Great-West Lifeco Inc. ($GWO)

Good morning, welcome, everyone. The Manitoba offices of both Great West and Canada Life are located in Winnipeg. So we're holding our annual meeting and hybrid format. So that provides. [Foreign Language] . Board believes that she'll bring great experience. And as a result, we're moving forward to 20 people. And with that as well, the women will represent 35% of the directors on the board with certainly joining the Board. So very pleased about that. Are there any questions or comments from anyone attending today Gordon, any questions online?

Thank you, Mr. Chair now there are not.

Okay. Then we'll proceed to a vote. The Board of Directors and management are recommending voting for the amendment to Great-West articles. The motion must be approved by at least 2/3 of the boat cast and only -- great West common shareholders or first preferred shareholders or their proxy holders may vote. I should note that while Canada Life policyholders who are attending online will see voting options on their screen, only votes from Great-West Life shareholders or their proxy holders will be -- if you've not already done so, please vote now. For those attending online, please select a voting option on the voting panel displayed on your screen. And for those who are here in person, please use your Great-West Life ballots. -- and by placing an X in the appropriate box in the section entitled Amend the Articles of the Corporation and you can vote for or against. [Voting]

And Gordon, you'll advise me how long we should wait. The next item of business is the election of Great-West Directors still doing okay there, sorry about that. Next item business is the election of Great-West Directors before we vote on the matter. I would really like to take this opportunity to thank my fellow directors for the great dedication and hard work that you provide to the company and to our subsidiaries, many of you are on subsidiary boards and you're a big part, obviously, of the success of the business. This year, the following individuals are identified in the Great-West Life management proxy circular will be nominated for directors, Michael Amend, Deb Barrett; Robin Binet, Heather Conway, out Andre Demare, Paul Demeritt Jr.; Sally Doer, Gary Doer, Cojan Edu, David Harney, Jake Lawrence, PaulaMadof; Susan McArthur, Jeffrey Orr, James O'Sullivan, Tim Ryan, Dianne Shaw, SimVenaselga and Brian Walsh. Gordon would you please present the related motion?

Thank you, Mr. Chair. I nominate for election as directors of Great-West Lifeco Inc. the individuals listed in -- great West management proxy circular, each for a term ending at the close of the next annual meeting.

Thank you. Does anyone in the room have a question on the election of Great-West Directors. Any questions online that we've received, Gord?

There are not.

Okay. We'll proceed to a vote. Board and management are recommending going for the director nominees. If you've not already done so, please vote now. I should note, again, that if you're online and you're a Canada like policyholder, you're going to get an opportunity in your screen to vote, but you you can't vote on this matter, only votes from Great-West Lifeco Inc. shareholders and their proxy holders will be counted, and you can vote for or against the election of each nominee by selecting the appropriate boxes on your ballot or on your screen. For those with paper ballots, you may vote for against nominees by placing an X in the appropriate box above the dotted line. And I'm told you should ignore the column entitled distribution of votes that I don't know why it's there if you should ignore it, but you should wait a moment here. [Voting]

The next item of business is the appointment of -- great West auditors. It's proposed that the current auditor, Deloitte LLP, be reappointed. Gord, would you please present the motion?

Mr. Chair, I move that Deloitte LLP be appointed auditor of Great-West Lifeco Inc. for the 2026 financial year to hold office until the close of the next annual meeting, its remuneration to be fixed by the Board of Directors.

Thank you. Any questions on this matter in the room, Any questions online, Gord?

We do have one question. I would ask that Lumi, please connect the caller prior to asking your question, kindly state your name and indicate whether you are a shareholder or a proxy holder. You may proceed.

Hello, can you hear me?

Yes, we can.

Thank you, Mr. Chairman, for allowing me to address the meeting. My name is Jeff Carlson, and I'm a shareholder. As a shareholder, I strongly oppose -- great West proposed special resolution to increase the number of directors from 19 to 20. 20 directors, even 19 directors is too many. All of your peer insurance companies have smaller boards limited to 14 members at most and making govern their companies very well. Irrespective of this fact, Great West is a life insurance company. It's not a technical or manufacturing operation, where there are far more complex moving parts, so to speak. And very few technical organizations have greater than 12 directors, and they have excellent governance and oversight. In this regard, I see -- Great West proposal to increase the size of its board as irresponsible and wasteful. And I urge shareholders to vote against this special resolution.

All right. Thank you, Mr. Carlson for your comments, and I understand your views and have actually had a number of shareholders over the years, as you can imagine, express those views as they've been governance papers out on what the ideal size of a board is I would tell you that our Board talks about this matter a lot, and we are very, very comfortable with the number and the size of the Board. Notwithstanding your comparison to technology companies, we actually run a fairly complex organization in different countries. And our governance model has many of our directors, not only act on the Board of Great-West Lifeco in Canada Life, but they go on to the U.S. Board, some directors go on the European boards. They go into various committees and bringing all those directors back together the Great-West Lifeco board brings a far greater connectivity with the businesses that are going on. And at the same time, the Boards, we review the Board for effectiveness every year. We went through it yesterday actually, there's overwhelming sense on the Board that it's effective, notwithstanding the size, we get effective discussion on issues. So I appreciate your views. You're not the only one who have expressed it. We talked about it a lot and very comfortable with the recommendations that we've made and with the size of the Board at this time. So thank you for your comments, Mr. Carlson. That matter was a couple of -- it was a couple of items ago. So the current item here is on the auditors one, but I appreciate your input. -- or any other comments?

Well, perhaps just for the benefit of the next person, they pose a question asking whether it was something better addressed at the general Q&A session and the answer to that is Yes, it is. So we'll ensure they get to ask that question later.

Okay. If there are no further questions then on the auditors, I would say we should move to a vote. I haven't lost my -- so the Board management is recommending that we vote for the appointment of Deloitte LLP as auditor and the motion can be approved by -- will be -- needs a majority and can vote for or withhold by selecting appropriate box on your ballot or on your screen. [Voting]

Okay. So the next order of business is the consideration of an advisory vote on -- Great West's approach to executive compensation. Text is in the management proxy circular. Gord, would you please present the motion.

Mr. Chair, I move that on an advisory basis and not to diminish the role and responsibilities of the Board, the shareholders accept the approach to executive compensation disclosed in Great-West's management proxy circular.

Thank you. Like most companies, our success depends on the strength and the performance of our people, and we have an executive compensation structure and program that's designed to support our strategic priorities. And to tie the executives in with the long-term performance. And we are very happy with the structure that we have. We believe it aligns our executives with the interests of our stakeholders. So we're asking that you vote on our approach to executive comp -- it's an advisory vote. It is not a binding vote, but the human resource committee would obviously take results into account as they discuss our compensation structures in the future. Anyone in the room have questions on this matter. Gord, any questions online?

There are not.

Thank you. So we're going to proceed to a vote. And the Board and the management are recommended for you may vote for or against by selecting the appropriate box. And again, we'll give it a minute for people to vote. [Voting]

Good Okay. So next order business is a consideration of a resolution to approve the adoption of performance restricted share unit plan. The text is in the management proxy circular. And would you, again, Gord present the motion.

Mr. Chair, I move that the adoption of a performance restricted share unit plan approved by the -- great West Board on February 11, 2026, and described in Great-West's management proxy circular be approved.

Any questions in the room? And then online?

There are none.

So we'll proceed to vote on the matter. And again, the management and Board are recommending for and it must be approved by a majority of the votes in this case, you may vote for or against the plan by selecting the appropriate box on your ballot or on your screen. So the polls on Great-West Life matters are going to close shortly. So if you've not voted on all Great-West Life matters, please do so now. [Voting]

Okay. I declare the voting closed on all Great-West Life manners, and the polls are now open for business for the Canada Life meeting. First item of business for the Canada Life meeting is the election of Kendall Life policyholder directors. The year 9 individuals will be elected as Canada Life policyholder directors. The following individuals Michael Amend, Deb Barrett; Robin BF, Heather Conway, Sally Doer, Gary Doer; Susan McCarthy, Devani Shell and Sean Panacela. Gord, would you please present the motion.

Thank you, Mr. Chair. I nominate for election as policyholders directors of Canada Life, the 9 individuals listed as policyholders directors nominees in Canada Life's management proxy circular, each for a term ending at the close of the next annual meeting.

Okay. Any questions on this in the room or online?

There are none.

So we'll proceed to a vote. Again, the management and the Board are recommending that you vote for the nominees and only Canada Life policyholders or proxy holders are entitled to vote. And it's the Great Waste Life shareholders online turn to have an option to put in front of them that they can't exercise and Canada Life policyholders only, you may vote for or withhold from voting for the nominees by selecting the appropriate boxes. Those with paper ballots, you may vote or withhold from voting for all 9 nominees by placing an X in the appropriate box or you may withhold for each dominant by placing an X in the appropriate box below the dotted line. This is for the policyholder directors only. I won't note that Great-West Life Co majority shareholder of Canada Life, votes for the shareholder directors. And yesterday, Great-West signed a resolution electing for the shareholder directors and the individuals identified in the Canada Life management proxy circular. [Voting]

So the next order of business is the appointment of Canada Life's auditors is proposed that the current auditor, Deloitte LLP, be reappointed and Gord, would you make the motion.

Mr. Chair, I move that Deloitte LLP be appointed auditor of the Canada Life Assurance Company for the 2026 financial year to hold off us until the close of the next annual meeting, its remuneration to be fixed by the Board of Directors.

Thank you, Gord. Any questions on the matter? or online Gord.

There are none.

So we'll proceed to a vote and the Board in management are recommending for you may vote for or withhold from voting for the auditor and the whether you are on line, so the Canada Life Board polls will close shortly. So if you have not voted, please do so now. While you're doing it for those who have paper ballots, please pass your ballots to the Computershare representative here in the room who will collect them for their tabulation. And I -- you've got the all Thank you very much. So I declare the Boeing for Canada Life matter is now closed. So that concludes the formal part of the business. And next on our agenda is we're going to hear from David Harney, President and CEO as of July 1 of last year, David, not surprised me has attacked his role with energy and enthusiasm and vigor and David, pleased to receive you up here and the podium is yours.

Thank you, Jeff, and thank you to our Board for your leadership and continued guidance. I also would like to welcome everybody joining us today, our shareholders, policyholders, advisers, employees, former employees, retirees and partners. Thank you for taking the time to be part of our annual meetings. And I'd also like to say that we are delighted to hold this event again here in Winnipeg, which is our best and favorite venue for the annual meetings. So a special call out and thanks to the team here who've done such a great job preparing for today. I'm less than a year in the role as Group CEO, which makes me more conscious of the history of the 2 organizations. Great-West is 135 years old, while Canada Life is approaching 180 years. We are built on a legacy of trust, resilience and a deep sense of responsibility. Through wars, economic cycles, demographic change and our rapid technological transformation, this organization has endured because it has remained focused on what matters most, building stronger, financially secure futures. As I said, I complete my first year as CEO on the 1st of July. I want to express my sincere thanks to the Board for its confidence and support, to our leadership team for their partnership and to our employees around the world who deliver for our customers every day. I'm equally grateful to our advisers, brokers and institutional partners and to you, our shareholders, for your continued trust. The environment our customers are navigating today is changing quickly and becoming more complex. People are living longer. That brings opportunity, but also uncertainty. Retirement decisions are more interconnected than ever before, yet the advice gap continues to widen. Customers increasingly expect personalized, digitally enabled experiences while still valuing trusted guidance from organizations that will be there for the long term. At the same time, corporate and institutional clients are looking for partners with scale, capital strength and deep risk management expertise. This is where Great-West is particularly well positioned. We have leading positions across all our core markets, supported by strong, well-established brands and growth across each segment. Our diversification is not accidental. It is strategic. It provides resilience, insight and the ability to invest consistently through cycles. Simply put, we are in the right markets with the right geographies and the right capabilities, not just to support customers today, but to serve them over decades. Our strategy is clear and consistent. We are focused on disciplined growth and capital efficiency. We build on leadership positions in our core franchises while expanding thoughtfully into adjacent areas where customer demand is strong and returns are attractive. We continue to invest in our brand, our people, our capabilities and our technology to ensure we remain competitive and relevant over the long term. What distinguishes Great-West is not just scale. It is how we deploy capital, how we manage risk and how we align long-term value creation with customer outcomes. That discipline is reflected in the quality and scale of our businesses. Today, we serve 40 million clients globally with more than $3 trillion in total client assets, including over $1 trillion in assets under management or advisement, placing us among the leading retirement and wealth providers worldwide. Strong positioning only matters when it is matched by disciplined execution. That is why we are focused on 4 clear execution priorities. First, customer first always. Every decision we make begins with an understanding of our customer needs. Our goal is to simplify complexity, build confidence and deliver long-term value. During the year, we continued to expand Empower's workplace offering, launching private market partnerships, expanding consumer-directed health options and broadening our stock plan administration capabilities. Second, a digitally driven future leveraging AI. We are using technology and increasingly AI to enable better experiences, smarter operations and more personable and scalable advice. Across the organization, we are already seeing tangible benefits, faster response times, improved accuracy and better outcomes for customers and advisers. These tools are not replacing human judgment, they are amplifying it, allowing our people to focus on higher value, more meaningful interactions. When applied thoughtfully, technology can make experiences not only more efficient, but also warmer, more personal and more human. During the year, we accelerated AI adoption across the enterprise, launching Cali in Canada to better support workplace plan members, transforming Irish Life's claims process through Cara and using generative AI in Empower's contact centers to elevate service quality. Third, accelerating operational excellence. We continue to simplify, modernize and streamline how we operate, improving speed, consistency and cost efficiency across the organization. We are investing hundreds of millions of dollars to build the technology and data foundations required to leverage AI. We realized significant capital benefits through balance sheet optimization and portfolio simplification, and we sharpened the focus of our reinsurance business towards areas with stronger risk-adjusted returns. And fourth, enabling growth. We are firmly in growth mode in each of our 4 business segments. That means supporting our employees, advisers, partners and businesses with the tools, capital and capabilities they need to compete and win in attractive growth markets. During the year, we strengthened our wealth platforms across markets. In the United States, Empower Wealth surpassed USD 100 billion of client assets. In Canada, we completed the acquisition of the Thomas Wealth and continued dealer integrations. In Europe, we achieved record retail flows. Together, these 4 execution priorities ensure our strategy translates into results. These results were clearly demonstrated in 2025. We delivered record base earnings of $5.03 per share, an increase of 12% compared to 2024. This strong performance supported by our industry-leading shareholder dividend, which we increased by 10% during the year. Our balance sheet remains strong, supporting long-term value creation while providing flexibility and resilience. The capital strength allowed us to continue share buybacks, grow our dividend and invest meaningfully in future growth. It also gave us the confidence at Investor Day 2025 to raise our medium-term financial objectives, reflecting both performance momentum and conviction in our strategy. At the same time, we continued disciplined portfolio repositioning, becoming more focused, more capital efficient and better aligned with where we see durable growth opportunities. Great-West delivered very strong first quarter results in 2026, reflecting our disciplined execution and broad-based momentum across our businesses. Base earnings increased 20% year-over-year with double-digit growth across all business segments, including 23% constant currency growth at Empower. Strong underlying business performance, combined with significant share repurchases drove 23% base EPS growth. And for the first time, we achieved a base return on equity exceeding 19%. Our robust cash generation and balance sheet continue to support significant financial flexibility as we focus on long-term value creation. None of this is possible without our people. Leadership remains one of Great-West's most important competitive advantage. I am proud of the depth, continuity and experience of our leadership team, including Fabrice Morin in Canada, Ed Murphiatten Power, Lindsay Ricksbroom in Europe; Jeff Plan in Reinsurance; John Nielsen as CFO; John Nelson as CIO; Sharon Garaty as General Counsel; Dervla Tomlin as Chief Risk Officer; and Theresa Kilmartin as Chief Human Resources Officer. This team brings deep experience, strong values and a shared commitment to execution. Just as importantly, they foster a culture that empowers colleagues to do their best work, innovate responsibly and remain anchored to our purpose. Talent and the culture that sustains it is fundamental to delivering for both customers and shareholders. Our responsibility extends beyond financial performance. Over the past 10 years, Great-West and our operating companies have contributed more than $170 million to communities around the world. In 2025 alone, this included a $2 million contribution to the National Center for Truth and Reconciliation, reflecting our ongoing commitment to reconciliation and inclusion. Our community investments focus on community revitalization, financial security for underserved populations and support for arts and education. This work reinforces our purpose. Strong communities are essential to the long-term social and economic resilience and to the well-being of our customers. We are so proud that these endeavors are led by our employees with a passion and enthusiasm for making a difference in the communities they serve. As we look forward, we see significant opportunity across retirement, wealth, insurance and reinsurance. We will continue to deepen client relationships through trusted advice, innovation and better experiences. We will remain disciplined in capital allocation, focused on customer-centered growth and committed to operational excellence. Above all, I am confident in our people, their ability to adapt, to execute and to deliver long-term value while strengthening the communities we serve. Before I close, I would like to pay tributes to Mr. Jeffrey Ward. Power Corporation recently announced that Mr. James O'Sullivan will be taking over as its CEO this summer and that Jeff will take on the role of Vice Chair. Subject to the results at today's meeting, Jeff will continue to serve as our Board Chair until the 1st of July, and James will then assume that role. Jeff has served as Chair of the Boards of Great-West and Canada Life since 2013 and served as the Chair of our former Executive Committee from 2008. Jeff's leadership has been instrumental in shaping the organization we are today. Jeff is widely and rightly recognized as a leader of great intellect and integrity, and the organization he has helped shape has delivered superlative returns for our shareholders and value for our customers. Just as important, though, Jeff is a leader who leads by example. He teaches calmness and thoughtfulness in decision-making that is grounded on close attention to detail and the facts. This unwavering characteristic has served us well in both adversity and opportunity and will be an enduring legacy. We thank Jeff for all he has helped us achieve during his tenure and are grateful that he will continue to serve on our Board and share the benefit of his counsel and experience. Thank you.

And I would also like to welcome James as incoming Chair of the Board. James has served as a Director of Great-West for several years and as a senior leader within Power Corporation Group since 2020. Following Jeff is no easy task, but we've all gotten to know James as a director and seen his exceptional leadership of our sister company, IGM. We are very excited and very confident about this succession, and we look forward, James, to working with you. In closing, I want to thank our customers, our advisers, our employees, our shareholders and our policyholders. Your trust matters. We take seriously our responsibility to govern well, execute with discipline and think long term. I am optimistic about 2026 and beyond and about Great-West's ability to continue building stronger, more financially secure futures. Thank you.

Thank you, David. I thought parts of your presentation were brilliant. Now we're going to get the question period in a little while, and Paul Mann has threatened to come with some very difficult questions. So I just want to point out that last year, the tribute to Paul listening to David's tribute to me was -- we didn't get all the way through it, but it is on the website, and you should read it, it's fantastic. It talks about all Paul's great qualities. It's been hit on, I think, at least 3 times. Paul, Ann and I, I think, right. you did it twice, right? Yes. Great. Thank you. Just a word about David's start here. Not surprisingly, David is off to an amazing start. I'm looking at Paul and I remember back when we were looking at the leadership change at Irish Life for CEO, and we said, David Harney has got a lot of potential. Wow, I remember those discussions. And David, to say that you fulfilled them as an understatement has been fantastic. David has got huge industry knowledge, been like 3.5 decades in the business. He knows the business. He is enthusiastic. He's got energy. He's driven. He is client focused beyond belief, which is fantastic. He's an actuary. He's got the numbers, but he's mostly into the business, and he lets his people do their thing without kind of doing the business for them. He's got it all. I said that at the annual meeting last year as we talked about the announcement and really great to see the start. And David is the first to give credit to the fact that this -- what he's running and the momentum we're experiencing is from a lot of people over a lot of years. So he is also very humble in that sense. A word about James as well. James is going to be a great Chair. He's also going to be a great CEO of Power. He's got 30 years of experience across many sectors of the financial services industry before joining 6 years ago as the CEO of IGM. He's done a great job at IGM. He's thoughtful. He's smart. He is strategic. He's a listener. He lets his people run just like David, same quality, but he does it within guidelines, and he's not afraid to take decisive action be on people, on strategy, on capital. He's got it all. And I think you're going to really enjoy working with him. He's had 2 years already on the Great-West Life Board, the Canada Life Board, the Empower Board. So he's no stranger to the Great-West Life people, but he is going to do a fantastic job, and I'm really pleased on where we're headed here. James, welcome. So just before moving to the question period, I'll take just a minute or 2, if you'll pardon me to just talk a little bit about Great-West Life. It has actually been over 40 years that Great-West Life has been an important part of my life. I'm going to go back, and I'm going to do my history in 30 seconds. I won't bore you the chairs. But as a 25-year-old as a young associate at Nesbet Thompson, the junior bag carrier on the Power Corp team, who was Nesbet's largest. We're always second largest client right up there. I was asked in 1984 to come out in the winter of 1984 to come and write the prospectus for Power Financial. We were launching it as a public company as a pure-play financial. And there was no description of Great-West Life in the prospectus or for Investors Group, which was down at 280 Broadway here. So I came out bags in hand for a couple of weeks and sat down with Kevin Cavanagh and John Green and Orest Daca and the finance team and wrote -- and I actually -- this is how boring my life can be. I actually looked at it last night as the haves were losing the hockey game, I asked to have it -- the 1984 perspective is 16 pages describing what Great-West Life does, and then it goes on to IG. So I started back then and continued in my 20 years at brings me close to Great-West and to Power. And '01 came here to Investors Group and '05 went to Power Financial. I was on the Board here in '02. And from '05 on, this is how much of a -- I literally have thought about Great-West Life, I think every day in my life for the last 20 years, even on like Christmas and whatnot. You get a 5-minute break and your mind goes to business and Great-West is 2/3 of Power Corp. So Power Corp doesn't succeed without Great-West Life succeeding. So without going through all the deals and everything, there's only -- the overwhelming memory you keep is not the transactions or the business or the -- it's the people. It's about the people. And that's why I'm so pleased that so many are here. former leaders are here today, current leadership teams, Boards of Directors, past and current. The quality of the people and the passion and the integrity and the drive and the long-term vision, which starts with Andre and Paul Demara anchoring the whole thing with their long-term vision and their values. It has been such an honor and a pleasure to be part of this. It has just been a fantastic honor and a pleasure, and I'm extremely grateful to have the opportunity to have done this. It's very meaningful to me. And I want to say, David, and before I turn it over to questions that as we look forward, this is the deepest management team and the best management team we've had ever. And that's not a dis for the previous management team. It's a credit to what's been built. And you look at the momentum of the strategic positions, I could not be more optimistic about the future of Great-West Lifeco. We'll have our ups and downs. There'll be challenges, markets, et cetera, but we continue to execute like this. It's going to be fantastic. So with that, thank you for indulging me there. And I will then move on to question periods. Paul, I must have dissuaded you from asking a tough question after that. I open the meeting to questions. Any questions here in the room? -- shareholders, policyholders, proxy holders. If you do have a question, please provide your name and state whether you are a shareholder, a policyholder or a proxy holder. We're closing the questions now.

I don't know whether it's a question or comment. But I would like to say, Mr. Chairman, that I am a shareholder of Great-West. I'm a shareholder also through Power Corporation. And I'm quite involved policyholder. I have a lot of policies here, and it's a great company and I'm very proud of that. But I think this was an exceptional day and number one, because it is rare that you have an occasion where you get so many people that have been so important in creating the company that has been created here over the years. And I don't want to signal them all out individually. I'd rather just speak of Ray McFeeters and Paul Mahon and the teams that they ran with were just incredible. And they laid the foundations of what has made all of this possible. And without wanting to put too much pressure on Mr. Harney and Mr. Sullivan, which, of course, it's our job to do, they are going to have a big shoes to fill. And I have no doubt that they will fill them. So I think that all shareholders should stand and applaud the great management teams that we've had in the past here and how lucky we are to have been able to attract such fabulous people, including yourself and [indiscernible].

Thank you, Andre. Next question -- that was very well said. Thank you. Other questions? Any questions online?

We do have one. They are able to join now. So Lumi, I'd ask you to connect the next caller and please state your name and whether you're a shareholder, proxy holder or -- pardon me, a shareholder or proxy holder.

Great. I'm going to begin talking now. Sorry, the technological aspects of this have been difficult. My name is [ Tiraelpach. ] I work with investors for Paris Compliance. I'm here as a proxy holder on behalf of the Salal Foundation. We've been engaging with Great-West Lifeco on its 2021 net zero commitment for over 2 years, and we want to acknowledge the time management has given us in those conversations. We come to this AGM hoping the coming year marks a turning point because to date, we have found it difficult to discern Great-West Life's progress on managing climate risk. Our shareholder proposal last year, for example, asked for basic details about Great-West Lifeco's net zero commitment transition activities, which remain vague to this day. The question comes in a couple of sentence. Great-West operates in a sector where the physical consequences of climate change through health outcomes, morbidity trends and actuarial risk are increasingly material. In a recent engagement, we were told that whether or not the company collects and analyzes climate-related data from policyholder claims is confidential. We would argue that disclosure of whether a risk is being measured at all is a governance question, not a proprietary one. And on that question, shareholders currently have no answer. Against that backdrop, Great-West Lifeco reports approximately $27 billion in fossil fuel investments against $7.7 billion in renewables, the widest gap among its Canadian peers. This is not a peripheral concern. The Lancet Medical Journal called Climate the single largest health threat of the 21st century. These risks flow directly into policyholder claims. And so my question is, will the coming year bring greater transparency about whether Great-West Lifeco is collecting data on the link between policyholder claims and climate change. Thank you very much for the opportunity to ask this question.

Thank you for your question. The company and the Board share concerns around climate change, but we also balance those concerns with what our obligations are to manage our business, to invest our general account. And we're also part of Canada, which is one of the major energy producers in the world and looks at from a broader point of view, energy security and Canadian economy and other balancing factors, which -- so it's not a one-sided equation in terms of how we think about our investment portfolio. As to our disclosure, I think that there's always room for improvement. I think the management team would think that we can do -- we need to do more and can continue to do more, but that's true of many issues, and we'll continue to discuss our disclosure and the details of our disclosure as we move forward. But I appreciate your question and bringing it to the Board and to the annual meeting's attention. Thank you. Are there other questions, Gord?

There are none.

Then I think we're at the point for the scrutineers' report. I think we've got the preliminary report. Gord, would you please read the results?

Thank you, Mr. Chair. The preliminary voting results are as follows: the resolution to amend Great-West's Articles of Incorporation to increase the number of directors was approved by more than 98% of the votes cast. Each of the nominees for directors of Great-West Lifeco was elected by more than 92% of the votes cast. The resolution to accept the approach to executive compensation was approved by more than 97% of the votes cast. The resolution approving the adoption of a performance restricted share unit plan was approved by more than 98% of the votes cast. Each of the 9 nominees for policyholders directors of Canada Life was elected by more than 87% of the votes cast. And each of the resolutions to appoint Deloitte LLP as auditor of Great-West and Canada Life was passed by more than 99% of the votes cast. In accordance with securities law requirements, the final voting results for Great-West will be posted on the SEDAR+ website. And in accordance with the Toronto Stock Exchange rules, a news release announcing the director election results for Great-West will be issued today.

Thank you, Gord. So I declare all the motions and related resolutions adopted and passed as presented at these meetings. So with that, and in closing, I'd like to thank everyone for attending today's meeting. Again, I would like to thank all of our employees, our management team, the financial advisers we work with, our clients, our policyholders and our shareholders. Thank you so much for your ongoing support and all that you do for the company. And with that, I'm going to also invite you to join us at the top of the escalators for some light refreshments. Thank you. I declare the meeting completed. Thank you.