BCI Gains 16.5% in Fiscal 2021

BCI released its fiscal year 2021 results today, gaining 16.5% last fiscal year:


    • One-year return of 16.5%
    • 10-year annualized return of 9.0%, representing $10.2 billion in added value
    • Five-year annualized return of 9.3%, representing $4.0 billion in added value
    • Assets under management increased by $28.3 billion to $199.6 billion in fiscal year 2021

VICTORIA, BC (July 26, 2021): British Columbia Investment Management Corporation (BCI) today published our Corporate Annual Report announcing we ended our fiscal year on March 31, 2021, with $199.6 billion of assets under management and delivered a 16.5 per cent one-year return for our combined pension plan clients, net of all fees. The $28.3 billion increase of assets under management reflects investment gains of $27.4 billion and $900 million of client net contributions.

“Thanks to the trust and confidence of our clients and the skill and commitment of our employees, we look back at a difficult and challenging year with a sense of accomplishment and pride,” said Gordon J. Fyfe, chief executive officer / chief investment officer of BCI.

“We managed through the market crisis while protecting the safety of our employees and doing our part to flatten the curve of COVID-19. Our investment performance reflects the strength and resiliency of the portfolios across the asset classes and our focus on owning quality companies for the long term.”

Over the past six years, BCI has transformed to an active in-house asset manager. We continue to focus on diversification across a wide range of asset classes to meet our clients’ long-term investment objectives and risk profiles. By generating reliable investment returns, our work supports pension benefits for 690,000 British Columbians, provides for stability in insurance premiums, and helps finance government programs.

Our long-term results remain the best measure of our performance – for every $100 a pension plan member receives in retirement benefits, on average, $75 is provided by BCI’s investment activity. Over the 10-year period, BCI has generated an annualized return for the combined pension plan clients of 9.0 per cent against a benchmark of 7.9 per cent, contributing $10.2 billion in added value. Our five-year annualized return is 9.3 per cent against a benchmark of 8.7 per cent, representing $4.0 billion in added value.

While BCI’s one-year return slightly lagged the combined market benchmark, our longer-term returns exceed our six major pension plan clients’ required actuarial rates of return that currently range between 5.65 per cent and 6.75 per cent, improving their funding ratios. Our clients entered the pandemic in a well-funded position – ranging from 103 per cent to 128 per cent – and, as a result, now have greater flexibility for longer-term planning and allocation of capital for the benefit of their members.

“Over the past six years, BCI has invested in our people and systems, focused on strengthening our processes, and built the resiliency of the team through business continuity planning and regular crisis management exercises,” said Gordon J. Fyfe.

“All of this came to fruition during the pandemic where the entire team successfully pivoted and adapted to a largely remote working environment while maintaining our focus on putting our clients first.”

As the pandemic started to impact the capital markets, BCI seamlessly transitioned our 590-member team, almost overnight, to a remote working environment. We employed our strategies for managing our clients’ portfolios in a downturn by ensuring sufficient liquidity and positioning our clients to capture investment opportunities within a dislocated market. We found high-quality opportunities without having to sell assets.

BCI maintained a diversified and disciplined approach to the market volatility associated with the COVID-19 pandemic. Prioritizing our clients’ long-term objectives prevented overreactions to temporary market movements. We avoided the short-term trends, high-risk gains, and riskier investments that drove the rapid market recovery in the fiscal first quarter.

Underpinning our success was our focus on employee health and safety. We adapted existing training and development programs to the virtual environment, introduced courses to equip staff with techniques for remote working, and offered new programs to support employee health and wellness.

At BCI, we believe a focus on diverse talent drives broad insight, a deeper understanding of our clients, and fosters a culture of inclusivity where employees can thrive. In fiscal 2021, we developed a three-year diversity and inclusion strategy and hired a manager of diversity and inclusion to further our commitment to accessing great talent, retaining our highly skilled people, driving business insight, and ultimately delivering long-term returns to our clients.

“We have reached a significant milestone in BCI’s history, ending the year with $200 billion in assets,” said Gordon J. Fyfe.

“Overall, fiscal 2021 demonstrated the success of BCI’s transformation, the strength of the portfolio, and the skill and commitment of the entire BCI team.”

Looking ahead, BCI is also releasing our fiscal 2022-2024 Business Plan. It will allow us to continue leveraging our competitive advantages to meet the needs of our clients. The plan outlines how we will build on our transformation with four strategic ambitions: strengthening our value to clients; optimizing risk-adjusted returns; leveraging technology; and developing our talent.

“At the core of our business, we will continue to manage towards achieving optimal risk-adjusted net returns. Behind the scenes, we will build on the foundation we laid by continuing to invest in our people, technology, and operational capabilities,” said Gordon J. Fyfe.



Public markets, composed of fixed income and public equity investments, represents $137.8 billion and accounts for 69.1 per cent of net assets under management.

BCI’s fixed income program represents $71.2 billion, up from $57.1 billion at the end of the previous fiscal year, and 35.7 per cent of net assets under management. The program invests in public and private market debt and oversees our exposure to foreign currency. In fiscal 2021, the program benefited from defensive positioning pre-pandemic, providing the ability to act on several opportunities within a dislocated market, resulting in a strong performance in relative and absolute returns. We continued diversifying investments through the Canadian Universe Bond Fund, Corporate Bond Fund, Government Bond Fund, and the Principal Credit Fund.

Our $66.6 billion public equities program, an increase from $55.7 billion in fiscal 2020, represents 33.4 per cent of net assets under management. Public equities delivered a solid performance in fiscal 2021 in an unprecedented volatile market environment. We took advantage of price dislocations and favourable conditions to buy quality assets at attractive prices for our clients. BCI initiated new positions and built on existing positions in the following pooled funds: Active Canadian Equity; Active Canadian Small Cap Equity; Active Global Equity; Active U.S. Small Cap Equity; Global Partnership Fund; and Thematic Public Equity.

The program continued internalizing active equities, increasing the amount of actively managed internal equities by transitioning more than $3.0 billion from external managers, and focusing on opportunities to invest directly in public companies.

In addition to fixed income and public equities, our public markets program manages $14.4 billion of leverage, representing (7.3) per cent of total assets under management.


Private equity represents $20.7 billion and 10.4 per cent of net assets under management, compared with $17.9 billion at the end of fiscal 2020. With a sector-focused strategy, the program committed $2.6 billion total during the calendar year 2020.

The program invests directly in private companies on our own and with strategic partners, and indirectly through our fund investments. BCI focuses on the business services, consumer, financial services, healthcare, industrials, technology, media, and communications sectors.

In fiscal 2021, the program invested $900 million in six direct investments diversified by sector and geography, and we committed $1.7 billion across 13 funds.

In addition, the program also completed a partial sale of a direct investment to a like-minded investor, providing realized cash proceeds of approximately $500 million and retaining a significant interest in the company as it continues to increase its market share.

The program capitalized on close relationships with management at portfolio companies and collaborated on best practices to protect the value of our clients’ investments. As well, BCI’s extensive networks and reputation as a trusted co-investor allowed the program to source new private market opportunities despite ongoing travel restrictions.


Our infrastructure & renewable resources program represents $20.0 billion and 10.0 per cent of net assets under management, compared with $18.3 billion at the end of fiscal 2020. Through the year ending December 31, 2020, the investment team reviewed opportunities across a variety of sectors and geographies – ultimately committing $2.0 billion on behalf of our clients.

Historically, the program has made material equity investments that allow BCI to pursue an active governance approach with our portfolio companies. The program is diversified by geographic region and sector and consists of a global portfolio of regulated utilities in the water, electricity, and gas sectors, as well as holdings in the digital infrastructure and transportation sectors. Timberlands, farmlands, and agri-businesses are also held within the program.

This past year, our holdings in the regulated utility sector performed well despite the global pandemic, with strong operational results and, in many cases, growing demand for their essential services. In addition, the program saw good overall performance from our agricultural and timberlands portfolio holdings.

Notable new investments included the acquisition of an ownership stake, alongside other institutional partners, in a high-quality portfolio of approximately 136,000 communication towers in India. In addition to being the country’s largest private market transaction, the portfolio provides a well-positioned platform to participate in further growth and development of the digital marketplace within India.

During the year, BCI further increased our investment in Teays River Investments LLC, a U.S.-based platform company with interests in multiple food and agricultural-focused businesses. The new capital allowed the company to complete the acquisition of Grimmway Farms – one of North America’s largest organic vegetable producers with activities across 65 organic crops and more than 135 seasonal and year-round product offerings.


QuadReal Property Group (QuadReal), a company owned by BCI and created in 2016, actively manages our clients’ real estate and mortgage investment portfolios. The two programs represent $35.5 billion or 17.8 per cent of net assets under management.

The $28.5 billion real estate program accounts for 14.3 per cent of BCI’s assets under management, compared to $25.5 billion at the end of fiscal 2020. After early-year volatility that led to lingering uncertainty through much of the year, QuadReal saw asset values stabilize and marginally rebound in certain sectors and geographies. There was a broadening rebound in both tenant and investment activity in the second half of 2020, with sizeable new commitments and acquisitions in Canada and internationally.

Despite the challenges of investing during a global pandemic, QuadReal is closer to reaching the objective of a 50/50 allocation between the Canadian and international real estate portfolios. BCI’s partnership in Canada with RBC Global Asset Management (RBC GAM) was extended, as planned, enabling both to partner on a portfolio valued at over $7.5 billion.

While maintaining low leverage levels, QuadReal accessed debt markets to capitalize on the low interest rate environment and investor demand for ESG-focused assets by issuing $750 million in green bonds through two offerings. Proceeds support QuadReal’s qualifying expenditures on green buildings, renewable energy, resource and energy efficiency, pollution prevention, clean transportation, and climate change adaptation.

The $7.0 billion mortgage program accounts for 3.5 per cent of BCI’s net assets under management, compared with $6.5 billion at the end of fiscal 2020. Many of QuadReal’s borrowers were impacted by the pandemic, particularly those with retail, hospitality, or service-related tenants. The team assessed all loans to determine repayment ability and risk in the circumstances. For some loans, they worked with borrowers to allow payment deferrals and loan extensions and to structure enhanced loan security and reporting where applicable. Three of the four mortgage funds within the mortgage program delivered positive results for the nine-month period from April 1 to December 31, 2020 and outperformed their benchmarks. QuadReal committed $688 million to the U.S. portfolio and $422 million to the Canadian portfolio, and developed new lending relationships.

Effective January 2021, BCI and QuadReal, in collaboration with our clients, consolidated the four mortgage pooled funds — Construction Mortgage Fund, Mezzanine Mortgage Fund, Fixed Term Mortgage Fund, and U.S. Mortgage Opportunity Fund — into one program, the BCI QuadReal Mortgage Program. By combining separate mortgage pools with similar investment objectives and characteristics, QuadReal will realize efficiencies and increase potential returns through diversification.



BCI is committed to maintaining fiscal discipline as we continue to expand our global investment footprint. Our active, in-house asset management model requires robust systems and processes, and a growing complement of specialized expertise. Cost advantages arise from the economies of scale that come with managing $199.6 billion, pooling assets, and managing 77.3 per cent of assets in-house.

BCI’s total costs, consisting of internal, external direct, and external indirect costs, were $1.6 billion or 88.5 cents per $100 of assets under management for fiscal 2021, all of which are netted against investment returns. This compares to total costs of $1.3 billion or 79.0 cents per $100 in fiscal 2020.


  • Partnered with global investors to acquire a telecom tower company, BCI’s first direct infrastructure investment in India
  • Transitioned more than $3.0 billion from external managers to internally managed public equities
  • Reached $1.4 billion in cumulative historical participation in sustainable bonds, compared to $439 million in fiscal 2020
  • QuadReal issued $750 million in green bonds and is one of the top three Canadian issuers
  • Launched our diversity and inclusion strategy to strengthen diversity and foster an inclusive culture at BCI
  • Named as one of BC’s Top Employers and one of Canada’s Top 100 Employers for the second consecutive year
  • Successfully transitioned a 590-member BCI team to a remote working environment
  • Developed and implemented our F2022-F2024 Business Plan, outlining our four strategic ambitions: strengthening our value to clients; optimizing risk-adjusted returns; leveraging technology; and developing our talent.

For more information on BCI’s fiscal 2021 performance, please download our F2021 Corporate Annual Report here.


With $199.6 billion of managed assets, British Columbia Investment Management Corporation (BCI) is the provider of investment management services to British Columbia’s public sector. We generate the investment returns that help our institutional clients build financially secure futures. As of March 31, 2021, BCI has 30 clients in three separate classifications: Pension Funds, Insurance Funds, and Special Purpose Funds. With our global outlook, we seek investment opportunities that convert savings into productive capital that will meet our clients’ risk/return requirements over time. We offer investment options across a range of asset classes: fixed income; public and private equity; infrastructure & renewable resources; real estate, and commercial mortgages. For more information, visit our website BCI.ca or follow us on LinkedIn.

Let me begin by thanking Ben O’Hara-Byrne, senior manager, external stakeholder engagement,who sent me BCI's press release and corporate annual report late last week on an embargoed basis so I can go over it.

I also reached out to Gordon Fyfe, BCI's CEO/ CIO, to discuss the results but he was away last week at a family wedding and he's on vacation this week. He did reach out to his team to send me material before it was released and I thank him for that.

The press release above is comprehensive and holds all the important information but I encourage my readers to download and read BCI's F2021 Corporate Annual Report here. It is packed with detailed and great information.

Also, the Public Sector Pension Plans Act requires the Board of Directors to prepare and submit a business plan to the Minister of Finance on an annual basis. The plan is prepared with the input of the Board, BCI’s management, and clients. You can read BCI's F2022-2024 Business Plan here.

Moreover, BCI’s 2020 ESG Annual Report provides an in-depth look at their approach to environmental, social, and governance (ESG) matters, their activities, and progress. You can read the 2020 ESG Annual Report here

This post will focus on the annual report because BCI does provide some media releases throughout its fiscal year (ends March 31, 2021) but the bulk of the information is reserved for the annual report.

First, I encourage you read Peter Milburn's message (the Chair):

I note the following because it's important and agree with Mr. Milburn and BCI's Board:

As a global organization, BCI must be representative of our clients and the international markets in which we invest. Diversity also leads to better business performance. When you have a variety of views and experiences around the table, you can find better solutions to problems than if you had a homogeneous team. Diverse talent drives broader insights and deeper understanding of our clients’ needs and perspectives. 

BCI’s strategic plan to improve D&I was fully supported by the board this year, and focuses on: 
  •  Improving staff engagement, performance, and innovation, and developing more inclusive teams and corporate culture
  • Attracting top talent and strengthening BCI’s employer value proposition and addressing potential bias within our recruitment processes
  •  Accelerating diverse talent at BCI and broadening opportunities for career development, strengthening retention, and opening pathways for promotions 
  • Maintaining an ongoing focus and accountability for diversity and inclusion by measuring our performance,ensuring consistency in our approach, and ensuring the commitment of our senior leadership 

The strategy contains priorities and concrete plans to promote diversity and foster an inclusive culture. The latter is essential in enabling employees to reach their full potential and will help BCI to attract and retain top talent. The board will continue to monitor and communicate the progress of this important initiative.

Next, take the time to read the report from BCI's CEO/ CIO, Gordon Fyfe:

I noted this in Gordon's report:

Prioritizing our clients’ long-term objectives prevents overreactions to temporary market movements. We avoided the short-term trends, high-risk gains, and riskier bonds that drove the rapid market recovery in the fiscal first quarter. Consequently, the return for the combined pension plan clients was slightly behind the benchmark. On a relative basis, most of BCI’s investment strategies met or exceeded their one-year benchmarks. We saw notable excess returns in private equity, while real estate and fixed income performance lagged their benchmarks.

CAPTURING OPPORTUNITIES Through our decisions over the past six years, we have reached a significant milestone in BCI’s history, ending the year with $199.6 billion in assets. We have developed the mindset, the skill sets and the reputation to manage funds internally and partner with major global investors. These strategic changes benefit our clients through better access to investment opportunities and economies of scale.

A clear example of this is our real estate company, QuadReal Property Group. Created in 2016, it has taken on the management of our clients’ real estate and mortgage investment needs and grown to more than 1,200 employees. Since inception, QuadReal diversified the portfolio by expanding non-Canadian assets, maintaining minimal exposure to shopping centres and hotels, which were hurt by pandemic closures, and increasing exposure to logistics and data centres that benefited from online shopping trends. It continues to support an allocation to high-quality office properties and deploy capital into residential properties and assets outside Canada. QuadReal also capitalized on low interest rates and investor demand for ESG-focused assets by issuing $750.0 million in green bonds.

Our in-house asset class teams likewise took advantage of favourable conditions. BCI’s credit team had the courage to wade into markets early in the pandemic turmoil by investing in heavily discounted, high-quality corporate debt.

In recent years, we recruited senior investment professionals who brought new networks and contacts to BCI. This bore fruit when pandemic-related travel restrictions curtailed in-person meetings and we drew on our global relationships to source new private market opportunities. We also closed our first direct infrastructure investment in India, the largest private market transaction ever in that country. As these companies grow, we expect they will provide the returns our clients seek.

Backing Gordon Fyfe at BCI is a group of very experienced senior executives:

Here I note that BCI recently announced the appointment of Ramy Rayes as acting executive vice president, investment strategy & risk. He is responsible for setting, implementing, and monitoring our clients’ investment strategies and providing independent advice to BCI’s stakeholders.

Rayes joined BCI in 2016 and previously served as vice president of strategic asset allocation, where he was responsible for research and recommendations related to clients’ asset allocation, investment strategies, and a wide range of other investment topics.

Rayes replaces Stefan Dunatov, who is joining the Abu Dhabi Investment Council (ADIC) in the role of chief strategist. Dunatov joined BCI in 2017 and helped expand BCI’s investment strategies and risk capabilities. Dunatov also represented BCI on several boards and committees, including the QuadReal board of directors.

“On behalf of our executive management team, I want to thank Stefan Dunatov for his strong support of our client objectives and his leadership and vision to evolve BCI’s approach to investment strategy and risk. We wish him tremendous success in his new role,” said Gordon J. Fyfe, BCI’s CEO/CIO.

“While it was a difficult decision to leave BCI, my family and I are very excited for this new opportunity and adventure. I have every confidence in Ramy Rayes’ leadership, and I know the team will continue to thrive in his capable hands until my replacement is found,” said Dunatov.

A comprehensive executive search for a permanent candidate to fill the role is currently underway. We expect to continue our existing delivery of services throughout this leadership change.

I do hope BCI puts Ramy Rayes in charge of investment strategy & risk as I hear nothing but great things about him from many people but opening up a comprehensive executive search to fill this position permanently just shows how seriously BCI takes it.

Whoever the next person is, they need to run a team properly. Culture is integral in these organizations, if you put the wrong person in charge of key groups, it destroys culture and weighs on employee morale. And that impacts turnover and performance.

I also note that my former PSP colleague, Mihail Garchev, recently rejoined BCI as VP and Head of Total Fund Management. 

Mihail and his team are busy at work and I'm happy for him and BCI. I'm looking forward to working with him and other heads of total fund management across Canada to delve deeper into TFM issues.

Alright, enough HR stuff, let me focus and cover the results from last fiscal year.

The tables below go over BCI's annualized returns by asset class:


A few points on Public Markets:

  • Most of the big gains in Public Markets came from Public Equities, including emerging markets where BCI has important exposure (23% of global equities are in emerging markets). Since BCI's fiscal year ends in March, it didn't experience losses in stocks (that was last fiscal year), so its public equities portfolios benefited from the V-shaped recovery in global markets. 
  • Private debt (part of Fixed Income) gained 10.9% in F2021 but underperformed its benchmark by 400 basis points (14.9%). A footnote states "this includes impact of clients' currency hedging policies". The private debt program provides exposure to opportunities in Canada, the United States, and Europe through BCI's partnerships with top-tier private debt managers.

And some notes on Private Markets;

  • Private Equity registered solid gains in F2021, gaining 24.3%, trouncing its benchmark which was up 16.2%. 
  • I note this from the performance discussion: "[since 2016], the [private equity] portfolio ratio has shifted from under 20.0 per cent to approximately 37.0 per cent in direct investments, producing substantial returns for our clients and delivering significant fee savings. However, fund investments remain critical in diversifying the portfolio, generating consistent risk-adjusted returns, and providing the network to source co-investments and other direct opportunities. Collectively since 2015, the program has committed approximately $15.0 billion in fund investments and has directly invested in over 20 operating companies, which offer significant governance rights and board seats."
  • What else about BCI's Private Equity? "We approach the market by sector, with specializations in business services, consumer, financial services, healthcare, industrials, and technology, media and telecommunications. Investment opportunities primarily originate and are managed in collaboration with strategic investment partners with specific sector and geographical expertise and drive attractive risk-adjusted returns. We place considerable emphasis on the alignment of interests between shareholders and management teams, a long-term investment horizon to fully capture value creation opportunities, and active governance to effect change. This allows greater oversight of our portfolio companies and provides opportunities to collaborate with management teams on strategic, operational, and financial matters. Our hands-on approach to portfolio management establishes greater alignment with BCI’s ESG principles, responsible investing approach, and commitment to diversity and inclusion. " 
  • Infrastructure & Renewable Resources  registered an annualized return of 7.9%, outperforming its benchmark by 90 basis points (7%).
  • I note this on performance discussion in Infrastructure & Renewable Resources: "For the program’s investments, long-term fundamental trends remain intact. We actively invest in sectors that provide a strong defence against market cyclicity, have long contracted cash flows, or have solid thematic support such as digitalization, climate change, and resource scarcity. We continue to work closely with our portfolio companies to ensure they are well positioned to manage current and emerging risks, as well as capitalize on the opportunities presented by larger global trends such as the green energy transition. "
  • BCI's Real Estate portfolio was essentially flat in F2021 (0.2%), underperforming its benchmark return of 6.5% (cost of capital). Relative to most other large Canadian pensions, I'd say BCI's Real Estate portfolio did well coming in flat in a year where lockdowns shuttered malls and offices. It's also important to note that RE assets are still in transition but QuadReal is closer to reaching the objective of a 50/50 allocation between the Canadian and international real estate portfolios (used to be all in Canada). There is also more sector diversification, with 23% now in Industrials (only 7% in Retail but 31% in Offices).
  • I note this in the Real Estate performance analysis: "Many of QuadReal’s borrowers were impacted by the pandemic, particularly those with retail, hospitality, or service-related tenants. Some borrowers requested payment deferrals due to loss or expected loss of rental income during the period of heightened uncertainty. Most construction loans were also impacted by delays and increased costs, due to virus safety protocols, site shut-downs, staff availability, supply chain delays, and cost increases. The team assessed all loans to determine repayment ability and risk in the circumstances. For some loans, QuadReal worked with borrowers to allow payment deferrals and loan extensions, as well as to structure enhanced loan security and reporting where applicable."
  • On a positive note: "The Construction Mortgage Fund, which finances commercial and multi-residential developments, returned 5.3 per cent1 against its benchmark of 2.2 per cent. The outperformance is attributed to a number of interest rate floors established within the existing loans that created an increased return in a falling interest rate environment. The Mezzanine Mortgage Fund finances high loan-to-value loans offered to commercial developers and property owners. The fund returned 4.7 per cent1 against a benchmark of 4.0 per cent. Outperformance is attributed to the resolution of several mortgages in mid to late 2020 with no principal loss to which valuation adjustments had previously been applied. The Fixed Term Mortgage Fund provides first secured financing for income-producing commercial real estate. The fund returned 5.7 per cent1 against a benchmark of 1.9 per cent. The outperformance is due to a combination of higher bond yields from historic lows in August 2020 and some valuation increases as risk parameters adjusted over the period. "

The above provides a good overview of where BCI added value in F2021.

I would have liked to see a sector breakdown for Private Equity and Infrastructure and Renewable Resources but that's just me being picky and greedy for more detailed information.

The important point is BCI delivered solid absolute and relative gains all around, even if some Public and Private Market portfolios underperformed their relative benchmark. 

Overall, BCI slightly underperformed its benchmark in F2021 by 60 basis points (16.5% vs 17.1%) but I caution my readers, this isn't what matters, what matters are long-term results and added-value over many years, and on this front, BCI is delivering solid gains.

Take the time to read the entire annual report very carefully, it's packed with information and is very transparent and well written.

You even have details on benchmarks, external partners and ESG investing which BCI takes seriously:


I recognize many of these external managers but it's important to note the bulk of the assets (77%) are managed in-house, reducing fee drag and adding to long-term performance.

What else? There's a detailed and excellent compensation discussion and analysis beginning on page 70 which you should all read. 

I note this on total compensation:

Total cost of salaries and benefits for our entire employee complement was $159.8 million in 2020-2021 (8.6 cents per $100 of net assets under management) compared to $141.1 million in 2019-2020 (8.7 cents per $100 of net assets under management). 

As of March 31, 2021, BCI’s employee complement was 590 compared to 545 at the end of fiscal 2020. We continued to build our expertise in the areas of portfolio and asset management, investment risk, accounting, and information technology. The depth of expertise supports the requirements of an active, in-house asset manager that is strategic and risk aware. In addition to deploying more capital into the illiquid markets, our industry-aligned strategies and products across asset classes allow clients to capitalize on opportunities within the global markets and meet their actuarial returns.

Below, a summary table for executive compensation:

BCI's employees are among the best paid in British Columbia but it's important to note compensation is based on long-term results and added-value and on this front, BCI is delivering outstanding results. Also, compensation is very competitive in the finance sector (those who produce results get paid well). 

Alright, I think I covered all the main points but let me end it on the most important one, BCI's clients:

All CEOs out there, not just pension CEOs, take notes from Gordon Fyfe's report above, when you write a message, always begin by thanking clients and employees first (CEO 101 but it's amazing how many people bungle this up, and I'm not talking about pension CEOs).

The only thing I wish Gordon did was record a clip going over F2021 so I can embed it here but it's been a busy and challenging year and he had a lot to focus on. 

I thank Gordon and Ben for getting back to me late last week.

Below, as Victoria's orchestra performs at an outdoor festival, the Vancouver Symphony Orchestra is getting ready to welcome guests again. Let live music return across B.C. and enjoy the rest of the summer. I'll be back later this week.