The Canada Pension Plan Investment Board is the world’s most transparent pension fund, according to the global pension transparency benchmark, a collaboration between and CEM Benchmarking Inc.

The benchmark, launched in 2021, measures the transparency of disclosures of 15 pension systems across measurements such as cost, governance, performance and responsible investing. While the rankings are in their second year, this is the first time it’s sharing the scores of 75 underlying pension funds.

The CPPIB received the best overall score as well as the top score for governance disclosures, followed by the Government Pension Fund of Norway in second place.

Read: Canada’s pension system gets top grades in new benchmark

The top five funds also included the Public Sector Pension Investment Board and the Ontario Teachers’ Pension Plan, in third and fourth place, respectively. Canada also topped the country list for governance for the second year in a row.

Netherlands-based Stichting Pensioenfonds Zorg en Welzijn was ranked No. 1 for costs, while the California Public Employees’ Retirement System received top marks for performance and Sweden’s Fjärde AP-fonden displayed the most transparency of disclosures related to responsible investing.

Read: Canadians named to advisory board on pension plan transparency