Freschia Gonzales of Benefits and Pensions Monitor reports Canada opens door to airport privatization, sparking pension fund interest: 

Canada’s airports are valued in the billions and generate over $120bn in annual economic output, supporting nearly 436,000 jobs.  

According to the Financial Post, the federal government is now signaling openness to privatization and new private-sector partnerships, which may soon lead to a dramatic shift in airport ownership and investment opportunities. 

The latest federal budget, the first from Prime Minister Mark Carney, states that the government will “consider options for the privatization of airports” and explore “new ways to attract private sector investment,” as reported by the Financial Post.  

This move is part of a broader strategy to unlock more economic potential from Canada’s airports and to jump-start private investment in nation-building infrastructure projects.  

The government’s initial steps include negotiating lease extensions with not-for-profit airport authorities, enabling more economic development on airport lands, and reviewing ground lease rent formulas. 

The groundwork for these initiatives was laid in the previous government’s economic update, which appointed former Bank of Canada governor Stephen Poloz to lead a task force focused on boosting domestic investment by large pension funds.  

However, as per the Financial Post, earlier policy statements had stopped short of explicitly endorsing privatization, despite previous studies and reports, such as the 2016 Credit Suisse valuation commissioned by the Trudeau government. 

Industry experts see renewed potential in this approach. 

“It’s encouraging that the government is open to airport privatization, as private investors, including Canadian pension funds, can provide the capital needed for airport improvements and expansions,” said Andras Vlaszak, director in global infrastructure advisory at KPMG Canada, as cited by the Financial Post. 

Vlaszak noted that such a move could allow the government to recycle capital into higher-growth projects. 

The government has also committed to direct investment in airport infrastructure, allocating $55.2m over four years, plus $15.7m ongoing, to support safety-related projects at local and regional airports, according to the Financial Post.  

This funding, delivered through the Airports Capital Assistance Program, includes a priority runway extension at the Îles-de-la-Madeleine Airport. 

Despite these efforts, private investment in airport development has so far been muted.  

In March, Transport Canada outlined ways for private investors to participate in airport land development, such as commercial subleases and minority stakes in share-capital subsidiaries.  

Some pension officials view these measures as positive, but others maintain that only a controlling stake would meet their investment criteria.  

Canadian pension funds, including the Ontario Teachers’ Pension Plan Board, the Caisse de dépôt et placement du Québec, and PSP Investments, have a history of investing in international airports and have expressed interest in expanding their domestic infrastructure portfolios, as reported by the Financial Post. 

The evolving landscape for Canadian airports comes at a time when trade diversification and new economic realities are reshaping the country’s infrastructure needs.  

As noted by the Financial Post, airports are central to Canada’s growth and trade diversification, and the current environment presents significant opportunities for institutional investors to play a pivotal role in the sector’s future.  

So, will the federal government finally privatize Canadian airports allowing Canada's large pension funds to invest?

I hope so and have been openly advocating for doing so but some experts have contacted me privately telling me they're not convinced it's going to happen.

Why? Basically airports are cash cows for the federal government, generating huge revenues every year and they have hardly invested in them over the last ten years (never mind the REM extension at Montreal's airport).

One expert shared this with me:

From the government perspective, airports are a very lucrative perpetuity. It’s guaranteed revenues with 0 expense. The government made very little investment in the 1930, 40’s and some in the 50’s, bar YMX in the 70’s. Then all the improvements were done by LAA’s (local airport authorities) since 1992, still the government is cashing 12% on gross revenue. What’s the value of that, no cash down, no debt, no improvement cost and $0.12 for every dollar of airport revenue. And on top of this, assets have to be maintained at state of the art standard. The plus value is through the roof when you look at the investments made in YVR, YYC, YEG, YYZ,YUL and smaller airports. 

If this expert's figures and assertions are right, it helps explain the reluctance of the federal government to partially or fully privatize airports.

Still, my argument is if the government knows how much revenues airports are generating, it can easily ascribe a value to those future cash flows and sign a super long-term lease with pension funds to control them.

Of course, in a fair and transparent bidding process, it would need to open this up to international funds as well and that can create political backlash.

There are many details to be ironed out before the federal government can move forward to privatizing airports, and as the article states pension funds prefer controlling interests.

And our airports might generate a lot of revenues but they're not in good shape.

Take Montreal's Trudeau airport, it's a complete embarrassment. 

One expert shared this:

YUL is indeed a shamble because improvements have been reduced to minimum and judged too expensive, now, no matter how rich any investor is, rebuilding YUL to be an airport again will take years and years, because the magnitude of the project is overwhelming…. Ground side access plans were drawn in the early 2000 and kept on being postponed and postponed. Soon enough, ground side improvement is going to be like LHR R3

I agree, I'd shut down Montreal's airport and build residential housing there and I'd move to reopen Mirabel airport. Unfortunately, it's too late, and I fear we we are stuck with this abomination of an airport for better or for worse.

Running airports is no easy business, Canadian pension funds use an operating company to do it for them and their investments in airports is only as good as the expertise in those operating companies.

For example, one expert shared this with me on PSP and its airports operator, Avi Alliance:

The platform PSP has in place means that PSP is the financial partner and Avi Alliance is the operating partner. PSP can appoint board members but these board appointments are external experts because PSP doesn’t have the knowledge in house. The problem with these platforms is that they work just fine as long as additional capital is allocated over time. A maturing plan and/or other asset allocation decisions lead to friction as a partner like Avi Alliance would like to continue to grow. Infrastructure is still in demand but I have seen this happening with other platforms. I am not sure whether the government thinks about this, but perhaps they should. By the way, I am not saying that the pension funds should not take over these assets; quite the opposite, these brownfield assets fit their mandate well.

Lots of great insights surrounding this discussion and I look forward to seeing if the federal government does move ahead to finally partially or fully privatize airports. 

I remain hopeful but skeptical and need to see the details in writing.

Below, Airports aren’t just runways and terminals—they’re bustling business hubs designed to generate revenue from multiple streams. In this video, we dive into the airport business model, exploring how airports earn money from landing fees, passenger charges, retail concessions, parking, and more.

Discover the strategies behind airport pricing, how airlines and passengers help drive profits, and the challenges airports face in today’s competitive travel industry. Whether you're a frequent flyer or simply curious about the business of air travel, this video will give you an inside look at what makes airports tick.

The Great Adventure Bible Timeline offers a comprehensive guide to understanding the biblical narrative, connecting key events, people, and themes to deepen spiritual growth and appreciation of Scripture.

1.1 Overview of the Timeline

The Great Adventure Bible Timeline is a visually engaging and organized framework that maps the entire biblical narrative from creation to the Second Coming of Christ. It presents the Bible as a single, cohesive story, highlighting the interconnectedness of events, people, and themes across both the Old and New Testaments. The timeline is divided into 12 periods, each representing a major era in salvation history, such as the Early World, the Patriarchs, Moses and the Exodus, and the Life of Jesus Christ. Key events, such as the creation of the world, the flood, the giving of the Ten Commandments, and the resurrection of Jesus, are prominently featured. The timeline also incorporates color coding, symbols, and concise summaries to enhance understanding and retention. This structure makes it an invaluable resource for both individual and group Bible study, helping users grasp the “big picture” of Scripture and deepen their faith.

1.2 Purpose of the Great Adventure Bible Timeline

The primary purpose of the Great Adventure Bible Timeline is to provide a clear and organized framework for understanding the Bible as a unified story. It aims to help individuals and groups connect the events, people, and themes of Scripture in a chronological and meaningful way. By presenting the Bible as a single narrative, the timeline seeks to deepen spiritual growth, foster a greater appreciation for God’s plan of salvation, and make the Bible more accessible to readers of all ages and backgrounds. It serves as a tool for both personal reflection and communal study, enabling users to see how every part of the Bible fits into the larger story of God’s relationship with humanity. This purpose is central to its design, making it an invaluable resource for anyone seeking to enrich their faith and understanding of Scripture.

What is the Great Adventure Bible Timeline?

The Great Adventure Bible Timeline is a visual study aid that organizes the Bible chronologically, revealing its overarching narrative and connections between events, people, and themes.

2.1 Key Features of the Timeline

The Great Adventure Bible Timeline is designed to enhance biblical understanding through its unique features. It presents the Bible in chronological order, connecting events, people, and themes seamlessly. The timeline is divided into 12 color-coded periods, each highlighting a distinct phase of salvation history. Key events, such as creation, the exodus, and the life of Jesus, are prominently displayed. It also includes symbols and markings to distinguish between different types of biblical content, such as doctrinal highlights, liturgical references, and historical context. Additionally, the timeline aligns with Catholic teachings, incorporating Church history and the lives of saints. These features make it an invaluable tool for both individual and group Bible study, providing a clear and engaging visual framework for exploring Scripture.

2.2 Structure of the Timeline

The Great Adventure Bible Timeline is structured chronologically, dividing the biblical narrative into 12 distinct periods. Each period is color-coded for easy visual organization, helping users trace the progression of salvation history. The timeline begins with creation and moves through major events like the early world, the patriarchs, Moses and the Exodus, the Kingdom of Israel, the Prophets, and culminates with the life of Jesus Christ. It also extends into the early Church and the spread of Christianity. This linear design allows users to see how events, people, and themes interconnect. The structure emphasizes the unity of Scripture, making it easier to understand the flow of God’s plan. By organizing the Bible in this way, the timeline provides a clear framework for studying and reflecting on the entirety of God’s Word in a coherent and engaging manner.

2.3 How the Timeline Differs from Other Bible Study Tools

The Great Adventure Bible Timeline stands out by providing a visually engaging, chronological framework that connects biblical events, people, and themes seamlessly. Unlike traditional study tools that often focus on isolated verses or theological explanations, this timeline emphasizes the big picture of salvation history. Its color-coded, 12-period structure enhances organization and memory, making complex biblical narratives more accessible. Additionally, it is uniquely designed for both individual and group study, fostering collaborative learning and discussion. The timeline also integrates historical and cultural context, offering a deeper understanding of the Bible’s setting. Its visual and structured approach makes it particularly appealing to visual learners and those new to Bible study, setting it apart from more text-heavy resources. This tool’s focus on the overarching story of Scripture provides a holistic understanding that complements other study methods, making it a valuable addition to any Bible study routine.

Historical Context of the Bible Timeline

The Great Adventure Bible Timeline situates biblical events within their historical settings, connecting the narrative to the ancient world and enhancing understanding of Scripture’s cultural and temporal context.

3.1 The Biblical Timeline: A Chronological Overview

The Great Adventure Bible Timeline presents a chronological overview of biblical events, beginning with creation and continuing through the early patriarchs, the exodus, the period of judges, the united and divided kingdoms, the prophets, the Babylonian exile, the return to Jerusalem, and the intertestamental period. It then transitions into the New Testament era, detailing the life of Jesus Christ, the apostolic age, and the early Christian church. This structured approach allows readers to grasp the flow of events and understand the interconnectedness of key moments in salvation history. By organizing the Bible in chronological order, the timeline provides a clear framework for studying Scripture, making it easier to see how different events and figures contribute to the overarching narrative of God’s plan effectively.

3.2 Historical Accuracy and Relevance

The Great Adventure Bible Timeline is meticulously researched to ensure historical accuracy, aligning with archaeological findings and scholarly consensus. This attention to detail helps bridge the gap between historical events and biblical narratives, enhancing the understanding of Scripture’s context; By placing events in their chronological order, the timeline provides a clear and coherent framework for studying the Bible. This historical relevance makes the timeline an invaluable resource for both personal and group study, allowing users to appreciate the depth and richness of the biblical story. It also aids in connecting the dots between prophecy and fulfillment, and understanding the cultural and geographical settings of key events, which is essential for a comprehensive grasp of the Bible’s message.

3.3 Cultural and Geographical Background

The Great Adventure Bible Timeline provides a rich cultural and geographical context, essential for understanding the biblical narrative. By highlighting the customs, traditions, and locations central to Scripture, the timeline helps users appreciate the diverse settings in which biblical events unfolded. This includes insights into ancient civilizations, such as the Israelites, Egyptians, and Babylonians, as well as the significance of key regions like the Promised Land, Mesopotamia, and the Mediterranean. Understanding these cultural and geographical elements enhances the reader’s ability to connect with the stories and teachings of the Bible. The timeline also illustrates how geography influenced the movements and interactions of biblical figures, offering a deeper appreciation of God’s plan as it unfolds across time and place.

Using the Great Adventure Bible Timeline Effectively

The Great Adventure Bible Timeline helps users navigate the biblical narrative effectively, connecting key events and themes to enhance understanding, engagement, and spiritual growth through the Scripture.

4.1 Step-by-Step Guide to Navigating the Timeline

Navigating the Great Adventure Bible Timeline begins with identifying the main sections or periods, such as Creation, the Patriarchs, or the Kingdom of Israel. Start by locating key events like the Exodus or the birth of Jesus. Use the color-coded sections to distinguish between different eras or themes. Next, focus on the flow of events chronologically, connecting stories and their significance. Pay attention to symbols or icons that highlight important moments or teachings. For deeper understanding, cross-reference the timeline with Scripture passages. Finally, explore practical applications, such as using the timeline for personal study, group discussions, or teaching others. By following these steps, users can effectively engage with the biblical narrative and enhance their spiritual journey.

4.2 Practical Applications for Bible Study

The Great Adventure Bible Timeline is a versatile tool for enhancing Bible study. Individuals can use it to organize their reading, trace biblical themes, and connect Old and New Testament events. Teachers and leaders can incorporate the timeline into lesson plans, making complex narratives accessible to students. It also serves as a visual aid for sermon preparation, helping to illustrate the flow of salvation history. For group studies, the timeline fosters engaging discussions by providing a shared framework for understanding. Additionally, it can be used to create personalized study plans, focusing on specific periods or themes. By integrating the timeline into daily devotionals or family Bible time, users can deepen their faith and appreciation for Scripture. Its practical applications make it an invaluable resource for anyone seeking to enrich their biblical knowledge and spiritual growth.

4.3 Tips for Using the Timeline in Group Settings

Using the Great Adventure Bible Timeline in group settings can enhance collaborative learning and engagement. Begin by introducing the timeline’s structure and key features to ensure everyone understands its layout. Encourage group members to follow along as you navigate through the timeline together, highlighting connections between events. Assign small groups to explore specific periods or themes, fostering deeper discussion and shared insights. Utilize the timeline’s visual format to resolve questions about biblical chronology and emphasize the unity of Scripture. Incorporate activities like mapping events or identifying patterns to keep sessions interactive. Encourage participants to share personal reflections or how the timeline has deepened their understanding. For larger groups, consider projecting the timeline digitally to ensure visibility. Finally, set clear goals for each session, such as focusing on a particular era or theological theme, to maximize the group’s learning experience.

Benefits of the Great Adventure Bible Timeline

The Great Adventure Bible Timeline enhances biblical understanding by revealing the chronological flow of Scripture, fostering deeper spiritual growth and appreciation of God’s plan throughout history, inspiring a lifelong journey of faith;

5.1 Enhanced Understanding of Scripture

The Great Adventure Bible Timeline revolutionizes Scripture study by presenting the Bible in a clear chronological framework. This visual tool helps users grasp the sequence of events, connecting key figures, and themes across the Old and New Testaments. By organizing the narrative in a linear and accessible manner, the timeline bridges gaps between seemingly disconnected stories, revealing the cohesive plan of salvation. This structure not only simplifies complex biblical history but also highlights the unity of Scripture, making it easier to understand God’s overarching plan. Users gain a deeper appreciation for how every event, from creation to the Second Coming, contributes to the grand story of redemption. This enhanced understanding fosters a more meaningful and transformative engagement with the Word of God.

5.2 Spiritual Growth Through Chronological Study

Engaging with the Great Adventure Bible Timeline fosters profound spiritual growth by revealing the unfolding story of God’s plan. Chronological study allows believers to trace the progression of divine promises and their fulfillment, deepening faith and trust in God’s sovereignty. This approach illuminates the interconnectedness of biblical events, enhancing one’s understanding of spiritual truths and their application in daily life. As users journey through the timeline, they encounter a cohesive narrative that strengthens their relationship with God, leading to a more meaningful and transformative walk of faith. Furthermore, this method encourages personal reflection and communal discussion, enriching the spiritual journey and fostering a deeper connection with Scripture. It also enhances prayer and worship by providing a historical and theological context for praising God’s faithfulness.

5.3 Educational Value for All Ages

The Great Adventure Bible Timeline is an invaluable educational resource for learners of all ages, offering a clear and engaging way to explore Scripture. Its chronological structure simplifies complex biblical events, making it accessible to children, teenagers, and adults alike. For younger learners, the timeline provides a visual and interactive approach to understanding the Bible’s narrative, fostering early spiritual curiosity and knowledge. For older students and adults, it serves as a comprehensive study aid, enhancing deeper theological understanding and appreciation. The timeline’s versatility makes it an excellent tool for homeschooling, Sunday school, or personal study, ensuring that everyone can benefit from its insights. By aligning with various learning styles and educational goals, the Great Adventure Bible Timeline becomes a cornerstone for faith-based education, equipping individuals with a lifelong foundation for biblical literacy and spiritual growth.

Stories and Case Studies

The Great Adventure Bible Timeline transforms Bible study through inspiring stories and real-life applications, bringing Scripture to life for believers of all ages and backgrounds, enriching faith communities and individual spiritual journeys.

6.1 Real-Life Applications of the Timeline

The Great Adventure Bible Timeline has proven to be a transformative tool in real-life scenarios, helping individuals and groups connect biblical events to their everyday lives. Many users have shared how the timeline has deepened their understanding of Scripture, making it more relatable and accessible. For instance, it has been used in personal devotionals to trace the journey of faith, in family studies to teach children about biblical history, and in community groups to foster deeper discussions. The timeline’s visual layout allows users to see the “big picture” of God’s plan, enabling them to appreciate how their own stories fit into His larger narrative. This practical application has empowered believers to live out their faith with greater purpose and clarity, bridging the ancient text with modern life.

6.2 Testimonies from Users of the Timeline

Many users of the Great Adventure Bible Timeline have shared inspiring stories of how it has transformed their Bible study. One user remarked, “The timeline has made Scripture come alive for me, connecting the dots between Old and New Testament events in a way I never saw before.” Another testified, “It has reignited my passion for reading the Bible, helping me see the big picture of God’s plan.” Families have also benefited, with one parent sharing, “Using the timeline with my children has made Bible study engaging and meaningful for all of us.” Study groups have reported deeper discussions and a greater sense of community. These testimonies highlight how the timeline bridges ancient text with modern life, fostering a deeper connection to faith and Scripture.

6.3 How the Timeline Has Transformed Bible Study Groups

The Great Adventure Bible Timeline has revolutionized Bible study groups by providing a clear, chronological framework that enhances collaboration and understanding. Leaders can now guide discussions with confidence, ensuring everyone follows the narrative flow. Members appreciate how the timeline connects events, making complex stories easier to grasp. This shared visual tool fosters unity, as everyone literally “sees” the same big picture. Engagement has increased, with participants actively tracing connections between prophecies and fulfillments. The timeline also encourages deeper reflections, sparking meaningful conversations about faith and life applications. Overall, it has become an indispensable resource, enriching group studies and fostering a sense of community centered on Scripture.

Resources and Tools Complementing the Timeline

The Great Adventure Bible Timeline is supported by various resources, including study guides, digital tools, and video series, all designed to enhance your biblical understanding and engagement.

7.1 Where to Download the Great Adventure Bible Timeline PDF

The Great Adventure Bible Timeline PDF is readily available for download through the official website of the program. Simply visit the site, navigate to the resources section, and follow the prompts to access the PDF. This comprehensive guide provides a detailed chronological overview of the Bible, making it an invaluable tool for personal or group study. Ensure you download from authorized sources to guarantee authenticity and quality. The PDF format allows for easy printing or digital use, enabling you to integrate it seamlessly into your Bible study routine. By downloading the Great Adventure Bible Timeline PDF, you’ll gain a clearer understanding of Scripture’s historical flow and its relevance to your faith journey.

7.2 Supplementary Materials for Deeper Study

Supplementary materials for the Great Adventure Bible Timeline PDF are designed to enhance your study experience. These include detailed study guides, workbooks, and reading plans that align with the timeline. Additional resources such as maps, charts, and historical summaries provide deeper insights into biblical events. Audio and video companions offer further explanations and reflections, while online courses and webinars delve into specific themes. These materials cater to both individual and group study, making them versatile for all learners. They are available on the official website and through authorized retailers, ensuring accessibility for those seeking a richer understanding of Scripture. By utilizing these supplementary materials, you can explore the Bible’s historical and spiritual dimensions more thoroughly, enriching your faith journey.

7.3 Digital Tools and Apps for Enhanced Learning

Digital tools and apps complement the Great Adventure Bible Timeline PDF, offering interactive and immersive ways to engage with Scripture. These resources include mobile apps, online platforms, and multimedia content designed to enhance your study experience. Features like zoomable timelines, searchable scripture references, and note-taking capabilities make it easier to explore biblical events in depth. Additionally, some apps provide audio and video resources, such as lectures or devotionals, to deepen understanding. These tools are accessible on various devices, allowing you to study anywhere, anytime; They also cater to different learning styles, making Bible study more engaging and effective. Regular updates and new features ensure the content stays relevant and fresh. By leveraging these digital tools, you can maximize your learning and spiritual growth with the Great Adventure Bible Timeline.

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Pablo Mayo Cerqueiro and William Mathis of Bloomberg report Canada Pension Plan to raise $1.36 Billion in EDP share sale: 

The Canada Pension Plan Investment Board, one of the world’s largest pension funds, is set to raise about €839 million ($1.359 billion) from the sale of its 5.4 per cent stake in Portuguese energy company EDP SA.

CPPIB will price the sale at €3.729 ($6.04) each, the bottom of the marketed range, in an overnight placing arranged by Goldman Sachs Group Inc., according to terms seen by Bloomberg News. The offering of about 225 million shares was multiple times oversubscribed at that level, the terms show.

China Three Gorges Corporation is EDP’s top shareholder with 21.4 per cent of capital with Oppidum Capital S.L. holding 6.82 per cent and Blackrock Inc 6.08 per cent, according to the utility’s website.

Shares in EDP fell 9.7 per cent last week after it reported lower profit and narrowed its guidance for the full year. The company announced a new strategic plan to spend €12 billion ($19.44 billion) between 2026 and 2028 to expand its wind and solar energy projects as well as power networks in Iberia.  

So what is this all about? Exactly four years ago, CPP Investments reached 5% qualified shareholding in EDP:

Lisbon, December 10th, 2021: Pursuant to the terms and for the purposes of articles 17 and 244 of the Portuguese Securities Code and of the CMVM Regulation no. 5/2008, EDP - Energias de Portugal, S.A. (EDP) is providing the following information to the market:

On December 9th, 2021, Canada Pension Plan Investment Board (“CPPIB”) notified EDP, in accordance with article 16 of the Portuguese Securities Code, that it had reached a qualified shareholding correspondent to 5.0116% of EDP’s share capital and of the respective voting rights, directly held. The 5% threshold was crossed by such company on December 3rd, 2021. Previously CPPIB’s overall position was 2.0094%.

Information regarding the chain of controlled undertakings and voting rights is disclosed in the attachment.

EDP – Energias de Portugal, S.A. 

A year later, EDP Renewables and Engie’s joint venture partnered with CPP Investments to develop a floating offshore project in California:

London, UK, 9th December 2022 – Ocean Winds (OW) and the Canada Pension Plan Investment Board (CPP Investments), through their 50/50 offshore wind joint venture Golden State Wind, were awarded a 32,500 hectares lease area by the U.S. Bureau of Ocean Energy Management (BOEM) in the Morro Bay area off the central coast of California.

The lease area awarded is one of five sites off the coast of California that was the subject of an auction held by the U.S. Bureau of Ocean Energy Management (BOEM). This auction is particularly notable as it is the first floating offshore wind lease sale in the country, and the first offshore wind lease sale of any kind, on the West Coast.

OW is already developing around 4GW of offshore project in the Northeast of the U.S., Mayflower Wind off the New England coast, and Bluepoint Wind off the New York and New Jersey coasts. The latest is the project being developed out of the seabed lease area awarded during the New York Bight auction earlier this year.

Bautista Rodriguez, CEO of Ocean Winds said: “As a pioneer in floating offshore wind and firm believer in its capabilities to produce large capacity of clean energy and create local opportunities around the world, Ocean Winds is very proud to have been awarded a new project during this first floating offshore wind auction in the U.S. We are committed to bringing the country and California closer to meeting their clean energy goals, while building a new domestic industry, creating jobs, and boosting the local economy.”

Ocean Winds has more than 10 years of experience in floating offshore wind, most notably through the development and operation of Windfloat Atlantic, the world’s first fully commercially operational floating offshore wind farm. OW has a substantial portfolio of floating projects in Europe and South Korea and is ideally positioned to bring this technology to the Golden State.

When fully built out and operational, Golden State Wind’s lease area can accommodate approximately 2 GW of offshore wind energy, generating enough energy to power the equivalent of 90000 homes. This will bring the U.S. and California closer to meeting their clean energy goals of 15 GW of floating offshore wind generation by 2035 in the U.S. and 5 GW by 2030 in California – building a new domestic industry, creating jobs for Californians, and boosting the local economy.

As part of OW and CPP Investments’ winning bid, Golden State Wind committed to invest in workforce development and supply chain initiatives and to work closely with key local stakeholders to maximize the benefits to California from the emerging offshore wind industry. 

I invite you to read more about Golden State Wind here. Let me give you the gist of it:

Golden State Wind is a joint venture of Ocean Winds (OW) and Reventus Power, managed by OW.

OW is a global offshore wind company with more than 10 years of experience in the floating offshore wind sector. Created as a 50/50 joint venture of EDP Renewables and ENGIE, OW develops, builds, and operates offshore wind farms in communities around the world, based on our belief that offshore wind energy is an essential part of the global energy transition. OW, headquartered in Madrid, currently has 17 offshore wind projects in 8 countries and our total portfolio of offshore wind gross capacity in operation, under construction, or in advanced development is currently 18.8 GW. For more information, please visit www.oceanwinds.com. 

Reventus Power originates and invests in the development and long-term management of offshore wind projects globally. As a portfolio company of CPP Investments’ Sustainable Energies group, Reventus invests flexibly, and at scale, across the asset lifecycle. Reventus invests alongside strategic partners, bringing deep in-house technical, financial, and commercial expertise to projects across three continents. The team is proven in delivering value through the realisation of high quality offshore wind projects around the world. For more information, please visit www.reventuspower.com/.

In 2023, CPP investments bet big on green hydrogen, making a 130 million euro ($143 million) investment and the purchase of a majority stake in a three-year-old Dutch firm, Power2X.

Power2X's current projects include a green hydrogen and ammonia development in Portugal and a solar power and green hydrogen project in Spain. 

At the time, Portugal's largest utility EDP and oil and gas company Galp Energia were both planning to build green hydrogen plants in the same industrial hub of Sines. 

Why am I sharing all this with you?

Because EDP is huge and so is EDP Renewables in North America. 

Clearly CPP Investments made a strategic investment in this company to strengthen ties team up with them on joint ventures so their Sustainable Energy Group which was created back in 2021 can benefit from their expertise.

CPP Investments is now selling its 5.4% stake in EDP, raising $1.35 billion.  

Interestingly, Goldman is taking care of the transaction which was oversubscribed, which shows you there is strong investor interest in EDP.

I wouldn't read too much into this sale, all part of CPP Investments' portfolio management.

They're raising liquidity to invest in other opportunities. 

Below, During Capital Markets Day, on November 6th,EDP presented its strategic roadmap for the coming years, reinforcing its commitment to delivering clean, affordable, and secure energy to communities across the globe. With decades of experience in the renewables sector, EDP will continue to invest in more resilient grids, flexible clean technologies, and digital innovation—driving sustainable value for customers, partners, and shareholders.

Also, EDP Renewables North America LLC (EDPR NA), its affiliates, and its subsidiaries develop, construct, own, and operate wind farms, solar parks, and energy storage systems throughout North America. Headquartered in Houston, Texas, with 58 wind farms, 10 solar parks, and eight regional offices across North America, EDPR NA has developed more than 9,400 megawatts (MW) and operates more than 8,400 MW of onshore utility-scale renewable energy projects. 

With more than 1,000 employees, EDPR NA’s highly qualified team has a proven capacity to execute projects across the continent. Very impressive firm. 

Trump is straining the capacity of the federal government to meet its obligations to Tribal Nations and communities. This began even before the ongoing shutdown, with the administration’s persistent attacks on funding and eligibility requirements for basic needs programs. Two years ago, we wrote about how the enduring effects of colonialism and state-sanctioned violence produce disproportionate burdens of poverty for American Indian and Alaska Native (AIAN) families and children. Recent poverty statistics released by the Census Bureau for 2024 show that these families and children continue to remain disproportionately vulnerable to material shortcomings. This persistent experience with economic insecurity has also left AIAN families and children exposed to hunger and with limited access to health insurance and care.

The relentless attack of the Trump-Vance administration on basic needs programs, access to data, and economic equity will harm the well-being of Native families and children even more. This is evident when we examine the impact of the administration’s cuts to vital programs like Medicaid and SNAP. The ongoing government shutdown threatens to further exacerbate the gaps in the provision of quality services that Native communities rely on for their health and nutritional needs.

Poverty continues to disadvantage AIAN children and their families

More than 1 in 6 (16.6%) AIAN children continued to live under the poverty line last year. This figure has remained statistically unchanged since 2022 (see Figure A) and is much higher than it was in 2021 when fewer than 1 in 10 AIAN children wrestled with poverty. The big difference in the numbers from 2021 and 2022 was due to pandemic relief efforts like the enhanced Child Tax Credit (CTC), which helped thousands of AIAN families with children meet their basic needs and avoid material shortcomings. But these gains for AIAN families and children were short lived. By 2022, AIAN child poverty rates climbed again, more than doubling after the expiration of the expanded social safety programs.

The situation of these economically vulnerable families and children has not changed since then and is only likely to deteriorate further with the historic cuts to basic needs programs (like Medicaid and SNAP) that the Trump-Vance administration passed this year. These cuts will disproportionately harm economically vulnerable families of color, such as AIAN families who are more likely than their peers to have a parent or child with a disability and who are still recovering from the impact of the last two recessions.

Figure A Native families are more likely to suffer food insecurity than their peers

Early this year, we wrote about the rising threat of food insecurity for families of color. The persistent experience of AIAN families with poverty leaves them disproportionately affected by these concerns surrounding their ability to meet the nutritional needs of their household. Between 2016 and 2021, for example, AIAN households recorded a much higher prevalence of food insecurity relative to other groups (see Figure B). During this period, nearly 1 in 4 (23.3%) AIAN families struggled with food insecurity, compared with fewer than 1 in 10 (8%) white households.

Figure B

The situation of AIAN parents is even worse. During the six-year period referenced, more than 1 in 4 AIAN households with children under 18 (27.8%) and families with children under 6 (27.4%) did not feel secure in their ability to provide their families with an adequate and balanced diet. Irrespective of the characteristics of the household, AIAN families are significantly more likely than all families to struggle with food insecurity.

This disadvantage will likely compound in the years ahead as the Trump-Vance administration cuts funding for the Department of Agriculture (USDA), further restricts eligibility for programs like SNAP, and limits public access to crucial data about hunger. This year, for example, Trump’s USDA canceled the country’s leading survey that helps us understand the magnitude and severity of hunger and food insecurity in the U.S., on the grounds that it was “redundant” and “politicized.”

Lack of access to health insurance leaves Native communities disproportionately vulnerable to an early death

The well-being of Native communities is also threatened by lack of access to health insurance. Relative to peers, AIAN individuals suffer the highest uninsured rate in the U.S. Nearly 1 in 5 (18.9%) AIAN individuals (amounting to more than half a million people) lacked access to health insurance last year (see Figure C). While the Affordable Care Act (ACA) helped reduce the uninsured rate for AIAN individuals (nearly 3 in 10 AIAN individuals lacked health insurance in 2010), disparities in access have persisted over the years. Compared with their non-Hispanic white peers, AIAN people have been more than twice as likely to lack access to health insurance in just the last decade. These inequities also translate into disparities in life expectancy. AIAN men and women, for example, record a lower life expectancy at birth than their peers. Trump’s attacks on public health agencies, their personnel, research infrastructure, and programs for the needy threaten to exacerbate these disparities for years to come. 

Figure C The Trump-Vance administration has weakened the agencies and programs that help the U.S. meet its obligations to Native communities

In less than a year, the Trump-Vance administration has weakened every aspect of the U.S. social safety net that helps AIAN families and children escape poverty, hunger, and disease. Trump began his second term by cutting staffing and funding for public health agencies and programs. By April 2025, the administration had reduced the Department of Health and Humans Service by more than 20%. Trump’s attack on equity also targeted workplace safety regulations and the broader research infrastructure for public health that works to identify and address the structural barriers that yield and widen racial and ethnic disparities in health. 

To top this off, Trump’s most significant legislative achievement this year delivered historic cuts to health programs (like Medicaid and CHIP) that are estimated to strip 10 million people of their health insurance coverage by 2034. More than 1 million AIAN individuals rely on Medicaid and CHIP. While AIAN individuals will be exempt from the new Medicaid work requirements, public health experts have warned that cuts to the program can widen gaps in tribal health services and disparities that already exist due to chronic federal underfunding of AIAN communities.

Trump’s major legislative achievement this year also weakened SNAP, the country’s most important nutritional assistance program. In FY 2023, more than 500,000 AIAN households relied on SNAP to meet their nutritional needs and avoid deeper economic insecurity. Trump’s reconciliation legislation from this summer is estimated to impact the benefits of millions of SNAP recipients. While pre-existing work requirements exemptions partially mitigate the harmful impact of Trump’s law on AIAN individuals, the phasing out of culturally relevant initiatives (such as SNAP-Ed) and cuts to the broader program weaken an important vehicle through which the U.S. delivers its obligations to Native communities.

In addition, beginning on November 1 of this year, the Trump-Vance administration has been denying access to SNAP benefits to millions of people due to the administration’s unwillingness to use SNAP’s contingency reserve funds during the government shutdown. In doing so, the administration is removing a critical safety net for Native American tribes and for over 1 in 5 Native American households more broadly.

States with some of the largest Native American populations are also states with higher overall population shares participating in SNAP. Oklahoma and New Mexico have some of the highest Native populations and more than 16% of their population receive SNAP benefits. Native Americans living in Oklahoma, on reservations, and other designated areas may be able to continue to receive food assistance through the Food Distribution Program on Indian Reservations (FDPIR). However, that program may face constraints due to additional demand and is not accessible for many Native people who do not live near federally recognized tribes that participate in FDPIR.

With every step this year, the administration has weakened the capacity of the federal government to meet the needs of Native communities. And families and children are being hurt in the process because they are disproportionately vulnerable to costly disparities in poverty, food insecurity, and health care access.

Rian Howlett , Karen Friar and Ines Ferré of Yahoo Finance report the Dow, S&P 500, Nasdaq end volatile week lower amid worst tech sell-off since April:

US stocks came off session lows on Friday as investors weighed bearish consumer sentiment data and odds that the AI investment boom will pay off, while monitoring the ongoing US government shutdown for any signs of an end.

The tech-heavy Nasdaq Composite (^IXIC) fell 0.3% as it shed more than 3% over the past five days, its biggest weekly loss since April.

The S&P 500 (^GSPC) also declined nearly 2% for the week, while the Dow Jones Industrial Average (^DJI) closed the session higher but ended the past five days with losses of more than 1%.

Stocks pared declines after Democrats laid down conditions for a deal to end the government shutdown, a proposal that Republicans subsequently rejected. Democrats had suggested including a one-year extension of expiring health care subsidies in legislation to reopen the government.Stocks ended a volatile week with the Nasdaq Composite posting the index's deepest loss since April, with seesaw stretches for "Magnificent Seven" stalwarts Nvidia (NVDA) and Tesla (TSLA). The S&P 500 and the Dow also closed out the bumpy week in the red as persistent worries about an AI bubble and Big Tech valuations run high.

Markets on Friday also digested more signs of an economic slowdown: namely, a bearish reading on consumer sentiment from the University of Michigan. Overall sentiment dropped to 50.3, the worst reading since 2022, as respondents fretted over the shutdown's effects.

Friday's data point came the day after October job cuts hit their highest level for the month in more than 20 years, underscoring what’s shaping up to be the worst year for layoffs since 2009.

The private data reverberated through Wall Street more than usual, given the current dearth of official updates on the economy. The Bureau of Labor Statistics was scheduled to release the October jobs report on Friday, but for a second straight month, the data's publication has been delayed by the government shutdown.

In the latest tech extravagance, Tesla approved a $1 trillion pay package for CEO Elon Musk on Thursday, setting high targets for growth in the EV maker's market value. Musk is also being asked to deliver on his promises for its robotaxi and Optimus humanoid robot — the hardware side of the AI boom. Tesla shares fell over 3%. 

Bitcoin hovers near $102,000. Here's why one strategist sees the risk of going even lower in the near-term

Bitcoin (BTC-USD) had a rough week, with the token briefly slipping below $100,000 before trimming losses.

On Friday morning, the world's largest cryptocurrency was sitting as much as 20% below its all-time high of above $126,000, notched on October 6.

Wall Street has attributed the slide to early adopters offloading their large holdings. Since late June, net sales from long-term holders have exceeded 1 million bitcoin, according to research from Compass Point analyst Ed Engel.

A massive liquidation of leveraged crypto positions on Oct. 10 also weighed on the market, with bitcoin struggling to find a footing after breaking below support levels of $117,000 and then $112,000.

“We haven’t really reclaimed this level since then, and I think that’s a sign we are, unfortunately, in a bear market,” said Markus Thielen, founder and CEO of Singapore-based 10X Research.

There’s no jobs report today. Here’s what it might’ve shown.

Yahoo Finance's Emma Ockerman writes:

How was the job market in October?

Don’t look to the government to answer that question right now.

The shutdown of the federal government — now the longest-running in US history — has delayed two consecutive job reports from the Labor Department. October’s should’ve been released today, while September’s was originally scheduled for release on Oct. 3

That means the most recent comprehensive picture of the state of the labor market is from August, when data showed a 4.3% unemployment rate, a modest gain of 22,000 jobs, along with stalled hiring and separations.

Private data sources are available and referenced often, but economists have often said that those can’t totally replace government releases. The Labor Department’s monthly jobs report is a mammoth feat that pulls employment, hours, and wage data for workers on nonfarm payrolls from a survey of businesses while also providing data from a separate household survey that offers statistics on employment and unemployment.

Read more here.

Sean Conlon and Pia Singh also report the Nasdaq closes lower, capping its worst week since April:

The Nasdaq Composite closed lower Friday, pressured by more losses in artificial intelligence stocks, to post a losing week as new economic data added to investors’ fears of a slowdown.

The tech-heavy index shed 0.21% to finish at 23,004.54. In contrast, the S&P 500 and the Dow Jones Industrial Average inched into the green. The broad-based index gained 0.13% to close at 6,728.80, while the 30-stock index added 74.80 points, or 0.16%, to settle at 46,987.10. At their lows of the day, the Nasdaq had pulled back 2.1%, while the S&P 500 and Dow had fallen 1.3% and more than 400 points, or roughly 0.9%, respectively.

Stocks came off their lows after Senate Minority Leader Chuck Schumer, D-N.Y., offered up a new plan to Republicans that would enable the record-breaking U.S. government shutdown to end. Under the proposal, short-term funding would be provided for federal government operations in exchange for a one-year extension of enhanced Affordable Care Act tax credits.

In the midst of the stoppage, concerns among investors around the strength of the U.S. economy have grown. A survey from the University of Michigan revealed Friday that consumer sentiment has neared its lowest level ever. The data comes just a day after firm Challenger, Gray & Christmas reported that layoff announcements in October reached their highest level for the month in 22 years.

Investors have been getting little on the economic data front because of the ongoing shutdown. The Bureau of Labor Statistics would have released the nonfarm payrolls report Friday. For the second month in a row, however, it is unable to do so. Economists surveyed by Dow Jones had been expecting the report to show a decline of 60,000 jobs and an increase in the unemployment rate to 4.5%.

The Senate is expected to vote Friday on advancing a House-passed stopgap funding measure. The longest-ever federal funding lapse has posed a threat to economic activity, including causing flight disruptions due to shortages of air traffic controllers, who have been working without pay since October.

Transportation Secretary Sean Duffy said Wednesday that he will be cutting flights by 10% at 40 major airports starting Friday, a move that could affect 3,500 to 4,000 flights daily. As of Friday morning, more than 700 U.S. flights had already been canceled.

“No one likes the dark, and we’ve been in the dark for a while as far as government data is concerned, but I think we might further have some behavior being impacted,” Leah Bennett, chief investment strategist at Concurrent Asset Management, told CNBC. “I think that speaks volumes to why valuations should, at least in the short term, continue to erode.”

The three benchmark indexes closed in the red this week, as fears about elevated tech sector valuations and a highly concentrated market persisted. The Nasdaq was down around 3% week to date, seeing its worst performance in a five-day period since the week ended April 4, when the index dropped 10%. The S&P 500 and the Dow each lost more than 1% on the week.

Among Friday’s laggards was leading artificial intelligence player Oracle, which fell almost 2%. That brought its decline this week to just about 9%. Advanced Micro Devices, down nearly 9% on the week, and Broadcom, off by more than 5% this week, were lower as well.

Key AI leaders lost steam on Thursday, with Nvidia, AMD, Tesla and Microsoft posting significant declines that weighed on the broader market. Major U.S. stock averages closed lower across the board, with the tech-heavy Nasdaq Composite notably dropping 1.9% and the 30-stock Dow closing lower by almost 400 points.

“You have had a bit of a rotation, which has been helpful in the value stocks, which kind of leads me to believe that the sell-off isn’t overly concerning with the [‘Magnificent Seven’],” Bennett said, adding that “AI spending is still here.”

“This AI rally that we’ve had I think does resume,” she continued. “It’s hard to call the top, but I don’t think we’re at the end of it.” 

Last week, the Fed, earnings and the government shut down powered stocks higher.

This week, tech stocks got dinged and hyper-growth tech shares and AI darlings really got clobbered after their meteoric rise since Liberation Day.

Just have a look at the worst-performing US large caps this week (full list here): 

There was so many bearish comments in the news this week, pick you favourite:

• Buffett indicator (market cap to GDP) at an all-time high 
• Dr. Michael Burry warning of bearish activity in Nvidia and Palantir 
• Government shutdown costing the economy billions each week 

And the list of on and on.

But if you were paying attention today, you saw shares of Nvidia  bounce back and close marginally positive.

I don't know if it was the Democrats trying to reopen government was the main reason for many stocks reversing course today or it was plain old FOMO.

Remember, most portfolio managers are underperforming their benchmark, they need to chase winners to make some gains.

They're going to be buying the Mag-7s on any dip, especially Nvidia. 

The other thing I want people to keep in mind is we are a week away before fund 13Fs are made public.

I'm always highly suspicious when stocks sell off a week before 13Fs are made public, I call it hedge fund manufactured nonsense.

Who knows, maybe November will be a really bad month but I'm highly skeptical that the bubble is popping right now.

Was it a rough week for tech shares? Absolutely. Is it the beginning of a massive selloff in stocks? I strongly doubt it but will remain vigilant over the next couple of weeks (with a bullish bias).

Below, WisdomTree’s Jeremy Siegel joins 'Closing Bell' to discuss the government shutdown, anxiety over the AI trade and much more.

Next, 3Fourteen’s Warren Pies joins 'Closing Bell' to discuss the market's reaction to the latest government shutdown news, the unsettled equity market and much more.

Third, Wells Fargo’s Ohsung Kwon joins 'Power Lunch' to discuss if investors should buy the dip, the bull case for why equity indices will rally and much more.

Lastly, Morgan Stanley’s Chris Toomey join 'Closing Bell' to discuss the government shutdown's impact on equity markets, the latest labor market data and much more.

The DP-4 Scoring Manual is an essential guide for accurately assessing developmental progress in children. It provides detailed scoring criteria, administration instructions, and examples for reliable results. Available as a free PDF download, it supports professionals in evaluating and supporting developmental needs effectively.

1.1 Overview of the DP-4 Assessment

The DP-4 Assessment is a comprehensive tool for evaluating developmental progress in children, designed for professionals in early intervention programs. It provides structured methods for observing and scoring developmental milestones, ensuring accurate and reliable results. The assessment is widely used in programs like the Wisconsin Birth to 3 Program, offering a clear framework for understanding child development and supporting targeted interventions.

1.2 Importance of the Scoring Manual

The DP-4 Scoring Manual is crucial for ensuring accurate and reliable assessment results. It provides clear guidelines, examples, and best practices, enabling professionals to evaluate developmental progress effectively. The manual supports targeted interventions and informed decision-making, making it an indispensable resource for those working with children in early intervention programs. Its availability as a free PDF further enhances its accessibility and utility for professionals.

1.3 Brief History and Development of the DP-4

The DP-4 was developed by the CESA 5 RESource Professional Development team to address scoring needs for the Wisconsin Birth to 3 Program. It evolved from earlier versions, incorporating feedback and advancements in developmental assessment. Designed to provide clear scoring guidelines, the DP-4 ensures accurate eligibility evaluations and supports professionals in assessing developmental progress effectively. Its development reflects a commitment to improving early intervention practices.

Key Features of the DP-4 Scoring Manual

The DP-4 Scoring Manual offers detailed scoring guidelines, administration instructions, and examples to ensure accurate assessments. It provides reliable results and supports targeted interventions for developmental progress.

2.1 Detailed Scoring Guidelines

The DP-4 Scoring Manual provides clear, structured guidelines for evaluating developmental assessments. It includes specific criteria for each domain, ensuring consistency and accuracy in scoring. Professionals can rely on these guidelines to interpret results effectively, supporting informed decision-making and targeted interventions for children’s developmental progress.

2.2 Administration and Interpretation Instructions

The DP-4 Scoring Manual offers comprehensive instructions for administering assessments via interviews, checklists, or rating forms. It provides clear guidance on interpreting scores, ensuring reliable and valid results. Professionals can follow step-by-step directions to accurately evaluate developmental progress, making informed decisions and supporting targeted interventions for children.

2.3 Examples and Best Practices

The DP-4 Scoring Manual includes practical examples and expert tips to guide professionals in accurate scoring. It outlines best practices for administration, ensuring consistency and reliability. The manual also provides case studies and scenarios, helping users understand how to apply the scoring system effectively. These resources enhance accuracy and support professionals in making informed decisions for targeted interventions.

Differences Between DP-4 and DAYC-2 Scoring

The DP-4 and DAYC-2 have distinct scoring criteria and administration methods. Understanding these differences is crucial for accurate evaluations, particularly within the Wisconsin Birth to 3 Program.

3.1 Scoring Criteria and Administration Methods

The DP-4 and DAYC-2 differ in scoring criteria and administration methods. The DP-4 uses detailed guidelines for interviews, checklists, and rating forms, ensuring consistent evaluations. In contrast, the DAYC-2 employs distinct approaches for assessing developmental milestones. Understanding these differences is vital for accurate scoring, particularly in eligibility evaluations for the Wisconsin Birth to 3 Program. Professionals must adapt to these variations to ensure reliable results.

3.2 Entry Points and Evaluation Processes

The DP-4 Scoring Manual outlines clear entry points and evaluation processes to ensure accurate developmental assessments. These structured guidelines help professionals determine eligibility for the Wisconsin Birth to 3 Program. The manual provides detailed examples and best practices, enabling consistent and reliable evaluations. Understanding these processes is crucial for accurate results and targeted interventions.

3.4 Implications for Professionals

The DP-4 Scoring Manual provides professionals with essential tools for accurate developmental assessments. Its detailed guidelines and examples enable informed decision-making and targeted interventions. The free PDF download ensures accessibility, while the transition to online platforms like WPS OES offers modern scoring solutions. Professionals can rely on the manual to enhance their practice, ensuring reliable and valid results for supporting children’s developmental needs effectively.

Benefits of Using the DP-4 Scoring Manual

The DP-4 Scoring Manual ensures accurate developmental assessments, reliable results, and supports targeted interventions. Its free PDF download provides professionals with accessible tools for evaluating and supporting children effectively.

4.1 Accurate Assessment of Developmental Progress

The DP-4 Scoring Manual provides detailed guidelines for accurately assessing developmental progress in children. Its structured approach ensures reliable results, helping professionals identify strengths and areas needing support. The manual’s clear criteria and examples enable precise evaluations, while its availability as a free PDF download makes it accessible for widespread use in educational and developmental settings.

4.2 Reliable and Valid Results

The DP-4 Scoring Manual ensures reliable and valid results through its structured approach and clear criteria. Professionals can confidently assess developmental progress using detailed guidelines and examples. The manual’s consistency and accuracy support informed decision-making, while its availability as a free PDF download makes it a accessible resource for ensuring precise and trustworthy evaluations in various settings;

4.3 Support for Targeted Interventions

The DP-4 Scoring Manual provides detailed guidelines and examples to support targeted interventions. Professionals can identify specific developmental areas needing attention, enabling tailored strategies. The manual’s clear framework helps in creating effective plans, ensuring interventions are focused and impactful. Its availability as a free PDF download makes it an accessible tool for professionals to support individual developmental needs effectively.

How to Download the DP-4 Scoring Manual for Free

The DP-4 Scoring Manual is available as a free PDF download from official sources. Visit the designated website, follow the download link, and access the manual instantly without hidden fees.

5.1 Official Sources for Download

The DP-4 Scoring Manual can be downloaded for free from official sources, including the WPS Online Evaluation System (OES) and the CESA 5 RESource Professional Development website. These platforms provide direct access to the PDF version, ensuring authenticity and reliability. The manual is specifically designed for professionals involved in the Wisconsin Birth to 3 Program, offering a trusted resource for accurate developmental assessments.

5.2 Steps to Access the PDF Version

To access the DP-4 Scoring Manual PDF, visit the official WPS Online Evaluation System (OES) or the CESA 5 RESource Professional Development website. Log in to your account, navigate to the resources section, and select the DP-4 Scoring Manual. Click the download link to obtain the free PDF version. Ensure you use a reliable internet connection for a smooth download process.

5.3 Tips for Finding Reliable Download Links

When searching for the DP-4 Scoring Manual PDF, ensure you use official sources like the WPS Online Evaluation System (OES) or the CESA 5 RESource website. Verify the publisher and avoid third-party sites unless trusted. Look for “free download” options directly from reputable platforms to avoid scams or malware. Always check the file format is PDF and the source is secure before downloading.

Best Practices for Implementing the DP-4 Scoring Manual

Understand scoring criteria thoroughly, use the manual in professional settings, and integrate it with other assessment tools for comprehensive evaluations and targeted interventions.

6.1 Understanding Scoring Criteria

Understanding the DP-4 scoring criteria is crucial for accurate assessments. The manual provides clear guidelines, examples, and best practices to ensure reliable scoring. Professionals should thoroughly review the criteria to evaluate developmental progress effectively, supporting targeted interventions and informed decision-making.

6.2 Using the Manual in Professional Settings

The DP-4 Scoring Manual is a vital tool for professionals, enabling accurate assessments and informed decision-making. It supports eligibility evaluations and ensures reliable results in professional settings. By following the manual’s guidelines, professionals can effectively administer the assessment via interviews, checklists, or rating forms, making it an indispensable resource for supporting developmental needs in various professional contexts.

6.3 Integrating with Other Assessment Tools

The DP-4 Scoring Manual can be seamlessly integrated with other assessment tools, enhancing comprehensive evaluations. It complements systems like the Wisconsin Birth to 3 Program and WPS Online Evaluation System, ensuring a holistic approach. Professionals can combine DP-4 results with other assessments for a more accurate understanding of developmental needs, supporting targeted interventions and improving outcomes for children.

Key Components of the DP-4 Scoring Manual

The DP-4 Scoring Manual includes administration methods, scoring guidelines, and examples to ensure accurate assessments. It provides clear instructions for interpreting results and supporting developmental evaluations effectively.

7.1 Administration Methods

The DP-4 Scoring Manual outlines flexible administration methods, including interviews, checklists, and rating forms, to suit various assessment needs. These methods ensure comprehensive data collection and accurate scoring. The manual also supports digital administration through the WPS Online Evaluation System (OES), offering a modern approach to streamline the process while maintaining reliability and validity in developmental assessments.

7.2 Scoring and Interpretation Guidelines

The DP-4 Scoring Manual provides clear criteria and step-by-step instructions for scoring assessments accurately. It includes examples and best practices to ensure reliable and valid results. The manual guides professionals in interpreting scores to evaluate developmental progress effectively, supporting targeted interventions and informed decision-making for children’s support plans.

7.3 Examples and Case Studies

The DP-4 Scoring Manual includes practical examples and real-world case studies to illustrate effective scoring and interpretation techniques. These resources help professionals understand how to apply the guidelines in diverse situations, ensuring accurate assessments and informed decision-making. The examples cover various developmental domains, providing clear insights into evaluating children’s progress and supporting individualized interventions.

The Role of the DP-4 in the Wisconsin Birth to 3 Program

The DP-4 serves as a key eligibility evaluation tool, providing accurate assessments of developmental progress in children. It ensures reliable results, supporting targeted interventions and informed decision-making within the program.

8.1 Eligibility Evaluation Tools

The DP-4 is a primary eligibility evaluation tool for the Wisconsin Birth to 3 Program, offering a structured approach to assess developmental progress. It provides detailed scoring guidelines and administration instructions, ensuring accurate and reliable results. Professionals use the DP-4 to identify developmental needs and inform targeted interventions, making it a critical resource for supporting children’s growth and development effectively.

8.2 Addressing Scoring Questions

The DP-4 Scoring Manual addresses common scoring questions by providing clear guidelines and examples. It helps professionals understand scoring differences between DP-4 and DAYC-2, ensuring accurate eligibility evaluations. The manual offers detailed instructions for administration and interpretation, supporting professionals in making informed decisions. Available as a free PDF download, it is an invaluable resource for resolving scoring challenges and ensuring reliable results.

8.3 Ensuring Accurate Results

The DP-4 Scoring Manual provides clear guidelines to ensure accurate results in developmental assessments. It includes detailed scoring criteria, administration methods, and examples to guide professionals. By following the manual, evaluators can minimize errors and ensure reliable outcomes. The free PDF download offers structured approaches to support precise evaluations, making it an essential tool for professionals working with the Wisconsin Birth to 3 Program.

Transition to Online Scoring Platforms

The DP-4 Scoring Manual is now accessible via the WPS Online Evaluation System (OES), offering digital administration, scoring, and interpretation options for enhanced efficiency and accessibility.

9.1 WPS Online Evaluation System (OES)

The WPS Online Evaluation System (OES) replaces traditional CD or USB-based scoring, offering digital administration, scoring, and interpretation of the DP-4 assessment. This platform streamlines the evaluation process, providing real-time data and remote accessibility for professionals. It ensures consistency and accuracy in scoring, making it an essential tool for efficient and reliable developmental assessments.

9.2 Benefits of Digital Scoring

Digital scoring through the WPS Online Evaluation System (OES) enhances efficiency and accuracy. It eliminates manual errors, saves time, and provides instant access to results. Professionals can easily track progress and generate reports, making it a convenient and reliable method for assessing developmental milestones. This digital approach ensures consistency and streamlines the evaluation process for better decision-making and targeted interventions.

9.3 Availability of Online Resources

The DP-4 Scoring Manual is readily available as a free PDF download from official sources and online platforms. Professionals can access comprehensive guides, expert tips, and supporting materials through reliable links. The WPS Online Evaluation System (OES) and other digital platforms offer convenient access to resources, ensuring ease of use and up-to-date information for accurate assessments and interventions.

Troubleshooting Common Scoring Issues

The DP-4 Scoring Manual addresses common scoring challenges, offering solutions for discrepancies and interpretation difficulties. It guides professionals in resolving issues and seeking support when needed, ensuring accurate results.

10.1 Addressing Scoring Discrepancies

The DP-4 Scoring Manual provides clear guidelines to identify and resolve scoring discrepancies. It offers structured approaches, examples, and best practices to ensure accurate results. Professionals can address differences in scoring methods and interpretation, fostering consistency and reliability in assessments. The manual also includes troubleshooting tips to help users understand and correct common errors, ensuring valid and reliable outcomes in developmental evaluations.

10.2 Resolving Interpretation Challenges

The DP-4 Scoring Manual provides comprehensive resources to address interpretation challenges. It includes detailed guidelines, examples, and expert tips to ensure accurate and consistent evaluations. Professionals can rely on the manual to clarify ambiguous scores and interpret results effectively. The free PDF download offers accessible solutions, making it easier to resolve complex interpretation issues and ensure reliable developmental assessments for children.

10.3 Seeking Professional Support

Professionals can seek support through the DP-4 Scoring Manual, available as a free PDF download. It offers expert tips, examples, and detailed guidelines to address complex scoring questions. The manual ensures accurate results and provides resources for resolving interpretation challenges. By downloading the guide, professionals can enhance their assessment skills and deliver targeted interventions effectively, supporting children’s developmental progress with confidence and precision.

The DP-4 Scoring Manual is a vital resource for professionals, offering a free PDF download. It ensures accurate assessments and supports targeted interventions for developmental progress.

11.1 Summary of Key Points

The DP-4 Scoring Manual is a comprehensive guide for assessing developmental progress, offering detailed scoring criteria and administration instructions. Available as a free PDF download, it ensures accurate and reliable results. Professionals can use it to evaluate developmental needs effectively, supporting targeted interventions. The manual is essential for anyone involved in developmental assessments, providing clear guidelines and best practices for optimal outcomes.

11.2 Final Thoughts on the DP-4 Scoring Manual

The DP-4 Scoring Manual is a vital resource for professionals, offering clear guidelines and examples to ensure accurate assessments. Its availability as a free PDF download makes it accessible to all. By transitioning to online platforms like WPS OES, it remains a cornerstone for developmental evaluations, supporting professionals in making informed decisions and implementing effective interventions for children’s developmental progress.

11.3 Encouragement for Further Exploration

Exploring the DP-4 Scoring Manual further is highly recommended for professionals seeking to enhance their assessment skills. The manual’s detailed guidelines and examples provide a comprehensive understanding of developmental evaluations. By downloading the free PDF, users can access valuable resources to support accurate scoring and interpretation, ensuring informed decision-making for targeted interventions and improved outcomes in developmental assessments.

Frequently Asked Questions (FAQs)

The DP-4 Scoring Manual is available as a free PDF download, providing essential guidelines for accurate assessments. It can be accessed online without additional costs or subscriptions.

12.1 Is the DP-4 Scoring Manual Free?

Yes, the DP-4 Scoring Manual is available for free download as a PDF. It provides comprehensive guidelines for assessing developmental progress without additional costs, ensuring accessibility for professionals and educators.

12.2 Can the Manual Be Accessed Online?

Yes, the DP-4 Scoring Manual can be accessed online. It is available as a free PDF download through official sources, ensuring easy access for professionals. The manual is also integrated into the WPS Online Evaluation System (OES), providing a digital platform for convenient use and reference.

12.3 What Are the Key Differences from Previous Versions?

The DP-4 Scoring Manual introduces updated scoring criteria and digital access through the WPS Online Evaluation System (OES). It eliminates the need for CDs or USB keys, offering a more streamlined and accessible platform. Enhanced examples and best practices are included, ensuring improved accuracy and ease of use for professionals assessing developmental progress.

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James Bradshaw of the Globe and Mail reports OMERS review recommends rework of two-tiered governance structure:

The Ontario government is being urged to rework an unwieldy governance structure at one of the province’s largest pension funds after representatives for police and firefighters complained of a breakdown in transparency and efficiency. 

The province released the results late Wednesday of a review it commissioned last year to improve governance at the Ontario Municipal Employees Retirement System (OMERS), which manages $141-billion for 640,000 public-service workers. 

Pension expert Robert Poirier, the special adviser chosen to lead the review, makes 33 recommendations to the Minister of Municipal Affairs and Housing, Rob Flack. 

Chief among them is that the province should dissolve one of OMERS’s two boards, known as the Sponsors Corporation, and replace it with a new “sponsors council,” which would add five non-voting members to the 14-member body. 

The change would eliminate the large and expensive corporate structure that supports the Sponsors Corporation, which has its own staff and fiduciary duties. 

In its place, it would create a simpler, more streamlined council supported by the sponsors’ own resources. The council would be directly accessible to all of the plan’s members, giving them more visibility and input into how OMERS is governed. 

That is expected to save OMERS an estimated $10-million each year and create a more focused and transparent leadership structure, the report says. 

The report’s recommendations would preserve the current division of duties, with the Sponsors Corporation (SC) – or sponsors council, if that change comes to pass – setting the plan’s contribution rates and benefits for plan members, and an independent, 15-member Administration Corporation (AC) board administering the plan and investing its assets. 

The unusual, two-tier board structure at OMERS dates back to a 2006 restructuring. In addition to setting contributions and benefits, the SC board has also been responsible for making appointments to the AC board. 

“Faced with a governance structure that has failed to adapt and evolve since 2006, the proposed amendments in this report aimed to realign the governance model with its original intent,” Mr. Poirier said in the report. 

The SC board has been the target of pension plan members’ complaints, which boiled over last year when some members felt blindsided by planned changes to contribution rates set to take effect in 2027. Some members such as police, firefighters and other higher-paid municipal workers will see contributions rise by $15 to $20 per pay period. 

Several OMERS employers wrote to the government in June, 2024, claiming the current structure lacked transparency and fair representation and had become inefficient. 

One of those complaints was from transit agency Metrolinx, where Mr. Poirier was a director. He is the chief executive officer of consulting firm NeuState Advisory and a former executive in the pensions division of asset manager State Street Corp. He was appointed to lead the review last August. 

Mr. Poirier also recommends establishing minimum standards for communication, transparency, engagement and mandatory consultations with sponsors and other plan members. 

He said his report’s recommendations are aimed at returning to “the foundational principle of pension governance as a collaborative agreement between employees and employers,” with both groups actively participating. 

It is now up to the province to decide whether to implement the report’s recommendations – and which ones to tackle first. In a statement, the Ministry of Municipal Affairs and Housing said the review was intended “to strengthen trust, transparency, and accountability” at OMERS. 

“After months of analyzing the plan’s governance and meeting with key plan employee associations and employers, Mr. Poirier’s full report is now publicly posted, and members are being engaged on the recommendations,” the statement said. 

In a statement in response Mr. Poirier’s report, the Sponsors Corporation said the current dual structure “has been key to SC improving access, enhancing security and preserving fairness for members and employers.” 

“There are significant changes in governance in this report. Whether these changes add strength to OMERS will be revealed over time.” 

The chair of OMERS’s AC board, George Cooke, said in a statement that the report “sets the stage for a new chapter in OMERS governance” and “successfully balances” the core tenets of the legislation that created the pension fund with efforts to address the sponsors’ concerns. 

“We are pleased to see that the report recognizes the importance of maintaining OMERS as a jointly sponsored pension plan and clearly delineates the accountabilities and respective roles of the administration and the sponsors,” he said. 

The report recommends extending Mr. Cooke’s term as chair for another four years to oversee the transition. He has led the AC board since 2013. And it calls for a progress report to the minister by June, 2027, followed by periodic governance reviews starting five years from now and every 10 years after that. 

The employee associations did not raise concerns about the performance of the AC board, OMERS’s investment performance or the fund’s capacity to pay pensions.

Robert Poirier's governance review report is available here.

Below, the overview and executive summary of the review:

Overview

Special Advisor Robert Poirier was appointed in 2024 to conduct a review of the OMERS governance model. The review was initiated in response to fairness, equity and transparency concerns raised by stakeholders who are part of the pension plan.

It had been more than a decade since the last review was undertaken in 2012. After extensive consultations with key plan employee associations and employers, the Special Advisor submitted his report to the government, including his findings and recommendations. The government is considering these recommendations and any future changes to the OMERS governance model would be informed by this report in a manner that supports the plan’s long-term sustainability.

The government will not be making any changes to contribution rates, plan benefits or the supplemental plan.

Below is an executive summary excerpt of the Special Advisor’s report.

Executive summary from the review

This 2025 OMERS Governance Review marks a critical juncture in the ongoing evolution of OMERS. Despite a more than decade-long window following the 2012 review, the steps to implement meaningful reforms have fallen well short. Rather than improving, the governance structure has become inward-looking and drifted further away from the fundamental objective of a jointly sponsored pension plan.

The Sponsors Corporation has increasingly operated within the confines of the Board and its affiliated corporation. This inward focus has significantly limited its engagement with the broader Sponsor and Non-Sponsor community and plan members, undermining transparency and accountability.

Faced with a governance structure that has failed to adapt and evolve since 2006, the proposed amendments in this report aimed to realign the governance model with its original intent. The return to the foundational principle of pension governance as a collaborative agreement between employees and employers — where both parties actively participate in negotiating the plan design, contribution levels and the types of benefits that best support members’ retirement security.

To address these challenges and restore alignment with the original purpose of a jointly sponsored plan, the report proposed the following key recommendations:

• maintain the current jointly sponsored, bicameral (two-entity) model
• maintain the current Sponsor representation and voting
• maintain the Sponsors’ statutory powers related to the ABCs (Appointments, Benefits and Contributions)
• replace the Sponsors Corporation with a new Sponsors Council
• establish an additional 5 non-voting members (Observers) in the Sponsors Council
• establish minimum standards in the act for communication, transparency, engagement and mandatory consultations with Sponsors and Non-Sponsors, (including other Non-Sponsor retiree groups), on specified changes
• enshrine the current 12-year board term limits in the act and allow for changes by regulations
• establish a transition period and increase the term limit from 12 to 16 years for the current Sponsor-appointed independent chair to oversee the transition
• establish a report back to the Minister of Municipal Affairs and Housing on the progress of the implementation and transition by June 2027
• establish a periodic governance review by the Minister of Municipal Affairs and Housing in 5 years from this review and every 10 years thereafter

In conclusion, this 2025 Governance Review presented a critical opportunity to restore trust, transparency and accountability within the governance model of one of the largest pension plans.

By embracing the recommendations in this report, OMERS can better serve its diverse membership, strengthen its long-term sustainability and reinforce its mandate to safeguard the retirement security of its members.

In his letter to Minister Flack, Robert Poirier notes:

Throughout this review, I have engaged extensively and frequently with an expanded spectrum of stakeholders, including the boards and executive leadership at OMERS Sponsors Corporation and Administration Corporation, retiree organizations, union and non-union leaders, employers, and pension experts. Our consultations have been widely praised by both labour and employer groups for their transparency, clear communication, and sincere engagement. The insights gained from these consultations were crucial in guiding the areas of focus and the development of the recommendations in this report.

I wish to sincerely thank the Ministry of Municipal Affairs and Housing for its support
throughout this process. I particularly want to acknowledge the exceptional contributions by the members of the Review Team, Jennifer Wong, Policy Manager, and Michael Beckett, Senior Economist, who have demonstrated professionalism, responsiveness, and dedication throughout this process and have played a critical role in the success of this review. I would also like to extend my appreciation to the Ministry of Finance for its valuable pension expertise and thoughtful input.

This report and its recommendations are intended to strengthen the OMERS’ governance model by identifying areas where it may no longer serve the best interests of plan members and organizations and aim to foster meaningful change that rebuilds accountability and  regains the trust of its membership. I’m confident that the recommendations in this report will be of value to you and your Ministry as you consider next steps. 

I would encourage you to read the entire report here, it's very well written, doesn't mince its words and provides clear guiding principles and recommendations to strengthen governance at OMERS.

For a pension governance wonk like me, this report is truly exceptional, setting the standard for others to follow in their governance review.

It reviews the current governance structure and exposes weaknesses and why OMERS is better off moving to a one board model that other Maple 8 pension funds have espoused.  

When I covered Robert Poirier's governance review last year, I also expressed my doubts on OMERS two-tiered governance structure, stating "it's time to do away with this dual board which none of OMERS' large peers have (one is plenty)."

Lastly, I invite you to read the statement from George Cooke, Independent Board Chair, OMERS Administration Corporation:

Yesterday, the Ontario government published the report of the Special Advisor, Robert Poirier, following his review of the OMERS governance model.

This review was initiated more than a year ago by Ontario's Minister of Municipal Affairs and Housing, and the report sets the stage for a new chapter in OMERS governance. As OMERS Independent Board Chair, accountable to some 640,000 Plan members, I thank Robert Poirier for his work on this report.

In my view, the report successfully balances the heart of the 2006 OMERS Act which underlines the important role Plan sponsors play, with the governance concerns raised by Plan sponsors and stakeholders during the review in 2012 and most recently in late 2024. Those concerns included transparency in the Sponsors Corporation Plan design decisions, the lack of representation of some OMERS members and employers in the governance model, and the inefficiencies that come from the duplication of resources between the AC and SC.

From the start, the AC Board welcomed and fully cooperated with the review. The AC Board believes that decisions about Plan design and contribution rates should be in the hands of OMERS sponsors, acting on behalf of members and employers. We are pleased to see that the report recognizes the importance of maintaining OMERS as a jointly sponsored pension plan and clearly delineates the accountabilities and respective roles of the administration and the sponsors.

The report also recommends a course of action to address the unique and duplicative structure where OMERS is run by two corporations, two Boards and two management teams, as established in the 2006 Act.

We are pleased with the report’s vision that would provide additional stakeholder groups with visibility on governance matters and plan design decisions as well as the recommendation that sponsor representatives be able to freely share information and act directly on their constituents’ behalf.

The issuance of this report is a step forward in making OMERS governance better for our members, employers, sponsors, and stakeholders. More than 640,000 members and their families rely on this Plan as a source of stable retirement income, and we appreciate this work on their behalf.

George Cooke
Independent Board Chair
OMERS Administration Corporation Board of Directors

Background on OMERS governance:

OMERS is governed by two boards that lead two corporations – the Administration Corporation (AC) and the Sponsors Corporation (SC) – that oversee different elements of OMERS governance under distinct mandates:

AC Board

SC Board

The AC Board is responsible for administering the OMERS Plan, serving members and employers, and investing Plan funds globally.

The SC is responsible for determining benefit levels, setting contribution rates, and appointing the board members on both Boards.

Great statement from George Cooke and I agree with the recommendation that his mandate be extended to oversee the implementation of all these recommendations once the government passes them. Below, OMERS CEO Blake Hutcheson delivers an address to the Empire Club of Canada on the story of OMERS (May 2024). 

The story of OMERS keeps getting rewritten and with better and more streamlined governance, this organization will continue to deliver value for its members. 

Darcy Song of top1000funds reports Canada marks five-year reign as global transparency leader: 

Canada has been named the country with the most transparent pension funds for the fifth consecutive year, according to the 2025 Global Pension Transparency Benchmark, with each of the five Canadian funds assessed ranked in the top 15 funds globally.

The results reaffirmed the strengths of the Canadian model, known for its sound governance, clear investment mandates and well-run in-house capabilities. The Canada country ranking was eight points ahead of the two countries in second place, Australia and the Netherlands, which had an overall transparency score of 92.

The GPTB assesses the largest five funds in 15 countries and in Canada that was CPP Investments, CDPQ, BCI, OTPP and PSP. The overall transparency score is based on the measure of four factors – three of which Canada led the way. It displayed the best-in-class governance, performance and responsible investing disclosure practices, but lost out to the Netherlands in cost disclosures.

In large part the leadership displayed by Dutch pension funds in cost reporting is due to regulation. Dutch funds are legally required to report on their costs under a prescribed method – through the Financial Assessment Framework – to the regulator De Nederlandsche Bank.

CEM Benchmarking product manager Edsart Heuberger, who is research lead for the GPTB, says Canada’s leadership position is partly driven by a healthy dose of peer competition.

“With a region like Canada, there’s always been a bit of an effect of thinking ‘what’s CPP doing? If CPP is doing it, we better do too’,” he says.

“The Maple 8 funds pride themselves on great governance and great transparency. They’re all big. They’re all wanting to be leaders and competitive with one another. They want to say this is who we are, and this is what we have to be – that’s why I think they’re leaders in all but one category in the four factors.”

Europe showed strength in transparency as a region, with half of the top 10 most transparent countries belonging to the continent.

Heuberger notes that some nations don’t have a prevailing culture of transparency which is manifested in the ranking, such as Latin America and Japan (despite its massive pension assets).

“In countries like Mexico and Chile, which are the two Latin American countries in our benchmark, and to a lesser extent Brazil, we just don’t see a lot of progress,” he says. “Even though this [transparency benchmark] has been in the public domain for five years, there hasn’t been much impetus for change, that we’ve heard or seen.”

“Likewise, some of the Japanese pension funds didn’t seem to have lot of movement. Maybe that’s just reflective of that [reserved] Japanese business culture,” he says, noting that the $1.9 trillion Government Pension Investment Fund (GPIF) only ranked 32 in the overall benchmark.

“Another aspect is there are some highly regulated markets … like Australia and the Netherlands, and the UK, and you do see those markets do well.”

A joint initiative between Top1000funds.com and CEM Benchmarking, the 2025 edition of the GPTB marks the final instalment of a five-year project which was established to showcase and encourage best practice in the industry and provide a self-improvement framework for fiduciary investors.

Among all 75 funds assessed, 61 per cent improved their score (compared to 72 per cent last year) and 15 per cent had worse scores.

All 15 countries represented in 2025 fared better than five years ago when the GPTB released its first edition. The countries that have improved transparency the most over the five-year period are Australia (20 points), Canada (18 points) and the United States (16 points). 

Earlier today, CPP Investments announced it once again ranked highly among the world's most transparent pension funds:

CPP Investments has once again earned global recognition for leadership in pension fund transparency, reflecting its belief that openness and accountability build trust and strengthen long-term performance. 

In the newly released 2025 Global Pension Transparency Benchmark (GPTB), CPP Investments earned a score of 97 — up one point from 2024 — ranking second globally behind only Norway’s Government Pension Fund Global. 

Canada’s leader for years 

This marks the fifth consecutive year CPP Investments has been recognized as Canada’s top-ranked pension fund for transparency, maintaining its leadership position since the benchmark’s inception in 2021. 

“In Canada, there’s often a sense of ‘What’s CPP Investments doing? If CPPIB is doing it, we’d better follow,’” said Edsart Heuberger, Product Manager at CEM Benchmarking, the Toronto-based firm that co-develops the Global Pension Transparency Benchmark. He noted that Canada continues to lead all countries reviewed in pension fund transparency, in part due to CPP Investments’ influence. 

Measuring what matters 

The GPTB evaluates the public disclosures of 75 pension funds across 15 countries, focusing on the five largest in each market. Funds are assessed across four categories: governance and organization, performance, costs, and responsible investing. Each category is evaluated for clarity, completeness, comparability, and overall information value. 

CPP Investments’ strong 2025 result was driven by a perfect score of 100 in governance, along with scores in the high 90s for both performance and responsible investing. This reflects the quality of disclosures on board structure and oversight, investment strategy, and the integration of environmental, social, and governance factors in decision-making. 

“Transparency goes beyond disclosure, it’s about providing the right information clearly so that stakeholders are better informed and more confident in the Fund’s strategy,” says Michel Leduc, Senior Managing Director and Global Head of Public Affairs and Communications. 

Transparency strengthens trust 

At CPP Investments, transparency is a way of working — built into how the organization communicates, reports, and engages with Canadians. By designing information for clarity and accessibility, CPP Investments strengthens public trust and reinforces confidence in the CPP’s long-term sustainability. 

Since the GPTB launched five years ago, CPP Investments’ score has improved by 16 points, reflecting sustained efforts to enhance openness and accountability across all major areas of fund management. 

Its approach to assembling, designing, disseminating, and engaging on strategy, risk, asset allocation, costs, and climate-related issues stands out as a leading example of accessible financial disclosure. 

Looking ahead, the organization aim to continue building on this foundation — evolving with stakeholder expectations while delivering long-term value for generations of Canadians. 

I would invite you to read more on the Global Pension Transparency Benchmark here.

Below, the 2025 results for the world's most transparent pension funds (full list is available here). As you can see, Canadian pension funds were among the most transparent in the world, led by CPP Investments, CDPQ (now La Caisse) and BCI:

At the very top of the list is Norway's Government Pension Fund Global with a perfect score.

No big surprise there, as CEO Nicolai Tangen explains to Amanda White of top1000funds, the world's largest sovereign wealth fund aims to be the global leader in transparency: 

Transparency has been high on the agenda of Nicolai Tangen since he became chief executive of Norges Bank Investment Management, responsible for the management of the $1.43 trillion Government Pension Fund Global, three years ago.

It’s not just because being transparent is the right thing to do, or that the Norwegian sovereign wealth fund is a ‘fund for the people’ and stakeholder management is crucial. It’s because transparency builds trust and a platform to be more impactful in generating change.

“Knowledge of the fund is linked to the trust that people have in the fund,” Tangen says in an interview with Top1000funds.com about the fund taking top spot in the Global Pension Transparency Benchmark for 2023. “We are really dependent on the trust of the Norwegian people, because this is a democratically-anchored fund it has to do with the trust of the people and the politicians and the whole governance structure here. Norway is a very transparent and democratic society and so we have to reflect that in the way we run the fund.”

But importantly, as an investor, being transparent allows the fund to be more influential when it wants to address change in the portfolio companies it invests in.

“By being more transparent you are more impactful when you try to investigate change,” Tangen says. “We work hard with our portfolio companies to get them to be more transparent, to disclose more on what they do on climate and so on. So we owe to them to be as transparent as we can be.” 

Back in 2007, after I left PSP Investments, I wrote a big report for the Treasury Board of Canada Secretariat on the governance of the public sector pension plan and in that report, I delved deeply into the governance of Norway's massive wealth fund and their world-leading transparency.

In short, Norway's Government Pension Fund Global is way ahead of everyone else when it comes to transparency and you see it in their communications, detailed and timely disclosures, video presentations, podcasts and more.

Norway's GPFG sets the transparency bar globally and CPP Investments sets it within Canada although La Caisse is a close second and BCI isn't far behind.

I like what Michel Leduc, Senior Managing Director and Global Head of Public Affairs and Communications states in their press release: “Transparency goes beyond disclosure, it’s about providing the right information clearly so that stakeholders are better informed and more confident in the Fund’s strategy.”

Indeed but just like governance, transparency is something that needs to be improved every year.

For example, if it were up to me, CPP Investments would have a detailed list of all their hedge funds (established and emerging managers), private equity funds, real estate and private credit funds with the exact amounts invested in each one of them for each fiscal year. 

I would have detailed information on secondaries and co-investments, not just in the annual report but also on its websites.

There would be a section on benchmarks with clear explanation on performance targets and how compensation is determined not just in the annual report but on the website.

I'd have detailed performance attribution on every major deal CPP Investments ever did going back to inception of the Fund, that includes all private co-investments. Again, on the website, once click and I have all the information. 

Most importantly, I would list the total compensation of every employee at the end of every fiscal year.

If we want to talk up diversity, equity and inclusion, let's be radically transparent on compensation.

Sure, the Fund will push back for "competitive reasons" but this is my perfect world of transparency.

Put it all out there, Canadians are contributing to your Fund helping to pay your salaries and bonuses so everyone deserves to know details on compensation right down to the associate level. 

I would implore Norway's massive wealth fund to do the same.

Lastly, I like hearing from actual employees at all levels, not just CEOs and senior execs, put more interviews on your website featuring all employees and what they do and give us a glimpse of what it feels like working at CPP Investments.

I'll stop there because I can go on and on on governance and transparency but my point is don't sit and pat yourselves on the back, always aim to do more, to be better and really outdo yourselves in terms of setting a high bar on pension transparency.

Below, a candid discussion with Nicolai Tangen, CEO of Norges Bank Investment Management which manages the assets of Norway's massive sovereign wealth funds. Listen carefully to his views on the secret sauce behind the Fund's long-term success (March, 2025).