Five Canadian pension funds are among the most transparent in the world, 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.

The Canada Pension Plan Investment Board was ranked second overall after two years in the No. 1 spot, edged out by the Government Pension Fund of Norway.

Read: Canadian pension funds receive top scores in transparency benchmark

The Caisse de dépôt et placement du Québec tied with the California Public Employees’ Retirement System for fourth place overall, while the Public Sector Pension Investment Board was ranked sixth and the British Columbia Investment Management Corp., the Ontario Teachers’ Pension Plan and the Netherlands’ Pensioenfonds Zorg en Welzijn tied for seventh place.

The CPPIB and the Caisse, along with the AustralianSuper, also received the top score for governance disclosures.

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