Thank you, Mr. Chair.
I'd like to thank the witnesses for coming.
I'll begin with you, Mr. Usher.
When you appeared before the Senate on May 9, you spoke about the importance of more transparency and interoperable disclosure standards to show where the risks lie. You said that disclosure was essential and that for all commercial corporations, including banks and even possibly investors, it was the starting point for understanding risk exposure and where the risks are. You said that without comparable methodologies among countries, Canadian banks would be exposed to risks.
You said that in Europe, a directive on the publication of information about corporate sustainability would soon be introduced and would apply to 1,000 Canadian companies, including the Bay Street banks.
Could you tell us about the repercussions of this directive on the Canadian banking system?