Good 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-K, which can be found online on SEDAR, EDGAR, and at investor.cpr.ca.
Good morning, ladies and gentlemen. My name is Isabelle Courville. 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-19 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&A session at the end of Keith Creel's remarks. Keith will answer any question 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 email after the meeting.
Following our virtual AGM today, CP will be releasing its first-quarter results at approximately 4:05 P.M. Eastern Time. Management will hold its quarterly investor shareholder call at 4:30 P.M. Eastern Time. Keith and other management representatives 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 proxy holders 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 sending 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 that 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-19 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. CP'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. CP 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-19 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 its dedication and perseverance for leading in this COVID-19 crisis. The management team was recently recognized by institutional investors as part of its All-Canada Executive Awards. CP won for best CEO, best CFO, and best investor relations professional in the industrial goods sector.
I also want to congratulate Nadeem Velani 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, Andrew Reardon, for his service to the board and for setting a path for me to follow. This past year, the board welcomed two new directors, Andrea Robertson and Edward Hamberger. Andrea, who is based in Calgary, is the President and CEO of STARS Air Ambulance. Andrea's experience in a highly safety-sensitive, transportation-focused business is invaluable to a company such as Canadian Pacific. Ed Hamberger brings a rich understanding of our business based on his long service as CEO of the 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 Peverett.
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 Trafton. The Chair of our governance committee, Rebecca MacDonald, 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 Chair two of our four standing committees, the audit and finance committee and the corporate governance and nominating committee. Matthew Paull 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 will 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 first 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 four to five 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. CP invests in the communities in which it operates. In 2018, CP celebrated the 20th anniversary of its Holiday Train.
The Holiday Train has now raised more than CAD 16 million and collected 4.5 million pounds of food for local food banks since its first journey back in 1999. Since 2017, CP has raised over CAD 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 all 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 three matters set out in the notice of this meeting to be voted on by shareholders.
We are conducting voting on all item 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. One, the appointment of an auditor by selecting either for or withhold. Two, CP's approach to executive compensation, commonly known as say on pay, by selecting either for or against. Three, 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 31st, 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 non-binding advisory vote to approve compensation of CP's named executive officers, commonly known as say on pay. 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, Isabelle Courville, Keith Creel, Jill Denham, Ed Hamberger, Rebecca MacDonald, Ed Monser, Matthew Paull, Jane Peverett, 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 A.M. I will close the polls on all resolution at 11:20 A.M. to allow any remaining shareholders to vote online. We will now pause here for two 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% of the votes in favor of their appointment. The say on pay vote received 96.26% 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 scrutineer's report be annexed to the meetings of this meeting. Ladies and gentlemen, your duly elected directors of Canadian Pacific are the Honorable John Baird, Isabelle Courville, Keith Creel, Jill Denham, Edward Hamberger, Rebecca MacDonald, Edward Monser, Matthew Paull, Jane Peverett, Andrea Robertson, and Gordon Trafton. 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 the resolution in its proxy circular to facilitate a discussion of these important topics amongst all of its shareholders. TCI's proposal can be found on 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. We would like to thank you, our CP board Chair, Isabelle Courville, 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-19 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 on 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 achievement 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 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. In our long history, certainly, there have been many great leaders of this iconic company. Unfortunately, last week we lost one of our leaders, Mr. I.B. 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 Mount Macdonald 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-19 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, healthcare providers, and others providing service and aid during the COVID-19 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-Bulmer 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 three professional railroaders. In December of last year, we also lost locomotive engineer Kirk McLean, who worked out of 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 four 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. McLean, Mr. Paradis, Mr. Dockrell, and Mr. Waldenberger-Bulmer, I ask you all join to 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 CP family. Reflecting on our experiences in 2019, it's really hard to put in 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 excellence, always. Reflecting on 2019, it was a year of growth for this company. A year of records, in fact. CP was the only Class I railway in North America to experience positive growth.
Perseverance, resilience, family. These words defined our actions last year and support our theme for 2019 of service excellence. Our commitment to service excellence resulted in 2019 marking the third consecutive year that CP has produced double-digit earnings growth. Our revenues increased 7% to a record CAD 7.79 billion. Diluted EPS increased 29% to a record CAD 17.52 from CAD 13.61, while adjusted diluted EPS rose 13% to CAD 16.44 from CAD 14.51.
Our operating ratio improved to a record low 59.9%, which was a 140 basis point improvement year-over-year. The combination of our record earnings and our free cash flow enabled us to invest CAD 1.6 billion back into the business while returning CAD 1.55 billion to you, our trusted shareholders. Yesterday, we announced that we're maintaining our dividend at CAD 0.83 per share, and we remain committed to returning value back to our shareholders, even in these challenging economic conditions. Over the last three 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. While we don't yet know the full impacts of COVID-19, I can certainly tell you that we are convicted we will recover, and CP will again lead the Class I pack in that recovery. Later today, I'm proud to issue our Q1 results with our team.
I encourage 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. 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 CP team has a quiet confidence driven by our collective competence. Yes, these are extraordinary times. We don't have a playbook. 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'm convicted that we will persevere. We will continue to provide service excellence in the face of COVID-19 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, Americans alike. Rail continues to prove itself a critical link of the North American supply chain, especially during the challenges we're experiencing with COVID-19. 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 continued to make improvements in lowering our personal injury rates to record levels at CP. For the 14th straight year, we were the safest Class I 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 area of safety. Safety is a never-ending journey. It's not about a single destination. As noted by Isabelle, 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 have 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 Home Safe, 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-19, 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 Americans 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.
Last month, as noted by Isabelle, our Executive Vice President and Chief Financial Officer, Nadeem Velani, 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 and 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 personally selected the members of CP's executive team, and I know beyond a doubt, collectively, they're the best in the business. Next year, I look forward to getting to introducing each of them by name.
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 this 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 a doubt, we're essential to the North American economy. Rest assured, when the chips are down, this team will deliver.
With the uncertainty that surrounds COVID-19, 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-19, 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, handpicked 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 and beyond. With that said, Isabelle and I will now open up our meeting to questions. You can use the question feature 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 through the system will be answered. Not all will be part of the Q&A period this morning. If your 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&A period as in the past where my colleagues can join me on the stage. 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. Madam Chair, Mr. Creel, there do not appear to be any questions.
Okay. With that, Jeff, 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 and beyond. 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.