My question is for Mr. Kinnear.
You heard what Ms. Urquhart had to say. In her opinion, most, if not all, income trusts distribute more revenue than performance funds, without investing in business maintenance and development. Occasionally, they even borrow money to ensure higher returns.
With respect to the energy royalty trust industry, you say that, as with all trusts, distributions will be based on cash flow, and that cash flow is approximately twice the level of net earnings.
Can you explain to me why energy or royalty trusts do not pose a threat to productivity and growth?