The board has four standing committees. The Investment Committee and the Audit Committee are required by the Canada Pension Plan Investment Board Act. The Human Resources and Compensation Committee and the Governance Committee were created by the board of directors to advance corporate governance and operating objectives.

The Investment Committee establishes investment policies, standards and procedures, and reviews, approves and monitors the CPP Investment Board's annual investment plan. It also reviews the approach to investment risk management and approves the engagement of external fund managers and asset custodians. The committee consists of the full board.

The Audit Committee is responsible for overseeing financial reporting, external and internal audit, information systems and internal control policies and practices. Responsibility for risk management is shared with the board of directors. The committee has five members.

The Human Resources and Compensation Committee is responsible for reviewing and recommending the compensation philosophy for the CPP Investment Board, recommending the performance evaluation process for the chief executive officer, ensuring a succession planning program is in place and reviewing organizational structure. The committee has five members.

The Governance Committee recommends governance policy, guidelines and procedures, makes recommendations on the board's effectiveness, monitors application of the code of conduct and conflict of interest guidelines, and assumes other duties at the request of the board of directors. The committee has five members.

From time to time, the board, at the request of the chair, may also form ad hoc committees to address specific issues or those requiring an immediate decision.