World Bank report: la Caisse among institutions held up as examples
La Caisse is among the institutions that the World Bank studied in a report on the evolution of the Canadian pension model published earlier this week. With its peers HOOPP, AIMCo and OPTrust, la Caisse was presented as a source of inspiration “for those with a stake in building better pension institutions,” particularly in emerging economies.
Even though the organizations presented in the report differ on several fronts, they share a number of features that define the “Canadian model” for pension funds:
- Independent governance
- Significant assets under management
- Internal management of investments
- Broad diversification, both geographically and in asset class
- World-class directors and managers
- Long-term investment horizon
Attending the report’s launch in Toronto, Managing Director and World Bank Group Chief Financial Officer, Joaquim Levy, recalled the World Bank’s two goals – end extreme poverty and boost shared prosperity – adding that pension funds play an important role in guaranteeing income security for the elderly. On to the report’s conclusions, he noted that “governance, particularly institutions’ independence from political interference, is the single most important success factor” for Canadian pension funds.
Kim Thomassin, Executive Vice-President, Legal Affairs and Secretariat, was invited to take part in a panel with executives from the other institutions included in the study, and she shared some thoughts on la Caisse’s growth, making particular mention of governance that draws on best practices and of the need to stay abreast of economic and environmental transformations.
“Over its more than half a century of existence, la Caisse has evolved into a sophisticated, world-class investor, with net assets over $286 billion and investments in all major markets,” she said. “Our evolution continues to this day, with the launch of our innovative infrastructure model, our new partnerships in growth markets and our leadership on responsible investment and climate change.”false