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In 2024, their sophisticated investments have underperformed a simple passive benchmark by over 10%, which harmed their performance bonuses. They responded not by changing their investment strategy, but by CHANGING THE BENCHMARK.

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This should be a scandal, and yet somehow it's not. The old benchmarks should be legislated back, so that the CPPIB is required to report on whether they are capable of outperforming a simple passive investment strategy.