Thank you, Mr. McTeague.
I haven't discussed it with my colleagues from the Canadian Bar Association in advance of presenting this today. The overriding and balancing consideration at all times, in my respectful submission, must be section 36 of the act and the parallel need to protect competitively sensitive information, as is done with backgrounders under the Competition Act.
I say it's overriding and fundamental because not only does the statute currently require such protection for privileged information under the terms of section 36, but in attracting investments to Canada the principles of fairness in a competitive marketplace, which you and your colleagues are certainly very, very familiar with, necessitate that an investor—an entity taking on a position in a business in Canada—not face unfair disadvantages.
Those disadvantages would arise if a highly sensitive competitive plan for specific capital expenditures, for example, or other such strategic investments or plans were the subject of public disclosure, which their competitors could see, while the competitors did not have to disclose. In my respectful submission, issuing broader and more detailed backgrounders can be done, as is done in the Competition Act, while balanced at all times with the need to protect the kind of information that has a long history of being protected in the competition reviews.
It can be done. It takes considerable time, and I'm not suggesting that the minister and his officials aren't prepared to devote that time. It's an example of an area that does achieve some more informed discussion and helps businesses going forward. It also helps the public in understanding and appreciating the reasons for the decisions.