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[Victoria Watcher]

The bloated CPP Investment Board is trounced by its own benchmarks – again

 

 

https://www.theglobe...pib-benchmarks/

 

 

What makes all of this so galling isn’t just the massive folly of plunging into active management at the very moment when other pension funds around the world (Japan’s Government Pension Investment Fund, Norway’s Government Pension Fund Global, the Dutch civil service pension fund ABP, several U.S. state pension funds) have been shifting more toward passive investment.

 

It’s the astronomical cost of the exercise.

 

From around 150 employees in 2006, the CPPIB has ballooned to more than 2,000 today.

 

Personnel costs now total over $1.2-billion, or an average of more than $570,000 per employee. Total costs, including operating expenses and management fees (but not including taxes or financing charges) now exceed $5.4-billion. Twenty years ago they were $54-million.

 

The executive suite is a particularly egregious case. The top five most highly compensated managers at the CPPIB make an average of more than $5-million each, including salaries, bonuses and other benefits. Twenty years ago the corresponding figure was less than a sixth of that.

Edited by Victoria Watcher, 22 May 2026 - 02:39 AM.

[Victoria Watcher]