First, thank you for the question. I would start by saying the premise is absolutely correct. Given the magnitude of the investments that our industry makes and the significant capital exposure that's involved in those investments, predictability around scope and timing of the regulatory process is extremely important. People need to know that when they bring forward projects of a significant magnitude, their views will be heard, there will be a fair and due process, and they can expect that process will lead to a decision within a reasonable timeframe.
I come back to my comments in my remarks. This is not just about project delays. We're in a global investment climate where capital is mobile and the competitive environment changes rapidly. If a project is held up for a long time in the regulatory process, we often run the risk.... And the Mackenzie Valley pipeline project is probably the poster child for what can go wrong, but it's a good example of the market changing dramatically during the course of the regulatory process.
So I think scope and timing are extremely important. Mackenzie is a good example. I agree with Pierre that there have been changes, improvements made, but the Jackpine Mine that Shell is advancing in the oil sands has been waiting, I think, about four years for the process to be clarified in terms of how it will be reviewed.
The recent review of the major hydroelectric project in Newfoundland is another example, I think, of a case where the scope of the review was uncertain. The regulator, from our perspective, although not directly involved in our industry, looked well beyond what a reasonable scope of EA would be in terms of reviewing that particular project.
So there are two or three examples, but there are others. We've asked our member companies also to provide some information to the committee that will be helpful in demonstrating some cases where the process has not worked particularly well.
I will just reaffirm the point. Predictability on the scope and timeline of the regulatory process is critical for our industry, from a competitive standpoint.