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Victoria, BC – BCI is honoured to receive the Naden Band Spirit of Excellence Award from the United Way of Southern Vancouver Island (UWSVI). This distinguished award recognizes an organization with a long-standing commitment to the UWSVI that has achieved incredible results in funds raised, employee engagement, and community impact.

“We are honoured to have the support and partnership of BCI and their employees,” said Mark Breslauer, chief executive officer at the UWSVI. “The corporation’s workplace campaigns are an example for everybody, and we are excited to present the Naden Band Spirit Award of Excellence in recognition of BCI’s significant long-term achievements with United Way. We are truly grateful. On behalf of those helped, thank you.”

As the provider of investment management services for the province’s public sector, all BCI employees share the same sense of purpose to build meaningful futures for British Columbians. For many of our people, this passion is reflected in how they give back to our local communities.

Since 2000, BCI employees have organized an annual giving campaign that has increased awareness and raised more than $1.2 million for the UWSVI. These funds have supported counselling services for those with mental health concerns, programs for new parents, financial literacy training, and other important initiatives that support the community that many of our employees call home.

“This recognition belongs to our generous employees and the many phenomenal campaign committees we’ve had over the years,” said Shauna Lukaitis, chief operating officer at BCI and longstanding executive sponsor for BCI’s United Way campaign committee. “Their passion, dedication, and creativity has created a culture of caring and inspired so many people to get involved, making our community a better place for everyone.”

In addition to receiving the Naden Band Spirit of Excellence Award for our longstanding community leadership, BCI was nominated for UWSVI Spirit Awards in the categories of Leadership Giving, Outstanding Employee Campaign Chair, Outstanding Workplace Campaign, and the Triple Crown Award. These nominations reflect the commitment of our corporate-wide United Way campaign committee, who ran an engaging campaign in fall 2021, raising nearly $58,000 despite many employees continuing to work remotely due to the COVID-19 pandemic.

BCI helps create strong, healthy communities for all where we live and work through a wide range of causes and organizations our employees care about. Beyond fundraising and sponsorship initiatives, BCI employees receive paid time off each year to volunteer with an organization of their choice.

For more information about the work of UWSVI or to make a donation, please visit www.uwsvi.ca

Media Contact:

media@bci.ca

Victoria, BC – British Columbia Investment Management Corporation (BCI) and JA British Columbia (JABC) are pleased to announce BCI’s sponsorship of financial literacy programs intended for Indigenous youth across the province.

This sponsorship will support programs such as Dollars with Sense and more that teach financial literacy and entrepreneurial skills to help prepare students for life and work. By partnering with JABC, BCI can help to provide support for more students in Indigenous communities to take part in programs taught by Indigenous volunteers.

“We continue to build up and expand our programs to reach more Indigenous youth living in-community,” said Kimberly Sommer, program director of Indigenous communities at JABC. “Our annual target of 30 Indigenous programs has nearly doubled since January. Thanks to the support of donors and sponsors such as BCI, we aim to provide many more programs to Indigenous schools and communities next year.”

Since 2014, more than 60 employees from across BCI have volunteered their time to deliver over 100 programs with JABC. In 2019, members of BCI’s public markets department established an internal financial literacy committee to develop a deeper partnership with JABC and to continue to expand BCI’s work in furthering financial literacy. Together, these volunteers have reached an estimated 2,600 students ranging from grade four to 12. BCI supports access to education that empowers youth and adults to build foundational financial skills, as well as gain exposure to the possibility of a career in finance. This sponsorship recognizes and encourages the growing number of BCI employees contributing time through classroom and virtual program deliveries.

“As one of Canada’s largest investment managers, BCI appreciates the impact that developing financial acumen, understanding money management, and long-term planning have on the life of every individual,” said Sarah Dorrington, associate, partnership portfolio, public markets at BCI, JABC volunteer, and co-founder of BCI’s internal financial literacy committee. “JumpStart Coalition for Financial Literacy recently reported that only 26 per cent of young people ranging from 13 to 21 were taught by their parents how to manage money. BCI’s volunteer work with JABC over almost a decade helps us to further give back to our communities in a meaningful way.”

About JA British Columbia

JABC is a member of JA Canada and JA Worldwide. As the first JA charter in Canada and JA’s first international chapter, JA has been a leader in youth business education programs for over 65 years. We are dedicated to preparing people who will create and shape the jobs of the future, foster stable economies, contribute to a healthy community and enjoy lifelong success. Our programs focus on financial literacy, work readiness and entrepreneurship and are requested by educators across British Columbia. Thanks to the funding of generous donors, programs are delivered, free of charge, by local volunteers who provide their real-life experiences to students.

About BCI

With $199.6 billion of managed assets as of March 31, 2021, British Columbia Investment Management Corporation (BCI) is a leading provider of investment management services to British Columbia’s public sector and one of Canada’s largest asset managers. BCI generates the investment returns that help their institutional clients build a financially secure future. With a global outlook, BCI seeks investment opportunities that convert savings into productive capital that will meet their clients’ risk and return requirements over time. BCI invests across a range of asset classes: fixed income; mortgages; public and private equity; real estate; infrastructure; and renewable resources.

Media Contacts

JA British Columbia news@jabc.org

BCI media@bci.ca

BCI is pleased to announce the appointment of Michel Drolet as senior vice president, corporate risk & audit and chief audit executive. As head of the newly formed corporate risk & audit department, Michel is responsible for supporting the strategic oversight of the corporation’s enterprise risk management, internal controls, and internal audit functions.  

The department’s mandate is to strengthen and protect BCI’s organizational value by providing assurance, advice, and insight on BCI’s risks and control practices. Bringing together three complementary branches enables this division to work together to enhance enterprise risk awareness, responsiveness, and decision-making. To preserve the independence of the internal audit function, Michel has a dual reporting relationship to the chair of BCI’s audit committee and to the chief operating officer.  Additionally, BCI outsources all audits of functions under his oversight. 

“Establishing this department supports BCI’s vision to align risk strategies and create risk synergies that benefit the entire corporation,” said Shauna Lukaitis, chief operating officer, British Columbia Investment Management Corporation. “Michel is a proven leader, who has done an outstanding job leading the internal audit team since joining BCI in 2018. He is a trusted subject matter expert on risk considerations and with his sponsorship, we will see a proactive approach to risk monitoring, reporting, and advising.”  

“I’m excited for the opportunity to lead this new department, which will enhance BCI’s corporate risk mitigation and management capabilities, and ultimately help us to better support our business plan objectives and client needs,” said Michel Drolet, senior vice president, corporate risk & audit and chief audit executive, British Columbia Investment Management Corporation. “By integrating risk, audit, and control advisory functions, we can develop a more holistic view of organizational risk and deliver relevant and timely information for internal and external stakeholders.”  

Michel holds a bachelor of business administration from the University of British Columbia. He is a Chartered Professional Accountant (CPA, CMA) and a Certified Internal Auditor (CIA). Michel is currently a CFA® Program participant, CFA Institute, and completed level 2 in 2021. 

BCI welcomes Michel to the senior leadership team. More information about BCI’s senior vice presidents can be found here.  

For information, please contact media@bci.ca 

BCI is pleased to announce the reappointment of both Gayle Gorrill and Peter Milburn to BCI’s Board of Directors by the Minister of Finance, the Honourable Selina Robinson.

Gayle was first appointed to BCI’s Board in 2018, and her term has been extended to June 18, 2025. Gayle is chair of the audit committee.

Gayle holds the ICD.D designation from the Institute of Corporate Directors, as well as bachelor of business administration and received her chartered accountant (CPA CA) designation in 1985, becoming a Fellow of the CPA CA in 2016. Gayle has primarily spent her career in university finance and operations, and was the first woman to hold the role of vice-president finance and operations at the University of Victoria. After 15 years in this role, Gayle has recently retired.

Peter was first appointed to BCI’s Board in 2016, and his term has been extended for an additional year, ending December 31, 2023. Peter has held the role of chair since his appointment.

Most recently he fulfilled the role of Deputy Minister of Finance and Secretary to Treasury Board. Prior to that appointment, Peter built his career within the BC Ministry of Transportation and retired after 33-years in various roles such as Deputy Minister, Chief Operating Officer, and Executive Project Director for the Sea to Sky Highway Improvement Project. Peter holds a bachelor of applied science degree in civil engineering from the University of British Columbia.

When asked about his time as chair for BCI’s board, Peter said, “It’s been a very rewarding role and I look forward to another year in this capacity. The transformation BCI has undergone during my time on the board has been monumental. It’s been a privilege to advise on, and witness, the amazing work management and staff do to help so many British Columbians secure their financial futures.”

Our board is structured in accordance with the Public Sector Pension Plans Act. Of the seven-member Board, BCI’s four largest pension plan clients each appoint a member from their board of trustees, and the Minister of Finance appoints the other three — two of which must be representatives of clients.

More information about BCI’s Board of Directors and further biographical information can be found here.

NEW YORK, N.Y. – The Pension Fund Coalition for Inclusive Capitalism, an initiative of the Coalition for Inclusive Capitalism and the Ira M. Millstein Center for Global Markets and Corporate Ownership at Columbia Law School, today released an open resource to help pension funds structure contract language establishing minimum environmental, social and governance (ESG) guidelines in investment agreements with asset managers.

The Pension Fund Coalition has developed model ESG contract language for use in asset owner-manager agreements, encompassing a range of approaches to pension fund investments in public and private equity markets. The resource is intended to protect against superficial implementation of impact-oriented standards and afford asset owners the ability to direct their asset managers to invest in line with their priorities.

“For capitalism to be inclusive and sustainable, capital must work for the long term,” said Lynn Forester de Rothschild, Founder of the Coalition for Inclusive Capitalism and Founding and Managing Partner at Inclusive Capital Partners. “The most powerful lever of investment change lies with asset owners, who can steer investment toward sustainable business and continue to provide value for their beneficiaries.”

The Pension Fund Coalition, co-chaired by Theresa Whitmarsh and Hiro Mizuno, collaborated with public pension fund managers and legal advisors to provide pension funds and other asset owners a guide for structuring ESG provisions in investment agreements. The tools include model ESG mandates, reporting requirements and sample ESG criteria, which pension funds can use as a baseline for negotiating ESG provisions in the context of asset manager relationships.

“Most public pension funds, have little control over how – or whether – their assets are invested with ESG guidelines. The model language addresses this gap by ensuring long-term value creation standards are upheld,” said Hiro Mizuno, United Nations Special Envoy on Innovative Finance and Sustainable Investments and former Chief Investment Officer of the Japan Government Pension Investment Fund, the world’s largest pension fund.

The model language is designed for ease of use and can be tailored to asset owners’ ESG and long-term investment priorities. Flexible across a range of scenarios, approaches and public or private markets, it offers portfolio and legal teams pragmatic ESG tools for:

• Model mandates
• Voting rights
• Reporting requirements
• Sample ESG factors and criteria

The resource also includes guidance for fund managers and legal teams on other key considerations in determining ESG objectives within their broader investment agreements.

“As asset owners, those who oversee pension plans are distinctly focused on the long term. In the interests of beneficiaries and future retirees, pension fund fiduciaries are looking for better ways to address the integration of social and environmental factors as part of successful sustainability,” said Theresa Whitmarsh, Co-Chair of the Millstein Center, Chair of FCLTGlobal, and former Executive Director of the Washington State Investment Board. “With these tools, pension funds will have more ways to ensure that their capital is being deployed by asset managers in strategies that fit with a preferred approach to sustainability and ESG integration.”

Pension fund managers familiar with the work added the following:

“It’s important that large asset owners, including pension funds, treasurers, and endowments, know how to structure an optimal relationship with their investment managers,” said Illinois State Treasurer Michael Frerichs. “Asset owners have a vested interest ensuring that their managers are using best-in-class practices that add value and serve their needs. This includes the integration of ESG factors into investment decisions, the adoption of strong proxy voting practices, and the provision of robust reporting on investment management and stewardship activities. The model language published today will help investors structure strong relationships with their managers and it will help create uniform standards across the market.”

“Pension investors and asset managers must create long-term value for clients and beneficiaries by considering social and environmental outcomes,” said Gordon J. Fyfe, Chief Executive Officer and Chief Investment Officer at British Columbia Investment Management Corporation (BCI). “Standard tools like model mandates can support the approach portfolio managers take to consistently apply ESG principles.”

About the Coalition for Inclusive Capitalism
The Coalition for Inclusive Capitalism is a global not-for-profit organization dedicated to making capitalism work for everyone. The Coalition partners with private, public, and civic sector leaders on initiatives to make capitalism inclusive and its benefits more widely shared. Learn more at www.coalitionforinclusivecapitalism.com

About the Ira M. Millstein Center for Global Markets and Corporate Ownership
Building on Columbia Law School’s longstanding strength in corporate and securities law, the Millstein Center operates at the forefront of new thinking about how corporations are governed. The center engages with business leaders and board directors to create meaningful dialogue about the challenges companies face, and serves as a focal point for the most innovative research into the policy solutions required to tackle those challenges. Learn more at www.millstein.law.columbia.edu

We are honoured to share that BCI has been announced as the winner of the Sustainable Investing category for the 2021 Canadian Investment Review Pension Leadership Awards. The award recognizes leadership and/or significant progress incorporating sustainability into the investment process, including practices related to environmental, social, and governance (ESG) matters across asset classes.

“This recognition reflects the dedication of BCI’s teams to implementing our corporate-wide approach to ESG,” said Jennifer Coulson, senior managing director of ESG, public markets. “We are proud of our continued work with clients, portfolio companies, and other capital markets participants on the ESG issues most material to our clients’ investments.”

As a long-term investor, incorporating ESG considerations into our approach is an essential part of who we are and what we do. Among other factors, BCI was selected for the award based on:

• Demonstrated corporate-wide commitment through our ESG Strategy and corporate ESG Working Group;
• Development of our proprietary, in-house ESG Risk and Opportunity Framework which measures impacts of systemic ESG risks to the total portfolio;
• Research with the University of Victoria and Pacific Institute for Climate Solutions on climate finance models and frameworks; and
• Collaboration with global partners on the Sustainable Development Investments Asset Owners Platform, which uses an artificial-intelligence driven dataset to help investors and companies assess their contributions to the UN Sustainable Development Goals (SDGs).

“We are pursuing innovative solutions to understand and manage ESG risks and opportunities that are important for all long-term investors,” adds Adam Goehner, senior manager, ESG strategy & risk. “While BCI is focused on our own ESG initiatives, we collaborate with peers, industry, and academia to help advance the collective knowledge in emerging areas like climate finance and investor alignment with the SDGs which will benefit all investors in the long-run.”

Adam accepted the Pension Leadership Award for Sustainable Investing on behalf of BCI and participated on an ESG-focused panel at the Canadian Investment Review 2022 Global Investment Conference in April.

BCI has previously received recognition for our ESG approach and initiatives, including being selected for the 2021 Responsible Investment Association Leadership Award for Integration and earning a top spot on the Responsible Asset Allocator Initiative’s 2021 Leaders List of the 30 Most Responsible Asset Allocators.

Learn more about BCI’s approach to ESG at BCI.ca/esg

For more information, please contact media@bci.ca

AMSTERDAM – The Sustainable Development Investments Asset Owner Platform (SDI AOP) and Qontigo, its exclusive distribution partner, have announced that leading asset manager BlackRock has subscribed to the SDI AOP dataset. The information package analyzes corporate alignment with the United Nations Sustainable Development Goals (SDGs). BlackRock will use the data to advise clients on ESG portfolio construction, research, reporting, product creation and evolution.

“While Europe has historically taken the lead investing in alignment with the SDGs, we are seeing increased interest from the Americas in the dataset,” said Jennifer Coulson, senior managing director of ESG, public markets at British Columbia Investment Management Corporation (BCI). “As a founding member of the SDI AOP, we are delighted to welcome such an important global asset manager as a subscriber.”

The SDI AOP dataset is backed by some of the world’s largest asset owners. In 2020, APG, AustralianSuper, BCI and PGGM came together to form the SDI AOP Design Authority, with the aim of creating a standard for investing in the UN’s SDGs. They define the taxonomy and methodology that is translated and applied, using artificial and human intelligence from technology partner Entis. Analytics and index provider Qontigo acts as the SDI AOP’s sales and marketing arm.

“As investors look to align their portfolios with their sustainable objectives, they are becoming increasingly focused on defining these objectives with specificity, including SDGs,” said Carolyn Weinberg, managing director & global head of product, ETF and index investments at BlackRock. “The implementation of SDG-aligned investment strategies requires quality data with specific analytical methodologies. We are pleased to strengthen our sustainable product and client offerings with the SDI AOP dataset.”

In 2021, BlackRock was named manager to two SDI-related institutional developed-market equities mandates tracking STOXX indices provided by Qontigo. APG launched a €1 billion mandate tracking the iSTOXX® APG World Responsible Low-Carbon SDI Index in September and Dutch pension fund Philips Pensioenfonds introduced the iSTOXX® PPF Responsible SDG Index in December for a €4.5 billion mandate. Both of these indices incorporate multiple ESG inputs, including SDG alignment according to the SDI AOP taxonomy.

“SDG alignment is clearly top of mind for our clients—including BlackRock—and it’s a trend we’re seeing across the board, from portfolio and index construction to stakeholder reporting,” said Sebastian Ceria, chief executive officer of Qontigo. “We are delighted to have played a role in bringing BlackRock and the SDI AOP together in support of the accelerating global shift to more sustainable investing.”

Currently, the SDI AOP dataset covers over 8,700 companies. Updates occur twice a year, with the next scheduled for August 2022.

About SDI Asset Owner Platform

The Sustainable Development Investments Asset Owner Platform (SDI AOP) is responsible for the development and maintenance of the SDI taxonomy and guidance, SDI definitions and SDI classification methodology (www.sdi-aop.org). The SDI AOP consists of asset owners who invest in solutions which contribute to the UN Sustainable Development Goals. The SDI AOP uses revenues associated with a company’s products and services as starting points to classify which companies qualify as SDI.

The SDI AOP is comprised of APG, AustralianSuper, British Columbia Investment Management Corporation (BCI) and PGGM. Its underlying data are available to the market through analytics and index provider Qontigo and can be integrated into any investment process.

About BlackRock

BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate

About Qontigo — Optimizing Impact™

Qontigo is a leading global provider of innovative index, analytics and risk solutions that optimize investment impact. As the shift toward sustainable investing accelerates, Qontigo enables its clients—financial-products issuers, asset owners and asset managers—to deliver sophisticated and targeted solutions at scale to meet the increasingly demanding and unique sustainability goals of investors worldwide.

Qontigo’s solutions are enhanced by both our collaborative, customer-centric culture, which allows us to create tailored solutions for our clients, and our open architecture and modern technology that efficiently integrate with our clients’ processes.

Part of the Deutsche Börse Group, Qontigo was created in 2019 through the combination of Axioma, DAX and STOXX. Headquartered in Eschborn, Germany, Qontigo’s global presence includes offices in New York, London, Zug and Hong Kong.

www.qontigo.com

Media contacts

Molly McGregor – Qontigo & SDI AOP
media@qontigo.com

Anthony Arthur – BlackRock
+44 (0) 207 743 5871 or anthony.arthur@blackrock.com

BCI is pleased to announce the reappointment of Paul Finch to BCI’s Board of Directors by the Public Service Pension Plan Board of Trustees. Paul first joined BCI’s Board in 2019, and his term has now been extended to March 31, 2025. Paul is a member of the Human Resources and Governance Committee.

Paul holds the ICD.D designation from the Institute of Corporate Directors and completed the Directors Education Program at the University of Toronto’s Rotman School of Management in 2019. Paul is also a director for Autism Canada. During his career in the civil service, Paul worked primarily in real estate and IT project management.

Our Board is structured in accordance with the Public Sector Pension Plans Act. Of the seven-member Board, BCI’s four largest pension plan clients each appoint a member from their board of trustees, and the Minister of Finance appoints the other three — two of which must be representatives of clients.

More information about BCI’s Board of Directors and further biographical information can be found here.

For information, please contact media@bci.ca

BCI moved into Phase 4 of our Return-to-Office (RTO) plan. This marks the transition of all employees back to the Victoria and Vancouver offices.

Returning to the office for Phase 4 supports our hybrid working model to allow employees to maintain a flexible work schedule (working a minimum of three days in the office per week, and the rest from home). On average, most employees worked three days a week in the office during the first three phases.

BCI continues to comply with the WorkSafeBC occupational health and safety guidelines. This includes transitioning from a COVID-19 Safety Plan to a Communicable Disease Prevention Plan on April 8, 2022.

BCI has taken the necessary steps and introduced the health and safety protocols that will help keep our employees, their families, and our communities healthy.

LONDON – Macquarie Asset Management and British Columbia Investment Management Corporation (“the Consortium”) have reached an agreement to acquire a 60 per cent stake in National Grid’s gas transmission and metering business. The terms of the transaction imply an enterprise value for the business of approximately £9.6 billion[1].

National Grid owns and operates the UK’s regulated national gas transmission system and an independent gas metering business. The 7,660-kilometre transmission system plays a critical role in the UK energy landscape, reliably transporting the gas needed to heat homes and power industry and electricity generation.

The Consortium will partner with National Grid to ensure the national gas transmission system and metering business remain secure, safe, and reliable while enabling the UK to accelerate its transition away from fossil fuels, at least cost to consumers. The Consortium invests on behalf of long-term institutional investors including pension and insurance funds, and intends to remain invested in the business over multiple regulatory periods, having acquired its stake under existing RIIO-2 regulatory obligations.

As part of this transaction, the Consortium has also entered into an option agreement with National Grid for the potential acquisition of the remaining 40 per cent stake in the business on broadly similar terms, subject to necessary adjustments. Further details will be announced if the option is exercised by the Consortium.

Martin Bradley, Head of Macquarie Asset Management’s Real Assets team in EMEA, said: “The national transmission system is a critical enabler of the UK’s energy transition, providing the flexibility and reserve energy needed in the electricity system as the deployment of renewable sources of generation accelerates. However, if the UK’s net-zero by 2050 target is to be met, the country must have a next-generation transmission backbone to power homes and businesses with renewable energy. Backed by our significant investment, the transmission system will play a leading role in making the network ready for this transition. In doing so it will support the expansion of hydrogen’s role in the energy mix to deliver a competitive edge to the UK and its industry, while working closely with the Government and Ofgem to maintain security of supply.”

Lincoln Webb, Executive Vice President and Global Head of Infrastructure & Renewable Resources at BCI, said: “This investment aligns well with our diversified portfolio of regulated utilities that securely deliver critical services to customers. We believe National Grid’s innovative decarbonisation strategy will ensure the business plays a leadership role in supporting the UK to achieve net zero carbon emissions on target by 2050, while meeting consumer demand for reliable networks.”

John Pettigrew, Chief Executive of National Grid, said: “Today’s announcement is a strong result for all our stakeholders, including employees and customers. The Consortium has a long-term commitment to the UK with significant experience in owning and operating infrastructure assets. I look forward to our partnership and continuing to deliver safe and reliable gas service at the least cost to consumers. I would also like to thank my colleagues in Gas Transmission and Metering for their hard work that has helped us reach this important milestone.”

An increased role for hydrogen in the energy mix, and by extension development of the network, is a core element of the UK Government’s Ten Point Plan for a Green Industrial Revolution. Hydrogen offers a flexible, low carbon, and storable source of energy that can also decarbonise hard to abate sectors including heating and key industrial processes.

The Consortium will actively support and develop several projects currently being progressed across the national gas transmission system to ensure the opportunities presented by hydrogen to the UK are maximised. FutureGrid, which is utilising decommissioned transmission assets to demonstrate how hydrogen can be delivered safely and reliably using existing infrastructure, could help unlock plans to build an initial hydrogen ‘backbone’ network through investment to link key production sites and industrial clusters by 2030.

Completion of the transaction will be subject to certain antitrust and regulatory conditions. Subject to these clearances, the Consortium expects that the transaction will complete in the second half of calendar year 2022.

[1] Includes debt-like items and provisions of approximately £0.2 billion.

About Macquarie Asset Management

Macquarie Asset Management is a global asset manager that aims to deliver positive impact for everyone. Trusted by institutions, pension funds, governments, and individuals to manage more than £403 billion in assets globally, we provide access to specialist investment expertise across a range of capabilities including fixed income, equities, multi-asset solutions, private credit, infrastructure, renewables, natural assets, real estate, and asset finance.

Macquarie Asset Management is part of Macquarie Group, a diversified financial group providing clients with asset management, finance, banking, advisory and risk and capital solutions across debt, equity, and commodities. Founded in 1969, Macquarie Group employs approximately 17,000 people in 33 markets and is listed on the Australian Securities Exchange.

All figures as at 31 December 2021 For more information, please visit macquarie.com.

About BCI

With C$199.6 billion of assets under management as of March 31, 2021, BCI is one of Canada’s largest institutional investors. Based in Victoria, British Columbia, BCI is a long-term investor that invests across a range of asset classes: fixed income; public equities; private equity; infrastructure; renewable resources; real estate; and commercial mortgages. BCI’s clients include public sector pension plans, insurance, and special purpose funds. BCI’s Infrastructure & Renewable Resources program, valued at over C$20.0 billion, invests in tangible long-life assets that include a portfolio of direct investments in companies across a variety of sectors spanning regulated utilities, energy, telecommunications, and transportation, as well as investments in timberlands and agri-businesses. These companies operate in stable and mature regulatory environments, provide opportunities for future capital investments, and have the potential to generate steady returns and cash yields for our clients. The program is diversified across North America, Asia, Australia, Europe, and South America.

About National Grid

National Grid lies at the heart of a transforming energy system, spanning the UK and the US. Our businesses supply gas and electricity, safely, reliably and efficiently to millions of customers and communities. But we also drive change through engineering innovation and by incubating new ideas with the power to revolutionise our industry.

National Grid is pioneering ways to decarbonise the energy system; from building interconnectors to allow the UK to share clean energy with our neighbours in Europe, to investing in renewable energy generation in the United States. As one of the largest investor-owned energy companies in the world, National Grid is at the centre of a clean, fair and affordable energy future, where tackling climate change and reaching net zero is a key priority.

For more information, please visit nationalgrid.com.