Thank you very much.
Lady and gentlemen, thank you for your presentations.
I would first like to speak to Mr. Effer regarding the issuing of flow-through shares for scientific research and experimental development.
Mr. Effer, I expect you have done your homework, but from my perspective, I fear that what you are proposing would have the same results as the Mulroney government scheme in the 1980s. At that time, it was possible for third parties to fund research and development in organizations, which led to extraordinary abuse because of the lack of oversight by the Department of Finance. Moreover this opened the door for enterprises to fund fictional projects simply to benefit from the tax credit, without any regard for the effectiveness of the research and its final commercialization.
Did you study what happened in the 1980s, when companies were allowed to claim that income tax credit? How is what you are proposing different from the scheme that led to so much abuse in the 1980s?