Thank you, Mr. Chair.
I'll start with Mr. Brossard.
A paper written by your institute stated that if businesses have to disclose ESG information or sustainability reports, it will “artificially create winners and losers”. It went on to say that “Many entities lack sufficient resources to be able to fully comply, especially small and medium-sized enterprises.” In your opening remarks, you also mentioned that the U.S. Securities and Exchange Commission estimates that a similar disclosure proposal in the United States would cost between $490,000 U.S. and $643,000 U.S. for the first year of compliance, although some believe those costs may actually be substantially higher.
Could you please outline for us, with as much precision as possible, what these costs actually are, how they are downloaded to the business and whether they will stay with that business or be passed on to customers and consumers?