Thank you, Madam Chair.
Thank you to our witnesses.
I wonder if we could spend just a couple of minutes going a little deeper on your fourth point on clarifying the treatment for boards of directors. We know that in the last, oh, 10 years anyway, with Sarbanes–Oxley in the U.S., and a lot of the board of governance changes in Canada, we've seen tremendous education and development for professional directors, the establishment of risk, and a better understanding of what they're doing and what their responsibilities are when they take on corporate board positions specifically.
I'm wondering if you could just talk a little further about applying the lobbyist designation to corporate board members and the benefit of it. That's number one. I think I'm pretty clear on the definition issues. But does it provide or create any further deterrent for those who seek out being a corporate director?
Right now, under board governance rules, I know there is a tremendous reticence as far as jumping into the corporate board world is concerned, based on risk and on a number of different questions, for which we have all come under scrutiny in the past 10 years. I wonder if this just adds to that or if it's strictly a clarification. How would you go a little deeper on that?