Mr. Chair, I'd like to speak to this again. I ask the Conservatives to think about this, because the reality is that although we are hearing from people in the capital markets in Toronto, we're also hearing from the extractive sectors.
I remind the committee that 80% of the mining deals in the world over the last five years were transacted in Toronto. Toronto has emerged as a global leader in the financing of extractive sector opportunities. That has created wealth across the country. The reality is that our mining industry, our extractive sectors, our oil and gas and natural resource sectors have broadly generated and are generating significant wealth to Canadians. The TMX and the Toronto Stock Exchange, where 80% of the mining deals in the world are transacted, are telling us very clearly that these changes will have a deleterious effect on the investment environment in Canada. I would hope that the Conservatives would consider that.
Again, the estimate from the TMX is that over 700 publicly traded companies with operations in foreign jurisdiction would be inappropriately and inadvertently negatively impacted by the proposed rules.
There has been a lot of talk, Mr. Chair, about the CSR of Canadian mining companies in the world. We can all do more in terms of strengthening the corporation social responsibility of any Canadian company doing business anywhere in the world, but I've got to say that by and large, Canadian companies globally are actually punching above their weight in terms of corporate social responsibility in labour and environment. I would like to see us strengthen corporate social responsibility in areas of labour standards and social investment and the environment, but one of the first steps is to make sure there are Canadian companies actually operating in those places.
Now my fear, if we listen to the TMX and the Canadian financial community, is that there is a real risk that a lot of these financings will not be taking place in Canada; they may be in London or somewhere else, and essentially there will be a diminution in the influence that Canada has on CSR of the extractive sector globally. I'm a guy in the centre, so I have the NDP to the left and the Conservatives to the right. I'm trying to bring everyone together because we've seen what polarization does in the U.S. system.
For the guys on the right, I can say this is going to cost the financial sector and the business sector in Canada jobs and opportunities. It's going to cost Canadian investors a lot of money and it's going to hurt them. For the folks on the left—and I share with them an interest in strong corporate social responsibility—Canada is going to lose influence in the world as we see a reduction in the influence of our extractive sectors, as we lose head office jobs from Canada in these sectors, and as we see fewer financings in Canada.
I will also bring the committee's attention to the representation from the Prospectors and Developers Association of Canada. PDAC has been very clear on this. PDAC is saying that effectively these changes are going to cost jobs and that we are going to see a reduction in the financings and the extractive sector head office jobs. It's important that we also consider all the spinoffs of this.
For young Canadians graduating from university today—whether in finance, geology, or engineering—these mining and extractive sector jobs are good jobs. We have the benefit, and I've heard the Conservatives say that we have a stable economy. We do, and it's a good thing the Conservatives had the vision, wisdom, and foresight to put that oil and gas under the ground and off the coast of Newfoundland as well. How smart. I thought that was Danny Williams.
The reality is, Mr. Chair, that we have a responsibility to continue growing those jobs, and I do not want to see the Conservatives imposing this job-killing kind of measure.