Thank you, Mr. Chair.
Thank you, Mr. Chambers.
I propose that we strike out the last part, the second part of the amendment here to Bill C-2, NDP-3, paragraph (b). We could strike that out because there is a problem with retroactivity. If we took out the retroactive clause there, “Subsection (18.1) is deemed to have come into force on March 15, 2020”, I would propose that to my colleague from the New Democratic Party. I think the intent of that would be clear, that companies cannot access the benefits if they are paying dividends or increasing the payouts to their executives.
We would like to have language in there that includes share buybacks as well, because it's all about income distribution one way or another and access to these programs should not be benefiting shareholders at the expense of taxpayers. I think we all agree on that. I think it's a flaw in the initial bill that went through that we have this. Nevertheless, there are companies that followed the rules and applied those rules to make sure they survived that period. Retroactively.... The programs were not loans at that point in time. The programs were, “Here's a program to make sure you hang on to your employees and that your employees have the sustenance required.” Some of those companies have since emerged as dividend-paying companies.
I want to make sure that the timing on this is very clear, that we're talking about the go-forward plan, with no retroactive element involved in this that would require all kinds of financial restatements and all kinds of public market shenanigans that would happen at that point in time. I do appreciate very much the intent of the bill as far as matching revenues with expenses goes.
Thank you, Mr. Chair. I would propose that as a friendly amendment.