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ANNUAL REPORT 2021 - CPP Investments

ANNUAL REPORT 20213 CPP Investments 2021 ANNUAL ReportOverview Who We Are 1 Chairperson s REPORT 2 President s Message 4 Resilience Through COVID-19 7 Our Mission 8 Sustainability 9 Global Investments 10 Our People 12 Investment Departments 14 Operational Highlights 15 Global Leadership 16 Strategy Our Purpose 17 Investment Strategy 22 Investment Approach 23 Decision-Making Process 32 Sustainable Investing 38 Investment Departments Overview 43 Purpose and People Drive performance 48 Furthering Operational Capabilities 51 Accountability 52 Strategic Direction 53 Fiscal 2022 Objectives 53 Management s Discussion and Analysis Management s Discussion and Analysis 54 Fiscal 2021 Total Fund performance 55 Managing Costs 61 performance of the Investment Departments 66 Risk Management 97 Financial Policies and Controls 106 Key performance and Non-IFRS Measures 108 Compensation Discussion and Analysis REPORT of the Human Resources and Compensation Committee 109 Compensation Discussion and Analysis 112 Our Compensation Framework 113 Compensation Disclosure 118 Governance Letter from the Chair of the Governance Committee 125 Governance Practices of the Board of Directors 126 Board of Directors Biogr

This annual report describes the strategy, performance and governance of Canada Pension Plan Investment Board (CPP Investments™) over the fiscal 2021 year ended March 31, 2021. The Strategy section includes a description of our purpose, investment approach and who we are. The report then describes our investment

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