Thank you, Chair.
Thank you to our witnesses.
Based on this discussion we've been having this morning, I have some questions around the changes we might consider recommending to the Bank of Canada or to the Bank of Canada Act.
I'm going to start with Ms. Segal.
It's very interesting to see how Senator Galvez's BillS-243 is progressing through the Senate. They passed second reading over a year ago, looking at measures like the reporting requirements, the enforcement of targets with respect to commitments on climate, the additional capital adequacy requirements for banks, the appointment of persons with climate expertise on the boards of reporting entities and the establishment of climate alignment as a superseding duty for directors, officers or administrators of reporting entities. It's definitely not a status quo bill.
Could you comment on how we could possibly include the climate change taxonomy in the Bank of Canada's mandate to promote the economic and financial welfare of Canada, knowing that climate change is a real risk to our economic and financial welfare?