ASM 2020

Jun 12, 2020

Slides

Ladies and gentlemen, thank you for standing by, and welcome to the Brookfield Asset Management Annual Meeting of Shareholders. I would now like to introduce today's moderator and Corporate Secretary for the meeting, Mr. Justin Bieber, who is Managing Partner and Chief Legal Officer of Brookfield. You may begin. Thank you, operator. Mr. Chair, we are ready to commence the meeting. Good morning, ladies and gentlemen. It's now 10:30 a. M. And time to begin the annual meeting of shareholders of Brookfield Asset Management. My name is Frank McKenna, and as Chair of the Board, it's my pleasure to welcome and chair today's meeting. On behalf of the Board and management, I'd like to extend a warm welcome to everyone joining us virtually through our live webcast. Before we commence the formal business of the meeting, I'd like to acknowledge the current situation and express our thanks for the support of our shareholders as we navigate our 1st virtual annual meeting. We wish we could be with you in person today, but consistent with the guidance from public health and government authorities that was not possible. Our priority has been to host this meeting in a manner that to the greatest extent possible facilitates the same engagement of our shareholders as our in person meetings. The primary difference in how we will conduct today's meeting is the manner in which voting will take place. Voting during the meeting will take place on our virtual webcast platform. I'll now explain this process. We will conduct the votes on the matters before us by a poll. On a poll, every shareholder entitled to vote on the matter has one vote in respect of each share entitled to be voted on the matter and held by that shareholder. The poll will be open for all resolutions at the same time and throughout the formal portion of the meeting. This will allow you to choose to vote on each resolution immediately or wait until conclusion of discussion on each resolution prior to casting your vote. If you voted in advance of the meeting and do not wish to revoke your previously submitted proxies, then you do not need to do anything. Also consistent with their in person meetings, we will welcome questions from our shareholders. As described in our management information circular for this meeting, participants will submit their questions by typing the question into the webcast platform. If you have a question, click on the messaging icon on the top of the page. Please indicate whether your question is of a general nature or if it relates to a motion being considered as part of today's formal business. Questions that directly relate to a particular motion will be answered at the appropriate time in the meeting. All other questions that are of a general nature will be answered during the allotted question and answer period following the formal business of the meeting. Please click the Submit button once you have finished typing your question. Our corporate secretary who is serving as moderator of this virtual meeting will read out the question. Either a member of management or I will respond to the question. If we receive many questions that are similar, we will read one of those questions and indicate that we have received many similar questions. We are unable to receive questions from participants during the meeting only by telephone. Further, only shareholders or proxy holders, including beneficial shareholders, who have appointed themselves as proxy holders are able to submit questions at this meeting. We will endeavor to answer all questions submitted during the allotted time. We recommend that you submit your questions relating to the motions being tabled as soon as possible as there is a 32nd delay in the webcast. I would also like to acknowledge that we've received 2 shareholder proposals for this meeting. One of those has been withdrawn. We are grateful for the engagement that our shareholders demonstrate and the important issues being raised. At our request, the remaining shareholder has submitted a proposal and provided us with a written statement in advance of today's meeting. Our colleague, Claire Holland, will read that statement. We thought that was an appropriate step to take. Since this proponent will not be able to make the statement in person before all of us. Now we wish to thank you for your participation in today's meeting during these unprecedented times. I'll now call the meeting to order and I would ask Trust Company Canada Vice Representatives, Tony Tacarnia and Kay Harrison to act as scrutineers. I will also ask our Chief Legal Officer and Corporate Secretary, Justin Bieber to act as secretary of today's meeting. In the unlikely event of technological failure disconnecting my audio from this meeting, I've designated Justin to step in as chair of the meeting. In addition to Justin, it's now my pleasure to introduce the members of management with us today, Bruce Slat, our Chief Executive Officer and Nicholas Goodman, our Chief Financial Officer. Following the conclusion of the formal part of the meeting, there will be a presentation from management. As outlined in our management information circular, there are 5 items of business to be considered today. 1st, to receive the consolidated financial statements of the corporation for the fiscal year ended December 31, 2019, including the external auditors report. 2nd, to elect directors who will serve until the next annual meeting of shareholders 3rd, to appoint the external auditor and authorize the director to set its remuneration and 4th, to consider an advisory resolution on the corporation's approach to executive compensation and 5th, to consider our shareholder proposal described in our management information circular. As mentioned in connection with the business to be dealt with today, all voting will be conducted by online ballot through the live audio webcast platform. Voting is now open on all resolutions. In order to expedite the formal period of today's meeting, I've asked certain shareholders to move and second various resolutions. Although this procedure will assist in the handling of formal matters, it's not intended to discourage anyone from submitting questions in reference to any resolution after it has been proposed and seconded. I'm advised that the notice calling this meeting and the management information circular were disseminated to voting shareholders in accordance with all applicable laws. I've asked the corporate secretary to keep a copy of the notice and proof of mailing with the minutes of the meeting. The minutes of last year's Annual Meeting of Shareholders held on June 14, 2019 are also available upon request, should any shareholder wish to review them. Based upon scrutineers' preliminary report and attendance, the secretary is now conformed that there is a forum. I therefore declare the meeting properly constituted for the transaction of the business for which it has been called. Turning to the first item of formal business, I'll now table the corporation's 2019 annual report to shareholders, which includes the corporation's consolidated financial statements for the fiscal year ended December 31, 2019, together with the external auditors report. Now copies of our annual report have been mailed to shareholders who have requested this report and they are available in the meeting materials for the slide webcast and are also available on our website. Mr. Corporate Secretary? Mr. Chair, we have not received any questions or other discussion items submitted in connection with the financial statements. Thank you. The second item of business at our meeting today is to elect directors who will serve until our next Annual Meeting of Shareholders. Before I introduce the nominees, I want to first express their deepest condolences with respect to the passing of our former Director, Youssef Nasser. Youssef served for over 8 years on our Board and had a long standing association with Brookfield extending over 30 years. He was instrumental to Brookfield's broken success. I'd like to take this opportunity to acknowledge Youssef for his many years of service on behalf of shareholders. I would also like to note that Robert Harding, who has been with Brookfield for over 35 years and served as a Director for more than 20 years has retired and Tim Price who has been with Brookfield for over 40 years is now standing for reelection. I want to thank and extend our sincere appreciation to Mr. Harding and Mr. Price for their long standing commitment to Brookfield. To assist you in identifying our directors, their pictures will be shown on the slides of the webcast platform as I read their names. The 8 proposed nominees for election by holders of the corporation's Class A Limited voting shares are Elise Allen, Angelo Brawley, Morello Ferreira, Janice Hucakusa. Rafael Miranda, Signe Wa, Diana Taylor and myself. The 8 nominees for election by the holders of the corporation's Class B Limited voting shares are Jeff Glidner, Jack Cockwell, Marcel Coutu, Bruce Flatt, Maureen Kempsterdarcz, Brian Lawson, Lord Gus Adorno and Howard Marks. 14 of the 16 proposed nominees were elected at our last annual meeting in June of 2019 and are standing for reelection today. We're also delighted to have Howard Marks and Janice Lukoupkausak standing for election this year. Mr. Marks, Co Chairman of Oaktree Capital Group joined the Board in February of 2020. Mr. Marks is one of the preeminent global investors and we are thrilled to have him. In addition, Ms. Fukukusa is a Director nominee. Ms. Fukukusa is the former Chief Administrative Officer and Chief Financial Officer of the Royal Bank of Canada. Ms. Fukakusa is the Chancellor of Ryerson University and serves on various boards of directors for corporate organizations. We look forward to her contributions to the Board. Information on all 16 director nominees is set out in our management information circular, which was posted on our website for shareholder review and is available from the company upon request. Mr. Corporate Secretary? Mr. Chair, we have not received any questions or other discussion items with respect to the nomination of directors. The meeting is now open to receive nominations for the election of the proposed directors. We invite shareholders and proxy holders to submit their votes online if they've not already done so. As a reminder, if you have already voted or sent in your proxy, there is no need to do anything unless you wish to vote unless you wish to change your vote. I'd recognize Clare Holland. Mr. Clare, I nominate for election as Director the 8 nominees for the Class A limited voting shareholders and the 8 nominees for the Class B limited voting shareholders named in the management information circular dated April 27, 2020. We'll now recognize Rachel Powell. Mr. Chair, I second the motion. Are there any further nominations? If not, I declare the nominations closed. As there are 16 directors to be elected and the same number of nominees, I now declare that those nominated have been duly elected as directors of the corporation. The 3rd item of business today is the appointment of the corporation's external auditor and authorizing the directors to set a remuneration. As stated in the management information circular, the Audit Committee of our Board of Directors has recommended to shareholders that Deloitte LLP be reappointed as the corporation's external auditor. It's now in order for someone to move this resolution. I recognize Rachel Powell. Mr. Chair, I move that Deloitte, LLC be appointed the external auditor of the corporation until the next annual meeting and that the directors be authorized to set their remuneration. Thank you, Rachel. And I recognize Claire Hollander. Mr. Chair, I second the motion. The resolution has been moved and seconded and the motion is now before the meeting for our discussion. Mr. Chair, we have not received any questions or other discussion items submitted in connection with the appointment of auditors. Adoption of the motion requires the favorable vote of a majority of the votes cast at the meeting by the holders of each of the Class A limited voting shares and the Class B limited voting shares voting as separate classes. Management has received proxies representing approximately 72% of the corporation's Class A limited voting shares and 100% of the Class B limited voting shares. These proxies direct me to vote over 97% of the Class A limited voting shares and all of the Class B limited voting shares in favor of the resolution. I will now call for shareholders and proxy holders to submit their vote if they've not already done so. We will report on the results at the conclusion of the formal business of the meeting. The 4th item of business is the approval of the advisory resolution on the corporation's approach to executive compensation described in the management information circular. The corporation has put forth an advisory resolution at this meeting as part of its ongoing efforts to both meet its corporate governance objectives and ensure a high level of shareholder engagement. Because this is an advisory vote, the results will not be binding upon the Board. However, the Board and the Management Resources and Compensation Committee will take into account the results of the vote, as appropriate when considering future compensation policies and decisions. The Board welcomes comments and questions on the corporation's executive compensation practices. It's now in order for someone to move this resolution, and I recognize Claire Holland. Mr. Chair, I move that the advisory resolution accepting the approach to executive compensation described in the management information circular dated April 27, 2020 be approved. Thank you, Claire. And I recognize Rachel Power. Mr. Chair, I second the motion. The resolution has been moved and seconded and the motion is now before the meeting for discussion. Mr. Chair, there have been no questions submitted or other discussion items in connection with the corporation's approach to executive compensation. Thank you, Justin. Adoption of this motion requires the favorable vote of the majority of Class A Limited voting shares. Management has received the proxies representing approximately 72% of the corporation's Class A Limited voting shares. These proxies directly devote approximately 90% of the Class A limited voting shares in favor of the resolution. I will now call for shareholders and proxy holders to submit their vote if they've not already done so. We will report on the results at the conclusion of the formal business of the meeting. The 2nd and the final item of business today is the consideration of shareholder proposals. As mentioned at the outset, the corporation originally received 2 shareholder proposals, but one has been withdrawn. The proposals and the corporation's response to these proposals are set forth in greater detail on Page 72 to 77 of our management information circular. I hope shareholders and others have read these. I'd like to pause here for a moment just to point out that when we became aware that it would be impossible to have shareholders attend this meeting in person and present these motions as done in past years, allowing for a good open discussion, we reached out to both shareholder groups. We discussed their proposals and our position. We believe that proposals raise important questions to which we as a board give much thought and we therefore offer that both groups submit supporting statements for their motions. Turning now to the first proposal, we're pleased that the proponent has sent a supporting statement, which will be read out to you shortly. While we're in agreement with the proposal in principle, we are in disagreement on the specifics of the motion as applicable to Brookfield. You can find our detailed response to this proposal on page 73 to 75 of our management information circular. The first shareholder proposal was submitted by the British Columbia Teachers' Federation. At this time, can I have a motion in respect of the 1st shareholder proposal? Claire Holland? Mr. Chair, the shareholder proposal submitted by the British Columbia Teachers Federation and described in detail on Pages 72 to 73 of the management information circular is hereby moved. Thank you, Claire. And the seconder, Rachel? Mr. Chair, I second the motion. The proposal has been moved and seconded, and the motion is now before the meeting for discussion. I'm going to now ask that Claire read out the statement provided to us in advance of the meeting by the British Columbia Teachers' Federation. This proposal has been filed by the British Columbia Teachers Federation and is supported by SHARE, a Shareholder Association For Research and Education. The proposal asked that Brookfield assign oversight responsibility for Human Capital Management to a Board committee and that the committee's charter be modified accordingly. It also asked that this committee evaluate the company's disclosure of workforce metrics and the value that they provide to long term investors. Brookfield is the 3rd largest employer among constituents of the TSX-sixty, employing more than 150,000 people in over 30 countries. Many of these employees are frontline workers who operate ports, roads and utilities or clean malls. Our occupations fall under the definition of essential services in countries like Canada and USA, which make up 31% of the company's infrastructure portfolio, the largest geographical segment. As the global pandemic unfolds, companies like Brookfield need to balance out health and safety risk to their workforce and the ongoing provision of essential services. This has called for a board structure that has the capacity to oversee workforce issues promptly and decisively. Share believes that assigning the oversight of human capital management to 1 board committee would enhance the board's capacity to respond effectively. It would also provide shareholders with an improved accountability channel at a time when human capital management issues are gaining importance in the investment community. Importantly, the company has not codified human capital management or workforce oversight in any board committee mandates. Furthermore, shareholders continue to be critical of the company's refusal to provide meaningful KPIs and trends on some of its stated workforce related targets. For instance, Brookfield has a commitment to 0 serious safety incidents, but does not provide any narrative or KPI reporting on how close it is to reaching the goal, how performance varies from year to year or what steps will be taken to improve performance. Accordingly, we encourage shareholders to support this shareholder resolution. Mr. Chair, that concludes the statement. If there is any shareholder or proxy holder with any questions or comments with respect to this first shareholder proposal, we invite you to submit your question now. Questions will be addressed prior to a call for the vote. Thank you. First, let me say that Brookfield places a high priority on effective human capital management. We place the highest importance on employee health and safety, which forms an integral part of how we expect our businesses to be managed. I would direct your attention to pages 73 to 75 of our management information circular, which describes in detail the position of management and the Board on this matter. Mr. Corporate Secretary? Mr. Chair, we have not received any questions or other discussion items submitted in connection with the shareholder proposal. Thank you. Adoption of this motion requires the favorable vote of a majority of the votes cast at the meeting by the holders of each of the Class A limited voting shares and the Class B limited voting shares voting as separate classes. Management has received proxies representing about 72% of the corporation's Class A limited voting shares and 100% of the Class B. These proxies direct me to vote over 92% of the Class A limited voting shares and all of the Class B limited voting shares against the proposal. I now call for the vote on the motion by submitting your vote, we will report on the results at the conclusion of the formal business of the meeting. We are pleased to report that the proponents of the 2nd shareholder proposal have withdrawn their proposal, which is therefore not being submitted to a vote. Nevertheless, given the importance of the topics raised in this proposal, I would like to call upon Justin Bieber, Chief Legal Officer to make a few further remarks. Thank you, Mr. Chair. As we have noted in this year's circular and on many other occasions, Brookfield strongly supports the right to work in a safe and respectful environment that is free from violence, harassment and other misconduct. We take the issue of workplace misconduct of all types, including sexual misconduct, very seriously. Our discussions with the BC Government and Services Employees Union or BCGEU highlighted our mutual alignment with the values expressed in their proposal as well as several key points of clarification. 1st, our clawback policy is a separate policy that has been in place for many years and provides the corporation with the power to recoup incentive and equity based compensation paid to executive officers based on misconduct that is determined by the Board to be materially detrimental to the corporation. Each of our executive officers has acknowledged that they are bound by our clawback policy. The policy is described at Page 56 of this year's circular. 2nd, our response to BCGEU's proposal also highlighted our positive work environment policy, which requires that directors, officers and employees ensure a safe and respectful workplace environment. We in no way intended to suggest that the positive work environment policy on its own provides for a right of clawback. We emphasized our positive work environment policy because it makes very clear our recognition that sexual misconduct is capable of resulting in material detriment to Brookfield as contemplated by the clawback policy. 3rd, we have always been committed to reviewing our corporate policies and practices periodically, and we will do so in the coming year in a number of areas, including as a result of our engagement with BCGEU, the clawback policy. We confirm this commitment as part of our discussions with BCGEU, and we look forward to engaging with them as appropriate following completion of that review. Finally, for the benefit of all shareholders, we intend to post our clawback policy to our website alongside other important policies of the company, including our Code of Ethics and Business Conduct and our positive work environment policy. That concludes my remarks, Mr. Chair. Thank you, Justin. Voting is now closed on all resolutions. I'm advised that our corporate secretary has the results of the vote. Thank you, Mr. Chair. I'm pleased to report as there are 16 directors to be elected in the same number of nominees, I now declare that those nominated have been duly elected as directors of the corporation. On the appointment of the corporation's external auditor and authorization of directors to set their remuneration, I declare the motion carried. On the approval of the advisory resolution on the corporation's approach to executive compensation, I declare the motion carried. On the consideration of the shareholder proposal, I declare that the motion is not carried and the shareholder proposal has not passed. The final voting results will be available after the meeting and posted to SEDAR at www.sedar.com. Thank you, Justin. Ladies and gentlemen, that completes the formal business of today's meeting. Since there is no other business, I declare the meeting terminated. Now that the meeting has concluded, Bruce Slabaugh and Nick Goodman will be leading our presentation on behalf of the management team. At the end of the presentation, we will be available to respond to any questions or comments that have been submitted. Please note that in responding to questions and in talking about new initiatives and our financial and operating performance, we may make forward looking statements. These statements are subject to known and unknown risks and future results may differ materially. For further information on known risk factors, I would encourage you to review the Business Environment and Risk section of management's discussion and analysis in our annual report. Finally, we would like to ensure that all shareholders who are interested in asking a question have the opportunity to do so. We will make every effort on our part to address questions during the allotted question and answer period. So ladies and gentlemen, if there is nothing else to raise, I would ask now that we hear from Bruce Slab and Nick Goodman. Thank you, Mr. Chair, and good morning, everyone. It's Nick here. I'm going to start by providing a review of the last 12 months and an update on our business. I'll then spend some time on the current environment before handing over to Bruce, who will talk about the outlook for the business and our key priorities moving forward. Over the last 12 months, we executed on a number of initiatives that have grown and diversified our franchise and further underlying Brookfield as one of the world's leading global alternative asset managers. The last year was fairly active. In summary, we raised $45,000,000,000 of capital across our various strategies and product offerings. We invested $40,000,000,000 of capital across the business, some of which Bruce will touch on. And we realized $12,000,000,000 of proceeds from asset sales, crystallizing the value we created at these investments, allowing us to recycle capital to deploy into new opportunities. As you know, our flagship funds have grown significantly. And in January, we closed our 4th infrastructure fund, which capped off this latest round of flagship fundraising. Each of the funds raised were significantly larger than their previous vintages, and in total, we raised over $50,000,000,000 including co invest capital before factoring in the addition of the Oaktree flagship credit strategy. We remain optimistic that the next round of flagship funds could raise as much as 100,000,000,000 dollars with the next Oak Street Credit Fund already in active fundraising and expected to be larger than the last. In addition to significantly increasing the capital in our flagship fund strategies, we have also been expanding our other product offerings, providing a number of other highly attractive products to our clients. First, our special investments program is an opportunistic equity and equity linked strategy that is focused on providing tactical and flexible capital solutions, typically in non controlling positions. They can invest across any geographies, asset classes and capital structures, and we expect it will attract large scale capital in today's environment. Our perpetual fund strategies are private fund vehicles that offer inflation protected bond like returns in low risk high quality real assets. This strategy has grown to over $6,000,000,000 in capital, and we believe it can grow significantly from here. We also increasingly offer separately managed accounts for our largest clients. Our diverse product offering allows us to put their capital to work across a variety of strategies and return profiles in a way that few others in our space are able to do. Also, as you're aware, last year, we completed the partnership with Oaktree at the end of September with a view that we were partnering with our business that has some excellent key attributes. It has a world class management team, excellent credit expertise, a countercyclical fundraising strategy that is complementary to our existing business and have the ability to deliver scaled credit products, something we could not offer to our clients before this partnership was formed. We believed it was a good transaction at the time with a view the business would perform exceptionally well in periods of stress where it appears of stressor to come along, both in terms of investing and fundraising. And well, we've certainly seen that play out in the last few months as they have been active in deploying capital as well as on the fundraising side, as I touched on earlier. And we think together with Brookfield, it puts us in a really strong position. Today with Oaktree, we have approximately 2,000 clients and remain committed to delivering best in class client service, including leveraging best practices and cross selling opportunities across our 2 organizations. So as you can see, the achievements of the last 12 months have both grown and diversified the business. That is evident in our key financial metrics. The strong growth in our fee bearing capital has driven higher fee revenues and carried interest potential. When combined with the stable and growing cash flows generated by our investments, our annual fee cash flow grew by 22% to $2,500,000,000 before the impact of realized carried interest. And we continue to focus on using this free cash flow to grow our business, fund new investment opportunities and return value to our shareholders. Now turning to the current environment. It goes without saying that the world right now is very different than it was this time last year or even a few months ago. Since the outbreak of this downturn, our top priority has been and continues to be protecting the health and safety of our people. And this includes our employees, our clients, our tenants and all of our other stakeholders. Many of our assets provide critical services and have therefore remained open throughout this time. And we are proud of our people who have worked tirelessly to keep the businesses safe and operating. And it is times like this that we benefit the most from our long history as an owner operator of assets as we are prepared for different environments and we believe we can lean on years of experience to manage the continuity of businesses safely and successfully. As we look forward beyond the current situation, our long term outlook remains unchanged. And while there likely will be challenges in the months ahead, we believe the defensive and critical nature of our assets and the resiliency of our business model puts us in a strong position. As we have stressed many times before, we invest in assets that generate strong cash flow our defensive in nature, have strong downside protection of capital, and we finance them with the appropriate amount of long dated debt. As we have built out and diversified our asset management franchise, we further enhanced the resiliency of our business by growing the number of clients and diversifying the product offering. At the same time, we have always placed a very high priority on access to capital and maintaining strong levels of liquidity. As we sit here today, our liquidity is the strongest it has ever been with $15,000,000,000 of core liquidity at BAAM and the listed issuers and a further $45,000,000,000 of uncalled commitments within our private funds. All of these attributes allow our business to be more resilient and grow through all parts of an economic cycle. One of the key strengths of our business is that the assets we own and the services we provide are both relevant and essential. And by this, I mean that we are protecting the financial futures of investors, we are providing critical services and we are making a positive contribution to communities and employees. Our clients are diverse, but they are looking to and relying on us to help protect and enhance their financial future. We aim to provide risk enhanced returns to them that allows them to deliver on their commitments to their constituents. Our assets provide critical services and our people are working hard to ensure service is uninterrupted. And to that extent, as I mentioned, most of them stayed open and fully operational throughout this pandemic. Because of this, the vast majority of our assets are continuing to deliver strong cash returns through revenue streams that are largely contracted and operating within highly regulated industries. Before I hand over to Bruce, I'll just quickly summarize. We've made significant strides over the past year to increase the strength of our franchise and is now broader and deeper than before. Our existing client base is very strong and we're equipped to meet their full suite of needs. And lastly, we believe our business is in the best position possible for the stable structure and lots of liquidity to withstand today's current environment. With that, I will now hand it over to Bruce. Thank you, Nick, and hello to everyone online as unusual as this is. Today across all major markets in the world, interest rates are essentially 0 and in some places slightly negative. This will have dramatic effects in a positive way on asset values and PE multiples looking forward. The fact that interest rates went to 0 everywhere globally has not yet been filtered through the markets given the short term chaos that we've all been in. If we are in the world of interest rates, as I just outlined, for a medium to long term period, we think alternative allocations will continue their march towards 60% allocations in many institutional funds and possibly may go higher. In the short term, the most important thing in our business is liquidity. We have approximately $60,000,000,000 of liquidity today to support businesses that we own and to deploy into new investments. This includes, as Nick mentioned, dollars 15,000,000,000 of cash and drawable liquidity on balance sheets and $45,000,000,000 of capital available from clients for investments. In addition, this should increase by $10,000,000,000 to $20,000,000,000 over the balance of this year with initiatives ongoing. Investing capital though, as I've mentioned before, is always competitive and we try to use our competitive advantages in everything Firstly, on size, we have access to many different large pools of capital between our balance sheets, our private funds and co investment pools with our clients. Few entities have this scale and size. 2nd, our capital sources are more diverse and this diversity enables us to solve needs for counterparties that others without diverse capital cannot. This is a large strategic advantage that we have. 3rd, we have large operating businesses and these enable us to differentiate what we can do with investments. This is important all of the time, although over the last 3 months even more. You should also feel proud that virtually all of our investments are made with a very high priority on ESG principles. And we are one of the few companies that is a net is net carbon negative in the world. Turning to opportunities, we also have to adapt, but we have found many attractive investment opportunities over the past year and over the past few months. Over the past few months, most of our investment capital was invested into concentrated positions in 10 or so companies that we know well. Last year though, we also did numerous things, not as much as usual given the strength in private markets over the 12 month period before the current situation. As a few examples, we completed a 2,100,000 square foot tower at 1 Manhattan West in New York City. This is our major office development in New York City. And it's in this tower itself is importantly fully leased now at excellent rates to very high quality companies that have been moving in. 2nd, we did acquire a North American rail business, which is a critical infrastructure asset in the North American economy and it has been operating as a critical deliverer of service during the last number of months. And in private equity, we acquired an interest in a scaffolding solutions business, which is a dominant player in the United States. And this business will continue to grow through acquisitions and internal growth over time and it's within our private equity business. Turning to priorities and to complete my comments, I will end on our priorities looking ahead. As Nick partly mentioned and I'll add a few things, we are focused on 4 things within the business. First, we are ensuring that during this period of time, we maintain sufficient liquidity across all parts of our business to ensure both protection of capital, but also opportunistic growth within each of the businesses. 2nd, we're safely returning each of our businesses and each of our people to full operating capacity and that has started in many places in the world and many of our offices are now up and running. 3rd, we've been maintaining disciplined investing standards over this period and we will continue to do that looking forward and we think there will be more opportunities 3, 6 9 months looking forward. And 4th, we've been deploying capital for value and delivering and the real goal is to deliver long term returns for our investors. The global economy is clearly experiencing incredible shocks, But rest assured that while we did not plan exactly for this event, we did plan for something that was coming. As a result, your company is in excellent financial shape at this point in time. And finally, please remember that all of this chaos will pass and it is getting better day by day. Thank you for joining the annual meeting with us. This concludes our prepared remarks. We are now pleased to answer questions and I'll turn it over to Justin, if there are any questions from shareholders. Thank you, Bruce. Following your and next comprehensive remarks, we have not received any questions to be addressed. As such, I would like to turn the meeting back over to our Chair to conclude today's session. Well, thank you, Justin. Thank you, Nick. Thank you, Bruce. Ladies and gentlemen, if there are no further questions or comments, I'd like to thank you for taking the time to join us today online through our webcast. As Bruce has pointed out, the world has changed and the format for this AGM has changed as well. One thing that hasn't changed are the values that guide us. We appreciate your participation and hope that you'll found the meeting and management presentation informative.