I
realize
it's
not
necessarily
the
easiest
thing
to
shift
it
on
a
moment's
notice,
but
is
there
some
work
being
done
to
look
at
how
often
that
needs
to
be
reviewed,
given
that
the
shifting
Market
that
we're
in.
H
So
we
would
do
an
asset
allocation
study
every
three
to
five
years
that
matches
what
Pension
funds
do.
However,
to
be
honest,
we
haven't
done
that
we've
done
minor
changes
to
the
mix
in
the
last
10
or
11
years,
but
we
have
not
made.
We
have
not
done
a
comprehensive
review.
We
are
in
the
middle
of
a
comprehensive
review
and,
quite
frankly,
when
we
started
the
world
looked
a
lot
different
than
now,
so
we've
gone
back
and
we
we
are
currently
re-evaluating
and
resetting
our
expectations
of
the
future.
I
E
That's
that's
completed
and
if
well,
basically,
the
Russian
the
market
is
closed
and
we
have
all
this
effort
to
to
divest
from
the
the
asset
that
said
I'm
going
into
the
ruptured
Ukraine
situation,
our
exposure
from
aimco
to
Russia
or
Ukraine
is
like
relatively
insignificant
and
I
would
describe
as
minimal.
We
have
no
direct
investment
in
the
eLiquid
asset
in
Ukraine
and
Russia.
I
Thanks
for
that,
sponsor
so
I
I
I
heard
no
direct
investment
and
that
that
Market's
closed
I
guess
I'm
wanting
to
ensure
that
there's
there's
we're
doing
everything
we
can
to
ensure
that
no
Alberta
money
that
belongs
to
albertans
is
being
invested
in
funding
this
a
legal,
Invasion
and
I
I
think
I'm,
seeing
a
nod
on
that.
So
so
my
thank
you
so
much
so.
I
My
second
question
is
it's
not
the
only
place
right
now
where
I'd
say:
there's
geopolitical
risk,
certainly
in
the
South
China
Sea,
there's
a
lot
of
tensions
at
this
time,
so
I'm
hoping
that
you
can
walk
us
through,
what's
being
done
to
ensure
that
our
geopolitical
risk
is
minimal
and
that
we
are
certainly
not
aligning
ourselves
with
things
that
I
think
the
majority
of
albertans
would
feel
are
ethical
concerns
when
it
comes
to
investing
their
their
money.
So
what's
the
team
look
like?
E
So
our
exposure
is
basically
the
typical
developed
market
and
some
of
the
emerging
market
and
when
we
don't
have
exposure
and
a
lot
of
deep,
deep
Frontier
market,
and
sometimes
a
lot
of
it,
will
be
a
risk
of
the
country,
risk
and
Regulatory
risk
and
different
kind
of
jurisdiction
risk
that
we
consider
as
well
now
as
far
as
policy,
because
of
the
diversification
of
aspect
of
it.
The
portfolio
is
closely
monitored
and
make
sure
we
have
a
control
and
limit
on
each
country,
and
we
also
have
control
and
limit
on
some
of
the
country.
E
We
will
not
invest
it
in
and
also,
if
going
into
any
country
or
any
other
region.
There
is
a
thorough
process.
Not
only
the
investment
team
joined
the
underlying
due
diligence
and
also
the
risk
team
and
involved
the
responsible
investment
team,
sometimes
to
looking
at
some
country
on
the
country
risk
in
particular
that
we
are
assessing.
So
from
a
different
angle,
from
the
control
of
the
diversification
we
have
on
the
underlying
due
diligence
for
any
country
we
have
and
the
limits
and
the
discipline
of
we
not
going
into
some
country
in
particular.
E
H
Is
the
accumulated
operating
Surplus
in
the
statements?
That's
what
it's
called.
It's
all
the
money
that
has
been
retained
and
not
paid
into
the
General
Revenue
fund
or
other
projects
early
on.
So
if
you
look
at
the
financial
statements
on
page
four
you'll
see
an
accumulated
operating
surplus
of
just
over
17
billion
dollars
and
and
that's
assets,
less
liabilities
very
simply.
H
K
Thank
you
for
answering
and
I
see
that
the
Heritage
fund
benefited
from
gains
in
inflation,
sensitive
Investments,
such
as
infrastructure
and
real
estate.
And
can
you
please
State?
How
much
did
this
group
of
investment
in
in
the
last
quarter
and
what
factors
made
it
possible
if
these
Investments
for
these
Investments
to
grow
compared
to
other
asset
groups,.
E
E
Sometimes
the
the
cash
flow
of
it
is
adjust
to
inflation,
such
as
the
off
ticket
contract
and
the
constant
contract
we
have
on
the
infrastructure
asset
and
on
the
on
the
real
estate
side.
It's
especially
like
I
alluded
to
on
the
industrial
and
residential,
and
sometimes
the
lease
can
adjust
because
of
the
inflation,
so
those
components
of
it
and
I
would
argue
within
the
the
two
pool
is
a
perfect
inflation,
sensitive
protection
asset
and
the
beauty
of
that
asset
is
also
in
the
infrastructure
asset
class.
E
There
are
a
good
Tailwind
coming
along.
Our
way
for
the
asset
collects
continue,
should
be
looking
at
alternative
as
a
class
such
as
telecommunication
and
also
in
green
energy.
Those
are
the
two
themes
that
create
a
lot
of
Tailwind
that
create
a
very
strong
return,
including
the
inflation
Protection.
One
of
the
good
example
is
such
as
one
of
the
investment
that
we
have
through
the
S
power.
E
Now,
how
do
we
grow
on
those
two
assets
and
I
think
the
teammates
continues
to
be
working
hard
to
grow
those
E-liquid
asset
classes
on
behalf
of
the
client
in
which
we
find,
in
addition
to
Absolute
return
or
private
credit,
those
are
the
asset
class
that
is
a
very
good
strategy
to
grow
for
an
inflation
environment
going
forward.
The
team
is
working
heart,
but
also
we
are
mindful
of
the
backdrop
and
I
think
we
we
love
to
grow
the
asset.
E
However,
we
want
to
grow
the
asset
and
the
much
disciplined
approach
identify
the
asset
that
represent
value
and
with
the
the
good
reset
just
return.
We
are
looking
for
to
ensure
that
will
provide
the
well
much
needed
diversification
for
our
client,
but
also
mindful
of
the
entry
point
of
how
we
identify
the
asset
and
the
valuation
of
what
we
are
coming
in
for
the
asset.
F
L
F
F
J
Thank
you
very
much.
I
appreciate
that,
just
as
a
follow-up
to
the
the
light
of
question,
we
were
just
talking
about
and
I'm
curious,
the
real
estate
side,
industrial
residential,
are
inflation
protected
and
we're
seeing
good
returns
in
that
class.
Is
that
because
People's
rent
is
going
up
like?
Is
that
that
I'm
just
trying
to
better
understand
that,
but
is,
is
part
of
it,
because
those
assets
are
passing
on
those
inflation
costs
to
do
you
understand
that
what
I
mean
like.
E
Part
two
two
component
of
the
real
estate
is
the
income
generation
in
general.
Usually
real
estate
will
have
a
good
income
generation,
which
is
around
two
three
percent
of
in
general,
and
the
other
part
of
it
is
also
value
creation
of
it.
So
the
two
components
that
we
with
on
a
real
estate
return
is,
is
that
and
the
the
inflation
protection
design
also
come
from
is
is
the
the
rent
component
and
the
lease
rate
component.
That
is,
is
more
frequently
adjustable
in
case.
G
F
J
For
my
follow-up,
I
would
like
to
just
ask
a
little
bit
more
about
what's
going
on
with
inflation
and
the
the
impacts
that
we
are
seeing
and
I
know
missile
referenced
this
in
her
initial
comments,
because
we're
certainly
seeing
last
week
the
U.S
Federal
Reserve
chairman
announced
rates
were
increasing
by
75
basis
points,
but
then
which
was
expected,
but
then,
with
the
surprise,
said,
rates
could
rise.
Another
150
basis
points.
Two
months
ago,
the
FED
forecast
two
rate
increases
of
75
and
50
basis
points.
J
That's
the
swing
in
the
forecast
of
a
hundred
points
in
the
forward
guidance
in
just
60
days
and
and
I
appreciated.
The
opening
comments
that
that
touched
on
some
of
this
and
suggest
we're
not
quite
Out
of
the
Woods
I
was
hoping
to
dive
into
this
just
a
bit
deeper.
If
you
can
interpret
what
this
means,
if
aimco
is
expecting
a
hard
landing
and
what
these
rate
increases
ultimately
mean
for
both
Alberta's
economy
and
the
the
Heritage
fund.
G
I'll
invite
you
to
elaborate
in
a
sec
having
spent
a
little
time
in
the
Bank
Canada
I
will
just
offer
that
the
bank
monetary
Authority's
objective
is
price
stability.
Runaway
inflation
is
something
that
we
saw
in
the
early
70s
that
is
very
socially
harmful,
and
my
sense,
although
I
have
no
inside
information,
is
that
monetary
authorities
would
risk
a
minor
recession
in
order
to
ensure
price
stability
and
I.
G
Think
that's
that
that
that's
what
their
their
agreement
with
it
with
the
federal
government
is
to
do
in
particular
our
Bank
of
Canada
as
to
predicting
where
that
ends
up.
You
know,
the
bank
rate
is
actually
a
very
blunt
instrument
and
they're
trying
to
control
price
stability
with
one
trigger.
As
a
result,
it
does
result
in
some
fine
tuning
over
time.
Now,
where
that
goes,
Sandra
I'll,
let
you
predict
because
I
can't
do
it.
E
E
As
such,
that's
why
the
central
bank
has
been
coming
in
very
aggressively
trying
to
control
inflation.
As
for
the
the
next
quarter
that
we
have
left
like
Evan
mentioned,
Central
Bank,
basically
very
upfront
priceability
will
be
the
front
Center
focus
of
them.
We
won't
be
surprised
to
see
a
more
aggressive,
Central
Bank
action
for
the
next
two
meeting,
which
is
coming
up
in
the
next
quarter
before
year.
End
which
easily
bring
the
the
the
front
end
rate
from
three
and
a
quarter
percent,
and
maybe
we
are
touching
four
percent
now.
E
The
challenge
is
when
the
interest
rate
going
into
a
very
high
situation
like
if
we
are
approaching
four
percent,
then
the
probability
of
a
recession
will
be
getting
very
high
just
because
of
how
it
impact
the
economy
and
how
it
impacts
consumer
spending.
So
four
percent
will
be
a
really
a
stretch
number
if
inflation
getting
there,
but
at
the
same
time,
I
think
with
that
we
are
seeing
the
sign
of
a
certain
component
of
inflation.
Asian
already
are
coming
down
so
with
the
monetary
policy
being
in
front
of
it.
E
I
think
the
market
is
generally
maybe
pricing
in.
If
there
is
a
recession
coming
our
way.
Hopefully
it
will
be
a
relatively
shuttle
inflation
shortlisted
and
for
a
period
of
time
and
inflation
in
interest
rate
policy
would
be
data
dependent
so
with
a
more
front
end
of
the
adjustment
coming
to
it.
Right
now,
with
the
adjustment
and
the
monetary
policy
kicked
in,
the
expectations,
General
will
be,
maybe
will
be
2023
later
on.
E
We
will
see
a
flat
out
or
or
or
a
stabilize
of
a
hiking
of
inflation
and
or
our
interest
rate
and
inflation
in
general.
Maybe
it
the
the
impact
and
effect
will
die
down
eventually,
so
I
don't
have
a
crystal
ball
and
that's
why
I
was
more
alluding
to
for
the
next
three
six
months.
I
expect
the
market
continues
to
be
Grump
to
be
bumpy
and
for
the
recession
it's
really
a
wild
card.
But,
however,
the
direction
of
a
market
is
really
more
and
more
pointing
to
a
recession
scenario.
B
D
You,
member
Hunter,
thank
you,
Mr,
chair
I,
just
wanted
to
do
an
observation
first
and
then
my
question,
my
observation
is:
is
that
earlier
honorable
colleague,
Committee
Member,
honorable
Christina
gray,
was
questioning
really.
You
know
why
treasury
board
would
be
moving.
You
know
basically
2.9
billion
dollars
over
it
kind
of
sounded
like
a
negative.
She
felt
it
was
a
negative
thing.
I
personally,
as
a
Committee
Member
can
tell
you
that
I
consider
it
a
very
positive
thing
that
we're
actually
giving
back
to
albertans
and
future
albertans
2.9
billion
dollars.
D
It's
something
that
I
applaud
the
government
for
doing
and
that
we
were
in
a
position
to
be
able
to
do
that.
I,
don't
know
the
last
time
that
we've
been
able
to
provide
that
kind
of
support
to
the
Alberta
area
trust
fund
in
my
lifetime.
Maybe
the
last
time
was
in
Ralph
Klein's
time
so
I'm
grateful
for
that
that
move
and
I
hope
that
you
guys
find
good
places
to
put
that
money
for
future
albertans.
D
My
question
Mr
chair
through
you
to
The
Honorable
members,
is
about
the
the
equities
equities,
as
as
you
show
in
your
first
quarter,
were
negative
performing
now.
We've
talked
we
talked
about
this
and
I
it
was.
There
was
no
question
in
anybody's
mind
that
we
were
going
to
see
some
negative
numbers
here.
D
G
D
I
get
that
nobody
has
a
crystal
ball.
I
wasn't
trying
to
say
that
you
guys
did
something
wrong.
There
I'm
just
saying
that
I
remember
being
in
committee
meetings
in
the
past
and
and
talking
quite
openly
with
members
of
aimco
and
treasury
board
and
finance,
and
and
recognizing
that
when
you
put
that
much
money
into
an
economy,
you're
going
to
see
inflation,
if
it's
you
didn't
it
didn't,
you
didn't
need
to
have
a
crystal
ball
for
that.
D
E
There
is
the
ability
to
do
that,
but
is
more
on
a
certain
capacity
or
the
the
guideline.
We
we
got
from
the
the
treasury
board
and
finance
calling,
but
I
I
would
I
would
say
that
having
or
not
having
a
crystal
ball
is
one
thing
you
can
argue,
you
can
equally
move
a
major
chunk
of
equity
at
the
same
time
to
the
other
as
a
clause.
E
But,
however,
there
is
a
probability,
that's
being
wrong
at
the
same
time
that
this
2
billion
can
easily
turn
bad
on
this
mix
as
such,
imco
approach
and
even
working
along
with
the
client
is
always
diversification
and
and
I
will
add
that
too,
if
you
look
at
a
10
years,
performance
result
in
even
longer
data
result.
The
portfolio
of
Heritage
funds
went
through
different
cycle.
It
went
through
long-term
capital.com,
Asian
crisis
credit
crisis.
E
Every
episode
of
the
equity
Market
sold
off
is
is
a
consistent,
strong,
positive
return,
and
that
is
the
essence
of
running
a
long-term
portfolio.
We
should
we
should.
We
should
maybe
have
F
it's
true,
that
you
can
adjust
20
billion
of
equity
in
and
out.
But
what
is
a
more
prudent
approach
on
the
res
appetite
of
the
client,
The
Prudent
approach
of
managing
a
long-term
portfolio
and
I?
Think
we
we,
the
discipline
of
diversification
over
a
long
run,
is
still
a
core
focus
when
we're
managing
the
money
for
our
client.
B
I
You
very
much
I
just
want
to
begin
by
clarifying
that
what
I
heard
through
the
exchange
by
my
colleague,
The
Honorable
Christina
gray,
was
that
the
committee
gave
Direction.
The
government
has
said
that
the
government
will
change
the
law
but
has
not
changed
the
law,
so
the
government
is
giving
direction.
That
is
in
concur,
incongruent
with
the
direction
of
the
committee
and
with
the
current
law.
So
I
just
want
to
be
clear
about
that.
I
I
H
And
the
answer
is,
we
are
in
the
process
of
reviewing
the
investment
policy
and
how
much
we
put
in
various
asset
classes,
equities
real
estate,
fixed
income
and
and
subclasses
fixed
income,
public
markets
versus
private
debt.
We
are
looking
at
that.
We
were
close
to
getting
a
decision
and
changes
in
the
market
necessitated
a
relook,
so.
I
L
B
B
B
A
L
B
Any
opposed,
see,
say,
nay,
okay,
that
motion
is
carried
that
will
conclude
today's
business
with
respect
to
the
fund's
first
quarterly
report,
I'd
like
to
thank
our
guests
from
Amco
and
their
treasury
board
in
finance
and
the
office
of
the
auditor
general.
You
are
welcome
to
leave,
but
if
you
want
to
remain
and
hear
the
rest
of
our
business
feel
free
to
do
so.
So
thank
you
very
much.
B
Okay
in
other
business
I
will
note
for
the
record
that
both
treasury
board
and
finance
and
aimco
have
provided
the
committee
with
written
follow-up
responses
to
questions
asked
at
our
last
two
meetings
on
May
30th
and
June
28th.
They
were
made
available
to
the
committee
members
on
an
internal
site
prior
to
today's
meeting.
B
Okay,
the
committee's
next
meeting
will
be
the
annual
public
meeting
on
Thursday
October
27th
2022
from
7
to
9
pm.
There's
nothing
else
for
the
committee's
consideration.
I'll
call
for
a
motion
to
adjourn
okay
moved
by
MLA
yell
at
the
meeting
to
be
adjourned
all
in
favor,
say
aye
all
right.
Thank
you.
The
meeting
is
down.