Notes to Consolidated Financial Statements [in thousands of Canadian dollars, except per share amounts] December 31, 2012 and 2011 CI’s objectives in managing capital are to maintain a capital structure that allows CI to meet its growth strategies and build  long-term shareholder value, while satisfying its financial obligations and meeting its long-term debt covenants. CI’s capital is comprised of shareholders’ equity and long-term debt [including current portion of long-term debt]. CI’s  senior management is responsible for the management of capital. CI’s Board of Directors is responsible for reviewing and  approving CI’s capital policy and management. CI and its subsidiaries are subject to minimum regulatory capital requirements whereby sufficient cash and other liquid  assets must be on hand to maintain capital requirements rather than using them in connection with its business. Failure  to maintain required regulatory capital by CI may result in fines, suspension or revocation of registration by the relevant  securities regulator. As at December 31, 2012 and 2011, CI met its capital requirements. 12. CAPITAL MANAGEMENT As at As at December 31, 2012  December 31, 2011 $ $ Shareholders’ equity  1,675,988  1,620,185 Long-term debt  594,368   780,355 Total capital  2,270,356  2,400,540 CI’s capital consists of the following: 13. COMMITMENTS Lease commitments CI has entered into leases relating to the rental of office premises and computer equipment. CI has the option to renew  certain leases. The approximate future minimum annual rental payments under such leases are as follows: $ 2013  11,030 2014  9,621 2015  9,054 2016   8,989 2017   8,574 2018 and thereafter  57,604 81