Corporate governance has moved up the agenda for the CPP Investment Board since 2002, when it started to manage equities actively.

Several of the boutique managers that it has gone on to hire have strengths in governance or activism. Cevian Capital takes overweight positions in European companies, where value can be unlocked through active management. Eddie Lampert's ESL Investments is renowned for concentrating its governance fire on a small number of listed companies including Sears Holdings. Knight Vinke has taken a tilt at a series of large companies, including banking group HSBC.