July 12, 2023
VICTORIA, BC – British Columbia Investment Management Corporation (BCI) today released our Corporate Annual Report for the year ended March 31, 2023. The report outlines how BCI’s adaptability to rapidly changing market conditions resulted in the greatest one-year value add for the second year in a row.
“Our fiscal year unfolded in an environment of heightened volatility and uncertainty. It is a testament to the exceptional calibre and commitment of our team, and their ability to adapt to abruptly changing circumstances, that we were able to skillfully navigate through the turbulence and deliver strong investment results for our clients,” said Gordon J. Fyfe, Chief Executive Officer and Chief Investment Officer. “I take pride in what we have accomplished in trying circumstances, and wish to express my appreciation to all the remarkable people throughout the corporation who share the credit for our success.”
In addition to the Annual Returns released on June 27, 2023, the 2022-2023 Corporate Annual Report provides a summary of our annual activities.
During the year, BCI achieved many investment and operational milestones, key highlights include:
- BCI delivered the strongest year of outperformance to date, delivering 3.21 per cent above the Combined Pension Plans2 benchmark, resulting in $4.6 billion in value add for our clients due to our diversifying public and private market investment strategies.
- Gross assets under management3 grew to $233.0 billion as we further develop our actively managed strategies and internal management, enabling us to continue to build meaningful futures for our clients no matter the market environment.
- Our commitment to environmental, social, and governance (ESG) is deeply ingrained within our organization, reflected in our investment beliefs, ESG principles, and the application of our ESG Governance Policy. This year we appointed a Global Head of ESG and grew the ESG team to 16 professionals.
- In a highly competitive market for top talent, we continued to seek out, welcome, and engage the world’s best and brightest to work on our clients’ behalf and grew our workforce to more than 700 professionals. We were once again recognized as one of Canada’s Top 100 Employers, one of Canada’s Top Family-Friendly Employers, and one of BC’s Top Employers.
Further information on our initiatives and activities can be found in our updated 2024-2026 Business Plan, also released today. Guided by our Long-Term Vision, four strategic ambitions form the basis of our business plan: Strengthening the Client Value Proposition, Optimizing Risk-Adjusted Returns, Leveraging Digital Technology, and Focusing on Our Talent— including progress around equity, diversity, and inclusion.
Our 2022-2023 Corporate Annual Report and 2024-2026 Business Plan are available on BCI.ca/reports.
ABOUT BCI
British Columbia Investment Management Corporation (BCI) is amongst the largest institutional investors in Canada with C$233.0 billion in gross assets under management, as of March 31, 2023. Based in Victoria, British Columbia, with offices in Vancouver, New York City, and London, U.K., BCI manages a portfolio of diversified public and private market investments on behalf of our 32 British Columbia public sector clients.
With a global outlook, BCI integrates ESG factors into investment decisions and activities that convert savings into productive capital to meet clients’ risk and return requirements over time. Founded in 1999, BCI is a statutory corporation created by the Public Sector Pension Plans Act. For more information, visit BCI.ca or LinkedIn.
CONTACT
Olga Petrycki, Director, External Stakeholder Engagement
1 Includes the impact of the centralized currency management program.
2 The Combined Pension Plans reflect the investments of BCI’s six largest pension clients, namely: BC Hydro Pension Plan; College Pension Plan; Municipal Pension Plan; Public Service Pension Plan; Teachers’ Pension Plan; and WorkSafeBC Pension Plan.
3 Gross assets under management are shown net of leverage issued by QuadReal Property Group and include clients’ investment liabilities achieved through government bond repurchase agreements managed by BCI’s funding program.
