I don't know if one could say there's unanimity but one can certainly say that in Quebec there's a rather broad consensus within society, within political parties, within the public and within businesses that labour-sponsored funds have had a very significant impact on regional economic development, among other effects.
Unfortunately our board is not necessarily the best example of good governance standards because it is made up of approximately 80 individuals. However, one of the advantages of having so many members is that we are in a position to take the pulse of businesses all over Quebec. When we raised this issue, people were very clear: the federal government must reconsider its position quite simply because these funds do not play the same role that, for example, strictly private funds play.
It is important to understand the distinction. First, the investment horizon is not at all the same. The investment horizon for strictly private funds is approximately five years, whereas the horizon is much more long term for labour-sponsored funds. That makes a very big difference for business startups that are much riskier in the beginning.
I think there are two more factors that explain this consensus. Labour-sponsored funds are present throughout the regions and they invest throughout the regions. I have a list of the numerous investments that have been made in all areas of Quebec and that I would be happy to share with you later.
Furthermore, these funds involve all sectors. Rather than focus on specific sectors, these funds truly focus on all sectors. This also makes a difference for some businesses that need funding but that aren't necessarily within a trendy sector.