Thank you, Mr. Chair.
Thank you to all of you for coming to speak to us today on this crucial issue.
I'd like to begin, I think, with a question for Mr. Lamoureux and Mr. Vanaselja, probably, on this issue of volatility in regulations. It strikes me that this is not just random volatility but a particularly bad kind of volatility. When times are bad and the stock market is down, you pay out far more money. When times are good and you have so much cash on hand, you have contribution holidays. I think this is counterproductive. I don't have much time, but I'd like to ask you in general whether you agree, and if you have a proposal to deal with it.
On the second and related issue, I think a lot of people are on the same wavelength in terms of stronger regulation. So would it be your view in particular, Mr. Lamoureux, that pension plans should be required by law not to have more than a certain percent in equity, or rules of that kind?