BCI Annual Report


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Report from our CEO/CIO Gordon J. Fyfe Reflecting on another extraordinary year, I am proud that we overcame the pressures caused by the COVID-19 pandemic. As multiple waves of the virus swept British Columbia and the world, we were inspired by the dedication of front-line workers, many of them in the public sector, who gave so much to serve and support their communities. We too sought to go above and beyond our normal routines and duties. As markets reacted swiftly to pandemic and geopolitical developments, we engaged with our clients more frequently to reassure them their assets were in steady hands. BCI also offered additional support to our employees, who were dealing with the professional and personal challenges of remote work. Our mandate serving public-sector clients helped us to rally — by generating reliable investment returns, our work supports pension benefits for British Columbians, provides for stability in insurance premiums, and helps finance government programs. Our teams successfully took care of assets around the world, deployed capital into new investments, and kept our clients well informed — all while working from home. It would have been unimaginable and impossible a few short years ago. ACCELERATING CHANGE The substantial portfolio shifts and internal changes we made starting in 2015 — what we call our transformation — proved invaluable. Recognizing that the investment landscape was shifting, we decided different strategies and expertise were required to become an active investor and to diversify the sources of client returns. We embraced innovation and stretched our boundaries so that we could continue meeting our clients' expectations. BCI embarked on a path to: • diversify our clients' portfolios by adding new asset classes and becoming more global • grow our internal direct-investing capabilities, to implement cost-effective strategies and strengthen our influence over assets • invest in new systems and processes to manage investment and enterprise risks " Our pension plan clients entered the pandemic fully funded, and remain so." 2 0 2 0 - 2 0 2 1 C o r p o r a t e A n n u a l R e p o r t 1 4

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