Morning, ladies and gentlemen. My name is Jeff Ellis. I am the Chief Legal Officer and Corporate Secretary of Canadian Pacific. This presentation will contain certain forward looking information within the meaning of applicable securities laws, including, but not limited to, CP's operations, priorities and plans, anticipated financial performance, business prospects, planned capital expenditures, programs and strategies. By its nature, forward looking information involves numerous assumptions, risks and uncertainties that could cause actual results to differ materially from the forward looking statements.
The presentation will also contain certain non GAAP measures, which do not have a standardized meaning under accepted accounting principles. Further information about CP's forward looking statements and non GAAP measures is available in CP's annual report on Form 10 ks, which can be found online on SEDAR, EDGAR and at investor. Cpr. Ca.
Good morning, ladies and gentlemen. My name is Isabel Corville. I am Chair of the Board of Directors of Canadian Pacific. Welcome to the Annual Meeting of Shareholders of Canadian Pacific Railway. This is CP's 130th Annual General Meeting.
This is our first ever virtual annual meeting. As you are all aware, in light of the COVID-nineteen virus outbreak and in keeping with the advice of health authorities, CP is conducting a virtual only annual meeting. Doing so reduces the risk of spread of infection to our employees, shareholders, directors and stakeholders. While a virtual meeting does not give us a chance to meet with you in person, in the current climate, a virtual meeting fosters shareholder participation regardless of where you are located. Even still, we are looking forward to having shareholders engage with our Board and management team in person next year when we host you in Calgary.
With that, I welcome all of our employees, shareholders and directors joining us virtually from around the globe. Joining me at the meeting today are Keith Creel, our President and Chief Executive Officer and Jeff Ellis, our Chief Legal Officer and Corporate Secretary. Our shareholders and proxy holders are participating in today's meeting via webcast. At the outset, I want to explain a few things that are different this year. We will have a combined Q and A session at the end of Keith Creel's remarks.
Keith will answer any questions directed to management, and I will answer any board related questions. We will try to answer as many questions as we can and as are submitted through the meeting portal. If your question does not get answered during the meeting, we will respond by e mail after the meeting. Following our virtual AGM today, CP will be releasing its 1st quarter results at approximately 4:0:5 p. M.
Eastern Time. Management will hold its quarterly investor shareholder call at 4:30 Eastern Time. Keith, an other management representative, will be available to answer additional questions at that time. As in past years, we expect that the vast majority of votes have been cast in advance of the meeting by proxy through the various available channels. That said, the right to vote and participate in the meeting is very important, and we are fully supportive.
Registered shareholders and duly appointed proxyholders who have not voted or wish to change their vote may vote online by clicking on the voting icon. Polls are now open for voting on all three items of business to be voted on at the meeting as described in the proxy circular. Once discussion on all business items has concluded, I will provide you further time to enter your votes and then declare voting closed on all resolutions. Registered shareholders and beneficial shareholders who have appointed themselves as proxy holders can submit questions anytime online by clicking on the question icon. All meeting materials, along with an audio recording of the meeting, will be available on CP's website following the meeting.
I now call the meeting to order. I will act as Chair of the meeting, and Jeff Ellis will act as Secretary. I hereby appoint Mark Thompson from Computershare Investor Services Inc. To act as scrutineer of the meeting. The Secretary has deposited with me a statutory declaration establishing the standing of notice of the time and format of this meeting to each shareholder entitled to vote, to each director and to the auditors of Canadian Pacific as required by law.
The scrutineer has confirmed and a quorum is present. The scrutineer's final report will be kept with the records of this meeting. I declare that the meeting has been regularly called and properly constituted for the transaction of business. Before we commence the formal business of the meeting, I would be remiss if I did not address the current economic and social environment in the world today. The world is continuing its work to contain the COVID-nineteen virus.
This health crisis has had an unprecedented impact on people's lives across the globe. On behalf of CP, I want to acknowledge this hardship, both personal and financial. I would also like to thank the tireless health worker and first responders who are sacrificing so much to keep us safe and to resolve this crisis. In this fight, CP also plays a role as a vital part of the transportation network across North America. Citi's work is essential, and its employees are critical in delivering food and medicines that Canadians and Americans need to stay safe and healthy during this pandemic.
City shares the concern of the communities through which it operates and recognizes the importance of its role at the current time. While I will leave it to Keith to address the 2019 year and the Q1 2020 results, I wanted to thank the team at CP, from the men and women who are operating the trains safely during this pandemic to those who repair the railway tracks and locomotives to those who are supporting these efforts. I want to thank the management team for their work during this time and the efforts they have taken to update their board, your representatives through this crisis. While there remains a lot of uncertainty surrounding the social and economic impacts of the COVID-nineteen virus, I am confident in the ability of Keith and his team to meet these challenges head on for the benefit of shareholders, customers and communities in which we operate. I want to thank management for CP's excellent year and for shepherding CP through all of the challenges of 2019.
I also want to thank management for his dedication and perseverance for leading in this COVID-nineteen crisis. The management team was recently recognized by institutional investors as part of its All Canada Executive Awards. CP1 for Best CEO, Best CFO and best investor relations professional in the industrial goods sector. I also want to congratulate Nadim Delany for recently being named Canada CFO of the Year for 2020. This is my first AGM as Board Chair.
I would like to start by recognizing my predecessor, Andy Riordan, for his service to the Board and for setting a path for me to follow. This past year, the Board welcomed 2 new Directors, Andrea Robertson and Edward Amberger. Andrea, who is based in Calgary, is the President and CEO of Starz Ambulance Service. Andrea's experience in a highly safety sensitive transportation focused business is invaluable to a company such as Canadian Pacific. Head Emburger brings a rich understanding of our business based on his long service as CEO of the American Association of American Railroads from 1998 to 2019.
In 2019, the Board refined its committee structure. The Audit and Finance Committees now operate as one standing committee, which is chaired by Jane Pepper to further enhance the Board's focus on safety and long term sustainable growth. The Board also established a new Risk and Sustainability Committee, which is chaired by Gordon Tractor. The Chair of our Governance Committee, Rebecca McDonnell, is a champion for diversity. Under her leadership, the Board has adopted a new Board Diversity Policy.
WOMEN now represent 45% of our current Board members and WOMEN share 2 of our 4 standing committees, the Audit and Finance Committee and the Corporate Governance and Nominating Committee. Mathieu Paul leads our Management Resources and Compensation Committee. The committee has continued to make safety a priority. CP increased the weighting of its safety metric from 10% to 20% of executive short term compensation and for 2020, we'll measure both train accident and personal injury frequency. Sustainability considerations are also an important focus at CP.
At the end of 2019, CP issued its latest sustainability report, which is found at sustainability.cpr. Ca. Our recently released sustainability report makes CP the 1st and only railroad to report using the new Sustainability Accounting Standards Board reporting standard in addition to the Global Reporting Initiative Standards of Reporting. We know that trains are 4 to 5 times more fuel efficient than trucks. Locomotive fuel efficiency has improved by over 40% since 1990.
And there is still more that we can do. As one of North America's leading rail operators and an iconic Canadian company, we have a responsibility to continue to be a leader on sustainability and environmental stewardship. Today, being socially responsible goes beyond being accountable to stakeholders. Anniversary of its Holiday Train. The Holiday Train anniversary of its holiday train.
The holiday train has now raised more than EUR 16,000,000 and collected £4,500,000 of food for local food banks since its first journey back in 1999. Since 2017, CP has raised over $800,000 for the Homes for Heroes Foundation and its initiative of building homes for homeless military veterans. Maintaining our position as a strong railway that focuses on environmental, social and governance issue requires an ongoing evaluation of our approaches to how we operate our business in order to ensure that CP remains a leader in these areas. Constantly improving and providing service excellence is essential to CP's success today and into the future. I believe CP is up to the challenge, and I'm excited about the future.
As part of today's agenda, you will hear from TCI Fund Management, a shareholder, that will speak on the topic of climate change. Rail can continue to play a leading role in ensuring a more sustainable future. CP looks forward to an ongoing discussion in this important area. We look forward to hearing TCI's perspective today and to engage with shareholders on this important topic throughout the course of the year. With that, let's proceed to the formal business of the meeting.
Please note that after the formal business is concluded and the meeting is terminated, President and CEO, Keith Creel, will address shareholders, after which there will be a question period. To expedite matters today, I will move our motion and the Secretary will second all motions with respect to the business of this meeting. If you have any questions, they should be submitted online through your phone, computer or tablet. There are 3 matters set out in the notice of this meeting to be voted on by shareholders. We are conducting voting on all items at once online.
If you are a registered shareholder or proxy holder, if you have not already done so prior to today, you can vote now by clicking on the voting icon on your phone, computer or tablet. A voting user guide was distributed to shareholders with the meeting materials and is available online at CP's website. I kindly request that the Secretary read out the items that are being voted upon.
Thank you, Madam Chair. Again, if you have submitted your vote prior to this meeting, there is nothing for you to do unless you wish to change your vote. Each shareholder or proxy holder may vote on all matters at this meeting, in particular, 1, the appointment of an auditor by selecting either for or withhold 2, CP's approach to executive compensation commonly known as se on pay by selecting either for or against and 3, the election of directors by selecting the names of the nominees for whom they wish to vote by selecting either for or withhold. Preliminary results will be announced later in the meeting after all matters have been voted on.
The first step in today's meeting is the receipt of the consolidated financial statements as included in the 2019 annual report. A copy of the Annual Report has been made available to shareholders in either hard copy or electronically. A copy of the annual report is also found at investor. Cpr. Ca and is found on the Annual Meeting site.
I now place before the meeting the consolidated financial statements and report of the auditor thereon for the year ended December 31, 2019. The first item of business is the appointment of an auditor. I move that Deloitte LLP be appointed auditor of Canadian Pacific to hold office until the close of the next Annual Meeting of Shareholders.
Madam Chair, I second the motion.
The next item of business is a nonbinding advisory vote to approve compensation of CP's named executive officers commonly known as Cianpe. I move that on an advisory basis and not to diminish the role and responsibility of the Board of Directors that the shareholders accept the company's approach to the compensation of the named executives of Canadian Pacific as disclosed in the company's proxy circular delivered prior to this 2020 Annual Meeting of Shareholders.
Madam Chair, I second the motion.
The next item of business is the election of directors. In accordance with the articles and bylaws of Canadian Pacific, the Board of Directors has determined that 11 directors are to be elected at this meeting. I now declare the meeting open for nominations and I nominate the following 11 Director nominees: The Honorable John Baird Isabel Corville Heath Creel Jill Denham Ed Amberger Rebecca McDonnell, Ed Monser, Matthew Paul, Jane Pevereth, Andrea Robertson and Gordon Trafton. I advise that no further nominees have been nominated pursuant to the provisions of CP's bylaws. Therefore, I now declare nominations closed.
I move that the persons nominated be elected directors of Canadian Pacific, each to hold office until the close of the next Annual Meeting of Shareholders or until such person's successor is elected or appointed.
I second the motion. For those of you who have not voted on all the resolutions, please do so now as I will shortly close the polls. It's now 11.18. I will close the polls on all resolution at 11.20 to allow any remaining shareholders to vote online. We will now pause here for 2 minutes.
The scrutineer has provided the preliminary report based on proxies received prior to the meeting. I call the Secretary to report on the preliminary results of the votes. I note that the company will report the detailed final voting results, including those votes submitted online at the meeting once the tabulation is completed after the meeting.
Deloitte LLP has been reappointed auditor of Canadian Pacific with 99.82 percent of the votes in favor of their appointment. The say on pay vote received 96.26 percent of the votes cast in favor of the resolution. Each of the 11 nominees has been elected as a Director of Canadian Pacific with greater than 96.9% of the votes in favor of their election.
I adopt the preliminary report of the scrutineer and declare that the 11 Director nominees, duly elected Directors of Canadian Pacific and each of the other matters of business passed. I direct that the scrutineers report the annexed to the meetings of this meeting. Ladies and gentlemen, your duly elected Directors of Canadian Pacific are the Honorable John Baird, Isabel Corville, Keith Creel, Jill Denham, Edward Embberger, Rebecca McDonald, Edward Monster, Matthew Paul, Jane Peverett, Andrea Robertson and Gordon Tractor. The next item of business is a discussion on the climate change resolution submitted by TCI Fund Management, one of our shareholders. Although this resolution was not submitted in time to require a vote at the meeting, CP published a resolution in its proxy circular to facilitate a discussion on of these important topics amongst all of its shareholders.
TCI's proposal can be found at Page 100 of the circular. I invite Mr. Philip Green, a partner and the Head of ESG at TCI to address the meeting. Over to you, Mr. Green.
Thank you very much, and we would like to thank you, our CP Board Chair, Isabel Corfiel and the Board members for giving TCI the opportunity to speak at the AGM, given the extremely challenging circumstances and the need for CP to focus on responding to business disruption and protecting employee health and livelihoods in response to COVID-nineteen pandemic. In this challenging context, it's also important that CP continues to build longer term resilience, including by addressing the threats posed by climate change. TCI believes that climate change related risks, in particular, a company's greenhouse gas or GHG emissions will have a material effect on a company's long term profitability, sustainability and investor returns. In our view, the transition to a low carbon economy is complex and urgent, and companies and their shareholders have an important role to play in this. As set out in Section 2.8, Page 100 of the circular, our proposed resolution would require the public disclosure of sustainability information, including CP's Climate Transition Plan, Scope 1, 2 and 3 GHG emissions and targets for the reduction of those emissions and emissions intensity, all in line with the Paris Agreement goals.
This is over the short, medium and long term. The proposed resolution also links executive remuneration to the achievements of these targets and a shareholder vote on these plans and targets. However, TCI acknowledges CP's progress and on sustainability initiatives, which will continue to evolve and that the company is actively working with CDP and other key groups to improve transparency through continuous refinement of sustainability disclosure and reporting practices. Against this background, we look forward to working with CP over the coming year and finding a mutually acceptable approach to climate issues and a resolution that can be placed before shareholders to vote at the 2021 AGM. Once again, I would like to thank CP Chair and Board for the opportunity to present our resolution at the AGM and wish the company our very best wishes for the coming months ahead.
Thank you.
Thank you, Philip, for the remarks on behalf of TCI. CP's response can be found in the management proxy circular at Page 100. CP looks forward to an ongoing dialogue on this issue with its shareholders over the course of this year. As there is no business that may be that may properly be brought before the meeting, this concludes the formal business of the meeting. I wish to thank you all for participating, and I now declare this meeting terminated.
Mr. Keith Creel will now provide his address to shareholders. Over to you, Keith.
Thank you, Isabelle. Good morning, shareholders and fellow railroaders. It's my honor to welcome you to CP's 2020 Annual General Meeting. Let me start by thanking you for your ongoing support for CP, especially as we navigate these unprecedented times. Today is our 138th Annual General Meeting and our long history certainly have been many great leaders of this iconic company.
Unfortunately, last week, we lost one of our leaders, Mr. Ivy Scott, who passed away at the age of 90. During Mr. Scott's time as CEO, CP went through several important changes, including the official acquisition of the Soo Line and the completion of the McDonald Tunnel. Today, it's my honor to pay our respect and gratitude to honor Mr.
Scott's contributions and legacy here at CP. Shifting our focus and my comments to the unprecedented times we're all facing, the global COVID-nineteen pandemic has certainly been challenging. That said, I can assure you that our nearly 13,000 strong CP family continues to deliver for you, our shareholders and the North American economy. I'm proud to honor and recognize our family of railroaders, the entire transportation supply chain, health care providers and others providing service and aid during COVID-nineteen pandemic crisis. 2019 was a challenging year for the CP family.
It was a year where we experienced tragedy and loss as well as success. The spectrum of experiences will forever serve as a reminder that we exist to serve and to protect those who trust and count on us, be it our shareholders, our customers or our employees. I'll expand on our experiences in my comments. However, at the utmost respect for our colleagues, above all else, I will honor them first. It's now been more than a year since we lost CP family members Dylan Paradis, Andrew Dockrell and Daniel Waldenberger Balmer in a tragic accident near Field, BC.
There's not a day that goes by that I do not personally think of these three gentlemen. They'll be remembered always, never forgotten. My deepest sympathies remain with their families and their loved ones. The prayers and the thoughts of our entire CP family are with everyone touched by these 3 professional railroaders. In December of last year, we also lost locomotive engineer, Kirk McClain, who worked at a Port Coquitlam, BC terminal.
Kirk had been with CP since 1987 and was a well respected railroader, friend and much loved father and husband. My thoughts and prayers go out to his family and friends as well as his fellow railroaders who worked with him day in and day out. The impact of these 4 individuals on the CP family will never be forgotten. Their actions, commitment and contributions will be forever woven into the fabric of this company. Out of respect for Mr.
McClain, Mr. Paredes, Mr. Dockrell and Mr. Waldenberger Balmer, I ask you all join me for a moment of silence. Okay.
While we started and ended 2019 with tragedy and loss, throughout the year we experienced significant record breaking success as well. To rise from the metaphorical ashes as this team did last year is nothing short of remarkable. It is absolutely a testament to the intestinal fortitude of our entire CB family. Reflecting on our experiences in 2019, it's really hard to put into words the honor and pride that I have leading this team of railroaders. Last year and even now we have and we continue to refuse to let adversity define us.
Instead we choose to endure and to look forward and work forward for each other, for our shareholders and for our customers. Today, as a result, we work even closer with more dedication to run our railway safely and with a commitment and a pursuit to service excellent always. Reflecting on 2019, it was a year of growth for this company, a year of records in fact. CP was the only Class 1 railway in North America to experience positive growth. Perseverance, resilience, family, These words define our actions last year and support our theme for 2019 of service excellence.
Our commitment to service excellence resulted in 2019 marking the 3rd consecutive year that CPS reduced double digit earnings growth. Our revenues increased 7% to a record 7.79 $1,000,000,000 Diluted EPS increased 29% to a record $17.52 from $13.61 while adjusted diluted EPS rose 13% to $16.44 from $14.51 Our operating ratio improved to a record low 59.9 percent, which was 140 basis point improvement year over year. The combination of our record earnings and our free cash flow enabled to invest $1,600,000,000 back into the business while returning $1,550,000,000 to you, our trusted shareholders. Yesterday, we announced that we're maintaining our dividend at $0.83 per share and we remain committed to returning value back to our shareholders even in these challenging economic conditions. Over the last 3 years CP has outperformed all major North American indices with a total shareholder return of 78%.
That said, while 2019 was another record setting year, we're certainly not resting on our laurels. We owe that to our CP family and to you our shareholders and to our customers. In fact, I'm very excited about the many unique growth opportunities that still exist with perhaps one of the greatest opportunities being our acquisition of the Central Maine and Quebec Railway. Our acquisition of the CMQ provides access to a lane that is approximately 200 miles shorter than that of the competition, getting CP's customers from the East Coast into Montreal, Toronto and the Midwest faster. It also creates opportunities for us to grow.
CP is once again a coast to coast railway in Canada. The opportunities that present for us with this acquisition certainly are vast. These achievements set us up well for the future. And while we don't yet know the full impacts of COVID-nineteen, I can certainly tell you that we were convicted we will recover and we will CP will again lead the Class 1 pack in that recovery. Later today, I'm proud to issue our Q1 results with our team.
I encourage you all of you to listen to our call that we'll have with our analysts at 2:30 p. M. Mountain Time, 4:30 p. M. Eastern Time.
We continue to see the benefits of our discipline and strict adherence to the precision scheduled railroading model we operate day in and day out. This operating model has been and continues to be fundamental to our success. We remain steadfast in our commitment to the foundations of PSR providing service, controlling cost, optimizing assets, operating safely and developing our people. The PSR operating model has made us more resilient, which helped us prepare us both for the good times as well as the challenging times that we're currently facing. It's the discipline and the constructive tension fostered when times are good that carries us through the tough times.
Yes, we're surrounded with uncertainty at times like this, but this is something that we do, something that we certainly know. We have the best team, the best operating model, which puts us in the best position in the railway industry for long term success. The CPT has a quiet competence driven by our collective competence. Yes, these are extraordinary times. We don't have a playbook.
But with our foundations coupled with our values of accountability, diversity and pride, they all set us up to succeed. Through the commitment of our people and the support of our union leaders, I've convicted that we will persevere. We will continue to provide service excellence in the face of COVID-nineteen as we safely deliver critical products to North Americans. I can't say enough how proud I am of our family of professional Railroads and the critical work that they're doing right now for Canadians and Americans alike. Rail continues to prove itself a critical link to the North American supply chain especially during the challenges we're experiencing with COVID-nineteen.
That said, this current situation does not excuse us from thinking and behaving in a future minded way with a focus on our environment and our social license. As we heard from our Chair, CP remains focused on being a strong corporate steward through our environmental and social practices and our continued commitment to good governance. We recognize the extent of our potential environmental impacts and we remain committed to minimizing our environmental footprint and managing our energy consumption to improve energy efficiency and reduce emissions. Transportation by rail will continue to play a leading role in ensuring a more sustainable future for the global marketplace. In fact, by leveraging our market strengths, we plan to transition business away from the less efficient trucking industry to rail, while acting as strong corporate stewards with deep ties to the communities we operate in and through.
Safety is a foundational principle of precision scheduled railroading core to our CP family. Simply said, we cannot be successful if we do not operate our railway safely. In 2019, we continue to make improvements in lowering our personal injury rates to record levels at CP. For the 14th straight year, we were the safest Class 1 railroad in North America based on Federal Railroad Administration reportable train accident frequencies. However, we must continue to drive improvements and learn from our past events.
We are committed to continuous learning and development in the air is safety. Safety is a never ending journey. It's not about a single destination. And as noted by Isabel, in 2019, we increased the weighting of our safety measure within the company's short term incentive plan to 20% from 10%. In addition to the current industry standard FRA train accident metric, in 2020, we've added a second safety metric to the short term incentive plan related to measuring our FRA personal injury frequency rate.
This addition underscores CP's commitment to ensuring our employees get home safe every day. When it comes to safety, we can always do better. We can never allow complacency to set in. Through our corporate safety program, CP HomeSafe, we ask every employee to reflect on the importance of going home safe and the ways in which they can achieve this for themselves, their fellow employees and their families. With an uncertain road still ahead as it relates to COVID-nineteen, the health and safety of our employees and the communities we operate in is front and center.
As I remain grateful for our employees and the collective ongoing role they play in delivering for North America in such a challenging time. Turning my comments to our team. Like our business, our team has shown great resiliency. In September of last year, we saw the seamless transition of Mark Redd into his role as Executive Vice President of Operations. And last month, as noted by Isabelle, our Executive Vice President and Chief Financial Officer, Nadine Belani was named Canada's CFO of the Year.
The team was also recognized by institutional investor with a number of other significant awards. As well, several CP family members have been recognized by industry trade publications and other groups throughout 2019 early 2020 with numerous awards. It's my honor to be serving with our talented team of railroaders. I could not be prouder. These examples are a testament to our deep bench strength and the organization's commitment to leadership development.
I've personally selected the members of CP's executive team and I know beyond doubt, collectively they're the best in the business. Next year, I look forward again to introducing each of them by name. But for now given our virtual meeting, I want to simply say to each of them, thank you for what you do every day to deliver for our shareholders, our customers and the North American economy, while creating a work environment where our CP family of railroaders can truly flourish. I've never been prouder of our leadership team and the entire family. We're not just individuals working in isolation to perform a task.
We're a family of world class railroaders driving the supply chain forward. Looking forward, we have many exciting opportunities still ahead for us. I look forward to sharing our Q1 results later today. I'm confident in our people, our operating model and our plan. Beyond doubt, we're essential to the North American economy.
And rest assured, when the chips are down, this team will deliver. With the uncertainty that surrounds COVID-nineteen, we'll continue to focus on what we can control. Service excellence is what we're known for and this is certainly not about to change. Post COVID-nineteen, we'll continue to be leaders in the Class I space and I'm confident, in fact, I'm convicted we will recover and be stronger than our peers. Our operating model, hand picked leadership team and our proud family of railroaders will continue to differentiate us from the competition.
It's what makes us unique. I remain humbled and honored to lead this company and I look forward to serving in 2020 beyond. With that said, Isabel and I will now open up our meeting to ask a question. In this forum, we're going to answer questions that are in the interest of the broader shareholder base. If you have questions about our current performance and guidance, I'd ask that you listen to our Q1 call later this afternoon.
Any question asked to the system will be answered. However, not all will be part of the Q and A period this morning. If a question is not one brought forward this morning, please look for a response electronically from the Office of the Corporate Secretary. There may be a bit of a lag between the questions as they come into the system. Next year, I look forward to hosting a Q and A period as in the past where my colleagues can join me on the stage.
So with that, I'd be happy to open up the meeting to questions.
Madam Chair, Mr. Creel, for the moment, we have no questions. I suggest we give it a minute or so. Okay. Madam Chair, Mr.
Creel, there do not appear to be any questions.
Okay. With that, Jeff, then I'll now close by thanking all of you for taking the time to join us today. I want to once again thank our CP family for their ongoing commitment and their dedication. The team and I look forward to serving our shareholders, our customers and the CP family in 2020 beyond. And with that, I'll turn it over now to Isabelle.
Thank you, Keith. Ladies and gentlemen, that concludes our annual meeting. On behalf of CP, I would like to thank each of you for attending this virtual meeting. We look forward to seeing you next year in person. Thank you.