Thank you, Mr. Chairman.
Thank you to the witnesses. This is a very interesting committee hearing.
One of the things I've been hearing up until now—and it's not the first time we've heard it, it's every time somebody comes before us, it seems--is that it's only normal that losses were or have to be incurred, because, you know, it's expected. Nobody seems to be taking the blame in terms of what has happened or in terms of preventing it. I heard that again today: over the long run there will be declines and there will be upswings.
What do we need the experts for? I guess that would be the question, and I can address the question to two or three of the witnesses. Because if over the long term—Mr. Lamoureux, I think you said over 30 years--I invest in the stock market and I'll be at a higher rate, let's just do that. What do I need experts for when I'm going to run into problems, as Mr. Leo Kolivakis has just stated? I can't trust the experts.
Mr. Vanaselja, I think it's one of your organization's recommendations that each plant file an actuarial evaluation report each and every year. How do you run your business if you're not doing that? How do you run a pension plan if you don't provide financial disclosure to plan members? Do we have to legislate this kind of action? Exactly what do you get paid for? This is what I don't understand.
I think you guys got lucky that we get to blame it on the global downturn. There's no accountability here anywhere. Some of the suggestions are good, but where do we start? How do we fix this problem? I mean, it doesn't make any sense. I can't buy the story that people on the boards of directors are looking to put money in their pockets just for themselves. I can't buy that. We can't run on that premise. So how do we fix that?
Maybe if there's anything I could disagree with Mr. Kolivakis on, it is perhaps to not have experts on those boards of directors. Perhaps have Joe the plumber on those boards of directors, because you know what? Maybe he'll just invest in a GIC, because he won't have the expertise to buy ABCPs, derivatives, and whatever else you experts, you so-called experts—not you, but your organizations—are buying out there.
Can I have maybe Mr. Lamoureux comment and even Ms. Eng. Mr. Chairman, if you could control the time, I would appreciate it.