You have just enunciated the major argument as to why people don't like the idea of an apparent conflict of interest, because it is possible to view things that way or in other ways. You can also put it the other way around, saying, “He has earned those deferred benefits already. He's getting them in the future from one of the largest companies in the country, so how can he personally be...? Where is the conflict of interest? There is no way that the decision will have an impact on the deferred money that he's getting in the future.” That's why, when you talk to a panel about a conflict of interest, you have to take the balance of how people see it. Is it possible to give the apparent conflict of interest...or is it really just that, unfortunately, it looks like that, but effectively, there is nothing that influences the personal interest of the person involved? There are appearances of conflict of interest, as I meant in the decision that was read out. As Mr. Oliphant suggested, you ask, “How does a reasonable person outside, knowing the situation fully well, regard that?” This “fully well” is key: You have to understand how a deferred benefit works, how it was earned, etc.
I don't know how to answer your question, Mr. Chair. It's the best I can do.