Industry committee  I suppose you might consider the Canadian Chamber of Commerce and the Canadian Federation of Independent Businesses as well. They always have very interesting and helpful insights, in my experience.

Industry committee  Really, the issues I'm aware of are the ones I listed a bit earlier. I'll turn to my colleagues to see if they have any additions to that list.

Industry committee  Let me perhaps offer a point of clarification on the initial part of your question, in terms of the types of protections you'd be thinking about. Under the—

Industry committee  Do you want to...?

Industry committee  I can only say that I haven't heard any feedback from any stakeholders that it has not. No major concerns have been brought to my attention so far about their rights or the integrity of shareholder rights under this statute.

Industry committee  CPPIB is different, that's right.

Industry committee  If we were to limit the salaries of executives through the Canada Business Corporations Act, perhaps by amending section 125, as you suggested, it would still leave all of the provincial statutes as options that corporations could change to or move to or incorporate under. So such a change would be--

Industry committee  It would not have an impact. If a corporation wanted to avoid it, it could do so fairly easily.

Industry committee  My understanding is that there is actually one organization that would like to come to this committee to talk about that issue. We've only relatively recently heard about this as an issue. It appears to us that these types of hybrid corporations are actually quite possible to incorporate under the Canada Business Corporations Act.

Industry committee  We're not coming forward with specific proposals for amendments to the legislation. We're certainly going to watch the hearings with interest and we'll look forward as well to the committee's report. Generally on the subject of executive compensation, the G-20 has looked into this issue, and it has made a number of recommendations with respect to financial institutions that are being implemented by the government and by financial institutions in Canada.

Industry committee  If I could add to Wayne's comments, one of the things that's interesting about the CBCA is that compared to some U.S. legislation—I'm not sure exactly which jurisdictions Enron was incorporated in—my understanding is that the CBCA is more focused towards shareholder rights and giving shareholders the tools they need to influence the running of the company.

Industry committee  On the changes, first of all I meant to characterize them, and I apologize if I misspoke. They really are issues that we've heard from stakeholders that they would like to bring forward.

Industry committee  No, we're not bringing those forward. We'd like to hear what the stakeholders have to say here and we'll certainly be listening closely and looking forward to the committee's recommendations. In terms of Sarbanes-Oxley and some of the rules that apply in the securities context, I'm certainly not an expert on those.

Industry committee  We're certainly happy to answer questions. It's just that we we're not prepared at this exact moment.

Industry committee  I could certainly provide you with a basic answer, and then if you want more details in terms of the specific changes and their timing I'll have to follow up at a later time. The amendments you referred to—and they came into force in two tranches, depending on whether you were dealing with a bankruptcy situation or a restructuring, which would not necessarily lead to a winding-up of the company—do give super-priority to outstanding pension contributions, the normal contributions that are made into a pension plan based on actuarial information and the predictions about the way the market is going to function.